In spite of the supply chain disruptions and increased material costs plaguing production everywhere, Swedish vehicle maker Volvo reported a boost in second-quarter profits on Tuesday. The company reported “good momentum both in the sales of vehicles and in the service business,” in a statement accompanying the data release, which showed that profits rose to 13.7 billion Krona (or $1.3 billion dollars), up from 11.4 billion in the second quarter of 2021. That was on sales that rose 31 per cent to 118.9 billion Krona compared to the second quarter of 2021. Adjusted for currency fluctuation, that’s an increase of 20…
Author: Newsdesk
The Indonesian authorities are set to block social media applications and online sites including Google, Facebook, and WhatsApp. The country’s Ministry of Communications and Informatics said on Tuesday that if they failed to register, they would be blocked in several days. The digital giants were given time until Wednesday to complete the registration for licensing, otherwise, the ministry would name them illegal and unlawful in the country. “We have warned all local and foreign tech companies, including online services, sites, and application providers, many times that they have to register if they do not want to risk being blocked. “We have given them…
The Niger Police command has urged successful candidates in the ongoing Police 2021 recruitment to check their status on the recruitment portal for the next stage of training. Mr Wasiu Abiodun, the Command spokesperson, said this in a statement on Tuesday in Minna. Abiodun said that candidates could check their recruitment status on the portal www.policerecruitment.gov.ng. ”Successful candidates are advised to print out their Invitation Slips and report at the Police Training School (PTS), Minna on July, 23 as late comers would not be admitted. However, candidates are to proceed to the training school with two pairs of white vest…
The Board of Directors of the African Development Bank Group on Friday approved $73.5 million to finance a program that will boost Tanzania’s food production by a million tonnes in three years.The Tanzania Agricultural Inputs Support Project, spanning September 2022-June 2025, was designed under the Bank Group’s African Emergency Food Production Facility to tackle a potential food crisis exacerbated by the war in Ukraine. It seeks to strengthen the country’s capacity to achieve self-sufficiency in wheat and edible oil production by 2030.This approval comprises a $2.5 million grant from the resources of the African Development Fund, the Bank Group’s concessional…
On July 13, the global credit rating agency Fitch Ratings affirmed the African Development Bank’s long-term credit rating AAA with a Stable Outlook. This is a very strong endorsement of the African Development Bank’s financial strength and profile, as well as the extraordinary support of its shareholders. The importance of the Bank’s public mandate, its governance, and the excellent quality of its risk management was highlighted by Fitch.The Bank’s Acting Vice President for Finance and CFO, Hassatou N’Sele noted: “this stellar credit rating allows the African Development Bank to provide financial resources to African countries at favorable levels to develop…
The Board of Directors of the African Development Bank Group on Friday approved a $134 million loan for the National Agriculture Growth Scheme – Agro Pocket program in Nigeria to scale up food production and boost livelihood resilience.The program will support fast-tracking of the implementation of key policy and institutional reforms and boost private sector participation in agriculture. This will help increase cereals and oil grains production by 7 million tonnes to 35 million tonnes. It will also increase average cereal yields from 1.42 tonnes to 2 tonnes per hectare during the September 2022-December 2023 implementation period.The program aligns with…
The African Development Bank, the Green Growth Knowledge Partnership and the World Wide Fund for Nature (WWF) have hosted a dialogue to revalidate Mozambique’s commitment to mainstreaming its natural capital to spur the transition to a green economy.Mozambique, alongside Tanzania, was selected as a pilot country, for applying a natural capital approach in investment processes.The national dialogue titled “Africa Green Economy Conference: Innovative Pathways for a Nature Positive Future from Policy, Business and Finance,” took place on 29 June under the Natural Capital for African Development Finance (NC4-ADF) initiative and the Economics for Nature program.The dialogue brought together government representatives from…
Cassava Technologies (Cassava) Africa’s first integrated tech company of continental scale, announced today that it has secured a US$50 million investment from C5 Capital (C5), a specialist venture capital firm that invests in cyber security, space, and energy security. The investment is part of a broader funding round to accelerate Cassava’s growth.The investment by C5 will contribute to the acceleration of the work that Cassava has undertaken to increase digital connectivity and inclusion on the continent. Cassava will be the go-to market partner in Africa for C5’s cutting edge portfolio companies to deliver best-in-class cyber security, satellite and space technology…
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has described as fake news, reports that he is ill. A video clip has dominated the social media space depicting Atiku as being helped by an aide to strap his car seat belt. But Atiku in a statement by his media aide, Paul Ibe on Monday said the PDP presidential candidate “is in robust good health” and described the video as the “work of mischief with no understanding of security protocols. “Nothing can be further from the truth. For the records, the presidential candidate of the Peoples Democratic Party…
The Board of Directors of the African Development Bank Group has approved a grant of $8.1 million to South Sudan to fund its Emergency Food Production Programme.Allocated through the Transition Support Facility, the grant constitutes additional financing to the ongoing Agricultural Markets, Value Addition and Trade Development Project (AMVAT). AMVAT seeks to contribute to reduced food insecurity, poverty reduction, economic growth and building of community and household resilience and social cohesion.Exacerbated by climate hazards, the threat of a food crisis has long loomed over South Sudan, which has not been food self-sufficient since 2009 Some 8.9 million people, more than 70%…