8 October 2024 Morning Biz News: Africa Online Expands, South Africa Revises Internet Laws, and Berkshire Hathaway Sells Over $10 Billion in Bank of America Shares

Africa Online Partners with Utande to Boost Growth

Africa Online Namibia has announced a new partnership with Utande Internet Services Botswana, a strategic move aimed at enhancing the company’s growth and service capabilities. One Africa TV reports that Utande will inject significant capital into Africa Online in exchange for a substantial equity stake, signaling a strong commitment to expanding its operations and improving internet service offerings across Namibia. This investment positions Africa Online to scale its services, addressing the growing demand for internet connectivity in the region.

South Africa Considers Revising Equity Rule for Internet Providers

The South African government is considering a revision of the 30% equity ownership rule for internet service providers, which has prevented Starlink from securing a license in the country. Communications Minister Solly Malatsi stated that new policy directions will soon introduce alternative equity measures. This development could attract more global tech players and boost investment in the country’s telecommunications sector, helping South Africa accelerate its push for universal internet access.

Fortuna Mining Keeps Burkina Faso Permits Despite Uncertainty

Fortuna Mining announced that the government of Burkina Faso has no plans to revoke its existing mining permits, despite recent statements by junta leader Ibrahim Traoré regarding the potential withdrawal of some foreign permits to increase local gold production. According to Reuters, this announcement comes after a sharp decline in the shares of gold mining companies operating in Burkina Faso, including Fortuna, which negatively affected the Toronto Stock Exchange on Monday.

Berkshire Hathaway Sells Over $10 Billion in Bank of America Shares

Warren Buffett’s Berkshire Hathaway has exceeded $10 billion in proceeds from the sale of Bank of America Corp. shares. According to a regulatory filing on Monday, as reported by Yahoo Finance, the conglomerate completed its 14th round of disposals, part of a months-long reduction of its stake in the second-largest U.S. bank. Buffett began offloading shares in mid-July, a move that has impacted the stock’s price throughout the process.

Financial Indicators

The Namibian dollar is trading at 17.39 to the U.S. dollar, 19.08 to the Euro, and 22.75 to the British pound. Gold is priced at $2,642.49 per fine ounce, while Brent crude oil stands at $78.05 per barrel. Bitcoin is valued at $1,097,254.09.

Stay tuned for more business updates and financial insights.