UK votes on Rwanda bill: Rishi Sunak won’t consider a crunch vote in Parliament on his anti-immigration bill as a vote of confidence in his government. https://bloom.bg/3RxNada
SocGen's Africa pull out: Societe Generale is selling two African units as the lender accelerates its pullout from the continent and streamlines its business under a new strategy by CEO Slawomir Krupa. https://bloom.bg/47KPMKF
Seychelles state of emergency: The country declared a state of emergency after a blast at an explosives depot owned by a local construction company, and following flooding caused by heavy rains. https://bloom.bg/3TjYyel
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
SocGen's Africa pull out: Societe Generale is selling two African units as the lender accelerates its pullout from the continent and streamlines its business under a new strategy by CEO Slawomir Krupa. https://bloom.bg/47KPMKF
Seychelles state of emergency: The country declared a state of emergency after a blast at an explosives depot owned by a local construction company, and following flooding caused by heavy rains. https://bloom.bg/3TjYyel
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
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Tata Group plans to build one of India’s biggest iPhone assembly plants, tapping Apple’s ambitions to diversify its operations away from China.
Tata wants to construct the factory in the southern Tamil Nadu state and the facility will likely have about 20 assembly lines and employ 50,000 workers within two years, sources say. The goal is for the site to be operational in 12 to 18 months.
The plant would bolster Apple’s efforts to localize its supply chain and strengthen its partnership with Tata, which already has an iPhone factory it acquired from Wistron in the neighboring Karnataka state. Read more: https://bloom.bg/485r0V7
Tata wants to construct the factory in the southern Tamil Nadu state and the facility will likely have about 20 assembly lines and employ 50,000 workers within two years, sources say. The goal is for the site to be operational in 12 to 18 months.
The plant would bolster Apple’s efforts to localize its supply chain and strengthen its partnership with Tata, which already has an iPhone factory it acquired from Wistron in the neighboring Karnataka state. Read more: https://bloom.bg/485r0V7
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Criminals, landlords cash in: A cocoa market boom has been a mixed blessing for farmers in West Africa they're being targeted by criminals looking to cash in on the jump in prices. https://bloom.bg/3sZYbuJ
Universal health plan: South Africa's parliament has approved enabling legislation for the program, which will be phased in over several years. However, doubts remain about whether it will solve the country’s health-care woes. https://bloom.bg/3Rh0lOm
India fighter jets: India’s state-owned Hindustan Aeronautics is in talks with at least three countries, including Nigeria, to export its homemade multi-role fighter jets. https://www.bloomberg.com/quote/HNAL:IN
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Universal health plan: South Africa's parliament has approved enabling legislation for the program, which will be phased in over several years. However, doubts remain about whether it will solve the country’s health-care woes. https://bloom.bg/3Rh0lOm
India fighter jets: India’s state-owned Hindustan Aeronautics is in talks with at least three countries, including Nigeria, to export its homemade multi-role fighter jets. https://www.bloomberg.com/quote/HNAL:IN
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
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Monetary stimulus: Bank of Japan officials see little need to rush into scrapping the world’s last negative interest rate this month. https://trib.al/K5PmXcE
Inside story: Agnes Chow talks about the mental toll of working with Hong Kong's national security police to secure freedom overseas. https://trib.al/6hhDn0O
The Big Take: A little-known shopping app is outpacing Alibaba — and now coming for Amazon. https://trib.al/MyTJ92A
Inside story: Agnes Chow talks about the mental toll of working with Hong Kong's national security police to secure freedom overseas. https://trib.al/6hhDn0O
The Big Take: A little-known shopping app is outpacing Alibaba — and now coming for Amazon. https://trib.al/MyTJ92A
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Debt defaulter: Ethiopia is set to join Zambia and Ghana as a sovereign defaulter, with an interest payment falling due to its bondholders on Monday that the state says it won’t meet. https://bloom.bg/3tm8xVA
Rwanda deportation: The UK Conservative Party’s euro-skeptic caucus will gather to discuss how to handle Rishi Sunak’s controversial legislation. https://bloom.bg/3GyS6sh
Farm blues: Sentiment among South Africa’s agricultural businesses slumped to its lowest level since the Covid-19 pandemic in 2020. https://bloom.bg/3uMcq6E
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Rwanda deportation: The UK Conservative Party’s euro-skeptic caucus will gather to discuss how to handle Rishi Sunak’s controversial legislation. https://bloom.bg/3GyS6sh
Farm blues: Sentiment among South Africa’s agricultural businesses slumped to its lowest level since the Covid-19 pandemic in 2020. https://bloom.bg/3uMcq6E
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Ethiopia Is About to Become Africa’s Next Debt Defaulter
Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt.
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Doritos Nacho Cheese chips partnerships have gone to countless places, from Call of Duty to virtual concerts with the Netflix series Stranger Things.
One place Doritos has never gone, at least in a way officially sanctioned by parent company PepsiCo, is into alcohol. But on December 12, the flaming orange chips will get sloshed with the launch of Empirical x Doritos Nacho Cheese. So, what does it taste like? https://trib.al/CoNjUSr
One place Doritos has never gone, at least in a way officially sanctioned by parent company PepsiCo, is into alcohol. But on December 12, the flaming orange chips will get sloshed with the launch of Empirical x Doritos Nacho Cheese. So, what does it taste like? https://trib.al/CoNjUSr
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Bond surge: Ethiopia’s eurobond jumped the most in almost a year before an investor call later this week to discuss its proposals for restructuring the loan. https://bloom.bg/3Nqgct4
Civil war: Allegations that the United Arab Emirates provided arms to a paramilitary group in Sudan have triggered a spat with the army. https://bloom.bg/3Rg6avD
Education crisis: Private schools are thriving as state education system buckles in South Africa. https://bloom.bg/3RANKaa
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Civil war: Allegations that the United Arab Emirates provided arms to a paramilitary group in Sudan have triggered a spat with the army. https://bloom.bg/3Rg6avD
Education crisis: Private schools are thriving as state education system buckles in South Africa. https://bloom.bg/3RANKaa
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
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Eskom Loss: South Africa’s Eskom faces its seventh consecutive full-year loss burdened by debt, operational inefficiencies and unpaid municipal bills. https://bloom.bg/3uYjtta
Gas wealth: Mozambique's Finance Minister plans to establish a sovereign wealth fund to manage an anticipated $91.7 billion in future natural-gas export revenue. https://bloom.bg/3uZd5lt
Economic tightrope: A sharp decline in fuel prices eased South Africa's inflation, but persistent pressure from other sectors prompts central bank caution. https://bloom.bg/4ag887T
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Gas wealth: Mozambique's Finance Minister plans to establish a sovereign wealth fund to manage an anticipated $91.7 billion in future natural-gas export revenue. https://bloom.bg/3uZd5lt
Economic tightrope: A sharp decline in fuel prices eased South Africa's inflation, but persistent pressure from other sectors prompts central bank caution. https://bloom.bg/4ag887T
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Eskom Set for Seventh Loss as Power Cuts Grip South Africa
South Africa’s Eskom Holdings SOC Ltd. is on track to post its seventh consecutive full-year loss as the utility crumbles under the weight of its debt pile and high financing costs, poor plant performance and a ballooning municipal-arrears book.
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Ghana inflation: The country's inflation rate fell in November to a 19 month low, helped by aggressive monetary policy tightening by the central bank. https://bloom.bg/3v0OtJ5
Logistics: Transnet withdrew a request for quotes for an operating lease on a freight-rail artery that connects its biggest port with its industrial hub. https://bloom.bg/47QWBu6
Eskom debt: South Africa’s indebted state power utility has asked the National Treasury to convert 16 billion rand ($840 million) of bailout funds into equity. https://bloom.bg/3t8izKd
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Logistics: Transnet withdrew a request for quotes for an operating lease on a freight-rail artery that connects its biggest port with its industrial hub. https://bloom.bg/47QWBu6
Eskom debt: South Africa’s indebted state power utility has asked the National Treasury to convert 16 billion rand ($840 million) of bailout funds into equity. https://bloom.bg/3t8izKd
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
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Patchy recovery: China's sustained economic growth remains uncertain as industrial output jumps but the property sector remains weak. https://trib.al/PiRds7S
Shifting trend: India's new millionaires are splurging on mansions in the "Beverly Hills of Dubai," marking a shift in global money flows. https://trib.al/yC9L6Ha
The Big Take: Four kids died in Colombia. More than a hundred fell ill. But the drug company keeps selling cancer medicine. Bloomberg investigates a tainted chemo medicine wound up in pediatric cancer wards. https://trib.al/uS5Eayu
India Edition: India doesn't have to choose between goods and services exports but priorities matter, say former RBI Governor Raghuram Rajan and economist Rohit Lamba. Menaka Doshi writes about the 'Amritkaal' challenge. https://trib.al/29JAfYe
Looking for insightful commentary and in-depth analyses on India? Sign up here for our weekly newsletter to stay updated with the latest reportage on billionaires and businesses behind its rise.
Shifting trend: India's new millionaires are splurging on mansions in the "Beverly Hills of Dubai," marking a shift in global money flows. https://trib.al/yC9L6Ha
The Big Take: Four kids died in Colombia. More than a hundred fell ill. But the drug company keeps selling cancer medicine. Bloomberg investigates a tainted chemo medicine wound up in pediatric cancer wards. https://trib.al/uS5Eayu
India Edition: India doesn't have to choose between goods and services exports but priorities matter, say former RBI Governor Raghuram Rajan and economist Rohit Lamba. Menaka Doshi writes about the 'Amritkaal' challenge. https://trib.al/29JAfYe
Looking for insightful commentary and in-depth analyses on India? Sign up here for our weekly newsletter to stay updated with the latest reportage on billionaires and businesses behind its rise.
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Ship attacks: BP said it will pause all shipments through the Red Sea following an escalation of attacks on merchant shipping by Houthi militants. https://bloom.bg/48mq9j3
Unit sale: Standard Chartered is selling its consumer-banking business unit in the Ivory Coast to West African lender Coris Bank. https://bloom.bg/4aBd2N4
DRC ballot: Voters in Democratic Republic of Congo have 26 presidential candidates to choose from on Wednesday as the country holds elections. https://bloom.bg/482SxqD
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Unit sale: Standard Chartered is selling its consumer-banking business unit in the Ivory Coast to West African lender Coris Bank. https://bloom.bg/4aBd2N4
DRC ballot: Voters in Democratic Republic of Congo have 26 presidential candidates to choose from on Wednesday as the country holds elections. https://bloom.bg/482SxqD
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
BP to Pause All Tanker Transits Through the Red Sea
BP Plc said it will pause all shipments through the Red Sea after attacks on merchant vessels escalated, adding to signs that trade through the vital waterway is grinding to a halt.
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Eskom's pollution: Coal-fired power plants operated by South Africa’s state utility are emitting pollutants that cause respiratory diseases at almost 42 times the intensity of those in China. https://bloom.bg/4aD7kdA
Bottleneck fix: Botswana has received bids from investors to build a rail line to a Namibian port that will help avoid South Africa's disintegrating logistics network. https://bloom.bg/3NxWZ8T
New planes: Ethiopian Airlines secured a $450 million loan from Citigroup to finance five new Boeing aircraft. https://bloom.bg/3v3KjjA
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bottleneck fix: Botswana has received bids from investors to build a rail line to a Namibian port that will help avoid South Africa's disintegrating logistics network. https://bloom.bg/3NxWZ8T
New planes: Ethiopian Airlines secured a $450 million loan from Citigroup to finance five new Boeing aircraft. https://bloom.bg/3v3KjjA
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
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Red Sea chaos: The global shipping industry is bracing for the prospect of living without its most important trade route for weeks. https://bloom.bg/3TtXpRr
IMF Deal: With Egypt’s elections over, the cash-strapped nation is poised for an increase in financial aid that may ease its dollar shortages and spur much-needed foreign investment. https://bloom.bg/41vA180
Turbulent 2024: Risks around an election expected to be the most competitive since South Africa became a democracy in 1994 cloud the outlook for its stocks next year. https://bloom.bg/3vaJiX1
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
IMF Deal: With Egypt’s elections over, the cash-strapped nation is poised for an increase in financial aid that may ease its dollar shortages and spur much-needed foreign investment. https://bloom.bg/41vA180
Turbulent 2024: Risks around an election expected to be the most competitive since South Africa became a democracy in 1994 cloud the outlook for its stocks next year. https://bloom.bg/3vaJiX1
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Red Sea Chaos Has Shippers Bracing for Weeks Without Key Trade Route
The global shipping industry is bracing for the prospect of living without its most important trade route for weeks.
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Asset freeze: Isabel dos Santos, the self-exiled daughter of former Angolan President Jose Eduardo dos Santos, had £580 million of assets frozen in a London legal spat with telecommunications firm Unitel. https://bloom.bg/3RtnpK5
Looming lift: Egypt’s first interest-rate hike since August is creeping ever-closer, although slowing inflation and the wait for a much-anticipated currency devaluation probably mean it won’t happen until 2024. https://bloom.bg/3vbmRkA
Aid pause: The United Nations’ World Food Programme has temporarily suspended assistance in some parts of Sudan’s Al-Jazirah state, where it was supporting more than 800,000 people, as fighting spreads. https://bloom.bg/473wuyY
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Looming lift: Egypt’s first interest-rate hike since August is creeping ever-closer, although slowing inflation and the wait for a much-anticipated currency devaluation probably mean it won’t happen until 2024. https://bloom.bg/3vbmRkA
Aid pause: The United Nations’ World Food Programme has temporarily suspended assistance in some parts of Sudan’s Al-Jazirah state, where it was supporting more than 800,000 people, as fighting spreads. https://bloom.bg/473wuyY
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Once Africa’s Richest Woman, Dos Santos Has $734 Million of Assets Frozen
Isabel dos Santos, the self-exiled daughter of former Angolan President Jose Eduardo dos Santos, had £580 million ($734 million) of assets frozen in a London legal spat with telecommunications firm Unitel SA.
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Ivory Coast elections: Ex-Credit Suisse CEO Tidjane Thiam’s bid to lead the opposition in presidential elections scheduled for 2025 is facing a critical test. https://bloom.bg/41A8Fxp
Cash crunch: Nigerians are hoarding cash again amid memories of a failed official campaign around this time last year to demonetize high-value naira notes. https://bloom.bg/3GV5QO6
New cabinet: President Umaro Sissoco Embalo named a new cabinet for Guinea-Bissau, days after dismissing his prime minister twice following a foiled coup. https://bloom.bg/3RAcONf
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Cash crunch: Nigerians are hoarding cash again amid memories of a failed official campaign around this time last year to demonetize high-value naira notes. https://bloom.bg/3GV5QO6
New cabinet: President Umaro Sissoco Embalo named a new cabinet for Guinea-Bissau, days after dismissing his prime minister twice following a foiled coup. https://bloom.bg/3RAcONf
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Ex-Credit Suisse CEO Thiam Bids for Chance to Lead Ivory Coast
Tidjane Thiam’s bid to lead Ivory Coast’s opposition in presidential elections scheduled for 2025 is facing a critical test.
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India consumes the world's most groundwater and that’s testing its ability to feed itself and much of the world. Flood irrigation is wasteful and inefficient, but often favored by millions of rice and wheat farmers in breadbasket states as it is inexpensive, low-tech and time-tested.
Cheap power has encouraged routine overreliance on finite riches. Over the last half century, farm productivity has leapt forward, but so, too, has water usage — up 500% over that period, according to the World Bank. For now, it’s clear the water math does not add up. https://trib.al/DKrva4s
Cheap power has encouraged routine overreliance on finite riches. Over the last half century, farm productivity has leapt forward, but so, too, has water usage — up 500% over that period, according to the World Bank. For now, it’s clear the water math does not add up. https://trib.al/DKrva4s
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BREAKING: Japan has issued a tsunami warning for almost all of its western coast after a powerful earthquake with a magnitude 7.6 hit off the Noto Peninsula about 300 km (190 miles) from Tokyo.
Follow here for the latest updates: https://bloom.bg/47z7Arn
📷: USGS
Follow here for the latest updates: https://bloom.bg/47z7Arn
📷: USGS
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WATCH: A Japan Airlines plane caught fire at Tokyo's Haneda airport after colliding with another aircraft; all JAL passengers, crew evacuated. https://trib.al/jenOJRW
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Access deal: Somalia recalled its envoy to Ethiopia after its landlocked neighbor signed a memorandum of understanding with a breakaway enclave giving it access to the Red Sea. https://bloom.bg/3vkJumy
Volatility increase: Iran dispatched a warship to the Red Sea after the US Navy destroyed three Houthi boats, a move that risks ratcheting up tensions. https://bloom.bg/3vlXFI8
Best new resorts: In 2024, there will be no more coveted place to stay on the African continent than the intimate Angama Amboseli in Kenya. https://bloom.bg/3voujcg
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Volatility increase: Iran dispatched a warship to the Red Sea after the US Navy destroyed three Houthi boats, a move that risks ratcheting up tensions. https://bloom.bg/3vlXFI8
Best new resorts: In 2024, there will be no more coveted place to stay on the African continent than the intimate Angama Amboseli in Kenya. https://bloom.bg/3voujcg
Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz
Bloomberg.com
Ethiopia Deal With Renegade Region Spurs Somalia to Recall Envoy
Somalia recalled its envoy to Ethiopia after its landlocked neighbor signed a memorandum of understanding with Somaliland, a breakaway enclave, giving it access to the Red Sea.
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Nikesh Arora has a habit of winning big paychecks. At Google, he became the firm’s highest-paid executive after getting a compensation package worth about $51 million in 2012. Then he was poached by SoftBank’s Masayoshi Son, amassing a $135 million first-year pay deal that broke Japanese records and made him the world’s best-paid executive.
But it's his latest stint, as CEO of cybersecurity firm Palo Alto Networks, that's catapulted him into the billionaire class. https://trib.al/2s22HDd
But it's his latest stint, as CEO of cybersecurity firm Palo Alto Networks, that's catapulted him into the billionaire class. https://trib.al/2s22HDd
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