Morning boats leave a quiet Pacific inlet, diesel hum in the air, gulls loud and nosy. News travels fast there. The $24.5M Grant from Bezos Earth Fund to Launch First Cross-Border Marine Biosphere Reserve in Latin America sets a clear signal. A large, practical step. Not theory. And yes, it anchors the phrase many groups […]
Q3 GDP Growth Slips to 0.5% as South Africa’s Economy Slows Further: Africa newsroom update. Markets opened to a softer print as South Africa Q3 GDP edged up 0.5%. The headline says it cleanly. South Africa economic growth cooled, and the South Africa economy’s slow tag felt accurate on trading floors. Cool morning air in […]
Cell C major shareholder, Blue Label Telecoms, expects to bounce back from the trading losses it experienced because of Cell C in 2019 – but now it has its hands full with WiConnect. The company said in a trading statement on Monday evening that while it expects to grow its headline earnings by more than […]
As COVID-19 cases surged in many parts of the world, the island nation of the Seychelles was looking good: 70-plus straight days without a single infection. Then the planes arrived. Two chartered Air Seychelles flights carrying more than 200 passengers also brought the coronavirus. A few tested positive. Then, between June 24 and 30, the […]
The South African Cabin Crew Association (Sacca) and trade union Numsa have threatened to go to court to challenge a possible liquidation of South African Airways (SAA) after the government indicated it will no longer provide further funding for the embattled airline. This came two days after National Treasury, in a briefing to Parliament, presented […]
Standard Bank, which has come under fire for continuing to fund new fossil fuel projects on the continent, says it will do proper diligence to ensure that the projects it invests in do not harm society – but it will not let climate groups dictate how the bank is run. Speaking at the banking group’s […]
Steinhoff International Holdings NV is getting close to reaching a potential deal on 10 billion euros (around R188 billion) of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter. South African claimants – including former chairman Christo Wiese, […]
African cross-border fintech startup Chipper Cash has closed a $13.8 million Series A funding round led by Deciens Capital and plans to hire 30 new staff globally. The raise caps an event-filled run for the San Francisco-based payments company, founded two years ago by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The two came to […]
The Grand Ethiopian Renaissance Dam (GERD) on the Blue Nile river has become a major point of contention between Ethiopia, Egypt and Sudan. Ethiopia, which hopes to double its electricity generation capacity through the project, is intent to start filling of the dam’s reservoir as early as July 2020. Egypt, on the other hand, insists […]
An initiative, which involves a $40 million fertilizer-revolving facility and another $170 million for value addition is to be implemented in the Eastern, Northern, Western, Central, Lusaka and Copperbelt provinces under the first phase from the 1st July 2020. The initiative will focus on: job creation for the youth; improved farming practices among small-scale farmers […]
The International Monetary Fund’s discussions with South Africa over a $4.2 billion loan to support its fight against the coronavirus pandemic are taking place at a “measured pace” because the country’s deep and liquid capital markets ensure it still has access to financing, according to the director of the Washington-based lender’s Africa department. “The key […]
Fitch Ratings and Moody’s Investor Services warned on Friday that the country risked going over a fiscal cliff following Finance Minister Tito Mboweni’s Supplementary Budget last week, which left both rating agencies unimpressed. Fitch said the government’s intention to stabilise debt levels within four years was unlikely to be achieved. Fitch’s head of Middle East […]
Twelve telecom companies have thrown their hat into the race to enter the Ethiopian market according to the country’s communications regulator. The bidders range from top players across the continent and a number of global players. The disclosure of bidders is the first stage in liberalization process of the market which is currently occupied by […]
The South African government target to stabilise its ballooning debt by 2023 will be very difficult to achieve and unlikely, ratings agency Moody’s said on Thursday. The Treasury on Wednesday presented a supplementary budget in response to the coronavirus crisis that projected a wider budget deficit, while public debt was estimated to be more than […]
Kenya Airways has lost an estimated $100 million in revenue as a result of the coronavirus pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday. “We don’t have the full picture of how much we have lost but our estimate is since January to date we have probably lost in terms of revenue […]
Kenya has attracted Venture Capital deals worth Sh74.3 billion in the past five years, second highest in Africa after South Africa, the latest continental private equity report shows. The inaugural report on venture capital, entitled Venture Capital in Africa: ‘Mapping Africa’s Start-up Investment Landscape’ released by African Private Equity and Venture Capital Association (AVCA) yesterday […]
South Africa’s public enterprises ministry on Wednesday urged creditors to back a rescue plan for cash-strapped South African Airways (SAA). Creditors are due to vote on the restructuring plan on Thursday, but one of the creditors – private airline Airlink – is in court on Wednesday trying to prevent the vote from happening. The plan […]
Sasol’s delayed multibillion dollar Lake Charles project in the US is now operating at 86% of its total capacity. The alcohols plant at the project based in the US state of Louisiana is now operational, bringing the entire speciality chemicals unit into full production, the struggling petrochemical group said in a statement on Tuesday. With […]
South African President Cyril Ramaphosa warned of widening job losses as the effects of a shutdown to curb the spread of the coronavirus batters the economy. Companies in the aviation, construction, entertainment and hospitality sectors have indicated plans to cut jobs because of heavy losses experienced in the past three months, Ramaphosa said Monday in […]
Finance Minister Tito Mboweni is a man who is not above using humour to get a sincere point across. He also does not believe that he should hold his tongue simply because his views are diametrically opposed to the views of institutions he represents. As he prepares to submit his supplementary budget speech in Parliament […]