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May
21
2021
By The African Mirror
COVID-hit Namibia makes second bid to auction off fisheries quota

COVID-hit Namibia makes second bid to auction off fisheries quota

BUSINESS
NAMIBIA’S government will have a second go at auctioning off part of its horse mackerel fish quota to raise money for its coronavirus-hit coffers after the first sale flopped, a prospectus showed yesterday. The ministries of finance and fisheries were inviting bids for a June 18 auction of the 87,500 metric tonne quota of the country's horse mackerel fisheries normally reserved for state-owned Fishcor, the paper said. "The purpose of the auction is to raise revenue for government expenditure," finance ministry spokesman Tonateni Shidhudhu said. Namibia's first auction staged in August last year was a disappointment after bidders stumped up…
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May
20
2021
By The African Mirror
France, African leaders push to redirect $100 bln in IMF SDR reserves by October

France, African leaders push to redirect $100 bln in IMF SDR reserves by October

BUSINESS
JOHN IRISH FRENCH President Emmanuel Macron said a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states. Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris. In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of…
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May
20
2021
By The African Mirror
La Liga teams up with Microsoft to lift revenues as TV rights market cools

La Liga teams up with Microsoft to lift revenues as TV rights market cools

BUSINESS
RICHARD MARTIN and CLARA-LAEILA LAUDETTE SPAIN’S La Liga is expanding its partnership with Microsoft as it looks to boost revenue for its pandemic-hit soccer clubs and re-energise a fanbase that is consuming ever more digital products. The Spanish league, which announced its closer ties with Microsoft, sees the fast-growing world of sports technology as a way of offsetting a cooling television rights market and helping clubs develop on and off the pitch. "We want to launch a new company... to generate revenue so we are able to redistribute and have better clubs, better stadiums and better players," Oscar Mayo, La…
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May
19
2021
By The African Mirror
South Africa’s weak growth could fuel socioeconomic tensions – Moody’s

South Africa’s weak growth could fuel socioeconomic tensions – Moody’s

BUSINESS
SOUTH Africa's low economic growth and rising debt burden could see socioeconomic tension intensify and impede policy reforms, rating firm Moody's said in a research note on Tuesday. The note, an extract from the credit firm's annual report published on Monday, said South Africa's credit profile was balanced, with its low level of foreign currency debt and a strong core of institutions counting in its favour. "Credit challenges include structurally very weak growth and a high government debt burden that will continue to rise without comprehensive economic and fiscal reforms," Moody's said. "Socioeconomic inequalities also intensify tensions that drive political…
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May
16
2021
By The African Mirror
IMF mission says Ghana economy rebounding

IMF mission says Ghana economy rebounding

BUSINESS
RODRIGO CAMPOS A country mission of the International Monetary Fund says Ghana has managed its COVID-19 outbreak very effectively and its economy is rebounding with the support of strong policies. "Policy interventions in 2020 were also critical to safeguard livelihoods and paved the way for a faster rebound of economic activity," said Carlo Sdralevich, the mission head, in a statement following virtual meetings ended on May 12. He said last year's government actions to contain the pandemic also exacerbated pre-existing budget constraints and public debt vulnerabilities. "The 2021 budget's recent policy pivot towards fiscal consolidation is an important step in…
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May
16
2021
By The African Mirror
Burundi’s parliament passes $870 mln budget for 2021/22

Burundi’s parliament passes $870 mln budget for 2021/22

BUSINESS
BURUNDI’S parliament passed the government's planned budget of 1.7 trillion francs ($869.7 million) for the financial year starting July, up 8% from the expenditure for the current fiscal year. Friday's measure puts priority on areas such as "good governance, public health, agriculture and livestock (and) youth development," in the next fiscal year, the government said in a budget document presented in parliament by Finance Minister Domicien Ndihokubwayo. Ndihokubwayo said 76.4% of the budget would be funded from tax revenues while the rest would be from aid. The economy of the central African nation, which relies on exports of coffee and…
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May
14
2021
By The African Mirror
New generation of digital banks bets on minority markets

New generation of digital banks bets on minority markets

BUSINESS
ANNA IRRERA and MARIA CASPANI AFTER a doctor's visit, three court appearances, five trips to the bank and having her name and address published in a newspaper, Billie Simmons finally got a debit card with her chosen name. As a transgender woman, that meant she didn't run the risk of outing herself every time she used her card for routine expenses like buying groceries. The legal process to change her name and her gender on identity documents took several weeks. Yet four years on, Simmons still receives her monthly credit report in an email addressed to her dead name. She…
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Apr
30
2021
By The African Mirror
France pledges investment to boost sustainable cotton in Ivory Coast

France pledges investment to boost sustainable cotton in Ivory Coast

BUSINESS
ANGE ABOA  FRANCE’S development agency will invest 68.5 million euros ($83.04 million) over the next five years to boost cotton production in Ivory Coast, economy minister Bruno Le Maire said during a visit to the West African country on Thursday. Le Maire said the programme will target 120,000 cotton farmers in the northern region of the country and boost revenue in the cotton sector, benefiting the Ivorian economy. The country produced 490,000 tonnes of cotton in the 2019/20 season and 2020/21 output is forecast at 500,000 tonnes by the agriculture ministry. France's aid pledge comes as the European Union (EU),…
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Apr
29
2021
By The African Mirror
Mozambique’s economy facing multiple risks

Mozambique’s economy facing multiple risks

BUSINESS
MOZAMBIQUE’S economy faces multiple challenges, including a growing insurgency against the government and recurring extreme weather events, rating agency S&P Global said in the research report. S&P said militant attacks in Mozambique's northeastren province of Cabo Delgado posed a "significant threat" to production facilities there, touted as among the biggest natural gas discoveries in the world. Dozens of civilians were killed last month in Islamic State-linked attacks in the coastal town of Palma, near gas projects that are worth $60 billion and are aimed at transforming the country's economy. S&P, which ranks Mozambique's foreign debt at CCC+, seven rungs below…
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