Africa Business News – Read economic news today, South Africa business updates, and latest economy trends and developments.
Walk through any African city and you will touch their work before breakfast. African Family-Owned Conglomerates supply the cement under your feet, the sugar in your tea, the fuel in the taxi and the bank behind your salary. They are rarely household names outside the continent, yet they shape what Africans buy, build and earn. […]
Egypt and Washington have put pen to paper on a new economic partnership. The Egypt-US framework agreement, signed on Wednesday in the New Administrative Capital, could see up to $625 million flow into the country over five years. What Was Signed The deal sets out “Strategic Objectives” for shared prosperity. Deputy Foreign Minister Samar Al […]
The commercial enterprise rescue practitioners of South African Airways have called a creditors’ meeting for Friday 24 July, on the foundation that a condition set in the enterprise rescue sketch has no longer been met. The unmet condition relates to government having to grant confirmation excellent to the Development Bank of Southern Africa (DBSA) as […]
An Ethiopian Airline cargo airplane caught fireplace in China, an aviation information tracking portal pronounced on Wednesday morning. The incident involved Ethiopian Airlines 777F which used to be parked at the Shanghai Pudong Airport. The blaze was centralized in the fuselage area. “The aircraft is thought to be ET-ARH, a 5-year historic 777 Freighter. It […]
Sorry for asking, but do you understand that the money belongs to the business enterprise and is now not your non-public fund?” When Jesse Ghansah noticed this question in an electronic mail from a distinguished white investor in San Francisco whilst fundraising for his first startup 4 years ago, he refused the deal. The 28-year-old […]
The South African Broadcasting Corporation (SABC)’s organizational and financial problems will come to the fore once again on Tuesday as the broadcaster updates Parliament on its flailing fortunes. Its woes may seem to be recent, but the public service broadcaster’s missteps date to more than a decade ago. The Parliament’s Communications Portfolio Committee is scheduled […]
South Africa’s National Union of Metalworkers announced in a statement on Sunday evening that it would picket at ArcelorMittal on Monday at several sights of service. The statement said the picket would take place on Monday morning in which a memorandum of demands would be handed to the union. Picketing will be in Sedibeng, Vanderbijlpak, […]
Finance Minister Tito Mboweni has hit back at claims by the DA that National Treasury plans to extend a bailout to help fund the business rescue process of flag carrier South African Airways. This after the main opposition party announced on Friday that it had filed an urgent interdict application in the Gauteng High Court […]
Eskom released a statement on Friday evening, announcing that it would implement load reduction in the Nkangala District Municipality in Mpumalanga from on Saturday morning from 05:00 to 09:00. The statement comes at the end of week which saw load shedding return to South Africans’ lives, although Eskom managed to avoid having to implement load […]
A reservoir behind Ethiopia‘s disputed Grand Renaissance dam on the River Nile has started filling with water – a day after talks with Egypt and Sudan ended without agreement, officials say. Ethiopian Water Minister Seleshi Bekele confirmed the latest satellite images showing water levels rising. Ethiopia sees the hydroelectric project as crucial for its economic […]
Minister of Public Enterprises Pravin Gordhan and Finance Minister Tito Mboweni on Thursday wrote a letter to South African Airways’ business rescue practitioners, committing to “mobilise” funding for restructuring SAA – but it remains unclear where the money will actually come from. The letter, which does not mention particular amounts or sources of funding, was […]
Despite the effects of COVID-19, Africa’s young creative industries remain ripe for investment opportunities. African music, film, and fashion continue to gain global popularity, with companies like Netflix and Universal Music Group expanding their presence on the continent. Nigeria’s film industry, Nollywood, accounted for $7.2bn or 1.42 percent of Nigeria’s GDP in 2016, and South […]
A prominent Igbo-Nigerian artist and academic has called for the cancellation of a forthcoming auction in Paris of two sacred sculptures taken out of Nigeria during its devastating civil war in the late 1960s. Chika Okeke-Agulu, a professor of art history at Princeton University, said the sale of the Igbo objects – called alusi or […]
Thousands of workers in the South African liquor industry and its value chain are facing job losses after the government reintroduced a ban on alcohol sales just as business was picking up from a nine-week hiatus. President Cyril Ramaphosa on Sunday announced the decision to reinstate the prohibition of alcohol sales and distribution with immediate […]
As the tough economic environment continues to affect industries adversely, small businesses are hit the hardest. But Telkom Business has good news. Helping the growth of small businesses in SA that have been severely hit by the Covid-19 pandemic, Telkom Business has launched its latest innovation, Yep! on Google Play and Apple App store. Yep! […]
Zero-based budgeting will be instrumental in curbing public debt, according to Business For South Africa. The organisation, which represents a vast majority of business organisations in the country, on Friday released a 12-point economic recovery plan, estimated to require R3.4 trillion over the next three years. During a briefing on the plan, B4SA’s Martin Kingston […]
As governments rushed out funding to prevent an economic collapse amid the coronavirus pandemic, global public debt swelled to the highest in history, but the International Monetary Fund (IMF) warned Friday that cutting back too soon could undermine the recovery. Continuing to provide the support as the economic slowdown drags on will be “paramount,” the […]
African countries have made “significant” progress in reaffirming their commitments and building their capacity to achieve tax transparency. This is the main conclusion of the recent report on “Tax Transparency in Africa” of the Africa Initiative, which shows that the five African countries committed to fighting these phenomena have recorded almost $12 million in additional […]
The Kenyan giant is renouncing the acquisition of African subsidiaries of the British headquartered bank Atlas Mara. A decision linked to Covid-19, but not entirely. Atlas Mara – listed on the London Stock Exchange and co-founded by former Barclays boss Bob Diamond, its CEO until February 2019 – and Equity Group Holdings (EGH) have ended […]
Andela, the global talent network that helps companies build remote engineering teams, will now accept engineers from all African countries, expanding its presence from six countries to the entire continent. In doing so, the company will double its existing talent pool to more than 500,000 engineers and significantly increase the variety of skills and experience […]