Egypt’s government wants to raise $2 billion by selling its stake in 32 companies by June. But it has only raised $25 million after selling its stake in one company since announcing the privatization program in February.
Egypt’s finance ministry announced the sale of the government’s stake in Telecom Egypt is desperate to raise revenue from privatising state-owned firms in order to meet a series of foreign debt obligations that will be due in a few months.
Reducing the government’s involvement in the economy is part of a $3 billion, 46-month financial support package signed in December, under which Egypt promised the International Monetary Fund it would roll back its involvement in the economy and allow private companies to play a much greater role.

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Foxconn will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, the latest in a series of bets from the key Apple contract partner as it expands its base in the South Asian market.
K.T. Rama Rao, Telangana’s IT minister, says in a tweet that the investment from Foxconn will create 25,000 direct jobs in the first phase.
Foxconn, which already manufactures iPhones in India, won a bid to manufacture the AirPods in the country earlier this year.
India’s Prime Minister Narendra Modi’s financial incentives in recent years to drive local manufacturing has attracted commitments from Foxconn, Wistron and Pegatron.

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As innovation in artificial intelligence (AI) outpaces news cycles and grabs public attention, a framework for its responsible and ethical development and use has become increasingly critical to ensuring that this unprecedented technology wave reaches its full potential as a positive contribution to economic and societal progress.
The European Union has already been working to enact laws around responsible AI; I shared my thoughts on those initiatives nearly two years ago.
Then, the AI Act, as it is known, was “an objective and measured approach to innovation and societal considerations.
Leaders of technology businesses and the United States government are coming together to map out a unified vision for responsible AI.

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South Africa's government plans to introduce incentives for individuals and businesses to save electricity.
South Africa’s Electricity minister Kgosientsho Ramokgopa, says the South African government will provide a financial incentive for demand reduction by commercial and residential customers through its Distribution Demand Management programme.
Ramokgopa stated that the programme will provide an R3 million incentive for every megawatt saved through reduced demand.
The minister says the programme’s key performance indicator will be revealed once the government has aggregated the number of households and companies that are participating.

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Nigerian telecoms announced that they had received the approval of the Nigerian Communications Commission to disconnect several Deposit Money Banks.
Per the telecoms, the disconnection order comes due to the bank’s failure to pay over ₦120 billion in USSD debts.
Per the Association of Licensed Telecommunications Operators of Nigeria, banks have failed to remit payments for USSD transactions for an undisclosed period.
In June 2021, two months after the Central Bank of Nigeria approved that users would bear the costs for USSD transactions, ALTON threatened to shut down the service after banks failed to remit ₦47 billion for the USSD service.

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A Nigerian Federal High Court ruled that NBC doesn’t actually have the power to punish broadcast stations with sanctions.
NBC says Stations violated the broadcasting codes during the 2019 general election however, the Incorporated Trustees of Media Rights Agenda took NBC to court, demanding that the fine be invalidated.
They argued that the fine was a violation of natural justice.
Justice James Omotosho, the judge, denounced the actions of the National Broadcasting Commission as a display of oppressive and excessive power.
He went even further, asserting that the NBC Code, which grants the commission the authority to impose sanctions, directly conflicted with Section 6 of the Constitution.

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Telecom MTN might be reducing its portfolio size. The company is in talks to sell some of its West African assets to Axian Group, a pan-African investor in telecoms.
Both companies are reportedly negotiating on MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry. The deal is yet to be finalised and sources close to the case report that it’s still too early to conclude if it will go through.
It’s not certain what MTN is planning in each of these countries. In 2021, though, it ignited an exit from Afghanistan: in a bid to simplify its structure, it exited Afghanistan by selling off its assets there for $35 million.


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Zimbabwe is moving forward with the launch of its gold-backed digital currency.
The digital currency is set to complement the Mosi-oa-Tunya, fiat gold coins, which the country launched in 2022.
The country hopes to have more citizens buy into its gold industry and fight its currency devaluation and inflation which jumped to 285% in 2022.
The RBZ outlined plans for the implementation of the currency; the tokens will be issued only for investment purposes and available through banks.
The bank has invited Zimbabwean citizens and businesses to subscribe to the token. Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions.

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LinkedIn is cutting 716 jobs and will begin phasing out its local jobs app in China.
LinkedIn CEO Ryan Roslanky says the decision to shutter the standalone China app, called InCareer, was because of fierce competition and a challenging macroeconomic climate.
LinkedIn, which is owned by Microsoft and has 20,000 employees, also plans to open about 250 new jobs in some segments of its operations, and new business and accounting management teams on May 15.
LinkedIn is the latest tech company, ranging in size from Google and Amazon to startups, to announce layoffs. Its parent company, Microsoft, said it was cutting 10,000 jobs, or nearly 5% of its global workforce, in January.
LinkedIn plans to finish phasing out InCareer by August 9, while shifting its China strategy to help companies operating in China hire, market and train abroad.

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Vodacom has launched Mozambique’s first 5G network. The mobile network operator plans to deploy 5G services at selected sites in Maputo, Matola; the central area of Nampula; downtown Nacala, Munhava, Maquinino and Chipanga neighbourhoods; Beira; and Tete.
Mateus Magala, Mozambique’s Minister of Transport and Communications says 5G Technology will significantly improve the quality of the telecommunications service provided in the country, particularly in the materialisation of the Internet of Things (IoT).
The telco’s CEO, Nuno Quelhas stated that 5G would help improve the quality of life and promote the growth of the youthful population.

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