At the Africa CEO Forum in Abidjan, in June, the irrepressible chairman of BUA Group, Abdul Samad Rabiu, is bubbling. He has just signed a $500m credit facility led by the International Finance Corporation (IFC). Rabiu moves between interviews, photos with business and government leaders and congratulating the team that put the substantial deal together. In these days of 1,000 naira to a dollar, $500m is the equivalent of 500 billion naira.
Bloomberg Markets TodayMarkets Today has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Tom Mackenzie and Mark Cudmore.
ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a leading global supplier of network infrastructure and digitization solutions, has been named among the top 3 winners in IDC’s 2023 Future Enterprise Best in Future of Intelligence North America Awards. Belden created a vendor-agnostic platform that involved various control technologies, collected operational data via sensors throughout the plant and provided a shared data plane for analytics and visualization. The Future of Intelligence Award recognizes organizations that have demonstrated outstanding leadership, vision and innovation in the development and deployment of intelligent technologies. With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future. Belden and the Belden logo are trademarks or registered trademarks of Belden Inc. or its affiliated companies in the United States and other jurisdictions.
by Chigozie Nweke-EzeThe African Hydrogen Hub is developing ideas around how hydrogen development in Africa can be leveraged to present employment opportunities along the entire value chain. The potential in the green hydrogen sector holds many opportunities for local employees, entrepreneurs, startups and innovators in Africa. Some players are already present along the green hydrogen value chain, while others are upskilling for engagement. This dynamic further limit local graduates and skilled workers and entrepreneurs and excludes them from participating in green hydrogen projects value chain. 10 areas need strengthening in the green hydrogen supply chainLimited financingThe third and final key dynamic identified for startups in the green hydrogen ecosystem is finance.
Morocco has reiterated its commitment to a gas pipeline project with Nigeria, saying it has the potential to provide energy security for hundreds of millions of Africans. During a speech this week to commemorate the 48th anniversary of the Green March, King Mohammed VI said the Nigeria-Morocco Gas Pipeline (NMGP) project is more than just a bilateral project between two sister nations. It will be connected to the Maghreb Europe Gas Pipeline in order to reach the European gas network. Morocco-UK subsea cables energy project secures early development fundingTo help realise this project, N-Sea have worked closely with vessel owner Rederij Groen and converted the seismic support vessel, 7-WAVES, into a survey vessel with state-of-the-art equipment. Image Credit: N-SeaIn June, four MoUs related to the NMGP project were signed in Abuja.
King Mohammed VI has called for bold and innovative initiatives to encourage private entrepreneurship avail the huge business opportunities offered in the African Continent. “I commend the work done by our pan-African institutions concerning the setting up of the African Continental Free Trade Area (AfCFTA)”, said the King in his message read out by royal Advisor Omar Kabbaj. The project will enable all countries along the pipeline route to have access to reliable energy supplies and to be more resilient to exogenous energy price shocks, said the Monarch. Over the past two decades, Morocco has made infrastructure development a priority in all economic sectors enabling the Kingdom to become a model in infrastructure investment, said the Royal message. Now, Morocco has 4.1 GW of installed renewable capacity.
Mamelodi Sundowns coach, Jerry Tshabalala knows facing Moroccan opposition in the CAF Women's Champions League is never an easy outing for his side. Twice, the South Africans met AS Far, and they did not experience victory (0-0 in 2021 and a 4-0 defeat). We are going to play our hearts out and go all-out against Sundowns, without” declared SC Casablanca striker, Chaymaa Mourtaji during the pre-match press conference on Tuesday. Mamelodi Sundowns star, Chuene Morifi said it would be a tactical battle against the Casablanca. What the coaches had to say:Mehdi El Quichori - SC Casablanca coach"Everything is possible.
In a recent manifestation of erratic diplomacy, Algeria returned its ambassador to Madrid after a recall that lasted 18 months in protest against Spain’s sovereign decision to back Morocco’s sovereignty over the Sahara and its autonomy plan. Algeria has shown its real face as the genuine party to the Sahara conflict by protesting against the Spanish support for Morocco’s autonomy plan in 2022. It started by recalling its ambassador to Madrid in March 2022, scrapped a neighborliness treaty and took trade retaliation measures going as far as threatening to cut gas deliveries to Spain. It also weaponized migration, letting boats loaded with Algerian youth take the risky crossing from Algeria’s coasts to Spain. The Algerian regime is also returning its ambassador to Spain in an acknowledgement of diplomatic defeat amid a trend in the international community to back Morocco’s autonomy plan.
Writing in the New York Times this week, Amanda Taub articulates what many observers have been asking lately: Does it even make sense to speak about the laws of war, when armed actors on all sides of most conflicts seem only too willing to ignore them? Do the laws of war become mere rhetorical tools that can even escalate conflicts, allowing actors on both sides to point fingers at the other while ignoring their own culpability? It is true that in armed conflicts worldwide, military actors and their civilian leaders have been willing to ignore the rules of law or invoke them only when convenient. In Ukraine, noncombatants have suffered rape, torture, bombardment and environmental warfare during Russia’s invasion—itself a violation of the ban on territorial aggression. But perhaps the conflict most disheartening to U.S. observers this past month is that unfolding in Israel and Gaza.
North Korean state hackers have debuted a fresh Mac malware targeting users in the US and Japan, which researchers characterize as "dumbed down" but effective. Since earlier this year, researchers from Jamf Threat Labs have been tracking a BlueNoroff campaign they call "RustBucket," targeting MacOS systems. "The fact that they are able to accomplish their objectives using this dumbed down malware is definitely notable." The binary was uploaded once from Japan in September, and three times from a US-based IP in mid-October, the Jamf researchers added. In light of BlueNoroff's successes stealing crypto, Bradley urges Mac users to stay as vigilant as their Windows brethren.
It also expects to finally exit Afghanistan in the next two months, with that process currently with regulators. MTN added it remains in discussions over the “potential orderly exit of three of our smaller operations in West Africa”, with its units in Guinea-Bissau, Guinea-Conakry and Liberia on the block. CEO Ralph Mupita pointed to signs inflation was easing across several of its markets during Q3, including in South Africa, Ghana and Uganda. In its home market of South Africa, Mupita said there had been continued issues with power outages, though reported “significant progress” in a network resilience programme designed to mitigate this. MTN does not provide net profit figures for Q3, but booked revenue including the impact of hyperinflation of ZAR50.9 billon ($2.8 billion), down from ZAR53.5 billion in Q3 2022.
A new report published in the journal Nature Geoscience addresses the escalating air pollution crisis in Africa, where air quality has been rapidly deteriorating for years. Despite this, a mere 0.01% of global air pollution funding has been allocated to Africa. The call to action from researchers is clear and urgent, highlighting key areas for collaboration:Establishing continuous air monitoring through a widespread network of sensors to track air pollution trends and progress. “This should be catalyzed by increased investment in interventions that are addressing air pollution. But by being proactive and doing these five actions there will be a reduction in air pollution levels, meaning healthier people and a healthier planet,” concluded Professor Pope.
South African platinum mining shafts are among the world’s deepest, oldest and most expensive to operate. Impala’s Rustenburg mines are “scrapping by for now” and further action could be taken if prices remain low, Theron said. “The shafts are not making money, but they are not losing money either, they are just getting by,” Theron said. Impala is also weighing postponing planned spending at some expansion projects at its Zimplats and Mimosa units in Zimbabwe as well as Two Rivers and Marula mines in South Africa. “We are in a process to reset the organization for a lower price environment,” Theron said.
Finance(Ecofin Agency) - Energy startups raised the most funds last month in Africa, pushing fintechs into second place. Throughout the past month, Startups active in Africa raised $144.3 million, up by 23.6% against the previous month. The amount raised last month was down by 22.6% compared to October 2022–$186.4 million were raised. On a regional basis, East Africa secured the most funds ($79.1 million), ahead of Southern Africa ($36.8 million), West Africa ($18.9 million) and North Africa ($9.5 million). Overall, 27 startups raised funds in Africa last October.
The rateable value of houses is currently capped and the proposal is to lift that cap. Currently, no houses are assumed to be worth more than £400,000 at a 2005 valuation.
