Business and Finance

On a recent day, the quietude of the Ethiopian Rift Valley was shattered by a 4.9-magnitude earthquake. This seismic event originated west of Lake Awash, particularly near the Mount Fentale district, rattling the town of Metehara and prompting some locals to scramble for safety. In the aftermath of the quake, reports indicated that numerous buildings suffered structural damage, while cracks emerged in the ground nearby. Fortunately, as of now, no injuries or significant destruction have been documented, which is a relief…

Tragically, at least 78 individuals have lost their lives, with many more unaccounted for, following a boat capsizing incident on Lake Kivu in the Democratic Republic of Congo. This calamity unfolded as a heavily overloaded vessel, packed with over 300 passengers, approached the shoreline of Goma after departing from the town of Minova in South Kivu. Unfortunately, this incident is just one of many that have occurred on Lake Kivu. Earlier this year, specifically in February 2024, another boat tragedy struck near Bahimba,…

In a significant turn of events, the former Chief Financial Officer of Steinhoff, Ben la Grange, has been handed a prison sentence of 10 years, with half of that time suspended. This sentence comes after La Grange pleaded guilty to a singular fraud charge linked to a staggering amount of R367 million. The stipulation for the suspended sentence mandates that La Grange must stay clear of any future fraud convictions during this period. Additionally, he is required to serve as a witness for the state in any upcoming…

In the grip of a drought that rivals the direst conditions faced in the last two decades, Zambia finds itself in a precarious situation. Both businesses and households are enduring prolonged periods without electricity. With this backdrop, specialists are warning that the ongoing energy predicament could exacerbate the nation's already vulnerable economic landscape. This precarious situation poses the risk of extensive job losses across numerous sectors. According to a report from Daba Finance, the annual inflation rate in…

The Nigeria Emergency Management Agency has reported a grim development: 14 bodies have been retrieved from the waters of central Niger State. Unfortunately, around 150 passengers are still unaccounted for following a tragic boat capsizing incident. According to officials, the boat overturned after it was overloaded, carrying about 300 passengers from the Mundi community. These individuals had congregated for a religious event in the nearby Gbajibo village. Of those on board, 150 were successfully rescued, leaving a…

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…

In a notable response to potential unrest, authorities in Nigeria are bolstering police presence in several key states ahead of an anticipated national protest, driven by concerns over soaring living costs and dissatisfaction with current governance. Organized by the Take It Back movement, demonstrators have slated their gathering for October 1, coinciding with the nation’s 64th anniversary of independence. Protesters claim that the government has neglected the issues raised during their August rally. The Nigerian…

The White House has recently disclosed that President Joe Biden is set to embark on a journey to Angola this October, fulfilling a commitment he made to African leaders during the U.S.-Africa summit in 2022. This highly anticipated visit, slated for October 13th to 15th, will provide a platform for dialogue between the U.S. President and Angolan President João Lourenço, focusing on mutual interests and objectives. "We'll be aiming to strengthen our economic partnerships," stated White House Press Secretary Karine…

As Africa grapples with the rising financial toll of climate change, accessing climate finance becomes vital for both addressing these challenges and adapting to them. Moreover, it's essential for steering the continent's development in line with the global aim of capping temperature increases to 1.5°C.  African representatives face a pivotal moment at COP29 in Azerbaijan, where they are encouraged to push for fair climate finance allocation for their continent. A new financing strategy is anticipated to be established by a…

A recent study conducted by the IHE Delft Institute for Water Education sounds the alarm on how climate change is intensifying both the frequency and severity of extreme weather phenomena. This escalation is placing the world’s aging network of dams—more than 70,000 in total—under increased threat, particularly in regions marred by conflict where some structures lie neglected and abandoned. Take, for instance, the catastrophic failure of the Arbaat Dam in Port Sudan last August. The region experienced an unprecedented…