Africa in Business: hacking and hikes

STORY: Here are five business stories making headlines in sub-Saharan Africa this week.

1. Africa's first female billionaire Isabel dos Santos can be personally added to a $400 million lawsuit being brought against a company she owns, London's High Court ruled on Thursday. (May 25).

Angolan telecoms operator Unitel is suing Santos' Dutch company Unitel International Holdings over loans it says were not repaid a decade ago.

Scroll to continue with content
Ad

Dos Santos, daughter of Angola's former president, "vehemently denies that she has breached any of her director's duties," her lawyer said in court filings.

2. South Africa's rand hit a record-low in the early hours of Friday (May 26) morning after a central bank interest rate hike failed to impress some traders and economists.

The South African Reserve Bank's 50 basis points move, to a 14-year-high of 8.25%, is aimed at taming inflation.

3. Democratic Republic of Congo is aiming to boost its stake in a cobalt and copper joint venture with Chinese firms from 32% to 70%.

That's according to a document outlining Congo's demands ahead of talks to overhaul a $6 billion infrastructure-for-minerals agreement.

Congo is concerned the deal currently gives away too much of its resources with little benefit to the country.

4. Nigeria commissioned the Dangote Refinery on Monday (May 22) amid hopes of transforming the country into a net exporter of petroleum products.

However analysts have warned that securing crude supplies, amid declining oil production, could affect the massive petrochemical complex achieving full production this year.

5. And finally, a senior Kenyan security official has dismissed as "propaganda" a Reuters report detailing a years-long series of hacks by Chinese cyber spies against the government.

The findings are based on three sources, cybersecurity research reports, and analysis of technical data.

Kenya has used billions of dollars in Chinese loans to fund an aggressive push to build or upgrade railways, ports and highways.

Two of the sources assessed the hacks to be aimed, at least in part, at gaining information on debt owed by Kenya to Beijing.

China's foreign ministry said it was not aware of any such hacking.

More Related Videos