Africa’s venture capital scene encounters challenges
Investments in African startups surged from $1.3 billion to $4 billion between 2019 and 2021.
Microsoft unveils AI-powered tablet and laptop
The Surface Pro 11 and Surface Laptop boast advanced AI chips for faster performance and improved creativity with Windows 11 integration.
Moroccan program helps disabilities to find jobs
Facing high unemployment rates, a program in Morocco is helping people with disabilities find jobs and achieve their dreams.
Parliament approves US$150m World Bank IDA loan
Akufo-Addo’s office said it would wait for the outcome of two legal challenges to the bill before it passes to him for assent.
Emirates’ Nigeria services resume after two years
Emirates is resuming flights to Nigeria from October 1st, ending a two-year hiatus caused by difficulties repatriating funds.
Nigeria inflation scales new 28-year peak in April
The central bank has raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
Benin lifts blockade, allows Niger to export oil
Benin lifted its blockade, allowing Niger to export oil via the Seme port, resolving a trade standoff triggered by ECOWAS sanctions on Niger’s military rulers.
Morocco’s EV car industry speeds ahead
Morocco, with its fast-track factory approvals, skilled workforce, and strategic location, has become Africa’s leading car exporter, raising questions about its ability to adapt to the electric vehicle revolution.
Egypt receives $14 billion more in UAE investment deal
Egypt receives another $14 billion from the UAE as part of a massive $35 billion investment deal to develop the new Ras El-Hekma urban center.
Senegal government freezes Dakar beach construction projects
Senegal’s new government halts construction along Dakar’s coastline for two months to investigate the legality of permits and ensure public access to the beaches.
Nigerian labor unions protest soaring electricity prices
Labor unions in Nigeria staged nationwide protests against the government’s recent electricity price increase, arguing it worsens the cost of living crisis despite unreliable power supply.
DR Congo, EU aim to improve mineral tracking
Despite accusations of Rwandan mineral theft, the EU and DR Congo forge a partnership to track minerals more effectively.
Netflix invests in African talent to tell local stories with global impact
Netflix is investing in African talent and stories to create impactful content that resonates globally.
AstraZeneca withdraws its Covid-19 vaccine from sale
AstraZeneca has formally asked the European Medicines Agency to withdraw its COVID-19 vaccine authorization.
Microsoft shuts down Africa development centre in Nigeria
Microsoft is closing its Africa Development Centre in Lagos, Nigeria, leading to job losses but assuring continued operations in the country.
Amazon launches online shopping service in South Africa
Amazon launched its online shopping service in South Africa on Tuesday, challenging a number of online retailers dominated by Naspers’ Takealot.com.
Italy’s Meloni visits Libya, seals cooperation agreements in Libya
Italian Prime Minister Giorgia Meloni signs cooperation agreements with leaders from both Libyan administrations during her visit to the conflict-torn country.
Turkey and Algeria double weekly flights
Turkish and Algerian aviation authorities agreed to double the number of weekly flights between the two countries, removing restrictions on destinations.
Weaker demand, stronger dollar push gold prices down
Cautious investors eyeing potential Fed rate cuts and a stronger dollar led to a slight decline in gold prices during early Asian trading on May 6th.
Senegal’s growth forecast revised down to 7.1 pct — IMF
The IMF urges Senegal to control spending to meet its budget deficit target. The country’s new government remains committed to the IMF program.
DRC-China minerals deal: $7B investment linked to copper prices
A revised minerals deal between DRC and Chinese companies involves around $7 billion of infrastructure investments, dependent on copper prices remaining high.
ExxonMobil pushes forward with new Mozambique LNG project
ExxonMobil is optimistic about its revamped Rovuma LNG project in Mozambique, targeting a final investment decision by the end of 2025, with a new design focusing on lower emissions.
Withdrawal limits as Zimbabwe releases new currency
The highest denomination of the new currency, known as Zimbabwe Gold or ZiG, will be the 200 ZiG note, valued at approximately $15.
Egypt’s foreign reserves see boost after devaluation, IMF deal
Weakening its currency and partnering with the IMF, Egypt reversed course on its foreign reserves.
Marrakech airport to double capacity: $176M expansion
Morocco is investing $176 million to expand Marrakech Menara Airport’s capacity to handle over double the passengers, reaching 11.5 million annually.
Saudi Arabia: Houthi attacks won’t hinder tourist destination plans
Saudi Arabia’s tourism minister downplays the threat posed by Houthi attacks in Yemen to the kingdom’s Red Sea resorts, highlighting their location far from the conflict zone.
Dubai to build new $35B mega-airport
The $35 billion Al Maktoum expansion promises to be the world’s largest, handling a staggering 260 million passengers a year.
