Germany & Kenya sign workforce deal: A newlabour deal was signed in Berlin by Germany’s Chancellor Olaf Scholz and Kenya’s President William Ruto this weekend, that will see the easing of some of Germany’s immigration laws that will enable Kenyans to find employment in the central European State. According to the deal, Berlin has agreed to allow skilled and semi-skilled Kenyan workers into Germany in a controlled and targeted labour migration deal where IT specialists from Kenya will be allowed to enter and work in Germany, even if they do not have formal qualifications. Additional short supply skilled workers such as bus drivers are currently in a labour testing program that may see authorities in Berlin considering extending temporary residence permits for Kenyan workers who have secured an approved job. The deal also includes a repatriation program aimed at returning Kenyans who are in Germany illegally.
Coffee Bean Bonus: African coffee bean producers are set to gain a massive bonus in bean sale revenues this year as several factors have impacted the sale price and futures of coffee beans. Brazil, the largest coffee producer globally had a large section of its coffee bushes wiped out by severe frost in 2021 and Vietnam, the second largest producer has faced the worst drought in more than a decade. African Coffee producing countries such as Uganda, Ethiopia, Kenya, Zambia and Rwanda are now seeing high demand for their produce. With coffee bean futures rising from around $1 per pound in 2022 to record highs of $2,50 per pound, as currently quoted on the London Stock Exchange. These African countries can expect good returns for their crops this season.
Nigerian Fuel Boost:LAGOS – Nigeria’s, Africa’s largest petroleum refinery, the Dangote refinery in Nigeria, has begun delivering petrol, after multiple delays since 2021. The start of production of automotive fuels on the 3rd September is considered a game changer for the north African country that has suffered extensive fuel shortages and had to resort to mostly importing fuel despite being an oil rich state. Dangote refinery has a massive fuel producing capacity of 650,000-barrels-a-day and was funded and built by Nigerian billionaire Aliko Dangote. Sunday 15th September finally saw the first trucks from the state-run Nigerian National Petroleum Corporation start delivering the fuel on what Finance Minister Wale Edun called an “historic breakthrough day”. The production will reduce the requirement for imported fuels and improve the Nigerian foreign currency balace.
Market News
Markets: The US markets continued to gain momentum Friday. The NASDAQ, was up 0,47% while the S&P 500 was up by 0,54% the Dow Jones was 0,74% up at closing. In Asia this morning, Japan’s Nikkei closed 0,68% lower at 36581. The Hang Seng in Hong Kong closed slightly up at 17369.
Currencies: The US Dollar is currently trading at 1.1122 against the Euro, at 1,3183 against the Pound, and at 138.81 against the Yen. Emerging Market currencies are trading lower against the Dollar this morning, with the rand slightly stronger at R17.64 against the Dollar.
Commodities: Gold continues to trend upwards and is currently trading at $2,581, while Platinum and Palladium continue their upwards trend with Platinum currently trading at $996 and Palladium currently trading at $1080. Brent crude is currently trading at $72.12 with WTI still trading below the $70 mark at $69.29 currently.
Other News in Africa Today
New Biometric Passports to be Issued: Mali, Burkina Faso and Niger, that have formed the Alliance of Sahel States (AES), will begin to introduce new biometric passports as part of their withdrawal from the Economic Community of West African States (ECOWAS), the Malian Junta leader, Assimi Goita, said on Sunday. The three junta-led Sahel neighbours jointly announced in January they would leave ECOWAS, despite efforts to retain their membership. “In the coming days, a new biometric passport of the AES will be put into circulation with the aim of harmonising travel documents in our common area and facilitating the mobility of our citizens throughout the world”, Assimi Goita announced on Sunday evening.
Comoros Presidential Attack Suspect Found Dead: President Azali Assoumani of Comoros, who first came to power in a military coup in 1999, was slightly wounded in a knife attack on Friday and the attacker, Ahmed Abdou, a 24-year old policeman, had been arrested after the attack, but was found dead in his cell on Saturday morning, according to a statement at a press conference by Ali Mohamed Djounaid, a Comoros’ public prosecutor. The motive for the attack has not been established and investigations are ongoing.
