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…
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…
Nigeria’s booming hydroalcoholic gel business
Nigeria’s hydroalcoholic gel business booms amid the COVID-19 pandemic. In this edition, we speak with Dr. Stephanie Sodangi, who set up a local gel manufacturing plant in her clinic in Abuja. High demand for sanitary…
Zimbabwe: Simbisa Brands Fires Contract Workers As COVID-19…
Zimbabwe's leading fast foods outlet Simbisa Brands has fired its contract workers in an attempt to cut costs as the effects of coronavirus lockdown take a toll on the national economy. The country is now…
S. Africa’s Economy May Shrink as Much as…
South Africa’s economy could contract by 2% to 4% this year due to the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank. A 21-day nationwide lockdown aimed at slowing the…
Fitch downgrades South Africa’s credit rating to ‘junk’…
Ratings agency Fitch downgraded South Africa’s credit rating further into “junk” territory on Friday, another blow for Africa’s most industrialised economy, which is still smarting from a Moody’s downgrade last week. Fitch lowered its long-term…
Calabar Mall didn’t collapse – Management
The management of the Calabar Mall and SPAR has debunked claimed that the mall collapsed. “The Calabar Mall building did not collapse as suggested through fake claims on the internet, and the shops remain open…
Coronavirus donations hit N15bn in Nigeria
The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 billion. CBN’s Director of Corporate Communications,…
Coronavirus: Stanbic IBTC Bank offers customer relief initiatives
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has introduced customer relief initiatives aimed at reducing the unease felt by its customers as a result of the coronavirus global pandemic. The movements…
Egypt’s second richest man tells workers to return…
Egypt's second richest man has urged authorities to order people back to work once a curfew ends, and threatened to commit suicide if the measures to stem the spread of the coronavirus exceed two weeks.…
Banks lower charges for social grant recipients amid…
Social grant recipients will in the next few days make use of many ATMs and retail shops as possible to get their money without incurring high bank charges so they can practice social distancing. This…
MultiChoice sets aside R80 million for salaries during…
MultiChoice has set aside R80 million to pay their cast, crew and creatives in the industry during Covid-19 and the national lockdown period. Due to production coming to a halt in South Africa, MultiChoice said…
Ambitions of the CEMAC stock exchange
The Central African Stock Exchange wants to accelerate economic diversification of the sub-region following a listing operation on the Central African Stock Exchange. After the merger-absorption of the Douala stock exchange a little more than…
Bitcoin business needs support from the government –…
Odum Chijioke John, the Founder and Chief Executive Officer of Chiji14xchange, a leading Nigerian e-commerce company in the business of crypto currency trading and Gift cards exchange has decried the lack of government support in…
Aero Contractors suspend flights over coronavirus
Aero Contractors on Tuesday suspended all their flights for two weeks, beginning from 26 March. The Chief Executive Officer of the airline, Captain Ado Sanusi announced the decision in Lagos Sanusi said the suspension is…
