BUSINESS
EGYPT – Even Given ship owners to pay $900 million to Egyptian authorities
Egypt sued for $900 million in damages from the Japanese ship Ever Given, which disrupted Suez Canal traffic at the end of March 2021. The container ship ran aground and blocked navigation in the international waterway. The ship is currently blocked by the Egyptian authorities, who have imposed a simple condition: the payment of this sum, according to the information provided on Tuesday 13 April by the Egyptian daily Al-Ahram.
Egypt is not playing games with the Shoei Kisen, the Japanese company that chartered the ship, the Ever Given, which carried 18,000 containers. The authorities are demanding a large sum of $900 million for the damage caused by the blockade of the Suez Canal for six days at the end of March 2021. The authorities investigating the circumstances that led to the grounding of the Ever Given include in this sum “the revenue losses of vessels that would normally have crossed the canal during this period,” the Washington Post explains, and expenditures on equipment and labour in the “one hundred and forty-four hour run to free the ship”.
Indeed, at the beginning of April, Egypt was trying to de-profile the Ever Given of the Suez Canal, but without success. Now the Japanese ship is being held by the Egyptian authorities who are waiting for compensation. Egypt will not release the giant container ship until its owners have agreed to pay nearly a billion dollars in compensation,’ Osama Rabie, head of the Canal Authority, told Egyptian public television.
The 900 million expected from the Japanese company are distributed as follows: “$300 million for the loss of revenue due to the cessation of navigation on the international waterway, $300 million for the cost of refloating the Ever Given and repairing the canal, and $300 million for “damage to the reputation of the Suez Canal”.
The Suez Canal accounts for more than 10% of world trade. Between 2019 and 2020, the Suez Canal brought in $5.7 billion in Cairo.The disruption of traffic caused by the Japanese vessel blocked 400 vessels north and south of the isthmus for six days. A period during which there were huge traffic jams. According to the Suez Canal Authority (SCA), Egypt loses between 12 and 15 million dollars per day of canal closure.Consultez les dictionnaires Collins et Reverso
The presidency of Togo has announced that the project to exploit the manganese mine of Nayega, located in the Savanes region in the north of the country, is entering its operational phase. According to a statement issued on June 10, 2025, production is scheduled to start at the end of June 2025, with an initial volume of 4,000 tons per month, which should gradually double to reach 8,000 tons per month.
Keras Resources is the technical partner retained by the Togolese government to carry out this project. A statement from Keras, relayed by the presidency, details that the company signed a cooperation agreement in 2023 with the Togolese state, owner of the mine through the Togolese Manganese Company (STM). Under the terms of this agreement, Keras will receive a remuneration of 1.5% of the mine’s gross revenue for three years for its advisory services, as well as 6% for brokering services.
The reserves of the Nayega mine are estimated at 8.5 million tonnes, which would allow exploitation over a period of 11 years. The authorities of Lomé welcome the expected contribution of the mine to the national budget, a benefit that should be strengthened by the rigorous management of the generated revenues, as indicated by our colleagues from Agence Afrique.
With a growing global demand for manganese, particularly in steel alloys and renewable energy technologies, Togo is seeking to assert itself as an essential supplier of this strategic ore. This positioning could play a catalytic role for the national economy, always according to information from the Africa Agency.
Source: senego / Photo credit: Republicoftogo.com
The Gabonese government decided on Friday to ban the import of broilers in order to promote national poultry production and ensure food security, according to the final communiqué of the council of ministers chaired by the head of state, Brice Clotaire Oligui Nguema.
The ban will be effective from 1 January 2027, thus leaving a period of 18 months (1 year and 6 months) for actors in the sector to structure themselves, invest and prepare to meet national demand.
“This measure aims to restore domestic poultry production, boost agricultural investment, reduce food dependency and strengthen the trade balance,” the government hopes. Gabon also hopes to foster “the emergence of a network of rural jobs, the rise in quality of products consumed locally and the creation of an economic ecosystem around this sector”.
The government has also planned a detailed operational plan to be presented within 45 days by the ministers responsible for economy and trade.
Libreville dreams of reducing its dependence on poultry imports and strengthening the country’s food security. In addition, the promotion of local poultry farming should have a positive impact on rural areas, generating jobs and contributing to the development of a vibrant poultry ecosystem.
Imported frozen chicken is the most consumed food in Gabon because of its low price and packaging ready to be thrown into a pot.
“The star of the freezer” is how Gabonese people refer to frozen chicken because it is often the only food, if not the default food, found in the freezers of Gabonese families.
Frozen chicken and meat are generally imported from Latin America and Europe. Their massive presence on the market has destroyed local production.
The Council of Ministers also announced a ban on exporting crude manganese from 1 January 2029. The objective is to promote local industrial development, create jobs and maximize the value of this resource, of which Gabon is the world’s second largest producer.
Sources: gabonactu.com
Mauritania is in the spotlight. On Thursday, May 29, 2025, Sidi Ould Tah was elected president of the African Development Bank (AfDB), at the annual meeting of the institution held in Abidjan. He succeeds Akinwumi Adesina of Nigeria, in office since 2015.
His election came after a hard-fought duel against Samuel Munzele Maimbo of Zambia, who finished in second place. The election, which was marked by major geopolitical and economic issues, took place against a background of high expectations regarding governance and development financing on the continent.
The Senegalese Amadou Hott, long perceived as one of the favorites, finishes in third place, followed by the South African Bajabulile Swazi Tshabalala. Despite significant diplomatic support, notably for Hott, the momentum in favour of Sidi Ould Tah has prevailed in the last few rounds.
Former minister and general manager of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah is recognized for his experience and strategic vision. He will officially take office on 1 September 2025.
Photo credit: Forbes Africa
