UN agency: Foreign investment in Africa drops; energy sector receives biggest deals
Africa became less attractive to foreign investors last year and finance deals declined by 50 percent to $64 billion, according to a new report. The World Investment Report, released Thursday by the U.N. Trade and Development, said foreign investment remains subdued by the global economic slowdown and rising geopolitical tensions. On the continent, central African countries recorded the largest drop in foreign investment, 17 percent, and West Africa recorded the lowest dip, 1 percent. Samuel Nyandemo, economics lecturer at the University of Nairobi, said the behavior of some African governments is turning away investors. The fall of foreign direct investment in Africa is blamed on insecurity in some African countries, the weakening of local currencies, a harsh business environment, corruption and political uncertainty.
Source:The North Africa Journal
June 21, 2024 23:44 UTC
South Africa: Planned water maintenance to affect water supply in cities in Gauteng, Mpumalanga, North West Provinces, June 22-July 29
Rand Water officials have announced water supply disruptions are likely in cities across Gauteng, Mpumalanga, and North West provinces through at least late July during planned water infrastructure maintenance from June 22-July 29. However, low water levels and pressure should be expected in the impacted areas and water tanks and trucks will be dispatched to mitigate the impact on communities. The maintenance affects systems that service large urban areas, including Ekurhuleni (East Rand), Govan Mbeki, Johannesburg, Lesedi, Madibeng, Mogale City, Merafong City, Pretoria (Tshwane), Rand West City, Rustenburg, Thembisile Hani and Victor Khanye municipalities. Business disruptions are possible, especially for companies that rely on large quantities of municipal water. Spontaneous protests are possible in areas affected by water shortages, especially in lower-income areas.
Source:The North Africa Journal
June 21, 2024 23:29 UTC
PRASA CEO gets top job at SADC rail association
PRASA CEO Hishaam Emeran has been elected as President of the Southern African Railways Association (SARA), a regional association of railways in the SADC region. The CEO of Eswatini Railways, Nixon Dlamini, was elected as SARA vice-president. Dlamini was appointed as Chief Executive Officer of Eswatini Railways in December 2019. He previously worked at Eswatini Railways as a Chief Civil Engineer from October 1997 to August 2001, before moving into the private sector. Prior to joining Eswatini Railways as CEO, Dlamini was with 2N Services (PTY) LTD as a lead consultant based in the UK.
Source:The North Africa Journal
June 21, 2024 21:58 UTC
New Lagos state fund pledges $660k to local startups
The Lagos State Science, Research & Innovation Council (LASRIC) has been endowed with NGN1 billion (US$660,000) to back local tech startups. The new LASRIC fund will foster innovation and research, and boost Lagos’s reputation as the home to many promising early-stage and unicorn startups. Governor Babajide Sanwo-Olu said the LASRIC Council had been convened with a “stellar team”, and a renewed commitment to enhancing the state’s educational capacity. “We firmly believe that the evaluation needed for this economy will require significant investment in science, innovation, and technology. Therefore, at the reconstruction of this body today, I want to emphasise the key areas that we should focus on,” he said.
Source:The North Africa Journal
June 21, 2024 21:05 UTC
Russia-North Korea pact could dent China's influence, but Beijing still holds sway over both
BEIJING — With no obvious options, China appears to be keeping its distance as Russia and North Korea move closer to each other with a new defense pact that could tilt the balance of power among the three authoritarian states. Experts say China’s leaders are likely fretting over a potential loss of influence over North Korea after its leader Kim Jong Un and Russian President Vladimir Putin signed the deal this week, and how that could increase instability on the Korean Peninsula. We do not have information on the relevant matter,” he said, referring to North Korea by the initials for its official name, the Democratic People’s Republic of Korea. “If China is indeed concerned, it has leverage in both Russia and North Korea and it could probably try to put some limitations to that relationship,” he said. AdvertisementThat and other developments have raised alarms in the U.S. that Beijing, now the world’s second-largest economy, could challenge the U.S.-led world order by aligning itself with countries such as Russia, North Korea and Iran.
Source:The North Africa Journal
June 21, 2024 19:01 UTC
Algeria a key part of Turkiye’s North Africa strategy
Algeria a key part of Turkiye’s North Africa strategySinem CengizTurkey's President Recep Tayyip Erdogan. Although no details were disclosed about the meeting at the presidential complex, a closer look at Turkish-Algerian relations will provide insights into their trajectory. There were several reasons for the setbacks in Turkish-Algerian relations, but now there are compelling reasons for progress. Algeria is also a strategic gate to Turkiye’s Maghreb policy, in which it has economic, energy and military objectives. • Sinem Cengiz is a Turkish political analyst who specializes in Turkiye’s relations with the Middle East.
Source:The North Africa Journal
June 21, 2024 18:32 UTC
STS Development Tools: How to Develop Your STS System
Developing an STS compliant product can be a daunting task if you don’t know what you’re doing, so to aid its members the STS Association created a suite of virtual tools to assist during the development process of STS compliant products. These tools are available to all STS Members free of charge and are accompanied by an in-depth video training series to guide them through the process. STS SimulatorThis aids in the development of your software. Reinforce your energy security through the STS Key ManagementSTS Development ToolsAll STS members are given access to this library of development tools with accompanying training videos to facilitate their product development process. All these tools and training videos are available on the STS website at www.sts.org.za under the heading ‘Documents, Forms & Tools’, and are downloadable for additional convenience.
Source:The North Africa Journal
June 21, 2024 18:21 UTC
Africa's Latest Exploration Hotspot Set to Triple Oil Production
As oil majors return to offshore exploration, West Africa's deepwater has become a key drilling target for some of the biggest international companies. Cote d'Ivoire and Namibia have been the hottest exploration areas in recent years, yielding some huge oil and gas discoveries. While Namibia has yet to launch its own crude oil production, Cote d'Ivoire has been producing crude for years and is set to triple its output by 2027 thanks to the recent oil and gas finds in its waters. Africa PotentialFurther south from Cote d'Ivoire along the West Africa coast is Namibia, considered the world's next prized oil production hotspot that could replicate Guyana's success. Cote d'Ivoire, Namibia, and South Africa have become the supermajors' new targets for offshore exploration and production.
Source:The North Africa Journal
June 21, 2024 17:24 UTC
Sahara: Morocco’s Autonomy Plan offers enduring politisal Solution, aligns with UN resolutions – The North Africa Post
The growing international community’s support for Morocco’s Autonomy plan offered for the Sahara under its sovereignty, marks a milestone for Moroccan diplomacy in addressing the long-standing Sahara regional conflict, says Modern Diplomacy magazine in its latest issue. In an Op-Ed titled:”The Autonomy Plan: Is it the Endgame for the Moroccan Sahara?”, scholar Jamal Ait Laadam says the Moroccan initiative comes in a global political system that is quickly changing to tackle and resolve regional and worldwide conflicts. The Moroccan autonomy initiative, introduced by the North African Kingdom in 2007, presents a logical perspective that includes self-government and can be adapted to multiple situations, adds the analysis, stressing that this initiative illustrates Morocco’s dedication to its national interests and territorial integrity. It promises a better future for the people of the region, puts an end to separation and exile, and promotes reconciliation. The UN Security Council has strongly urged the parties to the Sahara conflict to resume negotiations and reactivate the political process with the participation of Algeria, Morocco, Polisario, and Mauritania.
Source:The North Africa Journal
June 21, 2024 17:18 UTC
Morocco to reduce public debt below 70%- Finance Minister – The North Africa Post
Morocco’s government debt is sustainable as efforts are ongoing to cut it further below 70% of GDP, finance minister Nadia Fettah Alaoui said. The minister made the remark during an interview on le360, following criticism by opposition MPs who warned of the risk of debt unsustainability. Debt to GDP ratio was brought below 70% this year and the government “is committed to maintain this downward trend,” she said. The government would rather meet rising social spending through reforms that increas tax revenue and through fiscal consolidation, he said. This fiscal consolidation earned Morocco improved ratings by S&P and Fitch ratings, while the IMF and World Bank praised in their recent reports the resilience of Morocco’s public finances.
Source:The North Africa Journal
June 21, 2024 17:18 UTC
On This Day: WWII Battle of Okinawa ends in 1945
1813 – Peninsular War: Wellington defeats Joseph Bonaparte at the Battle of Vitoria, a decisive victory that leads to the collapse of French power in Spain. 1942 – World War II: Tobruk falls to Italian and German forces, resulting in the capture of 33,000 Allied troops and a significant setback for the Allies in the North African campaign. 1945 – World War II: The Battle of Okinawa ends with a decisive Allied victory, resulting in the deaths of over 100,000 Japanese soldiers and civilians and paving the way for the planned invasion of the Japanese home islands. 1964 – Civil rights workers Andrew Goodman, James Chaney, and Michael Schwerner are murdered in Neshoba County, Mississippi, by members of the Ku Klux Klan, an event that galvanizes the civil rights movement and leads to the passage of the Civil Rights Act of 1964. 2009 – Greenland assumes self-rule, marking a significant step towards independence from Denmark and the recognition of Greenlandic as an official language.
Source:The North Africa Journal
June 21, 2024 17:17 UTC
What Stories do North Africans Tell of Each Other?
What Stories do North Africans Tell of Each Other? There are many perceptions North Africans hold about each other's countries, but the only way to know if they're accurate is to travel to the region yourself.
Source:The North Africa Journal
June 21, 2024 17:04 UTC
Libya : Libyan airlines remain on EU blacklist
Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users. Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device. Either “Accept and close” to agree to all cookies or go to “Manage cookies” to review your options. You can change these settings at any time by going to our Cookie management page.
Source:The North Africa Journal
June 21, 2024 16:45 UTC
Italy revives energy hub ambitions via North Africa hydrogen corridor
Italy revives energy hub ambitions via North Africa hydrogen corridorHydrogen imports from Africa could offer Italy opportunity to develop into a southern Europe energy hub, a goal it already pursued for natural gasItaly is betting on green hydrogen imports from North Africa to revamp its plans to become southern Europe’s energy hub, after leaders of Italy, Germany and Austria signed a Joint Declaration of Intent at the end of May to develop a hydrogen corridor between the three countries. The SoutH2 Corridor, a development already included in the EU’s Projects of Common Interest list, aims to bring low-cost renewable hydrogen from North Africa to hard-to-abate demand clusters in Italy, Austria and Germany. The project —led by transmission system operators Snam, TAG, GCA and Bayernets—forms part of the European Hydrogen Backbone and has a capacity of 4mt/yr According to its developers, it could deliver
Source:The North Africa Journal
June 21, 2024 16:26 UTC
Ship rescues 68 migrants off Canaries, but five die
Rescuers were alerted on Wednesday afternoon to the vessel drifting in the Atlantic some 800 kilometres south of the island of Tenerife. It took on board 68 sub-Saharan African migrants, including three women and three minors, and recovered three bodies from the fishing boat. It is expected to reach Tenerife on Friday morning. At their closest point, the islands lie 100 kilometres off the coast of North Africa. The vast majority were on the Atlantic route, where 4,800 migrants died while trying to reach the Canaries, the charity said.
Source:The North Africa Journal
June 21, 2024 15:59 UTC