(Bloomberg) — Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt. The country’s finance ministry said on Friday, it was “not in a position to pay” the $33 million coupon because of the nation’s “fragile external position.”...
(Bloomberg) — The head of Kenya’s largest bank by market value said the depreciation of the East African country’s currency, which has weakened almost 20% against the dollar this year, has peaked. “We seem to have reached the peak,” Equity Group Holdings Plc Chief Executive Officer James Mwangi said in an interview with Bloomberg TV....
DUBAI, United Arab Emirates (AP) — Countries once colonized by empires are striking back on global warming — and they have the pope’s blessing. Leaders of developing nations jumped into Saturday’s high-level speeches at the U.N. climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they...
Ethiopia’s oil magnate, and one of Africa’s richest men, Mohammed Al Amoudi, has experienced a remarkable surge in his net worth, reaching $8.5 billion, marking a 61.9% increase in just 30 days. According to data tracked on Bloomberg, Al Amoudi’s net worth started at $5.24 billion in the second week of October and has since...
BAIDOA, Somalia– Türkiye’s Ziraat Katilim Bank opened its first branch in Somalia’s capital Mogadishu on Sunday, making it the first international bank to open a branch in the Horn of Africa nation in 50 years. Somali Prime Minister Hamza Abdi Barre met with Ziraat Katilim Bank executives as well as Turkish Ambassador to Somalia Ibrahim...
The African-Nordic ministerial meeting agreed to transform challenges into cooperation and partnership opportunities to address conflicts and terrorist threats, especially in the Sahel-Saharan region. Algerian Foreign Minister Ahmed Attaf delivered a speech at the conclusion of the 20th session of the African-Nordic Foreign Ministers’ Meeting in Algiers, stating that the three-day consultations agreed to boost...
The East African Community (EAC) is expressing concerns over renewed hostilities between armed groups fighting in the North Kivu region of Eastern Democratic Republic of Congo (DRC), in what could signal violations of an agreed ceasefire. So far, armed confrontations have led to deaths, injuries, and displacement of civilians in the ongoing clashes between the...
Aim-listed Kefi Gold and Copper has completed the last of many special permissions and policy changes agreed with the Ethiopian authorities over the years since Kefi assumed control of the Tulu Kapi gold project. The Tulu Kapi project is now finally fully permitted with only procedural administrative confirmations remaining. The company on October 5 received formal confirmation from the National Bank of Ethiopia...
BY XIAOCHEN SU, African liberty Ethiopia has had a few tough years. In 2020, conflict arose between the Ethiopian federal government and the Tigray People’s Liberation Front (TPLF). TPLF, the primary political party representing the northern Tigray region, alleged delays and irregularities in municipal elections. The allegations ultimately led to the invasion of Tigray by federal troops....
By Mohamed Garad “There’s quartz here, there’s gypsum, there’s uranium, there’s iron ore, a lot of gold, potential gas, potential oil. All these things are waiting for East Africans to take came in and because they have not been exploited by Somalis because they didn’t have good government. So, if the Africans want to become...