Ghana has signed an agreement with China that could lead to a 10 billion dollar investment in Ghana's bauxite industry. The money will also boost the country's infrastructure at a time when economic growth has slowed in recent years. Ghana’s Senior Minister Yaw Osafo Marfo says the Chinese Development Bank will provide the money.
This is just the latest development in the growing interest of China in Africa. The extent of that interest has been highlighted in a new report from McKinsey consultancy group. It says that in two decades, China has become Africa’s most important economic partner. Across trade, investment, infrastructure financing, and aid, no other country has such depth and breadth of engagement in Africa".
Widows of four of the nine men executed by Nigeria’s military regime in 1995 have a filed a civil lawsuit in The Hague, Netherlands, accusing Royal Dutch Shell of alleged complicity in a military crackdown.
The deaths of the men - known as the Ogoni nine - provoked an international outcry.
The lawsuit accuses the oil giant of providing support to the military, which ultimately led to the execution of the men
French investment bank BNP Paribas has been accused of genocide, crimes against humanity and war crimes related to the mass slaughter in 1994 that claimed more than 800,000 lives.
Reuters reports that three non-government organisations (NGOs) have filed a lawsuit in Paris against BNP Paribas, alleging that it knowingly approved a transfer of $1.3m from the Rwandan central bank to an arms dealer during the genocide.
President of the African Development Bank Dr Akinwumi Adesina has been awarded with the World Food Prize for helping Africa get it right in agriculture and making it a key player of securing food for the world. The World Food Prize board chose Adesina this year for the $250,000 prize, highlighting his role in improving the availability of seed, fertilizer and financing for African farmers, and for laying the foundations for the youth in Africa to engage in agriculture as a profitable business."
Google has been fined 2.42bn euros ($2.7bn; £2.1bn) by the European Commission after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.
The amount is the regulator's largest penalty to date against a company accused of distorting the market.
The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty.
The US firm said it may appeal.
US firm Black Star Holding Limited (BSHL), a wholly owned subsidiary of LeapFrog Strategic African Investment (LSAI), has acquired the minority shareholder in three subsidiaries of Enterprise Group in Ghana
The three subsidiaries are Enterprise Life, Enterprise Insurance and Enterprise Trustees.
BSHL takes over the ownership which hitherto belonged to Sanlam Emerging Market Proprietary Limited of South Africa (Sanlam).
The Executive Board of the International Monetary Fund (IMF) today approved emergency financial assistance under the Rapid Credit Facility (RCF) in the amount equivalent to SDR11,662,500 (about US$16.1 million) for The Gambia to enable the authorities to meet their urgent balance of payment needs.
In addition, the Board was informed about the IMF Managing Director’s approval of a one-year staff-monitored program (SMP) to guide policy implementation.
Two years ago, world leaders convened in Addis Ababa for a remarkable first—the global community met to agree on ways to finance the ambitious Sustainable Development Goals (SDGs), with the objective of virtually eliminating extreme poverty.
The development needs of today, and through the year 2030, are enormous. With that recognition, we are no longer talking about the billions of dollars needed to support our renewed development goals—we are talking about the trillions.
Barclays PLC and four former executives have been charged with conspiracy to commit fraud and the provision of unlawful financial assistance.
The Serious Fraud Office charges come at the end of a five-year investigation and relate to the bank's fundraising at the height of 2008's financial crisis.
Former chief executive John Varley is one of the four ex-staff who will face Westminster magistrates on 3 July.
Some of the world’s top policymakers and investors are currently in Berlin to discuss a new initiative that could help reshape Africa’s economic future.
Millions of citizens could see tangible economic benefits from the recently launched Group of Twenty advanced and emerging economies' initiative, known as the “Compact with Africa.” The goal is to boost private investment by harnessing the expertise and resources of governments, investors, and international organizations.
