Author Archive for: hrlkenya

Mozambique is set to embark on an ambitious energy transition journey until 2050, aiming to attract a staggering $80 billion in investments to bolster renewable energy capacity and enhance electricity accessibility. President Filipe Nyusi is poised to unveil this groundbreaking energy strategy on December 2 at the COP 28 climate summit in Dubai, signaling Mozambique’s commitment to a sustainable future.

The recent unraveling of Zambia’s $3 billion bond renegotiation deal is sending shockwaves far beyond the nation’s borders, casting doubt on the effectiveness of the framework designed to swiftly guide financially troubled nations back on their feet. Just weeks after the International Monetary Fund (IMF)-approved agreement with bondholders was tentatively reached, Zambia’s government announced on Monday that the deal couldn’t

Nigeria’s Senate made a significant move on Wednesday by approving the medium-term expenditure framework for 2024-2026, mapping out the government’s financial roadmap for the next three years. A day prior, the House of Representatives, the parliamentary powerhouse, had already given the green light to this crucial framework. This document holds the key to Nigeria’s budgetary process, ensuring that government expenditures

In Berlin on Tuesday, Nigerian and German companies sealed two groundbreaking agreements, marking a pivotal moment in their economic collaboration, as confirmed by a spokesperson for the president. A renewable energy pact of $500 million was inked between Union Bank of Nigeria and Germany’s DWS Group. This memorandum of understanding (MoU) aims to channel the investment into renewable energy projects

Binance CEO Changpeng Zhao faced a dramatic fall from grace on Tuesday, entering a guilty plea and resigning amidst a groundbreaking $4.3 billion settlement with the Department of Justice. This landmark resolution follows an extensive investigation into the world’s largest cryptocurrency exchange. In a Seattle courtroom appearance before Judge Brian Tsuchida, Zhao and others were charged with violating the Bank

President-elect Joseph Boakai is set to transform Liberia’s fortunes by scrutinizing mining concessions to ensure they truly benefit the nation. In a candid interview, the 78-year-old, determined to ‘rescue’ Liberia from economic challenges, emphasized the need to address long-standing issues like corruption and inadequate services. Boakai highlighted the mining sector as a prime area where Liberians have been left behind,

Zambia faces a setback in its $3 billion Eurobond debt restructuring, as the government announces the suspension of a revised deal due to objections from official creditors, including China. The International Monetary Fund (IMF) and Zambia’s official creditor committee (OCC) had clashed over the initial deal’s adequacy in providing debt relief. While the IMF approved a modified deal, official creditors,

Microsoft CEO Satya Nadella, in an exclusive interview with CNBC’s Jon Fortt, revealed a compelling vision for the future of OpenAI, emphasizing the necessity for a transformative shift in its governance structure. Just three days after the unexpected departure of CEO Sam Altman, Nadella acknowledged the need for change, declaring, “At this point, I think it’s very clear that something

In a decisive move to address mounting concerns over Kenya’s financial outlook, President William Ruto declared on Thursday that the country will make a substantial payment of $300 million towards a looming $2 billion Eurobond set to mature in June. This announcement comes amid heightened scrutiny of Kenya’s economic management, with a delicate balance required to navigate growing debt obligations,

Malawi’s central bank has just announced a bold move to boost its economy, revealing a 30% devaluation of the local kwacha currency against the US dollar. In a notice sent to authorised dealer banks, the devaluation will set the new exchange rate at 1,700 kwachas to the dollar, a significant shift from the previous rate of approximately 1,180 kwachas. This