Namibia halts Starlink operations amid licensing dispute

The news comes just days after fellow African nation Chad approved Starlink to begin operations in the country Namibia’s Communications Regulatory Authority (CRAN) has ordered Starlink, the satellite internet provider owned by Elon Musk’s SpaceX, to cease business for operating without license in the country. While Starlink has filed an application for an operating license, the CRAN has yet to grant it, and has cautioned consumers against purchasing or using Starlink equipment. “The public is hereby advised not to purchase Starlink terminal equipment or subscribe to its services, as such activities are illegal,” said an emailed statement. “Investigators have already confiscated illegal terminals from consumers and have opened criminal cases with the Namibian police in this regard.” The escalation highlights Starlink’s ongoing challenges in establishing a foothold in Africa, where it faces regulatory hurdles and resistance from a number of state-owned telecoms monopolies. However since the start of 2023, Starlink has been launched in 15 African countries. Starlink’s services,...

Read More........ → December 02, 2024

The importance of saving and investing

Consumer EducationYour financial wellbeing starts with financial literacy. The more you know, the better equipped you are to plan and manage your finances.AVBOB proudly brings you Mutual Wellness in 60 Seconds, a series on financial wellness matters, and all things ‘mutual’.As Africa’s largest mutual society, AVBOB takes your financial health seriously.In the video below, we look at the importance of saving and investing.Saving and investingWhether it’s being prepared for life’s challenges or reaching your financial goals, savings can assist to make things happen.Despite tough economic conditions, you don’t have to give up your dreams of financial stability, quality education, a well-earned holiday or an emergency fund. The secret to successful investing is to start small.You can always increase the amount you invest. However, the key is to simply start… the sooner the better.Did you know that AVBOB offers 5-year and 10-year investment accounts that let you save from as little as R250 per month? Over and above the interest that you will receive, you will also be eligible to get bonuses...

Read More........ → October 01, 2024

Why does tourism sector matter for South Africa’s economy?

Before the arrival of the COVID-19 pandemic to our shores, the tourism sector contributed 3.7% to the national Gross Domestic Product (GDP).We continue to make steady progress as we recover by injecting some 2.3% in the year 2021.Our industry has a huge impact on the services sector, manufacturing, and agriculture.It employs a significant number of young people in both urban and rural settings.Tourism has very few barriers to entry for both skilled and unskilled workers.For many years, tourism has been in the top 3 export earnings level for the country. This is a critical industry that needs to be leveraged better by all of us in both the private and public sectors.In recent times, we have seen some of our sector’s listed establishments realising significant revenue growth as they released their financial results.These results demonstrate the strength of tourism, and therefore, the need to give the sector more attention and support.What this translates to, are real jobs for people. As the private sector lobby, we have partnered with organisations such as the Youth Employment Service...

Read More........ → September 27, 2024

South Sudan Needs a Holistic Water Management Strategy to Break the Cycle of Water Insecurity and Fragility

By Firas Raad, World Bank Country Manager for South Sudan: South Sudan must leverage its water endowment and move towards a long-term development approach to address water insecuritySouth Sudan faces a vicious cycle of water insecurity and fragility. Decades of conflict and social instability have undermined the ability of people and institutions to respond to water-related threats, so that once floods or droughts strike, the ensuing damage is even greater. In turn, failure to respond to these threats further exacerbates the drivers of conflict, pushing vulnerable communities to the brink. Climate change brings about more frequent and extreme floods and droughts, leading to greater water-related impacts and thus fueling the vicious cycle.While current humanitarian modalities of water management have provided much needed relief and saved human lives, they are a blunt instrument for helping South Sudan break this cycle. Humanitarian and emergency responses, such as temporary embankment rehabilitation and provision of rural water points, are crucial to respond to urgent challenges...

Read More........ → May 13, 2024

Washington IMF team checks financial reforms in Juba

Mr. Nikko Hobdari the IMF Mission Chief for South Sudan, (L), Moses Makur Deng (C) Governor Central Bank and Simon Kiman Ladu, Simon Kiman Ladu the First Undersecretary Ministry of Finance and Planning (R) briefing the media after their meeting at the Ministry on Friday.By Philip Buda LaduA visiting team of the International Monetary Fund (IMF) from Washington has completed a two weeks’ mission to Juba checking on the progress in the implementation of the Rapid Credit Facility (RCF) and Public Finance Management Reforms agenda by the government.Chapter four of the Revitalized Peace Agreement calls on political leaders and stakeholders to ensure that the Revitalized Government of National Unity (R-TGoNU) exercise transparency, and accountability with legal institutional policies and procedures fully functional for sustainable development.The International Monetary Fund (IMF) granted South Sudan RCF loans to help it fight hyperinflation, pay salary arrears, stabilize foreign exchange market to rescue its economy that had suffered shocks from the political crisis, drop in global oil prices...

Read More........ → May 09, 2024

IMF approves $820m as part of Egypt bailout

WASHINGTON - The International Monetary Fund announced the immediate disbursement of $820-million to the Egyptian government, part of an augmented plan to aid the nation's stumbling economy.The IMF's Executive Board validated the payment as part of a $3-billion aid program granted at the end of 2022.The IMF action, repeatedly postponed and eagerly awaited by the Egyptian government, arrives at a time of mounting difficulties for its economy.The Board also approved a $5-billion extension announced at the beginning of the month, bringing the Fund's total lending to Egypt to $8 billion.In a news release, the IMF said that the Egyptian government has achieved all the objectives set out in the first two stages of the aid program, with the exception of the level of its foreign currency reserves."The authorities have significantly strengthened the reform package," IMF Managing Director Kristalina Georgieva said in the release."Recent measures toward correcting macroeconomic imbalances, including unification of the exchange rate... and significant tightening of monetary and fiscal policies,...

Read More........ → April 01, 2024

The future of African banking

The future of banking is digital, and Absa CIB is working closely with financial technology (fintech) companies to shape that future. The relationship makes sense, says Robert Cousins, Head of Global Markets Digital Product at Absa Corporate and Investment Banking (CIB)."Fintechs come with a niche set of capabilities, while as a large bank, we tend to take a more broad-based approach,” he says. “We know that we can’t build the capabilities for every new solution ourselves, so we partner with fintechs to develop those niche solutions.”A few fintechs have caught Absa’s attention in the foreign exchange (forex, or FX) space – and while the tech often has application in corporate and investment banking, Cousins says that it usually starts out as a consumer solution.Remittance solutions“A lot of fintechs are producing diaspora solutions around cross-border remittances, which drive FX flows in Africa,” he says. “They typically don’t have banking licences, so they look to partner with banks to further the reach of their product. We provide them with FX liquidity, which they convert from developed...

Read More........ → December 07, 2023

Two IMF Fixes That Could Channel Billions to Africa

The formula for allocating SDRs, an invaluable source of funding, was agreed in 1944 and channels the most money to the richest nations.It is a truism that the countries and citizens that face the greatest challenges in tackling global problems - from pandemics and food inflation to the climate crisis - are they ones with the least financial resources to address them. Take Covid-19, for instance, in response to which the G7 spent over $6 trillion while the whole of Africa spent just $130 billion over 2020-21.Novices to international economics might assume that the role of international financial institutions is, at least in part, to correct this. The International Monetary Fund (IMF), after all, is the lender of last resort for many countries, while the World Bank provides billions in loans and grants to low-income nations.The reality, however, is that all too often, the mandate and instruments of these financial institutions are so limited that they, at best, offer temporary respite to poor countries and, at worst, exacerbate existing inequities.There is no better example of this in...

Read More........ → December 05, 2023

World Bank Development Loan to Bring Change to Coal-Dependent South Africa?

Cape Town — The World Bank Board has announced in a press release that a U.S.$1 billion Development Policy Loan (DPL) has been offered to support the government's efforts to promote long-term energy security and a low carbon transition. The World Bank intends for the loan to tackle two aspect's of the nation's energy crisis:It will facilitiate the restructuring of the energy sector via the unbundling of Eskom, the nation's embattled power utility which recently saw board chairperson Mpho Makwana step down from the position. This is intended to redirect resources towards investments and maintenance of existing power plants.Secondly, it will support a low carbon transition, most notably through private investment in sustainable energy including by households and small businesses, and strengthening carbon pricing instruments.The move comes as the nation faces a protracted energy crisis which has had a marked negative impact on productivity and safety. Additionally, plans for a Just Energy Transition Partnership (JETP) are underway with Presidential Climate Commission Commissioner Joanne...

Read More........ → October 31, 2023

'Full government support' for Niger uranium project : Uranium & Fuel

The ramp leading to the Dasa ore body pictured in April, when it had reached a depth of 325 metres - 40% of the way to reach the ore level (Image: Global Atomic)The Government of Niger has confirmed its "full support" for Global Atomic Corporation's Dasa uranium project, the company has said. The project is still pencilled in to make its first yellowcake deliveries in 2025 and remains unimpaired by a recent US decision to put a hold on US Development Bank financing following the coup that took place in Niger earlier this yearThe US State Department on 10 October officially designated the events in the African republic at the end of July 2023 as a coup d’état. Most US assistance to the government of Niger, with the exception of humanitarian, food and health assistance, has now been suspended pending action by Niger to return to "democratic governance". This includes US Development Bank financing.Toronto-headquartered Global Atomic, which is developing the high-grade uranium deposit 105km south of the established uranium mining town of Arlit, said it has been "engaged in contingency planning...

Read More........ → October 17, 2023

At G-20, Biden announces ambitious corridor connecting India, Europe

President Biden with PM Modi at Raj Ghat Sept. 10, 2023. PHOTO: X @narendramodiNEW DELHI – President Biden and several other world leaders announced plans here Saturday afternoon for a new rail and shipping corridor that would connect India and Europe through the Middle East, an ambitious proposal aimed at further connecting a volatile region and countering China’s years-long backing of massive infrastructure projects around the world.The announcement solidified a preliminary agreement among a range of participants – including the United States, India, Saudi Arabia, Jordan, Israel, the United Arab Emirates and the European Union – and came as leaders of the world’s largest economies tried to work through divisions on a range of thorny issues.By midafternoon, the leaders here had reached consensus on a 37-page joint declaration on 83 points, several of which referred to Russia’s war in Ukraine. The debate over the war led some to predict that such a statement would prove elusive, particularly given that Russia is a member of the G-20. But they arrived at language that stated that “all...

Read More........ → September 11, 2023

Brics+ and the Tricky Business of Balancing Global Geopolitics

By Priyal Singh: Will an expanded BRICS precipitate a new international order, or collapse under the weight of its internal contradictions? The words of 13th century Persian poet Jalāl al-Dīn Muḥammad Rūmī, 'As you start to walk the way, the way appears,' certainly found new resonance in Johannesburg last week at the 15th BRICS Summit. Apart from expanding the diplomatic club to include Iran, Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, the summit revealed the global south's growing disillusionment with the current structure of the international system. These frustrations have bolstered BRICS' appeal as a counterweight to leading Western countries, such as those composing the G7. More significantly, an expanded BRICS represents a resounding call for international reform by global south states, exclusive from, and in opposition to, traditional Western powers. This unprecedented moment reflects the shifting locus of global power, and has propelled an expanded BRICS to chart a way into unknown territory. Decisions over the nature and trajectory of global order...

Read More........ → August 31, 2023

Egypt announces new oil discovery in Gulf of Suez, amid rising energy demands

An aerial view taken on March 27, 2021 from the porthole of a commercial plane shows stranded ships waiting in queue in the Gulf of Suez to cross the Suez Canal at its southern entrance near the Red Sea port city of Suez [MAHMOUD KHALED/AFP via Getty Images]Egypt has made a new oil discovery in the Gulf of Suez region, giving it more energy reserves and drilling opportunities amid rising domestic and foreign demand. According to Egypt’s Petroleum Ministry today, the company, Cheiron, made the new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez through exploration well GNN-11. It is the fourth well to be completed in the area, with another three wells set to be drilled in order to continue the current exploration phase. The GNN field reportedly holds significant promise, with its total output reaching around 23,000 barrels per day, in comparison to the 4,000 barrels per day prior to the development of the field. Cheiron currently holds a 60 per cent working interest in the concession, with the Kuwait Foreign Petroleum Exploration Company (Kufpec) holding the...

Read More........ → August 23, 2023

A guide: Uranium in Niger : Uranium & Fuel

Current events in Niger mean world attention is turning to the West African uranium-producing country. Here is an overview of Niger's uranium sector.  What has happened in Niger? After reports on 26 July that presidential guards had seized Niger's president, Mohamed Bazoum, General Abdourahmane Tchiani - also known as Omar Tchiani - went on national TV on 28 July and declared himself the new leader of Niger. Bazoum became president following a runoff election in February 2021 in which he won 55.67% of the vote. How much uranium does Niger produce? Niger produced 2020 tU in 2022, just over 4% of world uranium output. Current production is from the open-pit operations of SOMAÏR (Société des Mines de l’Aïr), near the town of Arlit. SOMAÏR is 63.4% owned by French company Orano and 36.66% owned by Sopamin (Société du Patrimoine des Mines du Niger). Sopamin manages Niger's state participation in mining ventures. According to data from the World Bank, uranium is Niger's second largest export, in monetary terms, after gold. What is Niger's uranium history? Uranium...

Read More........ → August 10, 2023

Gunmen attack in Naigeria school, hundreds missing

Hundreds of students feared missing after unidentified gunmen attacked a secondary school in north-western Nigeria on Friday evening.No student was injured in the attack, said authority.Witnesses said that the attackers targeted the Government Science Secondary School - where more than 800 students are said to reside - in Katsina state on Friday evening.On Saturday, the military said it had located the gunmen's hideout in a forest and exchanged gunfire with them.The outcome was unclear but officials said there were no reports of students being injured. However, witnesses said they saw a number of students being taken away by the gunmen.In a statement on Saturday, police said that during an exchange of fire, some of the gunmen were forced to retreat. Students were able to scale the fence of the school and run to safety, they said.About 200 students who had fled - and were initially deemed missing - later returned. One police officer was taken to hospital after being shot and wounded, police said. Source: https://www.daily-bangladesh.co...

Read More........ → December 15, 2020

Blast rocks South African oil refinery, 7 injured

An explosion rocked South Africa’s second-largest crude oil refinery in Durban on Friday injuring seven people, local emergency services said.Engen, which operates the plant and is majority-owned by Malaysia’s Petronas, said a fire broke out at around 0510 GMT and was extinguished by 0645 GMT.“I saw a massive fireball at the centre of the refinery with thick black smoke billowing from it. A few minutes later many vehicles passed by my home,” Durban resident Shane Lloyd Pretorius told Reuters.The extent of damage or the impact on production at the 120,000 barrels per day (bpd) refinery was not clear.Those injured are in stable condition, KwaZulu-Natal emergency medical services spokesman Robert McKenzie said.Engen said in a statement that the cause of the fire was under investigation. It made no mention of injuries or output and said it would provide another update later.A Reuters witness at the scene saw several fire engines spraying foam onto the affected part of the refinery, as well as ambulances, metropolitan police and national police standing by.Africa’s most industrialised economy...

Read More........ → December 07, 2020

Kenya Airways resumes international flights

Passengers queue at the check-in counter as the Jomo Kenyatta international airport reopens after flights were suspended following the coronavirus disease (Covid-19) outbreak in Nairobi, yesterday. Reuters/Nairobi: Kenya Airways resumed international flights yesterday, heading to about 30 destinations for the first time since the routes were suspended in March due to the coronavirus. The carrier, in which Air France KLM holds a small stake, resumed domestic flights in mid-July after the government cleared local air travel. “We announced we are starting with 27 destinations, we increased it to 30 just following demand,” Allan Kilavuka, the airline’s chief executive officer, said during a ceremony ahead of seeing off a flight to London. He said for the rest of the year the airline expected demand to remain below 50% of capacity, but it would increase flight frequencies depending on demand. “In fact 2020, we call it a lost year. Because at some point we even see demand of 25% in some months, in some months we see 38%,” he later told Reuters. The Covid-19 pandemic has depressed...

Read More........ → August 05, 2020

Black workers more likely to face retaliation for raising coronavirus concerns

Black workers more likely to face retaliation for raising coronavirus concerns COURTESY PHOTO As more corporations jump into the fray, offering statements of support for African Americans in the aftermath of the police killing of George Floyd and the ensuing protests, a new study reveals that many companies’ actual policies and practices contradict their public statements. With just a small amount of research, short-term marketing and public relations positioning using words proclaiming empathy, understanding and support of black causes can too often be found to be in direct contrast of long-term human resources dictates. A survey by the National Employment Law Project (NELP) about working conditions during the COVID-19 pandemic confirms that corporate America has treated black workers categorically worse than White workers during the pandemic. African Americans were twice as likely to answer “Yes,” or “Maybe,” when asked if they or anyone at their company had been punished for raising COVID-19 safety concerns. The survey found that black workers were roughly twice as likely...

Read More........ → July 10, 2020