South African insurance group announced it is maintaining its decision to fire CEO Peter Moyo (pictured), despite a court decision in Johannesburg. The company said in a statement that regardless of what might happen in the legal proceedings, the events following the June notification made it clear that it was untenable to maintain a working relationship between Mr. Moyo and Old Mutual. Old...

Egyptian state-owned Banque du Caire is providing real estate company Inertia EGP575 million ($34.6 million) to fund projects ongoing in the country. Monies will be granted over a year period and paid back in over 5 years. Inertia says the resources will be used to finance construction works as well as real estate residential projects initiated in 2019. According to Tarek Fayed, MD of Banque du...

In its “Gartner Africa ICT Hype Cycle 2019” report issued on August 20, the US advanced technology consulting and research firm Gartner Inc. has spotted the three technologies that will transform business in Africa over the next ten years. These are smart cities, the Internet of Things (IoT) and low-Earth orbit satellite systems. According to Bettina Tratz-Ryan, research vice president at...

The 3-year transitional government in Sudan, after former President Al-Bashir was ousted, is finally set up. The economist Abdalla Hamdok (pictured) was sworn in yesterday August 21 as the new Prime Minister. The appointment of this former AfBD and UN’s senior manager occurs in a tense economic situation characterized by an increase in inflation to 45%. In the next three years, the new PM will...

Malawi Communications Regulatory Authority (MACRA) wants to stop the import of ICT devices that do not comply with international standards. Importers are the ones really targeted by the strategy. The new law will list all standards to bring products into the country in accordance with regulatory, technical and minimum safety requirements. Dan Chiwoni, the head of MACRA's legal department, said...

Egyptian state-owned Banque du Caire reaffirmed its commitment to open a significant minority stake in its capital to private investors. The operation will be carried out by the end of the year and arranged by the Egyptian investment bank EFG Hermes and the British HSBC, according to the Managing Director. This intention was announced about a year ago and concerns 30% to 40% of the capital. The...

The external financial position of Nigeria is currently threatened by a British court decision, which requires the country to pay damages of $9 billion. This was in compensation for a gas company incorporated in the UK which was allegedly disadvantaged in a project it was developing in southern Nigeria. The implementation of such a decision could constitute a major external shock for the...

Zimbabwe and Russia have signed multi-billion dollar cooperation agreements, the Zimbabwean information minister, Monica Mutsvangwa (pictured), said on August 20.New deals concern key sectors such as energy, mining, tourism, health, agriculture, and media. Six of the agreements target the mutual protection of classified information, cooperation in the field of geological exploration and mineral...

Uganda’s communications commission (UCC) launched a public consultation process for the acquisition of telecoms firm Eaton Towers by rival American Tower Corporation (ATC).The regulator is inviting citizens and sector players to provide written comments, during the consultation period which runs from August 19 to September 2, regarding the looming merger between the two companies. This measure...

Cameroon, Rwanda and Côte d'Ivoire are the sub-Saharan African countries that have a greater capacity to adjust their public spending in the event of a new external shock, rating agency Moody's said in a recent analysis. According to the document, the three countries enjoy the greatest flexibility in spending, reflecting high levels of capital spending and the concessional nature of debt (which...