The death toll from a landslide in Indonesia’s West Java province rose to 17 on Monday, as search and rescue operations entered a third day, disaster officials said. The landslide, triggered by heavy rain, struck a village in West Bandung regency early on Saturday, burying homes and forcing dozens of residents to evacuate. The National Disaster Mitigation Agency said around 80 people were still missing as of Sunday, with no updated figure provided. Rescuers are working cautiously amid unstable ground and ongoing bad weather, which have raised fears of further landslides. Thousands of personnel and heavy equipment have been deployed to locate victims.

Indonesia finishes second at ASEAN Para Games with 135 gold medals

Indonesia finished second in the final medal standings of the 2025 ASEAN Para Games , winning 135 gold, 143 silver and 114 bronze medals across 18 sports contested from January 19 to 25 in Thailand. The result exceeded the government’s target of 82 gold medals and surpassed expectations after consistent performances throughout the week-long competition. Para athletics led Indonesia’s medal haul with 44 golds, followed by para swimming with 29 golds. Strong contributions also came from para badminton, para powerlifting and para judo. Indonesia had aimed to finish at least in the top three.

Environment ministry sues six firms over North Sumatra disaster

Indonesia’s Ministry of Environment has filed a civil lawsuit against six companies in North Sumatra, seeking Rp4.9 trillion (US$282 million) in damages for allegedly worsening hydrometeorological disasters in the province. Environment Minister Hanif Faisol Nurofiq said the case is being processed in court and more lawsuits will follow against other entities. The ministry is also investigating possible criminal offences by companies in Aceh and North Sumatra with the National Police. Authorities are monitoring 68 companies across Aceh, North Sumatra and West Sumatra, all of which have received administrative sanctions requiring mandatory environmental audits as part of wider enforcement efforts nationwide.

ATM numbers fall as digital banking accelerates

Indonesia’s ATM network is expected to keep shrinking as digital banking and cashless payments gain ground, the Financial Services Authority (OJK) said. OJK chief banking supervisor Dian Ediana Rae said banks are cutting physical infrastructure in response to changing customer behaviour driven by financial technology. OJK data show the number of ATMs and related machines fell to 89,774 units in the third quarter of 2025, from 91,173 a year earlier, a net drop of nearly 1,400 machines. Rae said mobile and online banking have reduced the need for cash withdrawals, while banks are prioritising efficiency by expanding digital services. The shift supports Indonesia’s move towards a more cashless economy.

Indonesia receives first batch of fighter jets from France

Indonesia has received three Rafale fighter jets from France, marking the first delivery under a 2021 defence deal, the defence ministry said on Monday. The aircraft arrived on Friday, with a formal handover ceremony to be held later. Three additional jets are expected to arrive this year. Indonesia has ordered 42 Rafales worth $8.1 billion as part of efforts to modernise its military amid rising regional tensions. Jakarta has also agreed to buy two French-made Scorpene-class submarines, to be built domestically with technology transfer.

Tanzania is seeking to diversify its tourism markets by attracting more visitors from the Asia-Pacific region after welcoming a record 2.14 million tourists in 2024, up from 1.81 million the previous year. Visitor spending reached US$3.9 billion, a 15.7% year-on-year increase, according to the National Bureau of Statistics. Traditionally reliant on European and North American visitors, Tanzania is now focusing on Australia, China, Singapore, and Malaysia following successful promotional campaigns, including the 2024 China-Tanzania Culture and Tourism Year.  Arusha-based tour operators say Asia-Pacific travellers are showing growing interest in safaris, Mount Kilimanjaro treks, and beach holidays. “Asia-Pacific is a relatively new market for us, but we are keen to engage,” said Zephania Abduel, of Tanzania Roadside Expeditions.

Amnesty warns of growing repression ahead of general elections

Amnesty International has accused Tanzanian authorities of intensifying repression against opposition leaders, journalists, and civil society ahead of the October 29 general elections. The organisation’s report cites “arbitrary arrests, extrajudicial killings, and enforced disappearances”, with 83 individuals reportedly missing as of August 2024, according to the Tanganyika Law Society.  Regional director Tigere Chagutah said President Samia Suluhu Hassan’s government had “dashed hopes for reform” and instead deepened authoritarian practices. Political dissidents told Human Rights Watch they faced constant harassment, while Amnesty called on the government to end its “unacceptable campaign of repression against dissent.”

Tanzania achieves new digital milestone with 56.3 million internet users

Tanzania has recorded 56.3 million active internet subscriptions as of September 2025, according to the Tanzania Communications Regulatory Authority (TCRA). This marks rapid growth from 52.9 million three months earlier, pushing internet penetration to 87% of the population.  The surge is attributed to expanded 4G and 5G mobile broadband coverage, affordable data packages, and smartphone adoption. Mobile internet accounts for over 99% of usage, underscoring its role in Tanzania’s digital transformation. The TCRA report links this progress to the government’s Digital Transformation Strategy (2020–2030), which promotes e-government, online learning, and financial inclusion. Tanzania now ranks among East Africa’s leading digital economies.

Catholic church calls for justice amid disappearances and election anxiety

During Holy Mass on Nyerere Day on October 14, Archbishop Jude Thaddaeus Ruwa’ichi urged the government to address the ongoing abductions and disappearances plaguing the country. Speaking ahead of the general elections, the Archbishop emphasised that “every life is sacred” and called on authorities to uphold citizens’ rights and ensure accountability. He also appealed to Tanzanians to vote conscientiously and resist coercion or bribery, reminding them that “the government’s authority is derived from the people and accountable to them.” The Justice and Peace Commission of the Tanzania Episcopal Conference will monitor the upcoming elections.

Tanzania’s largest bank eyes regional expansion 

Tanzania’s largest bank, CRDB, is expanding its regional footprint after establishing subsidiaries in Burundi and the Democratic Republic of Congo. Chair Neema Munisi Mori told Semafor that the bank is now eyeing markets in Malawi, Rwanda, Uganda, and Zambia, as well as partnerships in the Middle East and China.  With assets valued at $6.5 billion at the end of 2024, CRDB has opened a representative office in Dubai and created a China desk to attract cross-border investment. The bank aims to position itself as a regional financial powerhouse by leveraging partnerships similar to its collaboration with Norway’s sovereign fund in DR Congo.

The ECOWAS Bank for Investment and Development's head of Research and Strategic Planning, MacDonald Goanue told Global South World

An immediate problem for the bank has been that it has had to delay the sale of Eurobonds: “Because of the geopolitical situation and rising tariffs in the United States, the cost of funding has gone up,” Goanue said in an exclusive interview at the Crans Montana Forum. “Given the fact that we are a non-investment-grade bank, we are waiting to see how the market cools down before we can go.”

For Goanue, this is not a problem confined to EBID. It reflects a deeper flaw in the international financial architecture. Credit rating agencies, he argues, apply methodologies that “tend to punish” African countries because of structural factors - security risks, low per-capita incomes, shallow domestic markets - that are hard to change overnight. When West African regional entities try to raise capital, they end up paying nine or ten percent interest - sometimes even 12 percent - far higher than institutions elsewhere.

While a major part of the answer lies in debt forgiveness, countries can also improve their situations but developing deeper domestic capital markets, he argued. However he cautioned against following artificial deadlines for the introduction of a single currency - the Eco is still official slated for 2027.

"I think the leadership of ECOWAS is playing cautious, because they want to be sure that they don't want to go into an arrangement tomorrow that will collapse," he said, adding that intraregional trade only accounted for perhaps 8 percent within the block against 77 percent in the euro area prior to the introduction of the Euro.

Powering growth

Against this backdrop, EBID’s core mission is to finance infrastructure—especially energy. Access to electricity in West Africa is among the lowest in the world, a bottleneck that constrains industrialisation, raises costs for basic services, and feeds inflation. Nigeria, the region’s largest economy, still faces enormous deficits in power supply, while only a few countries like Cape Verde and Côte d’Ivoire have relatively high coverage.

Goanue, himself Liberian, paints a vivid picture: without reliable electricity, shops close at sunset, hospital services cost more to run, and even banks struggle with overheads. “With electricity access, there will be a 24-hour economy,” he said. “Small businesses can stay open later, people feel safer, and factories can be powered. It will create the entrepreneurial spirit.”

EBID has already financed power plants in Benin, Togo, and Côte d’Ivoire and is seeking to increase its footprint in Nigeria. One flagship example is the Maria Glater plant in Benin, which the bank has supported. Yet the scale of the challenge is immense, and Goanue is cautious about promising big breakthroughs in the next 12 months. “It takes time,” he said, noting that the bank also funds connecting roads and other infrastructure that underpin regional trade.

Climate considerations

How does EBID square this urgent need for energy with global pressure to shift away from fossil fuels? Goanue admits it is not easy. “It’s not possible to end investment in fossil fuels immediately,” he said. Nigeria’s budget, for example, still relies heavily on oil revenues, and new discoveries are seen as good news by African governments. EBID does have environmental, social, and governance (ESG) policies, and most of its member states subscribe to the Paris Climate Accord, but Goanue emphasises that transition will take time. “There is a way you can make these things clean,” he said. “We want to invest into clean energy, but we have to balance it.”

Managing a split

Guanoe is evidently proud of his institutions pragamtic approach to the biggest challenge ECOWAS has faced in recent times - the departure or Burkina Faso, Mali, and Niger - reducing the bloc's membership to twelve. With major major exposure in these states - about 23 percent of its portfolio or more than $200 million - the bank has resisted pressure to pull out completely.

Instead, the bank has persuaded ECOWAS leaders to let it continue disbursing funds for ongoing projects and to keep staff from these countries in place. Goanue likens the approach to how British citizens were treated in EU institutions after Brexit. “We are careful and circumspect to ensure that our facilities are repaid,” he said. Burkina Faso has stayed current on its restructured repayments, Mali has restarted payments, and Niger is making token transfers despite fiscal stress.

This pragmatic stance is driven by economic as much as political logic. If EBID simply withdrew, non-performing loans would spike, undermining its own creditworthiness and pushing up borrowing costs further. In addition, nobody benefits if projects already paid for are not completed.

A brighter future

Despite the obstacles, Goanue remains optimistic. West Africa’s population exceeds 480 million—roughly the size of the European Union —but its GDP is only around $700 billion, and per-capita incomes and banking penetration are low. Building deeper domestic markets, harmonising regulations, and moving toward a single currency are all on the agenda.

What gives him hope is demographics. The region’s average age is under 20, offering a potential “youth dividend” if the right investments in capacity and infrastructure are made.

Convicted Epi MP Seoule Simeon reported to Vanuatu Correctional Services on September 10 to begin serving his two-year, six-month sentence for car theft. Officials confirmed Simeon will undergo the same intake and classification process as other detainees, including health checks, risk assessments, and orientation. Simeon has appealed his conviction but must follow all correctional protocols while his case is under review. His imprisonment is one of the rare instances of a sitting MP being formally processed under Vanuatu’s penal system.

Australia’s Albanese makes first visit to Vanuatu before joining Pacific Islands Forum

Australian Prime Minister Anthony Albanese arrived in Port Vila on September 9 for his first visit to Vanuatu as prime minister. He met Prime Minister Jotham Napat and made a courtesy call on President Nikenike Vurobaravu before travelling to Solomon Islands for the Pacific Islands Forum (PIF) Leaders’ Meeting. Vanuatu’s participation at the 54th PIF Summit will focus on regional priorities, including climate action and economic development. 

Vanuatu seizes 450kg of cocaine in yacht, arrests Chinese and Turkish crew

Vanuatu authorities seized over 450 kilograms of cocaine from the yacht Mi Amore in a joint operation involving police, customs, immigration, and the Australian Federal Police. The August 28 raid led to the arrest of three crew members — one Chinese national and two Turkish nationals — who remain in custody as investigations continue. Minister of Internal Affairs Andrew Solomon Napuat said the bust highlights the importance of maritime security under the VPF’s 100-Day Plan. The yacht was first reported near Gaua on August 7 before being escorted for inspection, where hidden compartments containing cocaine were found.

210 more teachers join nationwide strike 

The Vanuatu Teachers Union confirmed that 210 additional teachers have joined its strike, which is expected to intensify when Term 3 begins. VTU Secretary General Jonathan Yona said solidarity has grown since the Court of Appeal upheld a Supreme Court ruling declaring the strike legal and reinstating over 600 suspended teachers. The union is demanding a Collective Bargaining Agreement worth about VT8 billion (~ $48.8 million) in compensation and unpaid entitlements. Yona said teachers will not return to classrooms until negotiations take place. The VTU is also preparing damage claims on behalf of members, calling the legal win a victory for workers’ rights and urging others to unionise to protect their interests.

CBA exit threatens millions in Vanuatu citizenship revenue

The Vanuatu government and citizenship agents face a potential major revenue loss after the Commonwealth Bank of Australia (CBA) announced it will stop processing transfers for “Designated Agents” under the country’s Development Support Program (DSP) and Capital Investment Immigration Plan (CIIP) from September 30. The CBA acts as the AUD and NZD correspondent bank for the National Bank of Vanuatu (NBV) and ASB Bank in Auckland. Authorities said new arrangements are being put in place to maintain inflows of citizenship program funds and will be monitored to minimise disruption to government and agent revenues.

Egypt’s anti-drug body has initiated a nationwide campaign titled “Drugs won’t just ruin you alone” to raise awareness among drivers about the dangers of drug abuse, particularly in public transport hubs. This effort, reported by the Fund for Drug Control and Treatment of Addiction in collaboration with the Egyptian Red Crescent, coincides with heightened roadside drug testing for drivers. Aimed at correcting misconceptions about drug use, the campaign provides information about addiction treatment services via a hotline, with 620 calls for help noted.

Archaeological discovery of 5,500-year-old 'polish pyramids'

An archaeological breakthrough has unveiled a set of triangular burial mounds, referred to as the 'Polish pyramids', near Wyskoć in central Poland, some 3,000 miles from Egypt. These structures, believed to be 5,500 years old, were uncovered by researchers from Adam Mickiewicz University during a routine survey. According to Artur Golis, these mounds, associated with the Funnelbeaker culture, feature significant architectural elements and may hold artifacts tied to ancient burial practices.

Turkey's Bony Socks invests $100 million in Egyptian manufacturing facility

Turkish apparel manufacturer Bony Socks has committed $100 million to establish a manufacturing facility in 10th of Ramadan City, Egypt, as reported by Türkiye Today. The investment, facilitated by the Egyptian Commercial Office in Istanbul, aims to create 2,500 jobs and transform Egypt into a vital production hub for both African and European markets. This move aligns with Egypt’s strategy to attract foreign investments in high-potential sectors like textiles, contributing to significant bilateral trade growth.

Belgium returns ancient sarcophagus to Egypt after a decade

Belgian authorities have returned a 3,000-year-old wooden sarcophagus , dating back to the Ptolemaic period, to Egypt after nearly ten years in custody. This return was reported following a formal ceremony in Brussels where the sarcophagus and a ceremonial beard were presented to Egypt's ambassador, H.E. Ahmed Abu Zeid. The sarcophagus, adorned with hieroglyphic inscriptions and skilled craftsmanship, represents a significant effort by Egypt to reclaim its cultural heritage from abroad.

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South African firm Grindrod will invest $80 million over two years to expand the Matola Coal Terminal at Maputo Port from 8 million to 12 million tonnes annually. President Daniel Chapo, at the launch of new administrative facilities, emphasised prioritising rail over road to boost efficiency and regional competitiveness. The investment aims to create 800 direct jobs by 2027 and enhance sustainable development through integrated logistics.

Jihadist attacks in Mozambique as Total plans gas project restart

Islamic State-linked militants have renewed attacks in northern Mozambique, including deadly raids on military posts and a wildlife reserve, as TotalEnergies prepares to restart its major gas project. Analysts link the violence to recent announcements, including $4.7 billion in new funding from the US.

Mozambique keeps key interest rate steady at 18% in June

Mozambique’s benchmark interest rate for credit will remain at 18% in June, according to the Mozambican Banking Association (AMB). The rate has fallen steadily from 24.1% in January 2024, with a 0.5 percentage point cut in May and earlier in March. The AMB kept it steady at 19% in February and April. This decline follows reductions in the central bank’s monetary policy interest rate (MIMO rate), which dropped from 12.25% in January to 11.75% in March, reflecting continued low inflation expectations despite fiscal risks. Meanwhile, credit to the economy rose slightly in March to nearly 285 billion meticais (€3.99 billion), after a notable drop in February.

Government settles all unpaid debt service from 2024

Mozambique fully cleared its 2024 external debt arrears in Q1 2025 , paying $210.34 million (€185.6 million) in principal and interest, according to a Ministry of Finance report. Over half of the €47.3 million in unpaid debt was owed to Portugal. Payment delays had been blamed on post-election unrest and budget shortfalls. The report warns of added fiscal pressure in 2025 due to residual obligations and debt management system limitations.

Chapo wants fewer trucks, more trains to the port of Maputo

Mozambique’s President Daniel Chapo has called the growing use of road transport for coal and magnetite to the Matola Coal Terminal “unacceptable,” urging a return to boost efficiency and competitiveness. Speaking at the inauguration of Grindrod’s new office and the launch of an $80 million expansion, Chapo stressed that Matola’s infrastructure was built for rail. He also highlighted the $160 million container terminal project and the broader port expansion under the 25-year extension of the Maputo Port Development Company (MPDC) concession, which includes $600 million in planned investments. MPDC aims to modernise facilities, reduce logistics costs, and create new jobs, reinforcing Mozambique’s role as a logistics hub in southern Africa.

This has led to a growing number of worn-out and torn notes being dispensed at ATMs and handed out at banks, sparking complaints across Dhaka and other cities.

Customers say the poor condition of money is making daily transactions harder.

Many shops and transport workers are refusing to accept torn bills, while money exchange vendors in Dhaka’s Gulistan market are charging extra for crisp new notes and offering less in return for damaged ones.

The shortage has partly been blamed on Bangladesh Bank’s decision earlier this year to stop distributing newly printed notes that feature the image of the country’s founding leader Sheikh Mujibur Rahman.

The move came just before Eid-ul-Fitr, a period when the demand for fresh notes typically spikes, local reports say.

According to dealers in Gulistan, even people from districts outside Dhaka are now travelling in to try to swap worn notes for cleaner ones.

But the dealers say supply is running low, and priority is being given to small business owners handling larger sums of money.

The central bank says it will release newly designed notes ahead of Eid-ul-Adha, but the process of replacing old currency will take several years.

Printing new designs, which began in May, takes time due to limited production capacity at the state-owned mint.

Banking authorities say around Tk374,000 crore is currently in circulation, with the majority held by the public but many of those notes are now in poor condition.

A Cairo criminal court has sentenced detained journalist Yasser Abu Al-Ela to life in absentia on terrorism-related charges without legal representation, amid ongoing concerns about media freedom in Egypt. According to The New Arab , the Egyptian Journalists' Syndicate condemned the ruling, stating it strips him of his legal rights. Abu Al-Ela, detained since March 10, reportedly faced physical violations while in custody. A systematic crackdown on journalists in Egypt has escalated, with many facing similar charges, including satirical cartoonist Ashraf Omar and former MBC journalist Khaled Mamdouh. Rights groups accuse authorities of using trumped-up charges to keep journalists incarcerated without trials, reflecting severe restrictions on media freedom since President Abdel-Fattah al-Sisi took power in 2013.

Banking sector challenges

Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), highlighted the challenges facing the banking sector amid regional pressures during the 18th "People and Banks" Conference. He emphasised the CBE's support for banks in expanding to new markets and attracting investments in both local and foreign currencies, Egypt Today reported. Abdalla noted the banking sector's crucial role in financing green projects and contributing to sustainable development, aligning with global initiatives from organisations like the World Bank and IMF. The CBE is committed to enhancing banks' financial positions and emphasises cybersecurity amid increasing threats to financial institutions, advocating for collaboration between public and private sectors to support Egypt's sustainable development goals.

Exports

Egypt's food industry exports reached $4.6 billion from January to September 2024, marking an 18% growth compared to $3.9 billion during the same period in 2023. Arab countries were the largest importers, accounting for $2.4 billion (52% of total exports), followed by the European Union with $953 million (21% of exports), a 42% increase. The top export products included soft drink concentrates ($421 million), flour and starch ($389 million), and frozen strawberries ($337 million), Egypt Today reports. Notably, frozen potato exports surged by 860% to $168 million.

Wheat reserves

Egypt's wheat reserves are currently sufficient for 4.6 months while cooking oil and sugar reserves last for seven and 14 months, respectively, according to Hossam Elgrahy, Deputy Chairman of the General Authority for Supply Commodities. Zaywa reports that the first vessels carrying 430,000 tons of Russian wheat are set to load on November 18th, with delays attributed to logistical issues in Russia, not disputes with Egypt. Additionally, Egypt is avoiding wheat imports from the US due to high freight costs, opting instead for cheaper rates from Black Sea ports.

Declining birth and death rates

The Egyptian Ministry of Health reported a decline in birth and death rates from 2014 to 2023. According to Egypt Today , the birth rate dropped from 2.7 to 2.004, while the death rate increased slightly from 0.532 to 0.581. The total fertility rate is now at 2.54 children per woman. Estimates indicate a population increase of 250,000 every 72 days, translating to approximately 3.472 people per day.

Central Bank Governor James Alic Garang described the upgrade as a significant step forward in the nation’s financial infrastructure. "The Bank of South Sudan is pleased to announce the launch of an electronic interbank trading platform, Refinity, for commercial and retail banks in South Sudan," the statement read. 

Garang highlighted that this development is part of a broader vision to streamline banking processes, enhance efficiency, reduce risks, and increase transparency across the financial sector.

Maria Peter Mawien, a professional banker, praised the Central Bank's efforts, noting that while some critics focus solely on exchange rates, they overlook the broader functions and advancements within the bank. "We are not a young nation anymore; we are starting from where others are at the moment," Mawien said.

Mawien further explained the long-term benefits of the new system, stating that as more banks adopt this tool, individuals and businesses will experience significant advantages. "For example, individuals can instantly receive their paychecks and use them the same day, while small businesses can manage cash flows more efficiently without processing delays," added Mawien. 

Customers of banks and credit unions that sign up for the service will be able to use their financial institution’s mobile app, website, and other platforms to send instant payments quickly and securely.

The average salary at the four major banks, 60.5 million won, exceeded Samsung Electronics' 54 million won ($41,000), SK Hynix's 52 million won ($39,000), and Hyundai Motor's 42 million won ($32,000)during the same period.

As reported by the Korea Herald , despite a 1 million won ($753) decrease in the average first-half salary at the four banks, major companies also saw slight declines or minimal increases. Last year, Samsung Electronics paid 51 million won ($38,000), SK Hynix 73 million won ($55,000), and Hyundai Motor 45 million won ($34,000).

Employees at financial holding companies earned more, averaging 89.25 million won in six months. Woori Financial Group led with 97 million won ($73,000), followed by Hana at 94 million won ($71,000), Shinhan at 86 million won ($65,000), and KB at 80 million won ($60,000.

Meanwhile, the gender wage gap was evident, with holding companies paying female employees about 32% less (around 31 million won) than males. Woori Financial Group had the largest disparity, with males earning nearly 70% more than females.

Qatar Islamic Bank's net profit for H1 2024 increased by 5.6% to 2.065 billion riyals ($550 million). Total income rose by 12.4% to 5.66 billion riyals ($1.5 billion). Total assets and customer deposits also saw year-on-year increases, as reported by Zawya . The board of directors has proposed an interim cash dividend of QAR 0.25 per share.

Qatari students win bronze medal

Qatari students won a bronze medal in the 35th International Biology Olympiad in Kazakhstan. The team consisted of four students from different schools and was supported by elite trainers. The competition saw participation from 80 countries and aimed to showcase outstanding students in biology. The event is a rigorous competition that tests students' abilities to solve biological problems, reports The Peninsula .

Qatar's cement market expected to accelerate

Qatar's cement market is expected to reach USD 1,550.9 million by 2032 due to high demand from the construction and marine sectors. The country is experiencing significant growth in infrastructure development, with government investment driving demand for cement. The market is estimated to grow at a CAGR of 5.2% and Doha and Al Khor are expected to hold around 45% of the market share by 2032. According to WhaTech , major players in the market include Southern Province Cement Company, Qatar National Cement Company, and Yamama Cement Company. The construction industry and infrastructure projects, including preparations for the FIFA World Cup 2022, are driving the demand for cement in Qatar.

Hybrid cloud environment

Ooredoo, Qatar Airways, and Cisco have partnered to implement a hybrid cloud environment, aiming to modernise Qatar Airways' IT infrastructure. The collaboration will enhance operational efficiency and customer experience, setting a new benchmark for excellence in the aviation sector. Cisco's advanced solutions will be implemented, driving innovation and digital transformation for Qatar Airways. This initiative will transform the operational dynamics of the airline and enhance Qatar's reputation as a hub of technological excellence, reports I Love Qatar .

Indian travellers to make UPI payments

NPCI International Payments Limited (NIPL) has partnered with QNB, the largest financial institution in the Middle East and Africa, based in Qatar, to introduce QR code-based Unified Payments Interface (UPI) payments across the country. This significant milestone will enable UPI payment acceptance through the QNB merchant network, providing substantial benefits to Indian travellers visiting and transiting through Qatar, as reported by Connected to India .

The Bank of Tanzania has implemented a significant regulatory measure by declaring the prohibition of unlicensed digital lending entities within the nation. The public is advised to confirm the legitimacy of lenders' licenses before any transactions, in adherence to the recent mandate. This initiative by the central bank addresses the rising issues related to unethical loan services, such as the public shaming of individuals who fail to repay debts and the imposition of steep interest rates. It is anticipated that this ruling will affect more than 100 digital lending applications that are not officially registered, which serve nearly a third of the adult population who do not have access to conventional banking services, as reported by Africa24 .

First SGR railway operations

Tanzania's railway administration has launched the inaugural commercial service of the electric standard gauge railway (SGR), connecting Dar es Salaam with the Morogoro region, spanning a distance of 300 kilometres. On Friday, the Deputy Minister for Transport, David Kihenzile, announced that the first electric SGR journey transported 1,400 passengers at no cost from Dar es Salaam to Morogoro. He noted that the train departed from Dar es Salaam at 6:10 a.m. local time and reached its destination in Morogoro at 7:55 a.m. local time. "The maiden electric SGR commercial operations between the two destinations was historic," said Kihenzile. He further mentioned that President Samia Suluhu Hassan graciously covered the travel expenses for the round trip between Dar es Salaam and Morogoro, as a gesture of her support for the commencement of the commercial services according to CGTN .

Stricter traffic laws

Tanzania's Finance Minister Mwigulu Nchemba is advocating to overhaul existing traffic regulations with more stringent measures should they prove insufficient in curbing road fatalities. Addressing the parliament on Thursday, June 13, 2024, while presenting the Sh49.3 trillion (USD18.8 million) budget for the fiscal year 2024/25, Dr Nchemba suggested that if the prevailing laws are perceived as overly permissive, it may be necessary to elevate the categorisation of all traffic-related offences from minor infractions to major criminal acts, with the recommendation that they be considered equivalent to homicide where applicable, according to The Citizen . “Honourable Speaker, violation of road traffic laws, even by government drivers, is viewed as inconvenient and sometimes develops animosity when the traffic police remind us about road safety. It is high time the community adopted a zero-tolerance attitude against road accidents. We cannot tolerate any more losing our workforce easily. Traffic officers should show no leniency towards anyone violating the road traffic laws,” said Dr Nchemba.

Climate change mitigation

On June 14, 2024, the Tanzanian government emphasised the importance of safeguarding water bodies, woodlands, and biodiversity as a key strategy in bolstering the nation's initiatives against climate change. According to The Citizen , the Deputy Minister of State in the Vice President's Office, Khamis Hamza Khamis, highlighted this priority while addressing the Climate Change Forum hosted by Mwananchi Communications Limited (MCL), under the banner "Journey to a Greener and Sustainable Future." In his keynote address, Mr. Khamis referenced the renowned Kenyan environmentalist Wangari Maathai, underscoring her focus on the vital elements of the environment: water, forests, and living organisms. “We should conserve water sources and therefore the environment by prohibiting human activities close to water sources. Every stakeholder should actively take part in the tree planting and councils should meet the target of planting 1.5 million annually and ensure planted trees progress well to maturity,” he said.

Tanzania's budget leans on loans 

The Tanzanian government plans to fund 30% of its budget for the fiscal year 2024/25 through loans and grants, as revealed in the budget proposal presented to parliament on Thursday, June 13, 2024. Finance Minister Mwigulu Nchemba outlined that the country's projected expenditure for the upcoming fiscal year is Sh49.35 trillion. Of this, Sh33.25 trillion (USD12.7 million)is expected to be raised through domestic revenues by the central government, which constitutes 67% of the total budget, as reported by The Citizen .

The Deputy Governor of the National Bank of Rwanda (NRB), Soraya Hakuziyaremenye highlighted the significance of the East African nation being ready to accept digital currencies from other nations.

"With Rwanda positioning as an ICT hub, with the ambition to become a cashless economy, and an international financial hub, we needed to understand whether there would be benefits for Rwanda as well to embark on that technological journey. Rwanda is studying the feasibility of adopting a Central Bank Digital currency, which is a digital form of central bank-issued money," she said in an interview with local media The New Times.

The NBR first joined the digital currency movement in 2021 after an official confirmed the institution was studying the possibilities of issuing its digital currency.

The study revealed a significant gap in global standards and reliable benchmarks for central bank digital currencies (CBDCs), highlighting the need for further research and development in this area to establish clear guidelines and best practices, John Karamuka, an official of the NBR noted .

However, Soraya was optimistic despite the perceived challenges, "The findings show that there are multiple opportunities for a national digital currency in Rwanda. We identified four that we wanted to test. The first one is that a CBDC would be more resilient to the current payment systems and would actually sort of be a better payment tool in case of disasters. The CBDC would also boost innovation and competition among payment system providers, as well as an accelerator to the cashless agenda that our country has embarked on. Equally beneficial is a CBDC that would improve cross-border payments," she said.

Almost 11 countries have launched central bank digital currencies (CBDCs), with the Bahamas being the first to introduce the Sand Dollar in October 2020. In Africa, several countries are either piloting or have launched their CBDCs, including Nigeria, Ghana, and South Africa. These countries are leveraging digital currencies to promote financial inclusion, increase efficiency in payments, and provide safer access to money for the unbanked and underbanked populations.

BP Trinidad and Tobago and Trinidad and Tobago’s National Gas Company (NGC) have received a two-year license from the US government to explore and develop a gas field in the Caribbean, spanning the maritime boundary between Venezuela and Trinidad and Tobago. The Energy Chamber of Trinidad and Tobago sees this as a major opportunity for the two countries and others that rely on imported gas. The license covers a project with around 1 trillion cubic feet of gas reserves and is set to expire in 2026. According to Offshore Energy , there is optimism for cross-border gas opportunities with Venezuela, and bids for offshore blocks in Trinidad and Tobago have been received and are being evaluated. Additionally, new oil wells have been brought online and energy companies have secured projects in the region.

Canadian vlogger accused of sedition

Canadian vlogger Chris Must List was arrested in Trinidad for sedition after posting videos interviewing gang members opposing the government. He is known for travelling to dangerous places and had previously faced legal issues in Cuba and Somalia. BBC reports that the judge set his bail at $100,000 and he could face a summary trial with penalties of a $3,000 fine or two years in prison, or a High Court trial with penalties of a $25,000 fine and five years in prison. Yasin Abu Bakr, who led a 1990 coup attempt, was also charged with sedition in Trinidad.

Banking profits

The Trinidad and Tobago Mortgage Bank Ltd (TTMB) and its subsidiary Home Mortgage Bank (HMB) and HMB reported a 44.5% increase in profits in the first quarter of 2024. The company's assets grew by 58% to $8.5 billion, and profits increased to $47.5 million. The company's new subsidiary offered mutual funds backed by real estate, which resulted in competitive returns and high levels of security, reports Trinidad and Tobago News Day . The TTMB's primary mandate is to provide affordable financing to citizens of the country, which is expected to drive revenue and profitability. The TTMB is a merger between TTMF and HMB, completed in February 2024 and is owned by the National Insurance Board and the Government.

Infrastructure development

The Division of Infrastructure, Quarries and Urban Development (DIQUD) is undertaking an upgrade of the Charlotteville jetty's landing. The jetty, currently 20 feet long and five feet wide, will be extended to 37 feet in length and seven feet in width. The project, being executed by the DIQUD Speyside district staff, commenced on May 4 and is expected to be completed within 30 days, weather permitting. This enhancement aims to address the needs of the cruise ship tourism industry, providing a more efficient and secure berthing experience for cruise liners entering the bay, as reported by Trinidad and Tobago News Day . During the recent cruise season, vessels servicing the existing jetty faced some challenges, which this upgrade seeks to mitigate.

$50 million allocation to House of Assembly

Finance Minister Colm Imbert announced that a $50 million supplementary allocation to the Tobago House of Assembly (THA) in the 2023/2024 budget is intended to support the THA in covering costs related to the oil spill that occurred off Tobago's coast on February 7. He made this statement before the Standing Finance Committee of the House of Representatives approved the sum on June 3. According to Imbert, the THA had requested $153 million from the government to aid in their efforts to address the oil spill, but the Ministry of Finance determined that $50 million was a more suitable amount, as reported by Trinidad and Tobago News Day .

According to Ruto, the investment is a vote of confidence in the institutions that have been at the forefront of driving economic growth and addressing developmental issues across Africa. His commitment to these institutions is further grounded in a belief that for others to invest in Africa, African nations must lead by example.

“Nations in this continent, we must begin to understand that if others are to believe in our institutions, we must believe in them first, as the owners...We must believe in ourselves for others to believe in us, and we must invest in these institutions for others to invest in them,” he said on Wednesday, May 29 in Nairobi .

Ruto mentioned that additional capital would be allocated to the Bujumbura-based Trade and Development Bank (TDB).

The decision to invest in these financial institutions, according to Ruto was influenced by the banks' strong financial performance and the anticipated dividends. He encouraged both public and private sectors to consider similar investments.

“I was motivated by the profits I saw and the dividends that will be paid, and I think it’s a very worthwhile investment and I want to encourage public and private entities to equally invest,” Dr Ruto said.

The Afrexim Bank and the AfDB have been instrumental in funding trade-related projects and infrastructure development, respectively.

Afrexim Bank, which provides loans to African businesses and governments for trade-related projects, is owned by African governments, financial institutions both within and outside the continent, and various private investors.

It has seen a significant increase in profits, reporting a 66 percent rise to $756.1 million last year and paying out a dividend of $264 million.

Similarly, AfDB's earnings from loans and investments rose by 123 percent to $1.73 billion, with a net income before distribution reaching a historic high of $545 million.

Thailand's soft-power policy has yielded a 3.69 billion baht windfall, with over 800 foreign filmmakers showing interest in the "Land of Smiles" as a filming destination. The Department of Tourism (DOT) reported a surge in interest during its participation in the 77th Cannes Film Festival in France from May 14 to 25. According to The Star , the DOT estimates that inquiries at the festival will lead to over 3.69 billion baht in investments. The DOT received inquiries from over 800 filmmakers, attracted by the government’s 20% cash rebate for foreign film crews working in Thailand, and sought information on Thai films, series, and film crews. Additionally, 30 producers and filmmakers are ready to invest in projects in Thailand, the DOT noted.

Azerbaijan Independence Day wishes

The King of Thailand congratulates President Ilham Aliyev on Azerbaijan Independence Day and expresses hope for continued cooperation between the two countries in various areas, Azernews reports. In the letter, King of Thailand Maha Vajiralongkorn wrote, "His Excellency Mr Ilham Aliyev, President of the Republic of Azerbaijan, on the occasion of the Independence Day of the Republic of Azerbaijan, allow me to extend my cordial congratulations and best wishes for the good health and happiness of Your Excellency, as well as for the peace, progress, and prosperity of the Republic of Azerbaijan and its people. Thailand and the Republic of Azerbaijan have enjoyed a fast-growing relationship in multiple areas of common endeavour."

NEC Corporation and NEC Thailand collaboration

NEC Corporation (Thailand) Limited (NEC Thailand) has announced a strategic partnership with AIRA Factoring Public Company Limited (AIRA Factoring) to enhance digital supply chain finance solutions through innovative technology and collaboration. This partnership highlights NEC Thailand’s dedication to utilizing its digital expertise to offer comprehensive support and opportunities for clients and markets throughout Thailand. According to Thailand Business News , NEC Thailand and AIRA Factoring will collaborate as non-exclusive partners to deliver a range of key services.

Strong banking system

The Thai banking system is strong, with high levels of capital and liquidity. Profitability improved in Q1 2024, but monitoring is needed for small SMEs and vulnerable households to prevent NPLs. The banking system’s loan growth turned slightly positive at 0.7% YoY, attributed to the expansion of large corporate loans in the manufacturing sector. Thailand Business News reports that the NPL ratio increased to 2.74% primarily from corporate loans and mortgage loans. Profitability improved from the previous quarter, but there is a need to monitor the debt serviceability of small SMEs and certain vulnerable households with slow income recovery.

Higher labour quota from Israel

Thailand's Labour Minister plans to ask Israel to raise its quota for Thai workers during an official visit. The focus will be on increasing job opportunities, ensuring proper wages, and addressing the living and working conditions of Thai workers in Israel. Bangkok Post reports negotiations will also include the safe employment of Thai nationals and the release of those held in Gaza. The Department of Employment has lifted its suspension of sending workers to Israel, with assurances of safety measures in place from the Israeli embassy.

Some hospitals in the country have reported the inability to diagnose patients due to internet disruptions. According to the IT manager of Aga Khan Hospital in Dar es Salaam, May Kibaja, the hospital is only getting by with its uninterrupted internal systems.

"The only challenge we face is communication via email and so on. We also face the challenge of catering to NHIF patients since we need to communicate with the insurance provider before services can be rendered," she said when speaking to The Citizen .

Other service providers in the country like banks are facing similar issues as hospitals, as external transactions are met with difficulties. Reports from The Citizen indicate that numerous service providers, including Money Gram, Western Union, and RIA, are struggling to maintain operations.

Other institutions hard-hit by the unstable internet connection in Tanzania are the media houses. There are delays in uploading news stories and producing video content.

Additionally, the American Embassy in Tanzania was reported to have closed temporarily on Tuesday, May 14 due to the poor internet connection.

“Due to degraded network service nationwide, the embassy will remain closed to the public,” the embassy said in an X post. “The consular section will be open as scheduled for visa pick-up and for emergency American citizen cases.”

Meanwhile, a report by News Central suggests that one of the country's major internet providers, Vodacom has announced that it has fully restored its internet connection.

The May internet disruption in East Africa is not the first for 2024. On February 24, three submarine cables passing through the Red Sea suffered damage: the Seacom/Tata cable, the Asia Africa Europe-1 (AAE-1), and the Europe India Gateway (EIG). It is suspected that the cables were cut by the anchor of the Rubymar, a cargo ship that had been struck by a ballistic missile on February 18.

South African multinational bank Absa has emerged as a serious contender for the acquisition of these subsidiaries.

This move follows recent agreements by Société Générale to divest its Moroccan operations to private investment company Saham Group indicating a broader realignment within the bank's African portfolio.

"This divestment project is part of the execution of Societe Generale's strategic roadmap presented in September 2023, targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base," the bank said in a statement published on April 12.

The French bank had exited several African countries such as Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad in 2023.

European banks like Barclays, Standard Chartered, BNP Paribas, and Societe Generale are reducing their presence in Africa, pointing to macroeconomic uncertainties and financial market tensions as key reasons for their retreat. 

“Loan quality has been affected by public sector arrears, where delayed government payments to contractors have forced them to run overdue on existing loans to local banks. As a result, the sector regulatory NPL ratio increased by 170 basis points in the first nine months of 2023 to reach 15 percent at the end of the third quarter of 2023,” said Fitch in its analysis.

This assessment closely follows a similar warning issued by Moody's just two weeks ago, which also revised its outlook on Kenya's lenders to negative from stable. Moody's expressed concerns about the substantial levels of non-performing loans despite the solid profitability and liquidity levels of the banks.

Moody’s noted in its analysis that, “Despite solid economic growth, an array of challenges will weigh on borrowers’ creditworthiness and create difficult operating conditions for banks through 2024.”

The volume of non-performing loans (NPLs) in Kenya's banking sector witnessed a significant increase, rising by Ksh133.6 billion ($912 million) to Ksh621.3 billion ($4.24 billion). This surge pushed NPLs to account for 14.8 percent of the sector's loan book, compared to 13.3 percent in 2022.

Fitch Ratings anticipates that retail loans will be notably affected by a decline in real disposable incomes resulting from recent government tax hikes. The Kenyan shilling also faced challenges, depreciating by 21 percent in 2023, making it the worst-performing currency in the East African region.

A strike planned by agents of the National Interurban Transport Company (SNTRI) for February 28 and 29 has been postponed to April 29 and 30. According to the Transport Ministry in a release, the decision comes after a conciliation meeting held with senior officials of the ministry, the general secretary of the Federation of Transport, and general secretaries of the company’s basic unions. The meeting was held at the headquarters of the general directorate of litigation under the ministry, according to local news outlet Le Temps .

Bilateral Partnerships

Tunisia’s Foreign Affairs Minister has reiterated the country’s willingness to strengthen a partnership with the Principality of Monaco for cooperation in areas of common interest including Climate Change. During a meeting between the Minister of State and President of the Governing Council of the Principality of Monaco, Pierre Dartout, and the Foreign Minister, Nabil Ammar, both representatives outlined their countries’ commitment to continuing the exchanges and cooperation. The Monaco Minister also welcomed the holding of the 4 th session of the bilateral commission which highlights the interest shown by the principality in its relationship of friendship and partnership with Tunisia, La Presse reports.

Opposition leader quits hunger strike

Tunisian opposition leader Rached Ghannouchi of the Ennahda party has stopped his hunger strike which he started on February 19 over health complications. Tunisian authorities detained a number of high-profile critics of President Kais Saied including Rached Ghannouchi. Rached was visited on February 21 by a delegation from the Tunisian League for the Defense of Human Rights and the National Authority for the Prevention of Torture, both of whom suggested he stop his hunger strike. He reacted to this and quit the strike to avoid serious complications in his state of health, Tunisie Numerique reports.

Debt crisis

Tunisia’s new central bank chief may be facing an exceptionally challenging situation with efforts to avert its debt crisis as talks with the International Monetary Fund (IMF) remain in limbo. Felix Zouhair Nouri who was appointed as the new bank governor by President Kais Saied is expected to navigate the delicate balance of financing the government deficit, service debt obligations, and curb inflationary pressures. He must also seek to maintain the independence of the central bank after Tunisia’s parliament approved a law authorizing the banking regulator to fund part of the government’s financial needs for the year ahead. The decision of the new bank governor will follow previous inconclusive discussions with the president and his predecessor, Marouane Abbasi over the IMF bailout programme, the National News reports.

Olympics Football

The Tunisian national women’s team faced Morocco for a place in the 2024 Olympics. The team played on February 23 at the Soliman Stadium in Tunisia. This was the first leg of the penultimate elimination round of the 2024 Olympic Games against Morocco. The game was scheduled for the afternoon, according to Le Temps .

Emphasizing the importance of unity and resolution, Tinubu stated that Africa's success in overcoming challenges relies on solid foundations of solidarity. He highlighted external challenges like climate change and unfair global trade patterns but also acknowledged internal obstacles such as coup-driven autocracies and manipulations of constitutional tenure provisions that Africans impose on themselves.

“As a continent and as individual nations, we face strong headwinds and difficult hurdles threatening to complicate our mission to bring qualitative democratic governance and economic development to our people. Many of these obstacles, such as climate change and unfair patterns of global trade, are largely not of our making. However, some of the pitfalls, including coup-birthed autocracies and the deleterious tinkering with constitutional tenure provisions, are developmental cancers we as Africans are giving to ourselves,” said Tinubu.

Addressing recent military takeovers in Guinea, Burkina Faso, Mali, and Niger, as well as the departure of three nations from the Economic Community of West African States (ECOWAS), President Tinubu urged that disagreements over unconstitutional changes of government should not lead to permanent ruptures in regional ties.

He emphasized that the pursuit of a peaceful, strong, and united West Africa transcends individual interests.

The 37th Ordinary Session of the Assembly of Heads of State and Government focuses on the AU's 2024 theme, "Educate an African fit for the 21st Century," aiming to build resilient education systems for increased access to inclusive, lifelong, quality, and relevant learning across Africa. The event is hosted at the AU headquarters.

According to the Spokesperson of RBM, Mark Lungu, the drop in figures is a result of the implementation of financial initiatives through various digital platforms that have been introduced by the central bank in collaboration with the Ministry of Finance and Economic Affairs.

Agency Banking Directives are also being issued to allow banks to have agents perform banking activities on behalf of major banks and the central bank is implementing targeted financial literacy programmes on banking and services.

“We have also established the Consumer Protection and Financial Literacy Unit to coordinate the implementation of various financial literacy initiatives, including conducting awareness campaigns aimed at sensitising the general public to the importance of having a bank account.

“Recently the bank has embarked on raising awareness on adoption of digital financial services with a focus on the rural population which is marginalised,” he was quoted by local news outlet The Nation .

The Consumers Association of Malawi executive director John Kapito maintains that digital financial services are more accessible and convenient even in remote areas than with major banks which people have to locate.

“The urge to save with banks is there, but looking at the costs of saving and borrowing from banks, people shun borrowing from banks and opt for the traditional methods,” he is quoted by The Nation .

Malawi has committed to increasing access to financial services from forty-six point one percent (46.1%) to 75% of the adult population by 2027 to boost economic growth and wealth creation while reducing poverty.

What they said

Discussions on the performance and policies underpinning the third review of the program under the ECF arrangement in Mozambique “were fruitful and will continue in the coming weeks aiming to reach Staff Level Agreement,” the IMF said, as quoted by The East African . Team Leader, Laura Jaramillo also expressed optimism about Somalia’s prospects saying, “Somalia has maintained strong implementation of wide-ranging reforms to help strengthen key economic and financial policy institutions.”  For Tanzania which has a staff-level agreement arrangement with the IMF on the second review of the extended credit facility, Charalambos Tsangarides, who led the IMF team said, “Upon completion of the Executive Board review, Tanzania will have access to SDR113.37 million ($150 million), bringing the total IMF financial support under the arrangement to SDR342.1 million ($452.7 million)”.