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The Economy and Trade Ministry reported that the completion rate of the factory had reached 98 percent, which is managed by the Chinese Goodwill Ceramic Company, part of the Wankang Holding Group. The contract was for the use of a plot of land of 26 hectares to establish a ceramics and porcelain factory located within the expansion area of the Karareem Industrial Zone, in Misrata. Localising sustainable industrial developmentThe Industrial Zones Authority had said this step comes within the framework of localising new industrial projects and a step forward in the framework of sustainable industrial development in Libya. The company had announced the establishment of the “Al Sharq” company as its first investment activity on Libyan soil and chose MFZ as its headquarters. *A usufruct contract is a limited but real legal right accorded to a person or party that confers the temporary rightChina’s Goodwill to establish ceramics/porcelain factory in Misrata Industrial Zone (libyaherald.com)Industrial Zones Director visits Misrata site and China’s Goodwill Company project (libyaherald.com)China’s Wangkang establishes its first Libyan company in Misrata Free Zone (libyaherald.com)
Y Combinator-backed fintech startup Afriex has launched a new feature called Global Accounts that empowers individuals and businesses across Africa to seamlessly manage multi-currency accounts, making it easier than ever to receive, send, and store funds internationally. Its new Global Accounts feature allow customers to receive and hold funds in multiple currencies, including USD, GBP and EUR, all within a single, intuitive interface. This eliminates the need to maintain separate accounts and navigate the complexities of traditional cross-border payments. “With the launch of Global Accounts, we’re taking a significant step forward in simplifying cross-border money management and addressing a critical pain point for our users. Freelancers, remote workers, and anyone needing to receive USD directly can now receive, hold, transfer, and manage their funds seamlessly.”
Amid heated debates over our survey on the stories North Africans tell about each other, it's crucial to remember one thing: North Africa is diverse, and all identities are equally valid.
It's unclear which population of European orcas (Orcinus orca) was behind the recent boat-ramming incident in Brittany. Orcas have rammed a sailboat off the coast of Brittany — a whopping 800 miles (1,300 kilometers) north from the Strait of Gibraltar, where the majority of orca attacks on boats have occurred. The incident occurred July 16 off the coast of Guilvinec, a commune 40 miles (65 kilometers) southeast of Brest in northwestern France. The couple on board lost control of their boat — a 40-foot-long (12 meters) wooden pleasure craft — after two young orcas (Orcinus orca) broke the rudder, local newspaper Le Télégramme reported . It's unclear which population of orcas was behind the recent ramming off the coast of France.
Headquartered in Berlin, Germany, Jumia Technologies AG (JMIA) operates an e-commerce platform in West Africa, North Africa, East and South Africa, Europe, the United Arab Emirates, and internationally. Further, Jumia reported a liquidity position of $101 million, compared to a decline of $22 million in the first quarter of 2023. Furthermore, its total assets amounted to $159.03 million, compared to $189.94 million as of March 31, 2024. Elevated ValuationIn terms of forward EV/Sales, JMIA is currently trading at 5.70x, 367.3% higher than the industry average of 1.22x. Get all JMIA ratings here.
Nelson Mandela Day is an internationally recognized day instituted by the United Nations to honor the former South African president and activist, Nelson Mandela. On this day, people are encouraged to make a difference in their communities, in line with Mandela’s belief that everyone has the ability and responsibility to make the world a better place. For Mandela’s heirs in the ANC, Nelson Mandela Day presents an opportunity to return to the ideals that made him a champion of human rights. The party recently lost its majority in parliament, a first in 30 years, forcing it to share power with former rivals in a coalition government. The election’s results demonstrate a loss of faith in the party which Mandela led, and serves as a wake-up call for it to improve the lot of South African citizens.
However, AI should be viewed as a supportive tool designed to enhance human capabilities and create new opportunities for upskilling and upliftment. There is no doubt that AI technologies are enabling personalized learning experiences, ensuring individuals receive tailored content and support based on their needs. By providing access to powerful technologies, individuals are able to create unique businesses and offerings. Tools and Technologies Empowering IndividualsIn innovative spaces, people engage with cutting-edge technologies, including AI, machine learning, robotics, and IoT. In South Africa, and indeed across developing markets, the impact of 4IR technologies like AI is profound.
Georges Elhedery | HSBCGeorges Elhedery Permission granted by HSBCHSBC promoted its chief financial officer, Georges Elhedery, as the chief executive of Europe's largest bank, effective September 2. He previously was senior vice president and treasurer at Webster Financial and a senior vice president, asset/liability manager at M&T Bank. Christian Rothe | Rockwell AutomationChristian Rothe Permission granted by Rockwell AutomationChristian Rothe will join industrial automation company Rockwell Automation as its new chief financial officer on Aug. 19. Ken DiStefano Jr. | Girl Scouts of the USAGirl Scouts of the USA promoted Ken DiStefano Jr. to chief finance officer. Before that, he was global chief financial officer, shared services, for Mars, leading a $600M global services portfolio.
Overview of Russian Arms Exports—Middle East and North AfricaIn 2009-2013 and 2014-2018, overall arms exports to the Middle East increased by 77%. These figures show that total exports of major arms to the Middle East increased in 2009-2013 and 2014-2018, while Russia’s share of those arms exports simultaneously decreased. In 2009-2013, Russian arms transfers made up 7% of total arms sales to GCC countries. In 2019-2023, transfers of major arms from Russia to Iran accounted for just 0.2% of all Russian arms exports. In 2019-2023, arms imports by Iran accounted for 0.1% of arms imports in the Middle East, while Saudi Arabia and Qatar accounted for 28% and 25% respectively.
Tea production by State-owned Nyayo Tea Zones Development Corporation (NTZDC), which runs plantations on buffer farm belts around the country’s forests, declined by 10.35 percent in the first quarter of the year, even as private tea growers enjoyed bumper harvests due to good rains. Data from the Tea Board of Kenya (TBK) shows that tea output from the zones shrunk to 1.34 million kilogrammes (kg) between January and March compared to an output of 1.5 million kilogrammes during the same period last year. The buffer zones cover an area of 9,289 hectares and straddled 10 forests across the country and are managed by NTZDC. The others are Kakamega, Nandi North, Nandi South and Kaptagat. Tea bushes cover 43 percent of the Nyayo Tea Zones while the remaining 57 percent is under assorted tree species.
The Green Innovation Hub (GiH) at the African Centre for a Green Economy has announced a call for applications for its Just Transition Innovation Programme (JTIP), which is seeking innovative green enterprises ready to drive Africa’s climate action and low-carbon transition. The Just Transition Innovation Programme is designed to support green enterprises through formal business development training, personalised coaching, and enhanced visibility. “Our aim is to prepare entrepreneurs to scale their enterprises, create job opportunities, and help countries achieve their climate adaptation and mitigation goals. The programme offers a unique opportunity for entrepreneurs to refine their business models, access mentorship and funding, and scale their ventures for maximum impact. Applications are open here until July 31.
South Africa-based Web3 platform Momint has secured a US$50,000 grant from the DFINITY Foundation, a Swiss non-profit organization known for having the largest blockchain R&D team globally, to help it further expand globally. The grant was obtained through the Internet Computer Protocol (ICP) Hub of Southern Africa, also known as Mzansi Web3 (MW3), which is funded by DFINITY. Momint will use the grant to integrate the ICP blockchain towards enhancing its business operations. “The innovation and opportunities presented by ICP in relation to the South African startup scene is immense. The fact that Momint, the very best Web3 startup in Africa, is using our blockchain protocol to tokenise their real world assets offers a strong case study.
59club has announced the appointment of Maxence Boireau as its new Managing Partner for 59club Europe West & North Africa overseeing operations in France, Belgium, Luxembourg, the Netherlands, Tunisia, and Morocco. “I’m thrilled to join 59club at such a pivotal time,” said Maxence. “59club has a long-standing reputation for helping businesses across golf and hospitality deliver exceptional customer experiences. I am excited to join 59club as they enter this exciting phase of growth. “We are confident that Max is the right person to lead 59club Europe West & North Africa into the future,” said Simon Wordsworth, founder of 59club.
A year ago, the Conservative government estimated that out of the 283 then active UK North Sea fields, about 65% will have ceased production by 2030. What does this policy shift mean for UK oil and gas production, and the nation’s carbon emissions? North Sea ProductionAssuming the Labour government sticks to its licensing pledge, what does the future of UK oil and gas production look like? About three quarters of UK energy comes from oil and gas, 40% of which is currently imported, according to Offshore Energies UK. “Evidence on new UK oil and gas production is not clear-cut,” according to the Climate Change Committee.
