Business

Internet restored temporarily, as Ministry asks operators to be more vigilant

(Mogadishu – July 27, 2020) Internet service has temporarily been restored to South and Central Somalia after Eastern Africa Submarine Cable System (EASSy) remotely switched on the branching unit by re-configuring the power set-up temporarily as Sudan is isolated for now. Because the fault proved…

Somalia exports third consignment of 17 tons of bananas to Saudi Arabia

MOGADISHU- Somalia has this week exported 17 tons of bananas to Saudi Arabia and Turkey, the Ministry of Agriculture has said.

Without Governments' Flexibility on Oil Personnel Movements, Oil and Gas Production Across Africa Will Be Severely Impacted

JOHANNESBURG, South Africa, May 18, 2020/ -- Some charter flights with oil industry personnel and medical equipment's have been allowed to land a few oil-producing countries like Nigeria, Angola, Equatorial Guinea and others lately, allowing a much-needed rotation of oil sector workers. The African…

East Africa's Oil Industry: A New Story in the Making

NAIROBI, Kenya, April 29, 2020/ -- The recent acquisition by Total of Tullow Oil's entire interests in the Lake Albert Development Project in Uganda, including the East African Crude Oil Pipeline, marks the beginning of a new chapter for East Africa's energy industry. To dissect the deal and…

World Bank Predicts Sharpest Decline of Remittances in Recent History

WASHINGTON, April 22, 2020 — Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and…

Minister of Petroleum of the Republic of South Sudan joins OPEC, Russia, and Saudi Arabia to stabilise the Oil Market

JUBA, South Sudan, April 13, 2020/ -- Hon. Puot Kang Chol, Minister of Petroleum of South Sudan, joined its other OPEC and OPEC+ counterparts today to agree on a historic deal to cut 9.7 million barrels of oil per day of supply starting May 1st, 2020. The agreement is historic in nature and should enable…

South Sudan Petroleum Minister Holds Talks with OPEC to Find Solutions on Oil Price War

JUBA, South Sudan -- While oil prices rebounded last week on hopes of successful negotiations between Saudi Arabia and Russia, they went back down again today following the negotiations' delay. Oil prices currently average $25 to $30 a barrel, maintaining their historic low and hurting producers…

AfDB Director Hanan Morsy named one of Egypt's 50 most influential women

The Director of Macroeconomic Policy, Forecasting and Research at the African Development Bank, Dr Hanan Morsy, has been named one of Egypt's 50 most influential women.

Somalia introduces first ICT Licensing system

(Mogadishu – February 17, 2020) National Communications Authority (NCA) of Somalia has today announced the introduction of a unified licensing framework (ULF) in Somalia after consultation with the stakeholders.

Somalia condemns Hormuud Telecom attack by Kenyan Defense Forces in Lower Jubba region

MOGADISHU, Somalia (Horn Observer) Somalia Ministry of Posts, Communication and Techbology has on Tuesday condemned an attack by Hormuud Telecom base at Jaldeys district in Lower Jubba region by Kenyan Defense Forces, the latest in a string of attacks against Somali telecom business.

Somali businessman kidnapped in South Africa

Johannesburg, South Africa - (Horn Observer) Somali businessman was reportedly kidnapped in the South African capital in Johannesburg, the latest in a string of attacks against the Somalis in South Africa.

Djibouti government slams DP World dispute court case in London

Djibouti - Dibouti government slammed the decision by the dispute court in London filled by the UAE's DP world over their port, saying they have nothing to do with that court case or is not in agreement with DP World.

Somalia to investigate dead fish found in its shores

MOGADISHU, Somalia - Somalia government on Wednesday that its investigating dead fish seen in Mogadishu shores and vows to take DNA tests for the Somalia fish to combat the illegal fishing, Sonna reported.

Somalia to export first shipment of Banana to Saudi Arabia

MOGADISHU (Horn Observer) Somalia on Wednesday announced the resumption of its banana export for first time in decades, officials said, in what many say is encouraging step to the Somali businesses to get their products sold.

IMF reforms clear last hurdle with US adoption

The US Senate has adopted long-awaited reforms to give emerging economies a greater say in how the International Monetary Fund (IMF) is managed. China's voting rights will rise to 6%, from 3.8% and IMF resources will double to about $660bn (£440bn).This is the biggest shake-up since the IMF and…

EU renegotiations: Pathway for deal found - Cameron

David Cameron has said there is a "a pathway to a deal" on new terms for Britain's membership of the EU after talks with other leaders, the prime minister set out his reform demands, which include controversial plans to curb access to benefits for migrants, at a dinner in Brussels.

GSK pays $1.4bn for next generation of HIV treatments

GlaxoSmithKline has ended a frenetic week for the pharmaceutical sector with a $1.4bn (£939m) takeover of HIV drug development assets from Bristol-Myers Squibb. ViiV Healthcare, GlaxoSmithKline's HIV business, will acquire two operations specialising in late stage treatments and early phase medicines.

Shell to face Nigeria oil spill lawsuit

A Dutch judge has ruled that a court in the Netherlands should hear a case against Royal Dutch Shell brought by four Nigerian farmers, the farmers and fishermen want Shell to clean up oil spills in four villages in the Niger Delta and pay compensation. the latest ruling overturns a decision that was…

Ukraine halts $3bn Russia debt repayment

Ukraine will not repay a $3bn debt owed to Russia by this weekend, claiming Russia has refused to accept repayment terms already offered to other international creditors, the moratorium means that Ukraine is likely to default on the debt, which is due on Sunday.

Brazil dam collapse: Judge blocks BHP Billiton and Vale assets

A federal judge in Brazil has blocked the assets of mining giants BHP Billiton and Vale in the country over the deadly collapse of a dam, the joint-venture company they own, Samarco, does not have enough resources to cover the potential damages, estimated at 20.2bn reais ($5.2bn; £3.4bn), the judge…