BUSINESS - The African Mirror

Aug

04

2021

Africa’s aviation industry is on an upward trajectory. There’s room for a more aggressive takeoff

BUSINESS

SETH ONYANGO, BIRD NEWSROOM The air transport industry in Africa is expected to grow at 5 per cent annually over the next 20 years with the African Development Bank asserting the sector is the "next infrastructure growth frontier for Africa” Africa’s aviation industry is expected to maintain a cruising altitude of 5 per cent growth per annum for the next 20 years, despite the ongoing COVID-19 financial turbulence. However, there is room for a far more aggressive takeoff. International Air Transport Association (IATA) forecasts the sector’s growth to remain steady for two decades as African carriers add more routes on…

Feb

11

2021

By The African Mirror

Kenya Airways receives $92 million from government

BUSINESS

KENYA Airways has received 10 billion shillings ($91.49 million) from the government as part of efforts to prop up the carrier after the pandemic grounded global aviation, the Business Daily newspaper has reported,. The airline, which is majority owned by the government with Air France-KLM holding a small stake, secured 8 billion Kenyan shillings from the Treasury and 2 billion shillings from the ministry of transport, the paper reported, citing a supplementary budget presented to parliament on Tuesday. Kenya Airways declined to comment on the report, which did not say when the airline had received the funds. African airlines have…

Aug

03

2021

By The African Mirror

Ford appoints its first South African head of finance

BUSINESS

YOTA Baron has been appointed the new Chief Financial Officer (CFO) for Ford South Africa. Baron previously served as CFO for Direct Markets within the Ford International Markets Group. South Africa-born Baron takes over as CFO of the local operations from Joseph (Pepe) Verga, who will be repatriating back to the United States. Verga has been Ford South Africa’s CFO since November 2016. Neale Hill, MD of Ford South Africa said: “We welcome Yota back to the Ford South Africa family, where her vast global experience in finance will further enhance our drive to reinvigorate our business as we focus…

Feb

21

2021

By The African Mirror

EU envisages 1 bln euros aid to Ivory Coast to meet sustainable cocoa laws

BUSINESS

ANGE ABOA THE European Union envisages providing around one billion euros over six years to aid Ivory Coast's cocoa sector as it adapts to EU supply chain laws due to be introduced later this year, according to its envoy in Abidjan. "In the context of our future programming for 2021-2027, the EU is envisaging a Team Europe initiative which could mobilise up to one billion euros to accompany Ivory Coast in the transition towards sustainable cocoa production," EU Ambassador to Ivory Coast Jobst von Kirchmann said in an interview. Kirchmann did not say when a final decision would be taken.…

Feb

21

2021

By The African Mirror

World Bank, IMF to consider climate change in debt-reduction talks

BUSINESS

ANDREA SHALAL The World Bank is working with the International Monetary Fund (IMF) on ways to factor climate change into the negotiations about reducing the debt burdens of some poor countries, World Bank President David Malpass told Reuters in a Friday interview. Three countries - Ethiopia, Chad and Zambia - have already initiated negotiations with creditors under a new Common Framework supported by the Group of 20 major economies, a process that may lead to debt reductions in some cases. Malpass said he expected additional countries to request restructuring of their debts, but declined to give any details. The coronavirus…

Feb

20

2021

By The African Mirror

Entrepreneur takes quality products to the township consumer

BUSINESS

TANYA McCLEAN TAKING the traditional stokvel business model to the digital level, reducing the cost of food for township communities and creating jobs - that's the win-win situation being implemented by owner of Thrift Online, Thabiso Mongane from Soweto. Mongane, who has a background in corporate banking, said that Thrift Online is a social commercial platform with the original goal being to target students and their grocery needs. The concept was simple, aggregate the student grocery demand and co-ordinate individual purchases into bulk purchases, making grocery shopping far more affordable for the student market. But then the Covid-19 pandemic hit…

Feb

20

2021

By The African Mirror

Air Cote d’Ivoire says 2020 turnover fell 42% during coronavirus pandemic

BUSINESS

IVORY Coast's national airline Air Cote d'Ivoire reported a turnover of 48 billion CFA Francs ($88.7 million) in 2020, down 42% from 83 billion the previous year because of the coronavirus pandemic, an official has said. The airline received 14 billion CFA francs from the government last June to keep it afloat as flights were halted. Travel curbs have hit heavily-indebted airlines in the region, forcing some into liquidation. The Ivorian flag carrier took delivery of a new Airbus A320neo on Thursday and aims to start serving South Africa in the second half of this year, said Laurent Loukou, deputy…

Feb

19

2021

By The African Mirror

World Bank names Senegalese national to head IFC private-sector arm

BUSINESS

The World Bank has named Makhtar Diop as the new managing director of its private sector arm, the International Finance Corp, a position key to boosting the bank's efforts to fight climate change and inequality. Diop, a Senegalese national and the former minister of economy and finance of the West African nation, is currently serving as the World Bank's vice president for infrastructure, where he oversees the bank's work across energy, transport, digital development and other sectors. He also served as the bank's vice president for Africa for six years, where he oversaw a record-breaking $70 billion in commitments. In…

Jul

30

2021

By The African Mirror

U.S. looks to leverage African diaspora in trade with Africa

BUSINESS

THE Biden administration plans to tap the African diaspora in the United States to bolster trade with Africa, a U.S. official has said, in a push to work with people who understand "social nuances" on the continent. Working with diaspora-owned enterprises is part of the revival of Prosper Africa, an initiative begun by former President Donald Trump in 2018 that the Biden administration aims to make the "centerpiece of U.S. economic and commercial engagement with Africa." Speaking at the U.S.-Africa Business Summit on Wednesday, U.S. Deputy Secretary of Commerce Don Graves said the diaspora can overcome a major impediment to…

Feb

18

2021

By The African Mirror

Japan agrees $668 mln loan to African Development Bank fund

BUSINESS

THE African Development Bank (AfDB) and Japan had signed a 73.6 billion yen ($668 million) loan agreement to help replenish the African lender's main development fund. The contribution from government development bank the Japan International Cooperation Agency will support efforts to improve African countries' economic resilience at a time when many are struggling with the coronavirus pandemic, the AfDB said in a statement. It said by 2022 the loan and contributions from elsewhere are expected to fund the installation of up to 28,000 km (174,00 miles) of power distribution lines, to improve water access for 9 million people, and to…