Category: Africa
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Nigeria begins talks with major oil firms over oil revenue dispute
The Nigerian government and international oil companies are trying to find common ground on a dispute over oil revenues. Citing a 2018 Supreme Court decision, the government says it is entitled to $62 billion from companies after they failed to comply with a 1993 law that gives the state a larger share of revenues when…
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Global uncertainty continues to slow growth in Africa’s economies
Growth in Sub-Saharan Africa remained slow through 2019, hampered by persistent uncertainty in the global economy and the slow pace of domestic reforms, according to the 20th edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region. Overall growth in Sub-Saharan Africa is projected to rise to 2.6 percent in 2019 from…
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Zimbabwe electricity price shoots up by 320 percent
Zimbabwe’s power regulator has increased the average electricity price by 320 percent. The decision was taken to allow it to ramp up production and improve supplies amid daily power cuts. Essentially, the electricity company needs more money to pay for things like diesel to power the generators. Zimbabwe is grappling with the worst economic crisis…
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Nigeria signs 30 trade deals with South Africa …as Buhari seeks safety for Nigerian businesses
Africa’s two biggest economies put a recent xenophobia incident behind and signed 30 trade and cooperation agreements on Thursday. The signing of the trade agreements by Nigeria and South Africa, which took place at the end of a two-day visit by President Muhammadu Buhari in the wake of a xenophobic attack on Nigerians and other…
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Equatorial Guinea VP’s supercars sold for $27m at Swiss auction
Following the seizure of 25 supercars from Equatorial Guineas vice president as part of a Swiss money-laundering probe, an auction held by Bonhams on Sunday fetched nearly $27 million (27 million Swiss francs). Geneva prosecutors said in February that they had closed an inquiry into Teodoro Nguema Obiang for money laundering and misappropriation of public…
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Leading chef calls on youth to prepare for careers in tourism sector
One of South Africa’s leading Chef’s, Pete Goffe-Wood, has charged the youth in Ghana and across the continent to position themselves for careers in the tourism value chain, ahead of the implementation of the Africa Continental Free Trade Area (AfCFTA) Agreement. The AfCFTA which 54 of the 55 African nations have signed onto, makes Africa…
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Selling added value: The case of Wines of South Africa
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The importance of agriculture in Africa’s development agenda, as a driver of economic growth, transformation and in helping end hunger has been reiterated over the years if not decades. The 2014 Malabo Declaration for example and the re-commitment to the principles of the Comprehensive Africa Agriculture Development Program (CAADP) (which is Africa’s policy framework for…
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South Africans urged to withdraw ‘enough cash’ ahead of banking strike
South Africans have been urged to withdraw sufficient cash to sustain livelihoods during an anticipated national strike in the banking sector. Automated Teller Machines (ATMs) and banking services will be shut down on Friday, as the country’s biggest financial union Sasbo leads a strike against retrenchments. Sasbo’s Joe Kokela cautioned South Africans to brace themselves…
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Nigeria, Benin in trade dispute two months after signing ACFTA
Two West African countries, Nigeria and Benin are embroiled in a trade dispute two months after signing an agreement to free up the movement of goods and services in Africa. Nigerian President Muhammadu Buhari ordered the partial closing of its border with Benin last month to curb smuggling of rice and other commodities. The blockade…
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UK’s Richelle Van Gemert wins Wines of South Africa Sommelier Cup 2019
In what can only be described as an epic battle of skill, concentration and attention to detail, Richelle van Gemert, from the United Kingdom, has been crowned as the winner of the 2019 edition of the Wines of South Africa (WOSA) Sommelier Cup. Following several rigorous semi-final rounds in various countries, a total of 11…