Economy and Finance

Russia Keen to Boost Economic and Trade Relations with Africa

By Kester Kenn Klomegah

MOSCOW (IDN) – Chairman of the State Duma, Viacheslav Volodin, has urged African leaders to use the untapped enormous natural resources to vigorously pursue sustainable development goals as the best way through which to escape underdevelopment, economic dependency syndrome and neo-colonialism.

In order to achieve this, Russia, he said, was prepared with a new legislative supported comprehensive plan in the coming years to uplift, especially, its economic cooperation into a new stage with African countries.

: Kester Kenn Klomegah; THE WORLD; Africa; 11 July 2019

Photo: Huawei at Mobile World Congress 2019 in Barcelona. Credit: Huawei

Huawei Will Give $300 Million A Year to Universities with No Strings Attached

Its new fundamental research division could help the company regain international favour and outmanoeuvre the U.S.

By Karen Hao | Technology Review

The writer is the artificial intelligence reporter for MIT Technology Review. In particular she covers the ethics and social impact of the technology as well as its applications for social good. This article first appeared in MIT Technology Review.

CAMBRIDGE, Massachusetts, USA (IDN) – In just the past week, the U.S.’s stance on China’s Huawei has become very confused. On Saturday [June 29], during the G20 summit, President Donald Trump announced that he would ease restrictions on the company, allowing U.S. companies to sell goods to it once again. But by Tuesday [July 2] an email sent to the Commerce Department’s enforcement staff, seen by Reuters, reiterated that Huawei should still be treated as on the blacklist.

: J Nastranis; SUSTAINABILITY; Decent Work & Economic Growth; 05 July 2019

Map: Financial Action Task Force countries. Source: FATF

Ultimata to Iran and Pakistan Threaten to Cloud China’s FATF Presidency

Viewpoint by James M. Dorsey

James M. Dorsey – a senior fellow at Nanyang Technological University’s S. Rajaratnam School of International Studies, an adjunct senior research fellow at the National University of Singapore’s Middle East Institute and co-director of the University of Wuerzburg’s Institute of Fan Culture – offered this viewpoint to IDN.

SINGAPORE (IDN) – China’s chairmanship of an international anti-money laundering and terrorism finance watchdog could put to the test the cohesiveness of global efforts to counter political violence with Iran and Pakistan hoping that they will be able to avoid blacklisting with China at the helm.

: Phil Harris; OPINION; 27 June 2019

Photo: Prime Minister Dmitry Medvedev with participants of the Russia-Africa Economic Conference on 21 June 2019 in Moscow. Credit: The Russian government website.

Economic Growth Makes Africa Highly Popular with Investors

Viewpoint by Dmitry Medvedev

The following are extensive extracts from the Russian Prime Minister Dmitry Medvedev’s remarks on June 21, 2019 to the Russia-Africa Conference and the general meeting of shareholders of the African Export-Import Bank, a leading regional financial institution. This was only the second meeting of the Bank’s shareholders outside the African continent. – The Editor

MOSCOW (IDN-INPS) – Russia and African countries are bound by friendly relations and partnerships that have a solid historical foundation. But with all due respect for the past (and we must remember it), it is much more important to look into the future, forward, to jointly make various plans and to implement them together.

: UN Bureau; THE WORLD; Russia; 23 June 2019

Russia-Africa Economic Partnership Under the Spotlight

By Kester Kenn Klomegah

MOSCOW (IDN) – Squeezed between European and American sanctions, Russia has stepped up efforts to elevate its existing relationship, mostly focusing on trade, investment and economic cooperation with several African countries, to include areas spanning the financial sector, energy, the mining industry, railway infrastructure, digital technologies, cybersecurity, healthcare, education, and food security.

The latest additional step taken in propelling partnership efforts was an open Economic Conference held within the Afreximbank Annual Meetings (AAM2019) from June 20-21 in Moscow.

: Kester Kenn Klomegah; THE WORLD; Russia; 22 June 2019

Photo: An electric vehicle and an antique car on display at a 1912 auto show in Toronto, Canada. Credit: William James. Source: Wikimedia Commons.

The Electric Vehicle Revolution Is Underway in Africa

By Giles Kirkland

An automotive expert and blogger, Giles Kirkland says he has a passion for new technologies.

LONDON (IDN) – In 2016, a businessman called Francis Romano imported an electric car Nissan Leaf to Nairobi, Kenya. However, the car was held up at the Customs for an intriguing reason: they had never seen an electric vehicle before! Fast-forward to today and Romano claims that the use of electric vehicles (EVs) has saved him a staggering 70 percent of fuel costs in his business.

: Europe Editor; THE WORLD; Africa; 07 June 2019

Photo: The writer. Credit: Orange Business Services

Why African Retailers Should Shift to Data-Driven Business

Viewpoint Toros Esim

The writer is Head of Digital Retail and Regional Director of Digital Strategy for the Middle East & Africa at Orange Business Services. Views expressed are the writer’s.

JOHANNESBURG (IDN) – In a continent the size of Africa, comprising more than 50 countries, it can be very tempting to make sweeping generalisations about the adoption of digital technologies, and the transformation of the retail sector across the continent. The potential scale of the opportunity cannot be ignored – the large and young population, emergence of a middle class, strong retail revenues and second fastest growing consumer region in world.

: Africa & ME Editor; OPINION; 07 June 2019

Image: Collage by IDN-INPS with graphics von Internet.

The Great De(b)terioration in the Offing As Impotent Capital Weds Algorithms

Viewpoint by Jayasri Priyalal

The writer is the Regional Director responsible for Finance Sector of UNI Global Union, Asia & Pacific based in Singapore. This article was first published in the Financial Times, Sri Lanka.

SINGAPORE (IDN-INPS) – We are now in the era of acceleration termed as the Fourth Industrial Revolution [4IR]. In the new era, the impact and relevance of old ethical theories of yesteryear have severe limitations to offer solutions to the complex problems unfolding in the twenty-first century.

: Ramesh Jaura; OPINION; 20 April 2019

Rich Nations Slash Development Aid to Neediest Countries

By Krishan Dutta

PARIS (IDN) – “Donor countries are not living up to their 2015 pledge to ramp up development finance and this bodes badly for us being able to achieve the 2030 Sustainable Development Goals,” OECD Secretary-General Angel Gurría has cautioned.

The warning of the head of the Organisation for Economic Co-operation and Development (OECD) comes at a time when, according to preliminary data collected by the OECD, official development assistance (ODA) from 30 member countries of the club of rich nations fell 2.7 percent in 2018 from 2017. The worst affected by the declining share were the neediest countries.

: Ramesh Jaura; SUSTAINABILITY; Global Partnerships; 10 April 2019

Photo: President of Angola Joao Lourenco.

Angola Plans Manufacturing Russian Military Equipment

By Kester Kenn Klomegah*

MOSCOW (IDN) – Many African countries are looking for profitable business, investment and trade rather than development aid. Now Angola, a south-central Africa, has announced corporate plans to diversify its state business away from purchasing to full-fledged manufacturing of Russian military equipment for the southern African market, and possibly other regions in Africa – impeding realization of the Sustainable Development Goal 16 calling for peace and justice.