BUSINESS - The African Mirror

Jul

02

2024

By ISAAC ANYAOGU, AHMAD GHADDAR and JULIA PAYNE

Nigeria’s Dangote refinery boosts gasoil exports to W. African market

BUSINESS

NIGERIA'S new Dangote oil refinery is increasing gasoil exports to West Africa, taking market share from European refiners, according to traders and shipping data. The $20 billion refinery, built by Africa's richest man Aliko Dangote on the outskirts of Lagos, is producing a lower grade of gasoil than expected as it awaits the restart of units needed to produce cleaner fuels, prompting the plant to seek buyers in neighbouring markets. Exports of gasoil from the refinery hit nearly 100,000 barrels per day (bpd) in May, nearly doubling April's levels, data from analytics firm Kpler showed. The bulk of the exports…

Jul

02

2024

By The African Mirror

South African rand gains after Ramaphosa announces new cabinet

BUSINESS

SOUTH Africa's rand strengthened in early trade after President Cyril Ramaphosa announced his new coalition cabinet, appointing the leader of the former opposition Democratic Alliance (DA) as agriculture minister. At 0737 GMT, the rand traded at 18.0150 against the dollar, 1% stronger than its previous close. After weeks of intense deliberations, Ramaphosa named DA leader John Steenhuisen as part of his cabinet line-up on Sunday, bringing the party and other coalition members into his new government team. "There will be a palpable sense of relief that Mr Ramaphosa has finally named his executive following protracted and often terse negotiations with his new…

Jul

01

2024

By LIBBY GEORGE

Kenya’s tax-bill turmoil complicates IMF cash, could boost borrowing costs

BUSINESS

THE violent unrest that forced Kenya's president to withdraw support for a finance bill has left the country's efforts to meet International Monetary Fund targets in doubt and could make borrowing more costly, investors and analysts said. The bill included unpopular levies on bread, vegetable oil and sugar, mobile money transfers and some imports. It had been meant to raise 346 billion Kenyan shillings ($2.68 billion), or 3% of GDP, in additional revenue, Morgan Stanley's Neville Z. Mandimika wrote in a note. Its withdrawal "will likely result in Kenya missing the 4.7% fiscal deficit target this year and 3.5% target next year as per…

Jun

29

2024

By BONFACE ORUCHO, BIRD STORY AGENCY

bird TenX: The ten African countries that attracted the most FDI in 2023

BUSINESS

THE International Monetary Fund's (IMF) global economic performance projections for 2024 listed 6 African countries in the top 10 fastest-growing economies globally, evidence of unprecedented and untapped economic opportunities on the continent. That kind of growth also creates demand for investment. According to the OECD, Africa faces a sustainable financing gap of up to US$1.6 trillion until 2030, hindering the implementation of existing greenfield projects due to challenging economic dynamics and rising debts. The continent’s vast natural resources and abundant, increasingly skilled human capital, particularly, make it a magnet for global investors looking to manufacture goods for global markets and…

Jun

28

2024

By OLIVER OCHIENG, BIRD STORY AGENCY

South African firm to supply container wagons for Lobito railway

BUSINESS

SOUTH Africa's Galison Manufacturing has secured a concession to supply modern container wagons to the Lobito railway, furthering localisation in the modernisation drive for the 1300km rail corridor between Zambia and the Atlantic Ocean. Announcing the award, Galison said it would provide 275 new container wagons to the Lobito Atlantic Railway (LAR) consortium. “The new wagons are compatible with the existing rolling stock in the Southern African Development Community region. They were designed considering local conditions on the railway to ensure the smooth transport of critical minerals and other materials for both domestic and international traffic," Lobito Atlantic Railway CEO…

Jun

27

2024

By ABBEY MAKOE

EU’s new tariffs on Chinese EVs will boomerang

BUSINESS

THE recent establishment by the European Commission of an anti-subsidy investigation against the hugely popular Chinese Electric Vehicles (EVs) will inadvertently backfire on their citizens instead of harming the People’s Republic of China. I cannot see how such an unfortunate initiative, intended to be punitive in every aspect and intent, will not boomerang and hurt the European customers hard in their wallets and purses. For starters, the Western government’s democratic principles are fundamentally interwoven into the dictates of the free market economic system as well as capitalist practices. From the standpoint of a simplified version of socialism, one could interpret…

Jun

27

2024

By Manfred Zwecker

Egypt needs to import $1.18 billion in fuel to end power cuts

BUSINESS

EGYPT needs to import around $1.18 billion worth of mazut fuel oil and natural gas to end persistent power cuts exacerbated by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a televised address. It hopes the shipments will arrive in full around the third week of July, by which point the government aims to stop cutting power during the remaining summer months, he added. It has already started contracting for 300,000 tonnes of mazut worth $180 million to boost its strategic reserves which are expected to arrive early next week. Egypt's government on Monday extended daily power cuts to three…

Jun

27

2024

By The African Mirror

S.Africa says cases against EU citrus measures progressing at WTO

BUSINESS

SOUTH Africa expects the World Trade Organisation to set up adjudication panels in July to examine its two cases against the European Union over its phytosanitary measures for citrus imports, the country said on Wednesday. The world's second-largest citrus exporter after Spain is challenging changes made in 2022 to the EU's phytosanitary requirements for oranges and other citrus products. The new measures require enhanced cold treatment for fruit due to concerns over false codling moth, a pest commonly found in sub-Saharan Africa, and citrus black spot, a fungal disease that leaves dark spots on fruit. South Africa, which says the EU measures…

Jun

25

2024

By The African Mirror

Ghana’s debt restructuring takes another step forward

BUSINESS

GHANA'S long-running debt restructuring took another step towards the finish line after the government said it struck an agreement in principle on a debt rework with holders of some $13 billion of international bonds. Below is a condensed timeline of key events: * February 2022 - Credit ratings agency Moody's downgrades Ghana's credit rating from B3 to Caa1, saying the country had a "very high credit risk", after Fitch cut its Ghana credit rating to B- from B in January. * March 2022 - Ghana's central bank hikes interest rates by a record 250 basis points to 17% in a bid to…

Jun

22

2024

By The African Mirror

Uganda signs deal with UAE to build third international airport

BUSINESS

UGANDA has signed a pact with a business association from the United Arab Emirates to build a new international airport, President Yoweri Museveni's office said. The deal for the East African nation's third such airport expands the UAE's economic footprint beyond its interests in the renewable energy and oil and gas industries. The UAE's Sharjah Chamber of Commerce and Industry will build the airport just outside the Kidepo National Park in the northeast near Uganda's border with Kenya, Museveni's office said in a statement, without giving the cost. Construction will start in August, said Abdallah Sultan Al Owais, chairman of…