28 October 2022
Eastern Africa
Commodity Exchange to Commence Trading Wheat
The Ethiopian Commodity Exchange announced that it will start trading wheat this Ethiopian budget year. Read More

Ethio Telecom Launches Cloud Computing Service
Ethio Telecom has begun providing Cloud Computing Services or telecloud to its customers requiring high data storage and utilization. Read More

Dashen Bank Nets ETB 3.8 Billion Gross Profit in 2021/22FY
Dashen Bank, one of the largest private commercial banks in Ethiopia, recorded an ETB 3.8 billion (approx. USD 71 million) gross profit during the 2021/22 financial year. Read More

JT Group, Altria Group Ink Global Partnership Deal
JT Group through its subsidiary JTI that also owns tobacco manufacturing in Ethiopia, has entered a joint venture with Altria Group, through its subsidiary PM USA. Read More

CBK Tight Rules are Stifling Innovation, Claim Experts
Digital technology experts are now accusing the Central Bank of Kenya of choking the innovation pipeline through overregulation. Read More

Surging Bond Rates Put Pressure on Stock Market
The stock market is staring at increased competition for capital from the local fixed-income market on rising interest rates on bonds as the government races to bridge the underperformance in its domestic borrowing programme for the fiscal year. Read More

Manufacturers to Label GMO-Based Products
Manufacturers will have to label products that have more than one percent of genetically modified organism (GMO) content to give consumers a choice on what they want to consume. Read More

Safaricom 5G Users to Pay Higher Mobile Data Tariffs
Safaricom customers with 5G-enabled smartphones will pay higher tariffs for the high-speed mobile data services that the firm plans to roll out in December. Read More

Speaker of Seychelles' Parliament Meets with President of Inter-Parliamentary Union in Kigali
The Speaker of the Seychelles National Assembly, Roger Mancienne, and his delegation, including Member of the National Assembly for Grand Anse, Waven William, met with the President of the Inter-Parliamentary Union, Duarte Pacheco, at the 145th IPU Assembly in Kigali, Rwanda. Read More

NMB’s Gender Parity Gets Global Recognition
NMB Bank has obtained the Economic Dividends for Gender Equality certification, demonstrating its commitment to advancing gender parity in Tanzania and across the globe. Read More

Halotel Maintains its Lead in Internet
Halotel has maintained its position as the fastest internet provider in Tanzania in a latest report as operators compete to increase users. Read More

TICTS Plans to Invest TZS 1.15 Trillion at Dar es Salaam Port 
Tanzania International Container Terminal Services (TICTS) has tabled to the government an investment proposal in terminal upgrades and integrated logistics valued over USD 500 million. Read More

TBL, WWF Sign Agreement for Water Quality
Tanzania Breweries through its parent company, AB InBev, entered into partnership with the World Wildlife Fund (WWF) Africa to improve water quality and quantity in identified high-risk sites by 2025. Read More

East Africa to Fast-Track Harmonization of Food Standards to Boost Intra-Regional Trade      
East African Community member states are keen to fast-track harmonization of food standards to boost intra-regional trade, officials said. Read More

Jinja City Rallies Investors Ahead of Business Summit   
Authorities in Jinja City have rallied investors ahead of the first-ever business summit. Read More

Shell Posts USD 6.7 Billion Net Profit in Third Quarter
British energy giant Shell on Thursday announced net profit totalling USD 6.7 billion in the third quarter as oil and gas prices remain strong despite the recent slide on easing supply fears. Read More

TotalEnergies Third-Quarter Profit Soars
French energy giant TotalEnergies said surging global oil and gas prices helped it post a massive jump in profits in the third quarter. Read More
Northern Africa
Algeria Leads in Dry Milk Powder

Algeria is one of the leading consumers and importers of dry milk powder worldwide, notes Nabila Hales, an analyst at the US Department of Agriculture’s Foreign Agricultural Service and part of the Global Agricultural Information Network. Read More

Maire Tecnimont Awarded Algerian LPG Project by Sonatrach
Maire Tecnimont has announced that its main subsidiary Tecnimont has been awarded an EPC contract by the Direction Centrale Engineering & Project Management of Sonatrach for the execution of an LPG extraction plant inside the existing Rhourde El Baguel oil and gas treatment complex, located in northeastern Algeria. Read More

Hayah Karima Attracted UN Attention as One of Unique Initiatives in its Speed, Timing: Mohieldin

Mahmoud Mohieldin, the UN High Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, stressed the importance of of ​​localizing development to enhance community engagement. Read More

Egypt Secures Financing Packages Worth USD 9 Billion
Egypt’s Minister of Finance Mohamed Maait announced that Egypt has secured financing packages worth USD 9 billion. Read More

Egypt's Deal with IMF to Enhance Ability to Withstand External Shocks: CBE Governor
The deal reached with the International Monetary Fund (IMF) will undoubtedly help Egypt restore macroeconomic stability and enhance its ability to absorb external shocks, that have recently increased at the global level, affirmed Central Bank of Egypt Governor Hassan Abdullah. Read More

SCZone, DP World Ink Agreement to Build USD 80 Million Logistics Zone
The General Authority of the Suez Canal Economic Zone signed an agreement with DP World to build a logistics zone in the Ain Sokhna Industrial Zone with expected investments of USD 80 million, according to an official statement. Read More

Morocco Aims to Become ‘World's Most Competitive’ Decarbonized Automotive Platform
Morocco aims to become the most competitive decarbonized automotive platform in the world, said Minister of Industry and Trade Ryad Mezzour in Tangier. Read More

Survey: Nearly 80 Percent of Moroccans Can’t Save Money Amid Economic Hardships
Nearly 80 percent of Moroccan respondents in a recent survey said that their current financial situation does not allow them to hold savings. Read More

Israeli Exports to Morocco Estimated at USD 250 Million Annually
Israel’s exports to Morocco are estimated at USD 250 million annually, Israeli news outlet Israel Hayom reported. Read More

Morocco’s Afriquia Gaz Acquires TotalEnergies' Mauritanian Subsidiary
Moroccan energy group Afriquia Gaz is in the process of acquiring the Mauritanian subsidiary of French energy group TotalEnergies. Read More
Southern Africa
Economists Outline Public Debt Impact
Economists say fiscal authorities have an opportunity to reduce the country’s public debt stock currently at unsustainable levels by cutting down on consumption, make meaningful investment in local production and broaden the tax base. Read More

Uneca Tips Malawi on Industrialisation
The United Nations Economic Commission for Africa-Southern Africa Regional Office has asked Malawi and other member States to pursue green industrialisation, saying it is the best way to prevent externalising individual country challenges. Read More

Teveta Boosts Skills Development
Technical, Entrepreneurial and Vocational Education and Training Authority has unveiled plans to provide bursaries amounting to USD 5 million to 5 000 students in formal Tevet institutions under the Skills for Vibrant Economy project. Read More

Malawi Revenue Authority Collects MWK 748 Billion in First Half
The Malawi Revenue Authority has collected MWK 748.89 billion (approx. USD 725 million) during the first half of the 2022-23 Financial Year, beating the target for the period by about MWK 6.68 billion (approx. USD 65 million). Read More

Mozambique Designing Strategies for Green Industrialisation
Mozambican Minister of Industry and Trade Silvino Moreno says the country meets all the requirements to adopt Green Industrialization, thanks to its huge power generation potential, adequate infrastructures and favourable geographical location. Read More

South Africa
What Treasury Wants from Eskom in Exchange for Debt Relief
Eskom will be required to sell off its noncore assets and make operational improvements if the government is going to assume part of its ZAR 400 billion (approx. USD 22 billion) debt. Read More

CSIR Conference 2022 – Unlocking the Benefits of Blockchain in South Africa
The 8th CSIR Biennial Conference takes place on 2-3 November 2022 in Pretoria and will provide insight into the role blockchain can play in the South African economy. Read More

Massmart’s Plans to Improve Online Shopping in South Africa
Retail giant Massmart says it is leveraging the e-commerce capabilities of its US parent, Walmart, to build and grow its online and digital shopping systems in South Africa. Read More

Inflation falls by 0.2 Percent for October
With the continued slow-down in price movement of non-food items, overall inflation rate for October has dropped to 9.7 percent from 9.9 percent noted in September. Read More

Long Life for Lumwana
Lumwana Mine is looking to extend its life from the current 2042 to 2064 following impressive drill results recorded. Read More

Zambia Climbs 2 Rungs on Absa Score Sheet
Zambia’s score on the Absa Africa Financial Market Index 2022 has improved from 52 in 2021 to 54, driven by significant decrease in inflation and improved growth outlook. Read More

Tobacco Board of Zambia Piped Water Supply Scheme Project Launched in Nkeyema District
The Republican Vice President Mrs W. K. Mutale- Nalumango has commissioned the Tobacco Board of Zambia – TBZ Piped Water Supply Scheme Project in Nkeyema District of Western Province, completed at a total cost of 250,000 United States Dollars. Read More
Western Africa
Be Strategic in Taking Advantage of AfCFTA -– McDan CEO Urges Businesses
Chief Executive Officer (CEO) of McDan Group of Companies, Daniel McKorley, has advised businesses in the country to be strategic in taking advantage of the African Continental Free Trade Area (AfCFTA) agreement. Read More

BoG Revokes Licences of 2 Forex Bureaux for Breaching Foreign Exchange Laws
The Bank of Ghana (BoG) has revoked the licences of two forex bureaux for breaching foreign exchange laws. Read More

5th Ghana Business Awards - 89 Individuals, Companies Shortlisted for Honours
After weeks of scrutiny and review of applications, Globe Productions, organizers of the Ghana Business Summit, Exhibition and Awards have shortlisted 60 individuals and organisations for this year's awards.  Read More

GEPA Partners 8 Local Firms to Showcase at South Africa's WineX 2022
The biggest wine show in the Southern Hemisphere returns in 2022 with a delicious touch of artisanal chocolates from Ghana between October 26 and 29, 2022 at Johannesburg in South Africa. Read More

The Race for Energy Transition
The global focus on cleaner energy usage is gaining huge momentum in developed economies. This is why international oil companies and multinational corporations are divesting investment in hydrocarbon to alternative sources of energy; some have even set targets for exiting fossil fuel operations. Read More

Buhari Eyes Over USD 1.3 Billion Trade with South Korea
The President, Major General Muhammadu Buhari(retd), in Seoul, invited top Korean business executives to increase their investments in Nigeria, while his regime would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish. Read More

Airlines Spend USD 192 Billion on Jet-A1 in 2022 – Report
The Nigerian aviation sector has spent USD 192 billion in 2022 on aviation fuel alone, a report by Philips Consulting said. Read More

FG Disburses NGN 17 Trillion to SMEs, Registers 650,000 Businesses
The National Collateral Registry in collaboration with the Development Finance Department of the Central Bank of Nigeria has said it has disbursed over NGN 16.6 Trillion (approx. USD 38 billion) since 2017 and registered over 650,000 businesses under the NCR scheme. Read More
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