Oil prices surge amid concerns of supply shortage
Ongoing conflict between Israel, Palestine generating fears of deepening supply deficit for remainder of year
Kenya’s Central Bank governor highlights currency overvaluation
He stated that Kenya’s foreign exchange reserves had decreased to the level of approximately 3.7 months of import cover
London court saves Nigeria from $11 billion payout
The award, initially granted in 2017 and subsequently augmented in 2019 to encompass interest, represented a substantial portion of Nigeria’s foreign reserves
Kenyan shilling reaches all-time low, exchanging at 150 to the dollar
The Kenyan shilling has been on a downward trajectory for a number of years and experienced a nearly 24 percent depreciation in the last year
UAE’s DP World signs port agreements with Tanzania
TPA director general Plasduce Mbossa stated that the contracts will undergo a review every five years
Rising fuel prices drive inflation higher in South Africa
The national statistics agency, StatsSA, reported that annual consumer price inflation escalated to 5.4 percent last month
Nigeria mandates mining firms invest in domestic processing
Nigeria is actively courting investors for its historically underdeveloped mining sector, which has historically accounted for less than 1% of the country’s gross domestic product
Cryptocurrency crime causes around $30B in damages from 2017-2022
Researchers cite technical weaknesses, manipulated cryptocurrencies as main cause of damage
Burkina Faso, Rosatom sign deal for nuclear power plant
The nuclear power plant, once operational, will serve as a means for the country to fulfill its energy requirements, the energy ministry reported.
Zambia secures debt agreement with creditors, confirms IMF chief
In June, Zambia had tentatively reached an agreement with its creditors, encompassing both China and Western nations, on $6.3 billion of its debt
Business leaders from Turkey and Africa convene in Istanbul
Event important for Turkey-Africa trade target of $75B, chairman of Turkey’s Foreign Economic Relations Board says
World Bank president calls for expansion
Ajay Banga, the former CEO of Mastercard and the President of the World Bank, has outlined his strategy to reshape the bank’s mission towards “eliminating poverty on a sustainable planet”
Fuel prices jump to $3 per liter in Sudan
Some stations sell a 20-liter container at prices ranging between $56 and $60
Egypt’s inflation slows to 38% in September from 39.7% in August
Growth of consumer price inflation in Egypt slowed to 38% in September, with continued high prices in food, transportation, energy, and health
Oil bounces back after sharp monthly decline
Both benchmarks have lost over 2% during previous trading session as data indicate oil consumption in the US declined with end of summer driving season
IMF and Ghana agree on initial review of $3 billion program
The three-year extended credit facility is conditional upon domestic and external debt restructuring
Nigerian startups secure $2.1 billion in funding over seven years
According to the company, African tech start-up funding would be down 54 per cent year-on-year
South Africa approves French TotalEnergies for offshore drilling
The company’s area of interest within the block encompasses approximately 10,000 square kilometers and is situated between Cape Town and Cape Agulhas
Bitcoin surpasses $28.5K mark for the first time in over a month
Total value of crypto market up 3% to $1.12T, highest since late August
Crude oil prices rise as investors await OPEC production decision
Rebounding Chinese industrial activity also bolsters prices
UK supports subsea cable project to harness Moroccan renewable energy
Xlinks has stated that the initiative would generate nearly 10,000 jobs in Morocco
Crude oil prices rise as global supply contracts and demand surges
Prices climb higher as demand estimates rise in the world’s two major oil consumers, US and China
Algerian oil company Sonatrach posts $444 mln in profits
The production level reached 7.9 million tons of fuel and various petroleum derivatives
Kenya plans to begin construction of nuclear power plant in 2027
East African nation estimates construction budget of up to $4.07 billion for groundbreaking project
