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May
16
2024
By The African Mirror
Qatar Airways to invest in an airline in southern Africa, CEO says

Qatar Airways to invest in an airline in southern Africa, CEO says

BUSINESS
QATAR Airways will soon announce an investment in an airline in southern Africa, its CEO said, part of the Gulf carrier's drive to expand its network in Africa. "We are at the final stage of an equity investment in an airline in the southern part of Africa," Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha, saying the deal could be announced in two to three weeks. Meer, who became CEO in November, said the southern part of Africa was a gap in Qatar Airways' network coverage on the continent. He added that Qatar…
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May
15
2024
By The African Mirror
Anglo CEO says BHP bid forced his hand on demerger of South African assets

Anglo CEO says BHP bid forced his hand on demerger of South African assets

BUSINESS
THE boss of Anglo American (AAL.L) said that a bid by rival BHP (BHP.AX) to take over the company forced him to accelerate plans for a spin-off of its South African platinum assets, which came on the cusp of a national election. While Anglo was already working on its own review of assets including the platinum and diamonds businesses, the timeline had to be speeded up after BHP's approach, Anglo CEO Duncan Wanblad said. As a pre-condition for its bid, rejected twice by Anglo, BHP had requested that Anglo exit its platinum and iron ore units in South Africa, drastically reducing its presence in the…
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May
15
2024
By The African Mirror
Uganda in talks with China’s Sinohydro over power line to South Sudan

Uganda in talks with China’s Sinohydro over power line to South Sudan

BUSINESS
UGANDA is in talks with Chinese firm Sinohydro (SINOH.UL) Corporation Limited for the development of a $180 million power transmission line to allow Uganda to export power to energy-starved South Sudan, the president's office said. As part of the talks, a delegation led by Yang Yi Xin, Sinohydro Corporation's vice president, met Uganda's President Yoweri Museveni on Monday, a statement from Museveni's office said late on Monday. The project will involve the construction of a 138-km (85.75 miles) high-voltage transmission line to take power to South Sudan, the expansion of two substations and construction of one new one, the statement…
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May
14
2024
By The African Mirror
Niger PM says Benin’s oil export blockade violates accords

Niger PM says Benin’s oil export blockade violates accords

BUSINESS
NIGER'S Prime Minister Ali Mahaman Lamine Zeine said that Benin's blockade of Niger's oil exports, imposed in response to a border closure, violated trade agreements between the two countries and with Niger's Chinese partners. Speaking at a press conference in the capital Niamey, Zeine said Niger could not fully reopen its border with Benin for security reasons, in comments that escalated a dispute that saw Benin this week block supplies of Niger's crude oil to ships in its port. The blockade jeopardises landlocked Niger's plan to start crude exports under a $400 million deal with state-owned oil major China National…
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May
14
2024
By NQOBILE DLUDLA
Vodacom profit hit by Ethiopia start-up loss, upgrades service revenue target

Vodacom profit hit by Ethiopia start-up loss, upgrades service revenue target

BUSINESS
VODACOM Group (VODJ.J) reported a 10.8% decline in full-year earnings, impacted by start-up losses in Ethiopia and rising costs, but upgraded its group service revenue target thanks to its Egyptian unit and performance of new services. The South African company, majority-owned by Britain's Vodafone (VOD.L), co-launched Safaricom Ethiopia in 2022 as part of a consortium, betting that the populous nation will power growth after about five years of investment. Vodacom has a direct 5.7% stake. The biggest telecoms operator in South Africa said headline earnings per share fell to 846 cents in the year ended March 31, from 948 cents a year…
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May
11
2024
By CHIJIOKE OHUOCHA and ELISHA BALA-GBOGBO
IMF maintains Nigeria growth forecast at 3.3% for 2024

IMF maintains Nigeria growth forecast at 3.3% for 2024

BUSINESS
THE International Monetary Fund maintained its growth forecast of 3.3% for Nigeria's economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors. The IMF added that the growth outlook was still challenging in Africa's most populous nation and top oil producer, with food price inflation of 40% in March, raising food security concerns. "If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge," IMF mission chief for Nigeria, Axel Schimmelpfenning, told journalists. Since taking office about a year ago, President Bola Tinubu has embarked on sweeping…
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May
11
2024
By The African Mirror
Zimbabwe to fine businesses not using official new exchange rate

Zimbabwe to fine businesses not using official new exchange rate

BUSINESS
ZIMBABWE will fine businesses using inflated exchange rates as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG). Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice seen by Reuters. Anyone offering "goods or services at an exchange rate above the prevailing interbank foreign currency selling rate" would be guilty of a civil infringement, read the notice, issued late on Thursday. The government has been making efforts to keep…
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May
11
2024
By BRETT SILBERG
Global economics and domestic financial policies

Global economics and domestic financial policies

BUSINESS
A look at the scenarios that could shape investors’ financial strategies in the coming months. As we navigate the intricate landscapes of global economics and domestic financial policies, it is important to reflect on the scenarios that could shape our financial strategies in the coming months. In SA, the political climate is heating up with the upcoming general election. Recent polls suggest a significant shift, with the ruling African National Congress (ANC) potentially receiving less than 51% of the vote. Such an outcome could lead to the first coalition government, which would fundamentally alter our country’s political and economic trajectory.…
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May
10
2024
By CYNTHIA ROTICH, BIRD STORY AGENCY
How one woman’s pain launched a business

How one woman’s pain launched a business

BUSINESS
A cloud of aromatic steam and the happy sound of bubbling fills the tidy, tiled room in Karen, a suburb in Nairobi, as Harriet Chebet shows off the machinery that helps her produce a range of medicinal herbal products. The remedies, which Chebet promotes as herbal solutions to health issues ranging from endometriosis to joint pain, are delivered daily to women across Kenya. As to their effectiveness, Chebet should know - she started the business after herbal remedies rescued her from a lifetime of pain. “Every month for one week, I was in a lot of pain, throwing up, constipation…
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