Home » Archives by category » Business

Djibouti opens new 690-hectare mega port

Djibouti has opened the country’s latest mega port with world-class facilities and equipment on Wednesday. The $590 million Doraleh Multipurpose Port designed by China and co-founded by Djibouti Ports and Free Zones Authority (DPFZA) is one of four new ports of the tiny nation that can handle $7 billion of goods every year. The bulk […]

China to rebuild Gabon’s new parliament

China will rebuild the Gabonese National Assembly headquarters destroyed during post-electoral violence in the central African nation. Local media indicated that Chinese authorities have agreed to rebuild the parliament during a meeting held between President Ali Bongo Ondimba and Ji Bingxuan, vice-president of the standing committee of the National People’s Congress of China. Demonstrators, loyal […]

Read More

South Africa: General Motors to cut 600 jobs

Some 600 workers out of 1,500 at General Motors in South Africa will lose their jobs by July after a decision last week by the American giant to sell its local operations, South Africa’s top manufacturing union said. According to the National Union of Metalworkers of South Africa (NUMSA), the carmaker had confirmed the numbers […]

Read More

Kenya seeks additional $3.5 billion loan from Eximbank

The Kenyan government is seeking additional $3.5 billion loan from China Eximbank for the construction of the Nairobi-Mombasa railway line, local media reported. This additional loan from China Eximbank will help the East African nation to finance the construction of the third phase of the Nairobi-Mombasa railway project. The Nairobi-Mombasa 270km railway is the first […]

Read More

Morocco, Nigeria Turning Africa’s Dreams into Reality

Morocco and Nigeria, two major African regional powers, are enhancing their strategic alliance in a bid to turn the cherished African dreams into tangible reality. The two countries’ cooperation is gaining momentum in fertilizers as well as their landmark project of building a gas pipeline that will connect Nigerian gas wells with West African countries, […]

Read More

Sierra Leone’s 706-carat diamond auction fails in Belgium

Sierra Leone government on Thursday fails to sell one of the world’s largest diamonds at an auction in Belgium. The large stone of 706-carat was discovered by a Christian pastor, one of thousands who work in the informal mining sector dominating the diamond-rich West African country. The chief auctioneer and head of the National Minerals […]

Read More

Tanzania: John Magufuli pushes for mining companies reforms

Tanzania’s ‘Bulldozer’ John Magufuli on Tuesday announced plans to enforce a new rule requiring mining firms to list on the Dar es Salaam Stock Exchange bourse by August. The move according to the president will increase transparency in the East African nation’s mining sector “By listing these companies on the stock exchange, we will be […]

Read More

Germany pushes for private investment in Africa

The German government is moving to boost private investment in Africa, Finance Minister, Wolfgang Schaeuble, told reporters in Washington during the Global Infrastructure Forum. According to Schaeuble, the move is meant to avoid a destructive rise in populism and the gap between the rich and poor. “If we do nothing to change this, we can […]

Read More

AfDB questions Africa’s annual $35bn food importation

African Development Bank’s president, Akinwumi Adesina on Thursday lamented the negative effects that huge food imports had on the African continent. Speaking at the Center for Global Development event held in Washington DC, the former Nigerian Agriculture Minister indicated that the continent must break the food import chain and aim for self-sufficiency in food production […]

Read More

Tunisia: Economy expected to recover in 2017 – PM

Tunisia’s Prime Minister Youssef Chahed on Sunday indicated that the economy will start to regain growth in 2017 as the North African Nation revived its tourism industry and state phosphate production. Six years after an uprising that ousted President Zine El Abidine Ben Ali, economic growth in Tunisia remains below the long-term average. “The tourism […]

Read More