The cargo ship Felicity Ace, which was transporting approximately 4,000 luxury vehicles including Porsches and Bentleys, has sunk off the coast of the Portuguese Azores archipelago. The vessel had been adrift for nearly two weeks following a major fire that broke out on February 16 while it was en route from Emden, Germany, to the United States. Although all 22 …

The 22 wealthiest individuals in Russia saw a staggering $39 billion erased from their collective net worth in a single day following the military invasion of Ukraine. This massive financial collapse was triggered by a historic crash of the MOEX Russia Index, which plummeted by 33% as markets reacted to the onset of the conflict. According to the Bloomberg Billionaires …

Russia has initiated an unprecedented full-scale invasion of Ukraine, launching military assaults by air and ground on several key Ukrainian cities, including the capital, Kyiv. Explosions have also been reported in Odessa, Kharkiv, and Mariupol, with Russian forces having breached the Kyiv region. The offensive, which began early Thursday local time, was announced by Russian President Vladimir Putin as a …

Employees of the Ghana Textile Printing Company (GTP) have launched a demonstration demanding the immediate dismissal of their Managing Director, Fatoumata Doro. The protestors, dressed in red and displaying placards with messages such as “Fatuo must go” and “Profitability demands smart hiring,” expressed deep dissatisfaction with her leadership. Despite making history as the company’s first female MD since 1966, Doro …

The government is nearing a final agreement to secure 20,000 acres of fertile land in Wassa Fiase specifically for sugarcane cultivation to support the long-awaited operationalization of the Komenda Sugar Factory. This move is being paired with an active recruitment process for local outgrowers to ensure a steady supply of raw materials, addressing the primary hurdle that has historically stalled …

The Ghana Revenue Authority (GRA) has outlined plans to initiate pilot tax programs targeting the e-commerce, gaming, and betting sectors starting in April 2022. Commissioner-General Ammishaddai Owusu-Amoah stated that these new revenue streams, alongside the implementation of the E-Levy and ongoing digitization efforts, are essential for achieving the government’s GH¢80.3 billion annual revenue target. The Authority has developed a specialized …

Africa’s wealthiest individual, Aliko Dangote, has seen his net worth increase by approximately $950 million since the start of 2022. This financial growth is largely attributed to the rising share price of Dangote Cement Plc, which climbed 7% on the Nigerian Exchange following a strategic share buyback program. The company successfully executed two tranches of this program, acquiring nearly 1% …

The management of Kasapreko Company Limited has issued a formal denial regarding media reports claiming the firm is involved in money laundering and economic crimes. Responding to allegations that the company had been sued for activities causing financial loss to the state, the beverage manufacturer clarified that it has not been served with any legal summons nor is it aware …

Emmanuel Sackey, the Legal Services Manager for the Social Security and National Insurance Trust (SSNIT), has clarified that under Section 64 of the Pensions Act, employers who fail to remit social security contributions for their workers face severe legal consequences. Defaulting parties are liable for a fine of GH¢2,000, a prison sentence of up to five years, or both. Mr. …

Vice-President Dr. Mahamudu Bawumia has introduced the e-Travel Card, a digital solution designed to regulate and track travel allowances for public officials on both domestic and international assignments. This new system replaces the traditional cash-based method for distributing travel funds, which has historically been prone to risks such as fraud in imprest disbursement, physical theft, and inadequate oversight. By automating …