BUSINESS - The African Mirror

Jul

30

2021

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…

Jul

29

2021

By The African Mirror

Pfizer raises 2021 COVID-19 vaccine sales forecast to $33.5 billion

BUSINESS

MANAS MISHRA and MICHAEL ERMAN PFIZER Inc has raised its full-year sales forecast for the COVID-19 vaccine it developed with Germany's BioNTech by 29% to $33.5 billion, as nations stock up on doses for the rest of the year. The company also said it could apply for an emergency use authorization for a potential booster dose as early as August, reiterating that a third shot will likely be needed to enhance protection amid a resurgence in infections in many countries. New early data showed that a third dose generated virus-neutralizing antibodies more than 5 times higher in younger people and…

Feb

17

2021

By The African Mirror

Steinhoff’s former auditor Deloitte to pay $85 million to settle certain claims

BUSINESS

STEINHOFF said former auditor Deloitte has agreed to pay $85 million to certain claimants as part of the retailer’s proposed $1 billion global lawsuit settlement plan, and that a company opposing the plan had withdrawn its court application. The announcement sent Steinhoff’s Johannesburg-listed shares soaring 15.70% to reach their highest in nearly two and a half years, while its primary Frankfurt-listed shares jumped by 18.55% by 1231 GMT. The moves takes the scandal-hit retailer a step closer to a settlement plan proposed in July after an accounting fraud in December 2017 prompted investors to dump its shares and led to…

Jul

28

2021

By The African Mirror

Fintech revolution: A window for Africa to leap through

BUSINESS

CONRAD ONYANGO, BIRD NEWSROOM From Seychelles to Somalia, smaller African nations are rapidly expanding financial inclusion and making huge strides in cashless payment technologies and in the process helping to build Africa as a global centre of fintech excellence, a new report reveals. More and more African countries are joining the top 100 global league of fintech hubs, as a wave of innovation washes over the continent. The latest global rankings show Africa topped the list of new entrants, with seven out of 18 new fintech hubs found in Africa. Seychelles is among the new entrants, shooting to position 59,…

Jul

28

2021

By The African Mirror

Biden revives Trump’s Africa business initiative; eyes future digital project

BUSINESS

DOYINSOLA OLADIPO and ANDREA SHALAL THE Biden administration has announced a new push to expand business ties between U.S. companies and Africa, with a focus on building needed digital, health and physical infrastructure on the continent, a senior U.S. official said. U.S. industry executives welcome the interest, but say dollar flows will lag until the Biden administration wraps up its lengthy review of Trump administration trade measures and sets a clear policy on investments in liquefied natural gas. Dana Banks, senior director for Africa at the White House National Security Council, will kick off a U.S.-Africa business summit, with a…

Jul

28

2021

By The African Mirror

Tanzania’s central bank to give $432 mln loan for lending to private sector

BUSINESS

TANZANIA’S central bank will provide a 1 trillion shilling ($432 million) loan to commercial banks for lending to the private sector, as part of measures aimed at tackling the effects of the COVID-19 pandemic. The Bank of Tanzania said in a statement that it asked commercial banks to cap the lending rate to borrowers in the agriculture sector at 10%. The bank said the loan to commercial banks will have a 3% interest rate, and they can use it to pre-finance or refinance loans to private businesses. Tanzania, which under late President John Magufuli had downplayed the impact of COVID-19…

Feb

16

2021

By The African Mirror

Why the South African government should buy locally made vehicles for state use

BUSINESS

AGAINST the backdrop of the COVID-19 lockdown’s ongoing devastating impact on the economy, South Africa’s President Cyril Ramaphosa recently called on South Africans to buy local goods. He said: We call on every South African to contribute to our recovery effort by choosing to buy local goods and support local businesses. This is one way that every one of us can contribute to building a new economy. The President ended his plea with a colloquial saying: “local is lekker” (local is nice). JANNIE ROSSOUW, Professor, University of Witwatersrand Business School, University of the WAitwatersrand STEPHANUS JOHANNES JOUBERT, Senior Lecturer in…

Jul

27

2021

By The African Mirror

Dior, Fendi frenzy helps luxury group LVMH extend its reach

BUSINESS

SILVIA ALOISI and MIMOSA SPENCER SURGING sales of fashion lines and handbags by Dior, Fendi and Louis Vuitton powered LVMH's revenues in the second quarter as coronavirus restrictions eased around the world and the luxury goods group edged out some rivals to grow its market share. The luxury goods industry is recovering from the health crisis, which shut down global travel and temporarily closed stores. The end of COVID-19 lockdowns across much of Europe is reviving demand in the region after a strong Chinese rebound. LVMH, the world's biggest luxury goods group, has benefited more than most, using its heft…

Jul

25

2021

By The African Mirror

Africa dominates world mobile money trade

BUSINESS

THE BIRD NEWSROOM AFRICA is projected to maintain its impressive streak as the global leader in mobile money services, a result of the steady adoption of no-contact payments and more recently the fear of contracting COVID-19, according to a report by the Global System for Mobile Communications, or GSMA. In 2020, Africa made up more than half of the total live mobile money services globally, recording 548 million mobile money wallets, of the total 1.2 billion registered accounts globally. Out of 310 live mobile money services, 157 operate in Africa, representing 50.7% of the world total, according to the latest…