Business

Ugandan President Yoweri Museveni has officially launched the country’s first-ever interest-free commercial Islamic bank. Salaam Bank Limited, a subsidiary of a Djibouti-based bank, is the first institution to offer Islamic financing in the country. Mr Museveni said the institution had a potential to significantly contribute to the development of the …

The price of cocoa hit a new record fuelled by climate change and adverse weather conditions – impacting a market that has already seen high Easter chocolate prices in Europe. In the latest price hike, the cocoa bean traded above $10,000 per tonne on world commodity markets, $2,000 more than …

The price of cocoa, the raw material for chocolate, reached its highest level in 47 years on international markets. This was due to a severe shortage of supply, caused by difficulties in the main cocoa-producing regions of Ghana and Ivory Coast. In New York, cocoa exceeded $6,000 per tonne, while …

Air New Zealand announced on Wednesday its plan of becoming the first airline to fly an electric plane, by integrating a battery-powered plane into its fleet from 2026 for freight transport. New Zealand’s national airline has ordered an Alia electric plane from American aerospace manufacturer Beta Technologies. The device is …

A Senegalese navy patrol boat has announced the seizure of nearly 3 tonnes of pure cocaine from a vessel it intercepted 150 km (93.21 miles) off the coast on Tuesday, the navy said in statement. It said the boat and its cargo had been escorted to the Admiral Faye Gassama …

U.S. Deputy Treasury Secretary Wally Adeyemo on Thursday said he hoped Congress would extend a trade program that grants exports from qualifying African countries duty-free access to the U.S. market, hailing the strategic opportunities in the region. Adeyemo told the Reuters agency that the two-decade-old African Growth and Opportunity Act …

The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh. “We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added. Saudi Investment …

Russian President Vladimir Putin says that Russian companies have a “serious” interest in extracting mineral resources in Equatorial Guinea. He held talks with Equatoguinean President Teodoro Obiang Nguema on Thursday in Moscow, where both leaders agreed to boost bilateral ties. “The potential investment capacity is big, and your country’s capacity …

U.S. President Joe Biden said on Monday that he intends to end the participation of Gabon, Niger, Uganda and the Central African Republic in the African Growth and Opportunity Act (AGOA) trade program. Biden said he was taking the step because of “gross violations” of internationally recognized human rights by …

U.S. e-commerce firm Amazon announced it would launch its online shopping service in South Africa in 2024, entering a market dominated by Naspers’ TakeAlot, Reuters reported. The online retail giant said starting on Tuesday, independent sellers in South Africa could register their businesses on its marketplace website. The launch of …