The United Arab Emirates (UAE) has always been considered an important player in the international business environment. But beyond the economic powerhouse, the UAE is increasingly becoming a role model in tolerance and a reliable…
Business: Libya’s Economic Losses From Ports Blockade Reach…
The company added that these losses were a serious blow to the national economy. In January, the NOC announced an emergency due to its inability to ship oil from Libyan ports. According to the NOC,…
Business: Bolt raises capital of Sh11billion to upgrade…
Ride-hailing firm Bolt has raised Sh11 billion worth of investment capital from Naya Capital Management to boost its growth and development strategy. The funds will go into upgrading its mobility services and food delivery services…
Kenya: High loan provision eats into banks’ Q1…
High forward-looking loan provision in the wake of Coronavirus dent banks’ profits in the first three months of the year. Kenya adopted the IFRS19 accounting standard that requires financial institutions to provide for unforeseen defaults…
South African businesses under COVID-19 pressure
Strict measures adopted by South Africa to curb COVID-19 continues to bite entrepreneurs. Fino Dlamini, started her business only in 2019 to offer bicycle tours of Soweto to visitors. But now, her tools are idle.…
Business: Gordhan Stakes Clout for South Africa on…
Pravin Gordhan, South Africa‘s minister for public enterprises, is staking his own credibility and that of President Cyril Ramaphosa‘s government on the creation of a new airline out of the ashes of the bankrupt national…
Zimbabwe: RBZ tightens reins on mobile money
The Reserve Bank of Zimbabwe (RBZ) introduced more measures yesterday affecting EcoCash agents as part of what is now seen as a policy to bring EcoCash agents into the formal banking system and ensure they…
Business: Ethiopia’s synergy electricity
Transformation of the agricultural sector… Ethiopia turns to alternative energy sources to counter the harmful effects of coronavirus. Coronavirus disruptions are strongly impacting world economies. On the continent, in the horn of Africa, like Ethiopia,…
South Africa: Informal traders join call for unbanning…
The South African Informal Traders Alliance (Saita) and a tobacconist have warned that the ban on the sale of cigarettes is fuelling illicit trade. The organisations are calling on the government to "urgently" lift the…
Business: Nigeria Opens Cash Tap as Oil Revenue…
The government of Nigeria, whose revenue could be slashed by more than half this year due to the oil-price slump, finalized plans for a revised budget that keeps spending almost intact, and that will mean…
Impact of Covid-19 on African economies; a look…
The COVID-19 pandemic and related measures have brought the world’s economy nearly to a total halt. A UN report released on May 12 projects the global economy to contract by 3.2% this year. World trade…
Business: Airport management company says it may need…
Airports Company SA (Acsa), which manages and operates nine airports in SA, says it expects it will need about R10 billion in government guarantees over the next five years in order to obtain bank loans…
Sudan inflation hits 99% due to soaring food…
Sudan’s inflation rate has risen further to 99% in April due to rising food prices, the Sudanese Central Bureau of Statistics announced on Saturday. This rate had already risen to 82% the previous month, over…
Business: Mango Airlines to cut employee salaries by…
Mango Airlines, the low-cost wing of SAA, is set to cut its employees’ salaries by up 50percent. Public Enterprises Minister Pravin Gordhan told Parliament during a briefing on the state of state-owned entities including SAA,…
Coronavirus: Why African airlines could rebound faster –…
African skies could experience increased activity earlier than other continents due to the planned evacuation of people seeking to return home from across the world. This is the view advanced by Tewolde Gebremariam, CEO of…
Tanzania Sees Economic Growth could fall to 4%…
Tanzania’s economic growth could fall to 4% this calender year due to effects of the coronavirus pandemic, according to Finance Minister Philip Mpango. Economic expansion “could further decline depending on the extent of the impact…
Equatorial Guinea extends oil exploration licenses
Equatorial Guinea has announced a series of strategic measures to assist oil and gas exploration companies. The measures are expected to lessen the financial burden of these oil companies as the world battles covid-19. The…
Overcoming the challenges of local production
Imports from china, Kenya’s biggest trading partner plunged by at least Sh58.64 billion in the first two months of the year as the coronavirus outbreak disrupted the supply chain. A survey by the Kenya Association…
Andela CEO confirms staff cuts as layoffs hit…
Africa-focused tech talent accelerator Andela has let go of 135 employees, CEO Jeremy Johnson said. Senior staff at the company — with offices in New York and four African countries — will also take salary…
