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…
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…
IMF debt relief for 19 African countries
Six months of debt relief has been granted to 25 countries considered the poorest in the world by the International Monetary Fund. The institution will then redirect these funds towards the fight against the coronavirus…
Informal business relief isn’t reaching the height –…
Recent concessions made by government to relax informal trading restrictions, amid a growing risk of coronavirus infection, highlights the precarious socio-economic situation of low paid workers – not to mention the enduring contradictions of managing…
Surprise Rate Cut Buoys Pound South African Rand…
The Pound Sterling South African Rand (GBP/ZAR) exchange rate rallied by 0.8% this afternoon, leaving the pairing trading at around R23.2864. The South African Rand suffered steep losses against the Pound today after a surprise…
Business:The economy of Nigeria will contract by 3.4%…
The International Monetary Fund, IMF said that Nigeria’s economy will contract by 3.4% in 2020, but rebound with 2.4% growth in 2021. The IMF made this projection in its latest edition of the World Economic…
Egypt asks to exempt African countries from paying…
Egypt has called for African countries to be exempt from paying debt interests bilaterally and multilaterally due to the worldwide spread of the novel coronavirus, Permanent Representative to the United Nations Office at Geneva (UNOG)…
Nigeria to cut oil production
Nigeria will cut its oil production by 1.9 million barrels per day. This will reduce its daily crude oil production to 1.412 million barrels. Abuja is hoping for a $15 rebound in the price per…
Ethiopia to Press Ahead With Africa’s Biggest Hydropower…
Ethiopia’s government vowed to continue work on a massive dam that’s stoked tensions with Egypt, even as the Horn of Africa nation contends with the growing spread of the coronavirus. Completing what would be Africa’s…
