News & Events

Zambia announced plans for a major crude oil refinery in Ndola, a $1.1 billion project aimed at achieving energy independence for the landlocked nation.

The Copperbelt province facility will process 60,000 barrels daily, sufficient to meet Zambia’s domestic fuel needs with potential for exports to neighbouring countries. The project represents a strategic move to reduce the country’s reliance on expensive fuel imports.

Government officials expect the refinery to create local jobs and enhance regional trade relationships, supporting Zambia’s broader economic development goals. Details about construction schedules and investment partners will be announced in the coming months.

Read the original article here: https://www.msn.com/en-xl/news/other/zambia-signs-1-1-billion-deal-to-build-major-oil-refinery-in-copperbelt/ar-AA1J3PYA?ocid=BingNewsVerp

AfriLabs and the African Telecommunications Union (ATU) announced a landmark partnership aimed at bridging Africa’s digital divide and fostering technological innovation across the continent.

The Memorandum of Understanding (MoU) connects ATU’s 52 member states with AfriLabs’ network of over 500 innovation hubs spanning 53 African countries. This collaboration aims to unlock Africa’s estimated US$712 billion internet economy potential by 2050, addressing the continent’s current low internet penetration rate of 38%.

The initiative will leverage expected growth in mobile internet adoption, particularly 5G technology, to develop market-specific solutions promoting digital inclusion. It includes a joint program for intellectual property protection and commercialisation to support African innovators.

The partnership aligns with the African Union’s Digital Transformation Strategy, which targets 80% internet penetration across the continent by 2030.

Read the original article here: https://developingtelecoms.com/telecom-technology/enterprise-ecosystems/18813-afrilabs-and-atu-to-unite-digital-innovation-hubs-across-africa.html

US President Donald Trump has signed the GENIUS Act, the first major federal law regulating cryptocurrency in the United States, signalling a significant shift in national policy and reinforcing his administration’s support for the digital currency sector. The law notably streamlines the process for financial institutions to issue stablecoins.

Passed with strong bipartisan backing in both chambers of Congress by a vote of 308-122, the GENIUS Act establishes a clear federal regulatory framework, providing much-needed clarity for the burgeoning stablecoin market, which is estimated to be worth $250 billion. The legislation requires stablecoins to be fully backed by liquid assets such as US dollars or short-term Treasury bills, along with monthly public disclosures of reserves, measures intended to protect consumers and ensure stability.

The GENIUS Act’s passage followed a nine-hour delay in the House due to intra-party disagreements, but eventually moved forward after compromise. Alongside this bill, the House also approved the CLARITY Act, which proposes regulatory guidelines for various crypto assets and will next be considered by the Senate.

Federal regulators are now tasked with developing detailed rules within six months to implement the new law. While immediate effects for consumers may be limited, supporters believe the GENIUS Act lays a foundation for greater mainstream adoption, innovation, and stability within the US crypto ecosystem.

Read the original article here: https://www.msn.com/en-xl/africa/nigeria/stablecoins-trump-signs-first-major-crypto-bill-into-law/ar-AA1ISiXT?ocid=BingNewsVerp