Category Archives: BUSINESS-FINANCE

African Billionaire Strive Masiyiwa’s Cassava Technologies has raised $90 million to bolster its balance sheet and fuel growth. Cassava has closed a $90 million equity investment round, with participation from the International Development Finance Corporation (DFC), the Finnish Fund for Industrial Cooperation (Finnfund), and Google.  The funding is a key part of Cassava’s plan to strengthen its balance sheet, drive sustainable, profitable growth, and cement its position as a global technology company of African heritage. Cassava Technologies Celebrates Three Milestones According to a statement, the company has achieved three significant milestones. These include a substantial equity injection of $90 million, completing its debt refinancing round to $220 million, and finalizing its legal reorganization.  “These achievements strengthen our financial position and endorse our founder’s vision,” said Cassava CEO Hardy Pemhiwa in

Italy is in advanced talks with Elon Musk’s SpaceX for a deal to provide secure telecommunications for the nation’s government – the largest such project in Europe, people with knowledge of the matter said Sunday. Discussions are ongoing, and a final agreement on the five-year contract has not been reached, said the people, who asked not to be identified citing confidential discussions. The project has already been approved by Italy’s Intelligence Services as well as Italy’s Defense Ministry, they said. The negotiations, which had stalled until recently, appeared to move forward after Italian Prime Minister Giorgia Meloni visited president-elect Donald Trump in Florida on Saturday. Italian officials have been negotiating on a €1.5 billion (US$1.6 billion) deal aimed at supplying Italy with a full range of top-level encryption for telephone

China is looking to start electric aircraft exports this year and develop offshore production as part of its drive to develop the so-called low-altitude economy . The RX4E, a four-seater electric aircraft made by Rhyxeon General Aircraft Company, a wholly owned subsidiary of the Liaoning General Aviation Academy, is being targeted at Southeast Asia, the Middle East and Africa. Indonesia, which has more than 17,000 islands, and Malaysia are among the potential export markets, according Henry Hooi Hing-lee, the founding chairman of Hong Kong-based Volar Air Mobility, which is in partnership with the developers. The RX series will also be introduced to the United Arab Emirates, and Volar hopes to benefit from its established networks in Africa. The company says it has an agreement with the developers to commercialise the

Unlike the 50 states that make up the United States, the 93 nations that comprise Eurasia are not all connected by culture, language or even a common transport system. The latter deficiency is being remedied, however, and this is likely to aid the emergence of a United States of Eurasia. This will have enormous economic and political implications, and perhaps helps explain US hostility towards the integration of a potentially rival continent. In particular, it hints at why Washington has opposed China’s Belt and Road Initiative from the outset. Forging a continental whole from nations covering 55 million sq km (over 21 sq miles) of land with a total population of over 5 billion – compared to the US with a land area of 9.1 million sq km and 345

China’s leading aircraft manufacturer has pledged to double down on safety as it seeks to ramp up production of its new C919 passenger jet amid a turbulent period for the global aviation industry marked by crashes and supply-chain issues. Top executives from the state-owned Commercial Aircraft Corporation of China (Comac) stressed that safety must remain the company’s overriding priority during a meeting to lay out its plans for the year ahead on Thursday. This year is set to be a crucial period for Comac as it seeks to speed up production of the C919, pitch the jet to overseas clients, and secure approvals from Western regulators. But Comac’s leadership appears to be aware that success will depend on maintaining a perfect safety record, as the aviation industry is still reeling

Yaw Okyere – Ava Estell It’s somewhat rare to find a male founder of a beauty company, but that’s just one of the factors that makes Yaw Okyere a trailblazer. Founder of Ava Estell, an all-natural skincare brand made with melanin in mind, Yaw Okyere, previously a chemical formulater for other brands, used this experience to create something for his wife, Esther, who struggled with hyperpigmentation. Originally from Ghana, Okyere studied Chemical Engineering and Business Management at Warwick University, England. When he decided to help his wife, who wasn’t able to find natural products that worked with her skin, he took on a Cosmetic Science qualification too. Since its launch, Ava Estell has established itself as a go-to brand for people who want to treat skin conditions such as hyperpigmentation

Andy Palmer, the “godfather of EVs,” explains how China took the lead in the electric-car race. Palmer got the moniker after developing the Nissan Leaf, the world’s first mass-market EV. He said Chinese EVs offered “remarkable” value for money and better battery tech than Western rivals. The man often known as the “godfather of EVs” has a warning for automakers thinking of ditching electric vehicles for hybrids. Andy Palmer, a former Aston Martin CEO and Nissan exec, told Business Insider that delaying transitioning to EVs in favor of selling hybrids was a “fool’s errand” and warned that automakers doing so risked falling even further behind Chinese EV companies. Palmer’s moniker comes from his time as chief operating officer at Nissan. He led the development of the Nissan Leaf, the world’s first

Alibaba Group Holding ’s cloud computing business is collaborating with Chinese start-up 01.AI to develop artificial intelligence (AI) models, a sign of consolidation in an increasingly crowded market on the mainland. Alibaba Cloud announced on Thursday it had reached a deal with Beijing-based 01.AI, founded by former Google China head Lee Kai-fu , to set up an “industrial large model laboratory”. The lab will combine the research and development capabilities of the two teams to explore technology and services related to AI models, with the aim to create “strong and comprehensive large model solutions” for business clients, according to a statement from Alibaba Cloud. Alibaba owns the South China Morning Post. Founded in May 2023, 01.AI achieved unicorn status just six months later, after a funding round that included Alibaba

Japanese airlines and travel industry analysts are warning passengers to take greater care of their valuables after a spate of in-flight thefts allegedly carried out by organised crime groups. According to Chiba prefectural police, which covers Narita International Airport to the east of Tokyo, there were 19 such cases reported in the first 10 months of 2024, up from seven incidents in the same period the previous year. In each case, victims reported being asleep on a flight into or out of the airport and later discovered items in their luggage placed in overhead storage units had gone missing. In most cases, cash taken from wallets was replaced with less valuable banknotes from other countries, meaning that victims did not realise something was amiss until much later. This delaying tactic

Air Haifa, northern Israel’s first airline, launches direct flights from Haifa to Athens with fares starting at $149, expanding its international routes alongside existing services. By JERUSALEM POST STAFF JANUARY 3, 2025 02:24 Updated: JANUARY 3, 2025 02:28 Air Haifa (photo credit: PR) Northern Israel’s first airline, Air Haifa, has begun offering direct flights from Haifa International Airport to Athens, Greece, the airline announced on Thursday. The new route, with a price of $149 one-way, will operate five times a week, joining the airline’s current roster of two daily flights to Eilat and three daily flights to Larnaca. Flights will take off at 09:00 every Sunday, Monday, Wednesday, Thursday, and Friday from Haifa and land in the Greek capital at 11:55. In turn, return flights will leave Athens at 12:55

South African-based fintech Tyme Group has attained unicorn status after securing $250 million in a Series D funding round. The new funding led by Nu Holdings, which owns Latin America’s largest fintech, NuBank, pushes Tyme’s valuation to $1.5 billion. M&G Catalyst Fund and other existing shareholders also participated in the round. A Vote of Confidence For Tyme Group “It is a unique vote of confidence in our business by the world leaders in our industry, essentially,” Coenraad Jonker, chief executive officer and co-founder of Tyme, said in an interview with Bloomberg. Founded in 2019, the fintech operates a hybrid digital banking model that combines online banking with physical service offices. It has over 10 million users in South Africa, where it is known as TymeBank and operates as a digital

A bitcoin rally is fizzling in the final days of a record-breaking year for the digital asset, as investors assess the remaining impetus from US president-elect Donald Trump’s embrace of the cryptocurrency sector. The largest token changed hands at US$95,600 as of 8.45am Friday in Hong Kong, holding a retreat of almost 3 per cent from a day earlier. Smaller rivals including ether and dogecoin, a favourite of the meme crowd, struggled for traction. Trump is pushing ahead with a promise to create a crypto-friendly environment in the US and has backed the idea of establishing a national bitcoin reserve. Traders are waiting to see if such a stockpile is feasible. The crypto market is also braced for the expiry of a substantial quantity of bitcoin and ether options contracts

Media Statement from the Zambia Chamber of Commerce and Industry The Zambia Chamber of Commerce and Industry, wishes to address the pressing issues currently facing our commerce and industry sectors, particularly considering the ongoing energy crisis, rising exchange rates, rising cost of doing business,shortage of liquidity and the severe threat to food security posed by recent drought conditions. The energy crisis has had a profound impact on our industrial output and the broader economic landscape. Many businesses are grappling with inconsistent power supply, which disrupts production processes, increases operational costs, and ultimately threatens the sustainability of our enterprises. Coupled with the escalating exchange rates, limited and expensive capital, over regulation and licence requirements and multiple police check points with protracted procedures. These challenges have made it increasingly difficult for local