BUSINESS - The African Mirror

May

23

2024

Microsoft ties up with UAE-based AI firm to invest $1 bln in Kenya data centre

BUSINESS

MICROSOFT (MSFT.O) is partnering with UAE-based AI firm G42 to invest $1 billion in a data centre in Kenya as part of its efforts to expand cloud-computing services in East Africa, the companies said. The data centre, which will be built by G42 and its partners, will be powered by geothermal energy and provide access to Microsoft's Azure through a new cloud region for East Africa. WHY IT'S IMPORTANT Abu Dhabi-based G42, in which Microsoft invested $1.5 billion last month, has begun training an open-source large-language AI model in Swahili and English. CONTEXT Amazon.com (AMZN.O), Microsoft and Alphabet (GOOGL.O) are investing billions in new…

May

23

2024

By WENDELL ROELF

Vivo Energy to invest over $550 mln in South Africa, minister says

BUSINESS

VIVO Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($550.79 million) in its South African operations following its merger with Engen, South Africa's trade minister Ebrahim Patel said. The investment is part of a range of public interest and competition commitments, designed to prevent job losses and continue supply contracts with local refineries, that domestic regulators sought when the merger was considered. "The company (Vivo) has committed to a minimum of about 10 billion rands over the next five years to be invested in areas like green energy, infrastructure and the upgrading of its…

May

21

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

Why Nigerian companies topped Africa’s fastest growing list in a difficult year

BUSINESS

IN early 2023, when Nigeria began rolling out its newly designed currency notes, the country was hit by a cash crisis. The reason? Nigeria’s apex bank had put a cap on the maximum amount of hard cash that individuals and corporations could withdraw as part of wider efforts to tame money laundering. While this scarcity of hard cash worsened Nigeria’s tough economic situation, an unprecedented development occurred: e-payments soared and became the new norm in the country. In turn, Nigerian companies that rode on this development to help fix the flow of money in the country - by leveraging digital…

May

22

2024

By AMERICA HERNANDEZ

TotalEnergies moves ahead on $6 billion Kaminho oil project in Angola

BUSINESS

FRENCH oil major TotalEnergies (TTEF.PA) is pressing ahead with the development of the Kaminho oil project 100 kilometres off the coast of Angola after a final investment decision on the block, it said. The $6 billion project involves developing two oil fields located in Block 20/11, Cameia and Golfino, according to a statement from Angola's national hydrocarbon agency ANPG. Italian engineering firm Saipem will convert a very large crude carrier into a Floating Production Storage and Offloading (FPSO) unit, which will connect oil from the offshore fields to a subsea production network. "This project... will become our seventh FPSO unit in the country and…

May

21

2024

By PATRICK NZABONIMPA, BIRD STORY AGENCY

How Africa’s women-led businesses are bridging the funding gap

BUSINESS

SPEAKING at the CEO Forum 2024 in Kigali, Rwanda, last week, Marie Ange Mukagahima, founder and CEO of Zima Healthy Group Ltd voiced her frustration about the difficulty of securing funding for business expansion. The main challenge, she explained, is that lenders focus more on collateral than on evaluating the demand for her company’s products in the market. “They should focus on the potential of my business, not just collateral,” said, whose company produces natural, pumpkin-based products. “They should be asking ‘Who will buy your products?’ instead of ‘What can you put up as security?’ That's what has been holding…

May

20

2024

By The African Mirror

TotalEnergies strikes supply deal with Dangote on Nigerian refinery

BUSINESS

FRENCH energy major, TotalEnergies (TTEF.PA) had struck its first supply deal with Dangote Refinery in Nigeria, Chief Executive Patrick Pouyanne said, following a meeting with Africa's richest man, Aliko Dangote. "We met this morning, we made the first deal between both of us," Pouyanne told a panel at the Africa CEO Forum in Kigali, Rwanda. "The two CEOs met with our head of trading and we found the way to convince them to make a deal," he added. Dangote has been trying to secure crude supplies for his 650,000 barrels per day (bpd) refinery, the largest in Africa and Europe when…

May

18

2024

By The African Mirror

Ghana parliament reconvenes, approves World Bank loan and appointees

BUSINESS

GHANA'S parliament, which had been adjourned since March following a dispute between the speaker and the president over an anti-LGBT bill, reconvened and approved ministerial appointees and a World Bank loan. Majority leader Alexander Afenyo-Markin said in a statement that the urgent recall was "in good faith to enable the government to discharge its constitutional and democratic obligations to the people." Lawmakers in February unanimously passed one of Africa's most restrictive anti-LGBT bills, but President Nana Akufo-Addo has not yet signed it into law. His office said it would wait for the outcome of two legal challenges to the bill…

May

19

2024

By ANGE ABOA

Ivory Coast’s cocoa regulator suspends cooperatives for hoarding beans

BUSINESS

IVORY Coast's Coffee and Cocoa Council (CCC) has suspended around 40 cooperatives they suspect were illegally hoarding cocoa beans in order to sell them at a higher price to exporters struggling to fulfil their contracts, two sources at the regulator said. Exporters, who have been short of supply due to cocoa disease and adverse weather, are looking for ways to buy beans to honour their contractual obligations and some suppliers were taking advantage of the situation, the sources said. Suspended cooperatives and independent buyers have stockpiled more than 60,000 metric tons of cocoa since the start of the mid-crop in…

May

19

2024

By CAMILLUS EBOH

Nigeria court rules Binance executive can face trial on behalf of crypto exchange

BUSINESS

A Nigerian court ruled that Binance executive Tigran Gambaryan can stand trial on behalf of the cryptocurrency exchange in an ongoing tax evasion case. Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion. In a separate case, they have also been charged with laundering more than $35 million and engaging in specialised financial activities without a licence. They have all pleaded not guilty to the money laundering charges. Binance's lawyer declined to comment after Friday's court hearing. Gambaryan's lawyer also…

May

16

2024

By FELIX ONUAH

Nigeria suspends cybersecurity levy amid cost of living crisis

BUSINESS

NIGERIA has suspended a planned levy on domestic money transfers to fund cybersecurity, Information Minister Mohammed Idris said, amid widespread public criticism of the scheme as the cost of living rises and the naira currency falls. The central bank in a circular last week told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy, starting in two weeks. "The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended," Idris told reporters following a cabinet meeting in Abuja. He did not…