No Air France plane has landed in Bamako or Ouagadougou since 7 August 2023. The Paris-Niamey route has been suspended since 27 July. A few months later, on 7 October, the Hamas attack on Israel also led to the suspension of flights between Paris and Tel Aviv. The route was suspended on 8 October and only resumed on 24 January. Understand Africa's tomorrow... today Get full access to The Africa Report Subscribe Now Already registered?
Morocco’s Mohammed VI Investment Fund and Moroccan banks (GPBM) signed a deal to allow private investors access to subordinated debt. The fund said it will allocate 4 billion dirhams to this financing mechanism that will be available starting from April. The new launched subordinated debt targets enterprises with a capitalization of 5 to 500 million dirhams. Mohammed VI Investment Fund is one of the key pillars of the recovery plan announced by King Mohammed VI in July 2020. It has an initial capital of 15 billion dirhams ($1.6 billion) from the state budget, and aims to attract up to 30 billion dirhams in additional private capital, ultimately generating a total investment envelope of 120 to 150 billion dirhams.
Boeing and Ethiopian Airlines announced an agreement for the East African airline to purchase eight 777-9 passenger airplanes and the potential for up to 12 additional jets. Ethiopian Airlines' selection of 777-9 jets positions the carrier as the first 777X customer in Africa and builds on its 2023 order for 11 787 Dreamliner and 20 737 MAX airplanes to modernise and grow its fleet, says a release from Boeing. Building on a relationship that goes back 75 years, we deeply value the unwavering trust and confidence Ethiopian Airlines puts in our airplanes." Boeing airplanes make up more than half of Ethiopian Airlines' current fleet, including 29 787 Dreamliners, 20 777s, three 767s, 27 Next-Generation 737s and 15 737 MAX jets. Ethiopian Airlines and Boeing continue to explore opportunities to further develop the country's aerospace industry, including support for Ethiopian Airlines' MRO capabilities, industrial development, training capabilities at the Ethiopian Aviation University as well as equipping the Ethiopian Museum of Science with aerospace exhibits, the release added.
Unlocking Africa’s Green Potential: Fostering Sustainable Development and Climate Resilience – A perspective from the World Economic Forum. Africa’s vast solar and wind energy potential offers a path to reduced emissions and economic development. While global climate finance flows have increased — reaching $850-940 billion in 2021 and a booming green bond market — they fall far short of the trillions required annually to meet global climate goals. Evidence shows that Africa has enormous potential for the development of renewable energy sources, particularly solar and wind. Equity financing, despite perceived risks, provides an avenue for funding renewable energy development and sustainable agriculture.
South African payroll and HR company PaySpace has been acquired by the US firm Deel in a partnership that makes the latter the market leader in the global payroll space. PaySpace provides multi-country payroll and HR functionalities with built-in compliance for organisations of all sizes and industry sectors. Deel, meanwhile, is a payroll and compliance provider based in San Francisco, which helps companies simplify every aspect of managing an international workforce, from culture and onboarding, to local payroll, compliance and now, people management. “Global payroll is hard to do and critical to get right. Clyde van Wyk, PaySpace director, said Deel, like PaySpace, strives to evolve its offering through disruption.
The FIA confirmed no details about the allegations or even that Ben Sulayem is the target. In an additional statement given to The Associated Press, an FIA spokesman said: “It is unfortunate and a source of great concern that the matter has been disclosed to the media without any prior authorization and that certain elements of the report were inaccurately reported.”
Israel-Gaza warIsrael-Gaza war: The latest round of talks on a deal that would pause fighting and release hostages for Israeli-held Palestinian prisoners remains underway in Cairo. As Israeli troops aim to take control of the Gaza-Egypt border crossing, officials in Cairo warn that the move would undermine the 1979 peace treaty. Meanwhile, there’s a diplomatic scramble to avert full-scale war between Israel and Lebanon. U.S. involvement: U.S. airstrikes in Iraq and Syria killed dozens of Iranian-linked militants, according to Iraqi officials. The strikes were the first round of retaliatory action by the Biden administration for an attack in Jordan that killed three U.S. service members.
Study in Canada. As part of Global Affairs Canada’s International Scholarships Program, the Study in Canada Scholarships are a short-term exchange initiative. ✔ contact your international office to learn more about the application process and any admission requirements for the Canadian institution. Once you have logged into your account, select the Study in Canada Scholarships Program and click “Apply”. Canadian institutions should establish an earlier deadline with students and their home institutions to ensure timely receipt of supporting documents.
South African venture capital company Conducive Capital has launched a US$50 million fund to invest in early- and growth- stage startups in South Africa and Africa. The fund will invest in disruptive technologies that are post-revenue and capital efficient, have good unit economics with product market fit, and have the ability to scale their businesses both locally and globally. Conducive Capital will also seek to improve diversity in the early and growth stage investment sector as well as develop the next generation of black woman venture capitalists. Kalon Venture Partners is known for its disruptive influence in the digital venture capital sphere and Ozow is a trailblazer in the payments industry. Alongside funding, Conducive Capital pledges comprehensive support, offering strategic guidance, operational expertise, and mentorship to nurture startups, facilitating their growth into industry frontrunners.”
AlShaya Group, the retail giant holding the Starbucks franchise rights in West Asia, is set to lay off more than 2,000 employees as a consequence of dwindling consumer support stemming from the Gaza war-related boycotts. The impacted positions are primarily within the Starbucks franchise operating across the West Asia and North Africa. AlShaya, a key player in the retail landscape of the West Asia, operates various Western brand franchises besides Starbucks, including The Cheesecake Factory and Shake Shack. In recent times, AlShaya's Starbucks business faced potential investment interest from US private equity firm Apollo Global Management Inc. The boycotts, sparked by Israel's military actions in Gaza, have impacted Western brands operating in the West Asia.
Following the release, Alvotech will conduct a conference call for analysts on Thursday, March 21, 2024, at 8:00 am ET (12 noon GMT). Live audio of the conference call will be webcast and available to members of the news media, investors and the general public. The webcast will be archived and available for replay for 90 days after the event on Alvotech’s investors’ website. On March 22, 2024, from 2:00–4:00 pm GMT (10:00 am–12:00 pm ET), Alvotech will host a Capital Markets Day, which will also be accessible via live webcast. Information on how to register to attend in person or to access the live webcast is available at https://www.alvotech.com/alvotech-capital-markets-day-q2-2024.
American private equity firm Apollo Global Management Inc has been in talks to purchase a portion of AlShaya's Starbucks company. Starbucks declared in October that it was a non-political organisation and refuted claims that it had given aid to the Israeli army or government. In January, Starbucks reported that its first-quarter profits fell short of market forecasts, citing the Israel-Hamas conflict as a factor in its declining regional business.
The channel is designed to be a global broadcast platform with news and information promoting tourism and innovations in Monaco as well as to showcase Monégasque culture. As a leader in global content connectivity solutions, SES owns and operates the world’s only geosynchronous orbit and medium earth orbit (GEO-MEO) constellation of satellites with the unique combination of global coverage and high performance. SES’s video network carries over 6,400 channels, reaching 363 million households, delivering managed media services for both linear and non-linear content. +352 710 725 500suzanne.ong@ses.com© Business Wire, Inc.Disclaimer:This press release is not a document produced by AFP. In case you have any questions about this press release, please refer to the contact person/entity mentioned in the text of the press release.
South Korea’s online giant Naver Corp. announced on Wednesday that it signed an agreement with Aramco Digital, a subsidiary of the world's largest oil company Saudi Aramco, to promote digital innovation in the Middle East and North Africa (MENA) region.The companies will build Sovereign Cloud and super apps optimized for the Middle East region and collaborate on the development of AI based on the Arabic Large Language Model (LLM).Under the direction of Sovereign AI, Naver plans to leverage its in-house LLM technology to create AI models customized for local culture and language, offering various solutions based on this foundation.Naver emphasized that, excluding big tech companies in the US and China, it's the only company capable of proposing efficient operation of high-cost LLM, along with optimization technology, infrastructure preparation, and solutions.The collaboration aims to harness Naver's technologies in cloud, robotics, and digital twins (virtual models) for smart building and smart city construction.Seung-Woo Lee at leeswoo@hankyung.com
LTIMindtree Ltd on Wednesday, March 6, said that it will set up a joint venture with Global Digital, an arm of Saudi Aramco, for IT services in the MENA region with an initial investment of $12.3 million. The MENA region includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Iraq, Jordan, Lebanon, Egypt, Libya, Tunisia, Algeria, and Morocco. The planned joint venture aims to drive digital transformation in Saudi Arabia, fostering the growth of the digital economy by bridging gaps, sharing IT expertise, and cultivating a robust ecosystem for IT and Digital Transformation services in the country. Moreover, the joint venture offers an attractive financial opportunity and the potential to expedite Saudi Arabia's digital transformation through collaborative innovation and the creation of shared intellectual property, aligning with Saudi Arabia's Vision 2030. The joint venture's board will have five members, with LTIMindtree appointing/removing three and Global Digital appointing/removing two.
