The Cinema Exhibitors Association of Nigeria (CEAN), the country’s premier Film Trade Association Body, has announced good news for cinema lovers on the occasion of the International Cinema Day. Opeyemi Ajayi, the chairman of the Cinema Exhibitors Association of Nigeria (CEAN), said in a statement on Tuesday in Lagos that cinema lovers would enjoy discounted […]
The country’s year-on-year inflation rate eased to 5.47 per cent in May from 5.62 per cent in April, latest data by the Kenya National Bureau of Statistics (KNBS) indicate. This is despite a 0.63 per cent increase in overall Consumer Price Index (CPI), which measures the percentage change in the price of a basket of […]
Gold prices ticked up on Friday as the Sino-US rift deepened over further moves by Beijing to impose a security law on Hong Kong, lifting the allure of safe havens amid market uncertainties caused by the pandemic. Spot gold was up 0.1% at $1,719.63/oz at 12.49am GMT and US gold futures rose 0.4% to $1,734.60/oz. […]
South African Airways (SAA) aims to resume domestic flights between Johannesburg and Cape Town from mid-June, the cash-strapped airline said on Tuesday, as coronavirus lockdown restrictions ease. SAA, which is under a form of bankruptcy protection, suspended all commercial passenger flights in late March, when the government imposed one of the strictest lockdowns on the […]
Ride-hailing firm Bolt has raised Sh11 billion worth of investment capital from Naya Capital Management to boost its growth and development strategy. The funds will go into upgrading its mobility services and food delivery services in Europe and Africa. This will include investments into scooters, bikes and delivery services across its markets for its on-demand […]
High forward-looking loan provision in the wake of Coronavirus dent banks’ profits in the first three months of the year. Kenya adopted the IFRS19 accounting standard that requires financial institutions to provide for unforeseen defaults beforehand. An analysis of Q1 financial statements for three lenders that released their results last week shows KCB Group, Cooperative […]
Strict measures adopted by South Africa to curb COVID-19 continues to bite entrepreneurs. Fino Dlamini, started her business only in 2019 to offer bicycle tours of Soweto to visitors. But now, her tools are idle. “So I started this business officially last year October and I bought and invested in equipment. That equipment included bicycles […]
Pravin Gordhan, South Africa‘s minister for public enterprises, is staking his own credibility and that of President Cyril Ramaphosa‘s government on the creation of a new airline out of the ashes of the bankrupt national carrier. Hit by the loss of the country’s last investment-grade rating on its sovereign debt and the COVID-19 pandemic, Ramaphosa […]
The South African Informal Traders Alliance (Saita) and a tobacconist have warned that the ban on the sale of cigarettes is fuelling illicit trade. The organisations are calling on the government to “urgently” lift the ban on the sale of tobacco. “We can see the ban is not stopping people from smoking, but instead of […]
The government of Nigeria, whose revenue could be slashed by more than half this year due to the oil-price slump, finalized plans for a revised budget that keeps spending almost intact, and that will mean more borrowing. Finance Minister Zainab Ahmed got approval from the West African’s nation’s cabinet on May 13 to go ahead […]
Airports Company SA (Acsa), which manages and operates nine airports in SA, says it expects it will need about R10 billion in government guarantees over the next five years in order to obtain bank loans to continue operating. The airport management company and the SA Civil Aviation Authority on Tuesday briefed Parliament’s portfolio committee on […]
Mango Airlines, the low-cost wing of SAA, is set to cut its employees’ salaries by up 50percent. Public Enterprises Minister Pravin Gordhan told Parliament during a briefing on the state of state-owned entities including SAA, Eskom and Transnet that Mango’s employees had taken salary cuts voluntarily. Gordhan said the salary cuts would be made beased […]
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 Ethiopian Airlines. In an interview with Bloomberg TV he said of the return to operations: “here in Africa we expect […]
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 of Manufacturers (KAM) shows about 82 per cent source their inputs from china, hence face a direct risk of supply […]
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 cuts of 10% to 30%. The compensation and staff reductions are a result of the economic impact of the COVID-19 […]
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 just 2.8% this year — below the SA Reserve Bank’s target range of between 3% and 6% — leaving the […]
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 the Master Plan for Industrialization and Economic Diversification, set up by Ndjamena. It aims to develop the national economy by […]
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 and platinum sectors are working with TEBA to return 350,000 miners to the gold and platinum industry as the sector […]
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 pandemic. 19 of the 25 are African countries chosen based on an extreme poverty and vulnerability ranking. Oil prices, virus, […]