Advertisement
New Zealand markets closed
  • NZX 50

    11,671.19
    -96.21 (-0.82%)
     
  • NZD/USD

    0.6140
    -0.0005 (-0.08%)
     
  • ALL ORDS

    8,010.50
    -5.30 (-0.07%)
     
  • OIL

    81.39
    -0.18 (-0.22%)
     
  • GOLD

    2,346.10
    -0.80 (-0.03%)
     

Africa in Business: Biden, Binance and BHP

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

1. Kenya's President William Ruto was hosted by U.S. President Joe Biden in Washington where the leaders announced new U.S.-backed investments in green energy and health manufacturing.

They also presented a detailed plan to cut Kenya's high debt load, much of which is owed to China.

[President William Ruto] "...to the enduring bonds of friendship, partnership and solidarity between Kenya and the United States."

2. Staying with Kenya, Microsoft is partnering with UAE-based AI firm G42 to invest $1 billion in a data center in the country, the companies said on Wednesday (May 22).

ADVERTISEMENT

That's as a part of Microsoft's efforts to expand cloud-computing services in East Africa.

3. Ghana has agreed a memorandum of understanding with its bilateral creditors, including China and France, to restructure $5.4 billion of debt, two government sources said on Friday (May 24).

That paves the way for the executive board of the International Monetary Fund to approve the disbursement of $360 million under Ghana's $3 billion, three-year bailout program, one-and-a-half years after the West African country defaulted.

4. A Nigerian court has adjourned a money laundering trial against cryptocurrency exchange Binance and two of its executives because one of the defendants was not well enough to stand trial.

All the defendants have pleaded not guilty.

Nigeria blamed Binance for its currency woes. That's after cryptocurrency websites became the platforms of choice for trading the naira as the country grappled with chronic dollar shortages and the currency fell to a record low.

5. And finally, shares in BHP Group fell 3% on Thursday (May 23), a day after smaller rival Anglo American rejected a third takeover proposal.

The offer remained conditional on London-listed Anglo unbundling its platinum and iron ore assets in South Africa.

The Australian miner now has until May 29 to make a binding offer for Anglo, or be forced to walk away for six month's under UK takeover rules.

That deadline coincides with general elections in South Africa, where Anglo was formed and is still of significant national importance.