Africa in Business: Kenya, cobalt and cannabis

Date:

Share post:


STORY: Here’s what’s been making the business headlines in sub-Saharan Africa this week.

1. Kenya’s shilling weakened on Thursday (June 27) and Friday (June 28) as markets awaited the outcome of protests against a now-shelved tax increase plan.

President William Ruto’s climbdown on a controversial finance bill has left the country’s efforts to meet International Monetary Fund targets in doubt, investors and analysts have said, and could make borrowing more costly.

2. An executive of Nigeria’s Dangote refinery has accused oil majors of blocking its access to locally produced crude by selling it above market price or claiming it was unavailable.

Devukumar Edwin said the $20 billion refinery has been forced to rely on expensive imports as it struggles to find enough crude to meet its 650,000 barrel-per-day capacity.

3. Drought-prone Namibia will start construction of its long-awaited second desalination plant in January 2025, its minister of agriculture said on Wednesday (June 26).

:: April 16, 2010

The world’s third largest uranium producer is seeing a surge in exploration activities and acquisitions which, alongside its ambitious green hydrogen plans, has increased water demand.

4. China North Industries Corp has agreed to buy struggling cobalt miner Chemaf SA’s assets in Democratic Republic of Congo, the latter said on Thursday (June 27).

:: Lubumbashi, Democratic Republic of Congo

Chinese miners, most of which are state-backed, have become the biggest investors in Congo as the world’s second-largest economy aggressively pursues copper and cobalt supplies for its rapidly expanding electric vehicle industry.

5. And finally, South Africa’s Cilo Cybin on Tuesday (June 25) became the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange.

The company said the global medical cannabis market is projected to grow to around $40.5 billion by 2032 from $12.6 billion in 2023 and said it would use funds from the listing to “tap into the growing global investor appetite.”



Source link

Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

Recent posts

Related articles

One Of The Unhealthiest Beef Stock Brands Is Already In Your Pantry

We may receive a commission on purchases made from links.Stocks and broths are a cornerstone of any...

Ever Wonder Why White Castle's Burgers Have Holes?

White Castle has some pretty big claims to fame. The burger chain, founded in 1921 in Wichita,...

Earth Has Tilted 31.5 Inches. That Shouldn't Happen.

When humans pump groundwater, it has a substantial impact on the tilt of Earth’s rotation.Additionally, a study...

Police carry out controlled explosion after suspect package probed at Euston Station

Police have carried out a controlled explosion after a suspicious package was identified at Euston station in...

Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts

MEXICO CITY (AP) — Mexico has been taking a bashing lately for allegedly serving as a conduit...

Pakistan seals off its capital ahead of a planned rally by Imran Khan supporters

ISLAMABAD (AP) — Pakistan has sealed off capital Islamabad ahead of a planned rally by supporters of...

Philippine VP says she would have Marcos assassinated if she is killed

By Neil Jerome MoralesMANILA (Reuters) - Philippine Vice President Sara Duterte said on Saturday she would have...