Category: African Business
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India-US trade chair’s vision of a Moroccan pharmaceutical hub
KV Kumar, the chair of the Indian American International Chamber of Commerce (IAICC), recently visited Morocco to explore new avenues for economic cooperation, with a specific focus on the pharmaceutical sector. During his visit, Kumar discussed the potential for creating a Moroccan pharmaceutical hub that could serve as a significant player in the global market,…
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UK tycoon among six missing as yacht sinks off coast of Sicily, report says
A yacht with tourists aboard had sunk off the coast of the Sicilian city of Porticello. Of the 22 people, one died and six remain missing, including UK multimillionaire and co-founder of the Autonomy software company Mike Lynch. The accident was caused by a powerful storm. Earlier in the day, the broadcaster reported that the…
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Libya’s central bank suspends operations after kidnapping of official
Libya’s Tripoli-based central bank said on Sunday it would shut down all operations and not resume work until a senior bank official kidnapped earlier in the day was released. The central bank is the only internationally recognised depository for Libyan oil revenues, a vital economic income for a country torn for years between two rival…
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Cocoa prices unlikely to fall much this year despite higher production, media says
Weather conditions will become more favorable, which will lead to an increase in world production of cocoa beans by about 10%, causing their supply to exceed demand for the first time in four seasons, US media reported. However, the spread of chocolate tree diseases will hardly allow a return to previous prices. According to analysts…
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Global Gaming Giants are Increasingly Looking to Africa for Growth
The world’s youngest population, rapidly expanding internet connectivity, and increasingly widespread smartphone access are among factors driving growth of Africa’s games market. Gaming startups on the continent are attracting more funding and firms such as Disney, Electronic Arts (EA) and Riot Games are partnering with African gaming studios. The African gaming sector’s annual revenue is…
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Russia hopes to involve Tanzania in the development of the International North-South Transport Corridor
Tanzania’s strategic location makes its participation in the development of the International North-South Transport Corridor (INSTC) a promising area of international cooperation, as Tanzanian ports are connected to landlocked countries in the region, according to the Russian Ministry of Transport. Discussions on extending the INSTC to Africa, including the establishment of regular shipping lines, began…
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Equatorial Guinea appoints new prime minister amidst economic and political challenges
President Teodoro Obiang Nguema Mbasogo’s appointment of Manuel Osa Nsue Nsua as prime minister comes nearly three weeks after the resignation of the previous government, which the leader deemed “ineffective.” The previous prime minister, Manuela Roka Botey, the first woman to hold the position, submitted her resignation in July at the president’s request, just 18…
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Senegal enters the space age with the launch of its first satellite
The GAINDESAT-1a satellite was launched on August 16 aboard a SpaceX Falcon 9 rocket from the United States. Another 115 small satellites were also carried as part of the Transporter 11 space mission. “This is an “important step and a historic day in the march of our country and the will to make it a…
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Three-quarters of African Governments are Tightening their Belts
Africa has been through painful bouts of austerity before, with damaging effects on health and education. The IMF examined 82 instances of African governments reducing deficits between 1980 and 2021. About a quarter of the adjustments came from tax rises, and three-quarters from spending cuts. But this time governments plan to have an even split.…
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Congo’s South Kivu governor lifts mining suspension in province
Democratic Republic of Congo has lifted a suspension of mining activities in the South Kivu province, with the exception of gold extraction, the region’s governor said in a statement on Thursday. Gold, tin ore cassiterite and hi-tech mineral coltan from the eastern province are mostly mined by so-called “artisanal” miners using rudimentary means. Congo’s gold…
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