AFRICA

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Cyril Ramaphosa, the incumbent president of South Africa, is poised for re-election despite the African National Congress (ANC) suffering its worst election result since the end of apartheid. The ANC secured only 40% of the vote in the recent election, leading to a power-sharing agreement with rival parties—a historic development after 30 years of ANC rule.

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In a recent development that has sparked widespread debate, Kenya’s President William Ruto defended the use of a private jet for his official state visit to the United States, stating it was a cost-effective alternative to the national carrier, Kenya Airways. The president’s choice has been met with criticism and scrutiny, with many questioning the transparency of the costs involved.

In a significant development for Kenya's financial markets, the Nairobi Securities Exchange (NSE) faces a major setback as a prominent American firm announces its exit. On June 7th, 2024, Company X, a major player in the technology sector, decided to withdraw its listing from the NSE. The company cited strategic realignment and global market dynamics as the primary reasons behind this move. While Company X's shares have been actively traded on the NSE, its exit will undoubtedly impact trading volumes and liquidity.

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A Kenyan mountaineer, Joshua Cheruiyot Kirui, has been found dead near the summit of Mount Everest, marking a tragic end to his ambitious quest to become the first African to climb the world's highest peak without supplemental oxygen. The 40-year-old and his 44-year-old Nepali guide, Nawang Sherpa, disappeared on Wednesday during the ascent. While Mr. Kirui’s body has been located, the search for Mr. Sherpa continues, according to local tourism officials.

Photo Credit: African Union

The African Union (AU) has issued a stern warning about the escalating conflicts and unconstitutional government changes (UCGs) that pose a threat to the democratic foundations and security of African countries. This cautionary message comes at a critical juncture when stability and good governance are essential for the continent's progress.

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Africa’s richest man, Aliko Dangote, has seen his net worth plummet by $2.6 billion. This comes after the US dollar pushes local currency to world's worst performing rates. Dangote has held the position of Africa's richest man over other African billionaires for quite a period now.

After committing cyber-related crimes in Zambia, 22 Chinese nationals have pleaded guilty. They are among 77 suspects who were arrested in April in connection to what authorities described as a "sophisticated internet fraud syndicate".