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Huawei has launched its FDD tri-band Massive MIMO globally, enhancing 4G capacity and 5G experiences. This innovative solution, now deployed in several African countries, significantly boosts 4G traffic handling by 90% during peak hours and improves user-perceived speeds by 320%. With plans for expansion in 15 additional countries, it addresses the growing mobile data demands driven by rapid urbanization and population growth.
The Polaris Dawn mission marked a milestone in commercial spaceflight, achieving the first commercial spacewalk and breaking Apollo 17's altitude record at over 1,400 kilometers. Despite a hard landing, Intuitive Machines' IM-1 successfully became the first commercial spacecraft to softly land on the moon, showcasing the growing capabilities of private space ventures. The 2024 SpaceNews Icon Awards will honor significant achievements in space exploration, highlighting the contributions of individuals and organizations in advancing safety, sustainability, and innovation in the industry.
Africa Finance Corp. plans to invest over $3 billion in various projects across the continent in 2025, aiming to enhance its appeal as a source of key metals and facilitate open trade. The Lagos-based institution will focus on advancing existing initiatives, including a railway connecting Zambian mines to Angola's Lobito port, while also exploring opportunities in agriculture, electrification, eco-tourism, food security, and renewable energy.
In July 2022, Angola awarded a 30-year railway concession to a European consortium, rejecting a Chinese bid, while the US government announced over $560 million in funding for the Lobito Corridor project, aimed at enhancing mineral transport from Central Africa. President Biden emphasized the project's potential to drive economic growth and create jobs, while regional leaders highlighted the importance of local processing of minerals to benefit their economies. The Lobito railway, historically significant but troubled, is being revitalized to connect Zambia's copper mines to the coast, competing with Chinese infrastructure efforts.
A consultant known as "Mr. Non Compliant," who previously worked for Trafigura, claimed he felt part of the company's "family" while allegedly facilitating bribes. Testimony from ex-COO Mike Wainwright highlighted the company's reliance on former employees for intermediary roles, amid ongoing corruption trials involving senior leadership. Wainwright denied knowledge of specific payments linked to the alleged bribery, emphasizing the compliance department's role in oversight.
President Joe Biden has announced $600 million in new financing for a multi-country railway during his visit to Angola, aimed at enhancing U.S. investment in Africa's critical minerals infrastructure and countering Chinese influence. This funding builds on a previous commitment of $553 million for the Lobito Trans-Africa Corridor, which connects the Central African copperbelt to the Angolan coast. The investments will also support agriculture, clean energy, health, and digital access in the region.
Trafigura's legal attempt to dismiss evidence from star witness Mariano Marcondes Ferraz in a Swiss bribery trial was rejected by judges in Bellinzona. The case marks a historic moment as it is the first time a commodity trading company faces corruption charges in Switzerland, with allegations of over €5mn paid to an Angolan official for oil shipment rights. The trial will proceed, with the credibility of Ferraz's testimony assessed on its merits, despite arguments regarding a potential illegal plea bargain and the death of Trafigura's former CEO, Claude Dauphin.
Trafigura is on trial for alleged corruption in Angola, accused of failing to prevent bribes linked to contracts in the country. This historic case marks the first trial for a major commodities trader in Switzerland, contrasting with previous cases resolved through indictments. The outcome could significantly impact the industry, already under scrutiny following convictions of other trading giants like Glencore and Gunvor.
Trafigura and three defendants, including former executive Mike Wainwright, are on trial in Switzerland for allegedly paying over $5 million in bribes to an Angolan oil official between 2009 and 2011. The case marks a significant legal precedent regarding corporate liability for foreign bribery. Prosecutors claim the bribery facilitated $143.7 million in profits for Trafigura, while the company maintains its compliance measures were adequate at the time.
A cargo train transporting copper concentrate from the Democratic Republic of Congo to Angola's Lobito port highlights a complex history, featuring a blend of American, Chinese, and Scottish influences. As President Joe Biden arrives in Luanda for what may be his final overseas trip, this railway project is set to be a key focus of his agenda.
AGO
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