The International Monetary Fund has raised Ethiopia’s net international reserves target to facilitate payments of upcoming hard currency bills. The East African nation secured a 3.4 billion dollars four-year financing programme from the IMF in July after carrying out a series of reforms including floating its birr currency. It is also in the midst of…
Guinea Insurance Plc has posted a profit before tax of N499.6 million for the financial year ended 2023, representing 63 per cent increase from a loss of N75.4 million posted in 2022. Mr Ugochukwu Godson, Chairman, Guinea Insurance, announced this at the company’s 66th Annual General Meeting (AGM) on Monday in Lagos. Godson said that…
Germany’s Development Minister Svenja Schulze arrived in Lebanon on Monday for a short visit to pledge further aid to the country. This has been severely affected by the war between Israel and Hezbollah. In mid-October, the Bundestag provided her ministry with an additional 60 million euros (65.4 million dollars) to be used to provide health…
The Australian government announced on Monday that Australia has scrapped a satellite communications system being developed for the military. Lockheed Martin Australia was awarded the tender to build a defiance owned and operated Geostationary Earth Orbit (GEO) satellite communications system in 2023. When the tender was awarded, the government said that it was a “multi-billion…
The global market for clean energy technologies is set to grow from 700 billion dollars last year to more than 2 trillion dollars by 2035. This is according to analysis published by the International Energy Agency (IEA) on Wednesday. Trade in clean energy technologies such as photovoltaics, wind turbines, electric cars, batteries and heat pumps…
The Korea International Cooperation Agency (KOICA) Nigeria on Wednesday said it remained committed to supporting the development of educational technology (edtech) ecosystem in Africa. The Country Director of the agency, Mr Son Sungil stated this in Abuja during the 6th edition of the African Edutech Conference hosted by KOICA in collaboration with UBEC, and the…
China’s Ministry of Commerce (MOC) on Tuesday announced its decision to renew anti-dumping duties on ethanolamines imported from the U.S., Saudi Arabia, Malaysia, and Thailand. The duties were initially introduced in 2018 for a period of five years as such imports had caused substantial damage to China’s domestic industry. Following the end of the term…
The Afghan caretaker government’s Ministry of Mines and Petroleum has signed a contract worth 163 million dollars for the construction of a cement plant in northern Jawzjan province. The office of the acting deputy Prime Minister for economic affairs said in a statement on Tuesday. At the signing ceremony, Mullah Hedayatullah Badri, acting minister of…
The Economic Community of West African States (ECOWAS) in collaboration with ECOBANK Plc on Tuesday in Abuja unveiled a 6-month training programme for the empowerment of West African women traders. The News Agency of Nigeria (NAN) reports that the programme seeks to empower women-led businesses by supporting and enhancing their growth, leveraging the African Continental…
TikTok founder Zhang Yiming has topped China’s rich list for the first time, according to Shanghai-based Hurun magazine, which put his fortune at 49.3 billion dollars. Zhang, 41, belongs to the new generation of Chinese business people who are more internationally focused than their predecessors, according to Hurun. TikTok owner ByteDance, also founded by Zhang,…
