The Global Minimum Tax Act which requires large multinational enterprises (MNEs) operating in the nation to pay a global minimum corporate tax rate of 15% was formally signed into law by South Africa in a…
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…
Falling fuel price could push inflation to 17-year…
Falling fuel prices and collapsing demand are likely to outweigh the effects of a weaker rand, and could push consumer inflation towards 17-year lows, according to investment bank BNP Paribas. BNP Paribas sees inflation averaging…
Pandemic can boost digital financial services – Ecobank…
The COVID-19 pandemic is likely to quicken the shift to digital financial services in Africa, Ecobank Transnational Incorporated CEO Ade Ayeyemi said. Once the worst of the pandemic is over, COVID-19 could be “a great…
South African wine exports to resume as lockdown…
South Africa will allow all agricultural exports including wine and wool to resume under new lockdown regulations. The country will move to a national alert level 4 from Friday after five weeks of a strict…
South African Airways suffer financial losses
South African Airways suffer heavy financial losses as the ramifications of the covid -19 pandemic hits hard. The South African airline, which has been denied further funding from the government to support its operations, has…
Standard and Poor’s downgrades S. Africa’s credit ratings
Standard and Poor’s on Wednesday lowered the credit rating for South Africa by one notch to “BB-” due to the “significant adverse implications” of the coronavirus pandemic on the country’s already-weakened economy. “South Africa’s already…
Zimbabwean farmers start selling tobacco crop following coronavirus…
Zimbabwe farmers started selling their tobacco crop on Wednesday after the coronavirus outbreak delayed the opening of auctions, which provide vital foreign currency inflows, by more than a month. Tobacco is the second biggest earner…
IMF approves $3.4 billion emergency loan to Nigeria
The International Monetary Fund said on Tuesday its executive board approved $3.4 billion in emergency financial assistance for Nigeria to support the oil exporter’s response to the coronavirus pandemic. The global lender said it remained…
Burkinabe traders demonstrate to demand reopening of markets
Several hundred Burkinabè traders demonstrated Monday in Ouagadougou to demand the reopening of all the markets, which were closed at the end of March to combat the spread of the coronavirus, a source said. “We…
Egypt in talks with IMF for financial assistance
Egyptian Prime Minister Moustafa Madbouli announced on Sunday that his government had started negotiations with the International Monetary Fund (IMF) to obtain a one-year financial assistance to cope with the recession caused by the coronavirus…
Coronavirus raises the chance of China debt trap…
Infrastructure projects financed by Chinese capital are gathering steam in Djibouti, causing concern in Washington that the tiny East African nation is falling into a debt trap that will allow Beijing to reinforce its influence…
Chad kicks off industrialization plan
The Republic of Chad strives for an 8% yearly growth rate by 2030 via industrialization and economic diversification. Chad hopes to achieve an 8% economic growth rate in ten years. This is the objective of…
Evolution rakes in the cash despite drop in…
Evolution on Thursday announced that mine operating cash flows for the quarter ended March reached A$257.4-million, while free cash flows reached A$111.5-million. Gold production in the March quarter declined slightly from the 170 890 oz…
The TEBA network will be instrumental in returning…
TEBA, the century-old company that provides recruitment and other services to mineworkers, will draw on decades of experience to assist SA’s mining companies to gradually ramp up production as lockdown restrictions are eased. The gold…
