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Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.
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Africa Business News
Africa Business News
Finland Passes Law to Block Asylum Seekers Crossing From Russia
15 JUL 2024 · Finland’s parliament has passed a controversial bill granting border guards the power to block asylum seekers crossing from Russia. Finland has accused neighbouring Russia of weaponising migration by encouraging many people from countries such as Syria and Somalia to cross the border, an assertion the Kremlin has denied. Helsinki has accused Moscow of promoting the crossings in retaliation for Finland joining NATO, which backs Ukraine against Russia’s invasion. The right-wing government of Prime Minister Petteri Orpo has said the bill is vital to stop future arrivals. Opponents, including several academics, legal experts and human rights groups, say it clashes with the Constitution of Finland, international rights commitments set by the United Nations and pledges by the EU and international treaties signed by Finland.
AT&T Loses Customers Data in Security Breach
15 JUL 2024 · Telecommunications giant AT&T reports that data of nearly all customers was downloaded to a third-party platform in a security breach. The breach took place largely over five months in 2022. It hit customers of AT&T’s mobile customers, customers of mobile virtual network operators using AT&T’s wireless network, as well as its landline customers who interacted with those cellular numbers. AT&T says the data does not contain the content of calls or texts, personal information such as Social Security numbers, dates of birth, or other personally identifiable information. AT&T, however, said that there are often ways using publicly available online tools to find the name associated with a specific telephone number.
Kenya Police Chief Resigns After Criticism Over Protest Crackdown
15 JUL 2024 · Kenya’s police chief has resigned after criticism of officers’ conduct during recent antigovernment demonstrations in which dozens of protesters were killed. The presidency says that President William Ruto has accepted the resignation of Inspector General of Police Japhet Koome, who has served in the role since November 2022. Deputy Inspector-General Douglas Kanja has been appointed acting police chief with immediate effect. The announcement came a day after Ruto sacked nearly his entire cabinet, bowing to the demands of protesters. Some of the young people behind the demonstrations had called for Koome to go, with police accused of using excessive force during the protests, the most serious crisis of Ruto’s near two-year presidency.
Kagame Seeks Fourth Term as Rwandan President
15 JUL 2024 · Rwanda's President Paul Kagame, feared and admired in equal measure, is seeking to extend his 24-year rule in an election analysts say he will win by a landslide. He has dominated every election since becoming president in 2000, with over 90% of the vote. In 2017 he won with a staggering 99%. President Kagame has been at the helm of Rwandan politics since his rebel forces took power at the end of the 1994 genocide which killed some 800,000 ethnic Tutsis and moderate Hutus. Mr Kagame has always fiercely defended Rwanda's record on human rights, saying his country respects political freedoms.
Dangote to List Refinery, Fertiliser Companies on NGX
15 JUL 2024 · Dangote Group has announced that the group intends to list its multibillion-dollar companies – Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, on the Nigerian Exchange Group in the first quarter of 2025. The move will allow Nigerians to participate in the ownership of these companies, for the benefit of all. Dangote says that this transformation was driven by the overarching goal of achieving self-sufficiency in key sectors and bolstering Nigeria’s economy. Dangote confirmed that the refinery will commence petrol processing in July and underscored government assurances on compliance with the Domestic Crude Oil Supply Obligations under the Petroleum Industry Act.
UK Court Dismisses P&ID Appeal, Upholds Nigeria’s £43m Award
15 JUL 2024 · A Court of Appeal in the United Kingdom dismissed the Process & Industrial Development appeal on a previous judgment halting the enforcement of its $11 billion award against Nigeria. In a unanimous decision, the Lead Judge, Lord Justice Snowden, permitted P&ID to appeal the judgment but dismissed the appeal. The company argued that Nigeria funded its legal services by exchanging naira from its consolidated revenue fund. Snowden, the lead judge, accepted the arguments of Nigeria that since the legal cost was paid in sterling, the cost order should be paid in the same currency.
Nigerian National Petroleum Company Increases Stake in Dangote Refinery to 7.2%
15 JUL 2024 · Aliko Dangote says the Nigerian National Petroleum Company Limited now owns a 7.2% stake in the Dangote Petroleum Refinery, and not a 20% stake as initially announced before the facility's inauguration at the Lekki Free Trade Zone. Dangote says NNPC’s stake dropped to 7.2% over the company’s failure to pay the balance of their share, which was due in June. The NNPC had acquired a 20 per cent interest in the $20bn Dangote refinery for $2.76 billion. The NNPC confirmed the development in a statement saying NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
WTO Chief Warns Against Global Trade Breakdown
8 JUL 2024 · The director general of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala says Global trade is seeing increasing protectionism, some undermining of the WTO rules, and some of this is leading to fragmentation. She says Global trade is really part of the lifeblood for making countries resilient - and also for underpinning growth which is what they are concerned about. President Biden has increased import taxes on a range of other Chinese products that he said formed the industries of the future. EU trade commissioner Valdis Dombrovskis says that Europe does not want to close the market for EVs saying they welcome imports and competition, but this competition must be fair.
Paramount Agrees $28bn Merger Deal With Skydance Media
8 JUL 2024 · One of Hollywood's oldest companies, Paramount Global, has agreed to merge with independent film studio Skydance Media. Under the deal, Paramount's non-executive chair Shari Redstone will sell her family's controlling stake in the company in a complex transaction that will result in a new firm worth around $28bn. The merger would combine Paramount, home of classic films such as Chinatown and Breakfast at Tiffany's, with its financial partner on several recent big releases, including Top Gun: Maverick and Star Trek Into Darkness. Under the agreement, Skydance will invest around $8bn in Paramount, including paying $2.4bn for National Amusements, which controls the group.
Boeing To Plead Guilty To Criminal Fraud Charge
8 JUL 2024 · Boeing has agreed to plead guilty to a criminal fraud conspiracy charge after the US found the company violated a deal meant to reform it after two fatal crashes by its 737 Max planes that killed 346 passengers and crew. The Department of Justice says the plane maker had also agreed to pay a criminal fine of $243.6m (£190m). However, the families of the people who died on the flights five years ago have criticised it as a "sweetheart deal" that would allow Boeing to avoid full responsibility for the deaths. The settlement must now be approved by a US judge.
Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.
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