DIRS.INFO The most relevant business & tech news

☆ Blinken brings U.S. aid to Sahel for fight against Islamist insurgencies
▼ + stars: | 2023-03-16 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +4 min

NIAMEY, March 16 (Reuters) - U.S. Secretary of State Antony Blinken announced $150 million in new humanitarian aid for Africa's Sahel region during a visit on Thursday to Niger, a country Washington views as an important ally in the fight against Islamist insurgencies. Landlocked Niger and its neighbors Mali, Burkina Faso, Nigeria and Chad are all struggling to repel Islamist insurgents who have killed thousands of people, displaced millions more and in some cases seized control of vast swathes of territory. "They're making the right choices, we think, to help deal with the kind of threats that are common across the Sahel. Blinken said the use of Russian mercenaries had not proven an effective response to insecurity. Ghana has asserted that Burkina Faso has also hired Wagner mercenaries.

☆ U.S. military conducts first maritime drills with West African forces
▼ + stars: | 2023-03-16 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

SOGAKOPE, Ghana, March 16 (Reuters) - The West African troops silently pulled their small boats up to a rust-stained ferry and swarmed up its sides on grappling hooks to disarm the mock kidnappers onboard. The drill in Ghana's Volta river on Saturday was carried out during the first ever maritime exercises organised by the U.S. military under its long-running Flintlock programme to bolster the skills of West African forces. Around 350 troops took part in the drills including servicemen from Ivory Coast, Ghana and Nigeria on the Gulf of Guinea. Illegal, unreported and unregulated (IUU) fishing has spread along West Africa's coasts, sapping an estimated $9.4 billion per year through illicit financial flows, according to a 2022 report by the Financial Transparency Coalition of non-governmental organisations. Of the top 10 companies they found involved in IUU fishing in the region, eight were Chinese and a third of all vessels sported Chinese flags, it said.

☆ Gold Fields, AngloGold rule out merger after Ghana joint-venture deal
▼ + stars: | 2023-03-16 | by ( Nelson Banya | ) www.reuters.com time to read: +3 min

The South Africa-headquartered AngloGold and Gold Fields are among the five biggest gold producing companies by output in the world, with operations in Africa, Australia and South America. Gold Fields' Preece, who last month said the company was no longer pursuing big M&A deals after its failed bid for Canada's Yamana Gold (YRI.TO) said on the conference call "collaboration is easier". Gold Fields and AngloGold would own 60% and 30% of the joint operation, respectively, with the Ghanaian government holding 10%, Calderon said. "The proposed joint venture would create the largest gold mine in Africa and one of the largest in the world. Apart from Tarkwa, Gold Fields has two other mines in Ghana, Damang and the 45%-owned Asanko.

To deliver cargo to a customer's door, the P2 Zip hovers around 300 feet above ground level and dispatches a kind of mini-aircraft and container called the "droid." Setting up one of these docks takes about as much work as installing an electric vehicle charger, Rinaudo Cliffton said. Before developing the P2 Zip, Zipline had established logistics networks in Cote d'Ivoire, Ghana, Japan, Kenya, Nigeria and Rwanda already. It is operating some drone delivery networks in the US, in North Carolina, Arkansas and Utah -- but the P2 will help it expand that network. The droid component of the P2 Zip is designed to enter distribution centers through a small portal, where it's loaded up with goods for delivery.

Relations between Russia and the U.S. have become more hostile since Moscow invaded Ukraine over a year ago, and Washington and its allies oppose Russian influence in West Africa. This has worried Western governments and the United Nations who say the move has led to a spike in violence. Mali, whose government took power in a 2021 military coup, has previously said Russian forces are not mercenaries but trainers helping local troops with equipment from Russia. The UK, Germany and other nations are pulling troops from a United Nations peacekeeping mission in Mali as security worsens. Armed groups have a foothold in coastal countries including Benin and Togo and threaten economic leaders Ivory Coast and Ghana.

☆ US pick to lead World Bank, Ajay Banga, wins more support
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 9 (Reuters) - Three Nobel laureates and dozens of civil society, climate change and philanthropic leaders on Thursday endorsed U.S. President Joe Biden's nominee to lead the World Bank, ex-Mastercard (MA.N) Chief Executive Officer Ajay Banga. "Ajay Banga possesses a rare combination of leadership; track record of building successful alliances across the public, private, and social sectors; and experience working in developing countries," they wrote. "He's the right person to lead the World Bank at this critical moment." "He understands that the World Bank must serve as a force multiplier by setting the right agenda and then catalyzing action across governments, the private sector, multilateral development banks, civil society, and philanthropies," they said. The World Bank has been headed by someone from the United States, the lender's dominant shareholder, since its founding at the end of World War Two.

☆ Is the U.S. falling behind China in Africa’s lithium industry?
▼ + stars: | 2023-03-09 | by ( Sydney Boyo | ) www.cnbc.com time to read: +6 min

The demand for lithium is rising as it has become a critical component needed in electric vehicle batteries. Zimbabwe has been mining lithium for 60 years and the government estimates that its Chinese-owned Bikita Minerals Mine, which is located 300 kilometers south of the capital Harare, has about 11 million metric tons of lithium resources. In December 2022, Zimbabwe passed the Base Mineral Export Control Act that banned the export of raw lithium. That includes Chinese firms Zhejiang Huayou Cobalt , Sinomine Resource Group and Chengxin Lithium Group which have invested $678 million into lithium projects in Zimbabwe. Both the Bikita mine, which is the largest lithium mine in the country, and the Arcadia Lithium mine are Chinese owned.

☆ Piedmont Lithium shares rebound after tumbling on short-seller report
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

In 2021, Piedmont invested $100 million in Atlantic Lithium (A11.AX) to secure spodumene - high-purity lithium ore - from Atlantic's mine in Ghana. Piedmont has a spodumene supply agreement with electric vehicle maker Tesla Inc (TSLA.O). Shares of Piedmont were last up 3.2% after falling as much as 6.6% on the report. Blue Orca alleged that Atlantic obtained key Ghana mining licenses by making secret payments and promises of payments to the immediate family of a high-level politician in Ghana. Piedmont and Atlantic Lithium did not immediately respond to requests for comment on the report.

☆ Analysis: China paves Sri Lanka's way to IMF funds, but debt talks remain uncertain
▼ + stars: | 2023-03-08 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +4 min

Cash-strapped nations such as Zambia and Ghana are also facing talks on reworking debt with Chinese lenders, and Sri Lanka's negotiations showed that international efforts to standardize some debt rework parameters are failing. China is the biggest bilateral creditor to Sri Lanka, which defaulted on its international debt last year. Sri Lanka owed China's EXIM $4.1 billion, or 11% of the country's foreign currency debt, at the end of 2022, according to government data. Reuters GraphicsBOARD APPROVAL VS DEBT DEALAn executive board approval unlocks IMF financing, though it doesn't necessarily mean it will expedite debt talks. Once the executive board approval is secured, the IMF will publish Sri Lanka's debt sustainability analysis.

☆ Russia says it is considering a challenge to US nominee to head World Bank
▼ + stars: | 2023-03-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, March 7 (Reuters) - Russia is consulting with its allies about challenging the U.S. nominee to head the World Bank, Moscow's top representative at the bank said on Tuesday, a move that could complicate what was expected to be a smooth succession process. Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called "hostilities against the people of Ukraine" following Russia's invasion. Roman Marshavin, the World Bank executive director who represents Russia and Syria, told Reuters the "listing of potential candidates and consultations are still ongoing," but gave no details. Banga, who is traveling in Africa this week, last week said he had already won support from India, Ghana and Kenya. The World Bank has been headed by someone from the United States, the lender's dominant shareholder, since its founding at the end of World War Two.

☆ Russia says it may challenge Biden’s nominee to head the World Bank
▼ + stars: | 2023-03-08 | by ( ) edition.cnn.com time to read: +2 min

Russia is consulting with its allies about challenging the US nominee to head the World Bank, Moscow’s top representative at the organization said Tuesday. Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called “hostilities against the people of Ukraine” following Russia’s invasion. Roman Marshavin, the World Bank executive director who represents Russia and Syria, told Reuters the “listing of potential candidates and consultations are still ongoing,” but gave no details. US President Joe Biden last month nominated ex-Mastercard CEO Ajay Banga, 63, to replace David Malpass at the helm of the World Bank, which oversees billions of dollars in funding for developing countries. The World Bank has been headed by someone from the United States, the lender’s dominant shareholder, since its founding at the end of World War Two.

☆ Ghana's finance ministry: debt talks with China 'cordial and fruitful'
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

ACCRA, March 2 (Reuters) - Ghana's finance ministry said on Thursday that a Chinese delegation had ended a three-day visit to discuss Ghana's request for the restructuring of the $1.9 billion debt it owes China. The ministry said in a statement that the Chinese delegation came to Accra ahead of an upcoming Ghanaian mission to China and that discussions had been "highly cordial and fruitful". External debt was $29.2 billion at the end of November 2022, according to central bank data. China's official bilateral loans involving Ghana account for less than 5% of the West African country's total debt, the Chinese foreign ministry said on Thursday. ($1 = 12.5000 Ghanian cedi)Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Estelle ShirbonOur Standards: The Thomson Reuters Trust Principles.

☆ China says its official bilateral loans are less than 5% of Ghana debt
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - China's official bilateral loans involving Ghana account for less than 5% of the West African country's total debt, the Chinese foreign ministry said on Thursday. Multilateral and commercial debt account for the vast majority of Ghana's external debt, ministry spokesperson Mao Ning said at a regular press briefing. Germany's finance minister recently singled out China during a visit to Ghana, as he called on countries that have lent to the embattled nation to form a creditor committee quickly to help it restructure its debt. China has been consistent in criticising multilateral lenders for not taking haircuts on loans extended to debtor countries while Beijing is being asked to do so on credit it has extended bilaterally. Ghana owes China $1.7 billion, according to the International Institute of Finance, a financial services trade association focused on emerging markets.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ I built a 6-figure company designing sets for photoshoots and events. Here's how I turned my college hobby into a business.
▼ + stars: | 2023-03-02 | by ( Skylar Mitchell | ) www.businessinsider.com time to read: +7 min

Dotun Abeshinbioke is a set designer and the owner of Ábiké Studio in New York. She got into set design as a student and started making sets for friends, leading to paying clients. I initially started doing design work for T-shirts and flyers, then I started designing sets to showcase my photography. Ábiké Studio was inspired by my traditional Yoruba name, which means "born to treasure." As a creative studio, we do branding, web design, and experiential design for clients across creative fields.

☆ China willing to play constructive role in debt talks
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 1 (Reuters) - China is willing to "constructively" participate in solving the debt problems of relevant countries under a multilateral framework, its Premier Li Keqiang said on Wednesday. China, the world's largest bilateral creditor, has criticised multilateral lenders for not accepting losses, or haircuts, on loans to low-income countries while Beijing is being asked to do so on credit it has extended on its own. In a phone call with International Monetary Fund Managing Director Kristalina Georgieva, Li said that solving the debt problems of low-income countries requires the participation of all creditors, according to a China State Department statement. China is a major lender to high-debt countries, such as Ghana and Zambia. Reporting by Meg Shen and Ryan Woo Ediing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Nearly 2 million barrels of Russian diesel are stranded at sea because no one wants to buy them
▼ + stars: | 2023-02-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

As much as 1.9 million barrels of Russian diesel are in storage at sea, according to Kpler data cited by Bloomberg. That's the most since October 2020, when energy markets were still reeling from the COVID-19 pandemic. A record number of Russian diesel cargoes were sailing last week without a destination, Bloomberg reported. On Friday, a tanker named Theseus arrived in Ghana, carrying about 600,000 barrels of Russian crude, according to Bloomberg. The EU similarly banned Russian crude and imposed a price cap in December.

☆ How a 27-year-old raised over $1 million to build a platform for African designers: 'We know our problems better than anybody else'
▼ + stars: | 2023-02-26 | by ( Gili Malinsky | ) www.cnbc.com time to read: +4 min

For Amira Rasool, fashion is a lifelong passion. "I was always the person that laid out my first day of school outfit, like, two weeks before school," she says. That same year, she also traveled to South Africa, discovering local clothing brands she'd never heard of in the States. Many brands didn't have the technology, infrastructure to ship internationally or access to U.S. retailers to get their apparel outside of African borders. 'My mom would just ship the products from her place'After that initial visit to South Africa, Rasool sought out ways to return to the country to found her company.

☆ New French fund with 87.5 mln euros targets African solar development
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, Feb 24 (Reuters) - A new investment fund with 87.5 million euros ($92.63 million) will finance solar power production across Africa, with a focus on West and Central Africa, French fund manager RGREEN INVEST and investment adviser ECHOSYS INVEST said on Friday. The AFRIGREEEN Debt Impact Fund's first closing will finance on- and off-grid solar power plants for small- and medium-sized commercial and industrial consumers across the continent, the statement said. The groups are looking to have a portfolio of twenty to thirty investments, with aim of meeting long-term debt financing needs of between 10 and 15 million euros, with an average of around 5 million euros over eight to ten years, the statement said. RGREEN INVEST and ECHOSYS INVEST said that the first closing included commitments from the European Investment Bank (EIB) and the International Finance Corporation (IFC). The group is aiming to raise a total of 100 million euros from development finance institutions and private investors.

☆ China calls for 'joint action' in debt settlements at G20
▼ + stars: | 2023-02-24 | by ( Joe Cash | ) www.reuters.com time to read: +3 min

BEIJING, Feb 24 (Reuters) - China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to "resolve the problem in a comprehensive and effective manner." The United States has repeatedly criticised China over what it considers to be "foot-dragging" on debt relief for dozens of low-and middle-income countries. According to a statement released by his ministry, Liu said that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in debt settlements. Officials from the IMF, the World Bank and G7 nations will meet on Saturday on the sidelines of the G20 meeting for the first in-person discussions of the new IMF Global Sovereign Debt Roundtable. China's role in the G20 Common Framework, however, is expected to feature in Saturday's talks.

☆ Factbox: The countries in the grip of debt crises
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +8 min

LONDON, Feb 24 (Reuters) - Meetings being held in India will see top officials from the Group of 20 leading economies discuss how to help the growing number of countries now in the grip of debt crises. Below is a list of countries that have either defaulted on their international debt or are seen at risk of doing so. Prime Minister Denys Shmyhal said this week Kyiv is hoping to clinch a $15 billion, multi-year International Monetary Fund programme. But progress with Zambia's $13 billion debt rework has been glacial. EGYPTEgypt has experienced a double whammy from COVID-19 and soaring food and energy prices, and has struggled in recent years to contain its rising debt and debt servicing burden.

☆ Gold Fields sees lower 2023 production on Chile project delays
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A mine worker walks underground as South Africa's Gold Fields bets on solar to cut costs and carbon, at Gold Fields' South Deep mine, south-west of Johannesburg, South Africa October 12, 2022. Gold Fields said COVID-19 and severe weather were causing the delays at the project, which is expected to produce at least 450,000 ounces of gold per annum in the first seven years of operations. Gold Fields said it would continue to explore opportunities to expand production through acquisitions of both greenfield projects and producing assets, despite its failed bid to buy Canada's Yamana Gold (YRI.TO) late last year. A $202 million break fee payment from the failed bid drove Gold Fields' headline annual profit 19% higher, offsetting cost pressures. Gold Fields declared a final dividend of 4.45 rand ($0.2443) per share, bringing the total payout for 2022 to 7.45 rand.

☆ S.Africa's Gold Fields FY2022 headline profit rises 19%
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A mine worker walks underground as South Africa's Gold Fields bets on solar to cut costs and carbon, at Gold Fields' South Deep mine, south-west of Johannesburg, South Africa October 12, 2022. REUTERS/Siphiwe SibekoFeb 23 (Reuters) - South Africa's Gold Fields (GFIJ.J) posted a 19% jump in annual profit on Thursday, after a $202 million break fee payment from its failed bid to acquire Canada's Yamana (YRI.TO) helped offset cost pressures. Gold Fields' headline earnings per share (HEPS) - the profit measure commonly used in South Africa - was $1.19 in the year ended December 2022, compared with $1.00 the previous year. The miner, which has operations in South Africa, Australia, Ghana, Peru and Chile, said it produced 2.4 million ounces of gold in 2022, up 3% from 2.34 million ounces the previous year and topping its revised guidance of 2.31 million to 2.36 million ounces. Gold Fields declared a final dividend of 4.45 rand ($0.2443) per share, bringing the total payout for 2022 to 7.45 rand.

☆ Female-owned farms and companies are growing Ghana's taste for coffee
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

As the women worked, Tamakloe walked among them with a device to test the coffee beans' moisture content. Today, Bean Masters coffee is mostly sold in bulk to high-end restaurants and hotels. But Tamakloe aims to expand her production of retail-sized bags this year to make Bean Masters available to all kinds of consumers. At Kozo, an Afro-Asian fusion restaurant in Accra, Tamakloe and the staff sipped espressos made with Bean Masters coffee. The owner visited Pagniw's farm with Tamakloe in 2021, and has exclusively stocked Bean Masters ever since.

After Russia invaded Ukraine, the West formed what looked like an overwhelming global coalition: 141 countries supported a United Nations measure demanding that Russia unconditionally withdraw. South Korea Indonesia Israel Thailand Japan Saudi Arabia Philippines Afghanistan CambodiaBy contrast, Russia seemed isolated. Eritrea “Russian actions are being distorted” North Korea Russia Belarus Syria Eritrea “Russian actions are being distorted” North Korea Russia Belarus SyriaBut the West never won over as much of the world as it initially seemed. But like many other African countries, South Africa appears careful to balance its growing ties with Russia against maintaining a relationship with the West. Others that provided Ukraine with military support have declined to impose economic sanctions on Russia.

Search resuls for: "Ghana"

25 mentions found