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Raenest Secures $11 Million in Series A Funding to Support African Businesses and Gig Economy
Raenest, a fintech platform founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, has raised $11 million in a Series A funding round to bolster its support for African businesses. The investment, led by QED Investors, brings Raenest's total funding to $14.3 million. Other participants in the funding round include Norrsken22, Ventures Platform,
International Investors Eye Nigeria’s Lithium Reserves Amid Growing Global Demand
International investors are increasingly turning their attention to Nigeria’s lithium reserves, signalling the country’s rising prominence in the global race for clean energy minerals. This insight comes from Segun Tomori, Special Assistant on Media to Dele Alake, Nigeria’s Minister of Solid Minerals Development. In a recent XSpace session hosted by TheCable on Monday, Tomori highlighted
Dangote Strengthens Nigeria's Automotive Sector with Launch of Peugeot 3008 GT Model
Dangote Industries has further solidified its position in Nigeria’s automotive industry with the launch of the latest Peugeot 3008 GT model, marking a significant milestone in the country’s vehicle production capacity. Dangote Peugeot Automobiles Nigeria Limited (DPAN), the official manufacturer and distributor of Peugeot vehicles in Nigeria, has begun assembling the high-performance Peugeot 3008 GT
Breaking News today –Wednesday 12 February 2025
Business & Tech News Corruption Index Shows a World Plunging Further into Corruption: The 2024 Corruption Perceptions Index (CPI), released yesterday by Transparency International, ranks 180 countries and territories by their perceived levels of public sector corruption on a scale of zero (highly corrupt) to 100 (very clean). The data revealed that almost 85% or
AFRICA’s FUTURE GROWTH DEPENDS ON CLEAR LEADERSHIP AND COORDINATED EFFORTS
Africa’s GDP is set to grow by 3.7% in 2025 according to the UN WESP report, and this is good news for the continent. In comparison South Africa’s economy grew by less than 0,5% in 2024, putting Africa’s second largest economy at the bottom end of the growth spectrum on the African Continent. For Africa
Breaking News today – Tuesday 11 February 2025
Business & Tech News Dangote Refinery Updates its Production Forecast: Africa’s Largest oil refinery, the Dangote Oil Refinery in Nigeria, is expected to hit its full production level of 650 000 barrels-per-day within the next 30 days. Located in Lagos, the refinery was built by Nigerian billionaire Aliko Dangote and aims to transform the country’s energy
Meta to Lay Off 5% of Workforce as Part of Strategy to Focus on AI and Efficiency
Meta, the parent company of Facebook, is set to carry out a company-wide layoff affecting about 5% of its workforce, or nearly 4,000 employees. This move, which was revealed through internal memos reviewed by Reuters, is part of the company’s strategy to prioritize artificial intelligence and enhance operational efficiency. The layoffs will begin with notifications
SONA 2025: Maximizing South Africa’s Infrastructure Investment
President Cyril Ramaphosa’s pledge to invest R940 billion in infrastructure over the next three years is a vital step toward stimulating South Africa’s economic growth. However, experts in enterprise asset management, like Pragma, stress that the success of this investment will depend largely on the country’s ability to effectively maintain and manage its assets—an area
Sungrow Kicks Off 2025 Roadshow Across South Africa
Sungrow, a global leader in renewable energy solutions, is set to launch its first roadshow of 2025, bringing its state-of-the-art solar and energy storage technologies to cities across South Africa. The roadshow will begin on February 13th and run through March 18th, visiting key locations including Middelburg, Durban, and Polokwane. The event is primarily focused
Comstor Secures EMEA Distribution Rights for Splunk, Expanding Cisco Partnership
The leading global technology provider and specialist distributor, Westcon-Comstor has announced that its Comstor division has secured distribution rights for Splunk Inc. across Europe, the Middle East, and Africa (EMEA). This move marks a significant expansion of Comstor's relationship with both Splunk and Cisco, following Splunk’s recent acquisition by Cisco. The new agreement strengthens Comstor's
Times 3 Technologies Achieves Sage ‘Platinum Elite’ Status
Small and mid-sized businesses (SMBs) represent more than 90% of global enterprises and contribute to 50% of worldwide employment. Despite their significant role in the economy, many SMBs face difficulties in modernising their operations, managing finances effectively, and staying competitive in an ever-evolving market. Times 3 Technologies (T3T), a prominent South African business solutions provider,
Breaking News today – Monday 10 February 2025
Business & Tech News Nokia Nominates New CEO: Justin Hotard, the executive vice president and general manager of Data Center & AI Group at Intel, is set to take over as the new CEO of Nokia, replacing Pekka Lundmark who will step down as CEO as of the end of March 2025. Nokia, once the
GOOGLE MAPS – 20 YEARS OF MAPPING AND GUIDING
Google Maps officially hit its 20-year mark of existence over the weekend. It was launched as a “get from point A to Point B application on 8 February 2005. Today, Google maps is used across 220 countries and supports 40 different languages and the mapping app has around 1 billion users monthly with users visiting
Breaking News today – Friday 7 February 2025
Business & Tech News South African State of the Nation Address Concerns: In his first State-of-the Nation, address after the formation of a government of national unity (GNU), South African President Cyril Ramaposa spoke about creating a government that woks for all and one that focusses on building unity and the economy. “All of these
Jon James appointed CEO of BT’s Business Division
BT Group plc announces that Jon James has been appointed CEO of BT Business, as it becomes focused on the UK, and a member of its Executive Committee. He will start in his new role on 3 March 2025. Jon joins BT Group from the leading Danish telecoms provider, Nuuday, where he has been CEO
Sonos Announces Second Round of Layoffs Amid Organizational Challenges
Sonos has announced another round of layoffs, cutting approximately 200 jobs, according to a letter posted on the company’s website on Wednesday. This follows a previous workforce reduction in August, which saw 100 employees let go. The restructuring efforts come in the wake of a widely criticized update to the Sonos app that alienated many
China Retaliates with New Tariffs on U.S. Imports Amid Escalating Trade Tensions
In a move that escalates ongoing trade tensions, China announced on Tuesday that it will impose new tariffs on U.S. imports in response to Washington’s recent tariff hikes. The retaliatory measures include a 15% tariff on coal and liquefied natural gas, along with a 10% tariff on crude oil, agricultural machinery, large vehicles, and pickup
Pick n Pay Reports Mixed Performance as Boxer Drives Growth
Pick n Pay has reported mixed results for its 2025 financial year, with overall sales growth driven primarily by its discount retail arm, Boxer. However, excluding Boxer’s strong performance, Pick n Pay’s core supermarket business faced challenges, including a net closure of 32 stores. In a trading update for the 45 weeks ended 5 January
Qualcomm Opens Applications for ‘Make in Africa’ Startup Mentorship Program
Qualcomm has launched the latest edition of its ‘Make in Africa’ Startup Mentorship Program, inviting early-stage African startups to apply. This initiative is designed to support ventures that harness advanced connectivity and processing technologies, fostering innovation across the continent. As part of Qualcomm’s African Innovation Platform, the equity-free program provides selected startups with invaluable resources,
Opinion: Trade Trouble Threats and Tensions – US, South African Relations are Torn
There has been a long, if not always productive relationship between the Global and the African leading nations. However recent developments may result in a difficult path forward, and finding a constructive way for relations between the two nations of continental influence to be rebuilt is becoming increasingly a bleak ask. There have been