BUSINESS - The African Mirror

Mar

06

2024

EU disburses 150 mln euros to Tunisia to support financial stability

BUSINESS

THE European Union disbursed 150 million euros to Tunisia as budget support for financial stability and economic reforms, the European Commission said, as the North African country faces a financial crisis. "The EU continues its commitment alongside Tunisia ... This is an important step as part of our agreement concluded last year and good progress in our partnership.", the president of the European Commission, Ursula von der Leyen, said.

Mar

06

2024

By The African Mirror

Kenya’s business activity shows first expansion since Aug, PMI survey shows

BUSINESS

KENYA'S private sector activity bounced back in February to record its first expansion since August, helped by easing inflation and gains in agriculture, manufacturing and services, a survey showed. The Stanbic Bank Kenya Purchasing Managers' Index (PMI) jumped to 51.3 in February from 49.8 a month earlier. Readings above 50.0 signal growth, while those below point to a contraction. It is the first time since August that the figure has gone above 50. "Business activity expanded across the Kenyan private sector ... as a further softening of inflationary pressures supported a fresh increase in new order volumes," Stanbic Bank said…

Mar

06

2024

By NQOBILE DLUDLA

Canal+ raises buyout offer for South Africa’s MultiChoice

BUSINESS

FRENCH media group Vivendi's Canal+ has raised its offer to buy all the shares of South Africa's MultiChoice that it does not already own, the companies said. Canal+, the biggest shareholder in MultiChoice, will offer 125 rand per share, valuing the pending shares at about 33.7 billion rand ($1.77 billion) according to Reuters calculations, after its previous offer of 105 rand was rejected last month. Maxime Saada, chairman and CEO of Canal+, told Reuters on Tuesday that the French company had engaged with the board of Africa's biggest pay-TV company to determine a reasonable price that would lead them to resume talks. "It was clear that…

Mar

05

2024

By The African Mirror

Canal+ to make firm offer to buy remainder of S.Africa’s MultiChoice by April 8

BUSINESS

Vivendi's French media company Canal+ will publish a firm intention to buy shares of South African pay-TV company MultiChoice tab that it does not already own by no later than April 8, it said on Monday. This follows a ruling on Wednesday by South Africa's Takeover Regulations Panel that required Canal+ to immediately make a firm intention announcement because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement when it raised its stake earlier in February. "Canal+ respects the decision taken by the Panel and will comply with it. On this basis, Canal+ confirms that it has applied for and received from the…

Mar

04

2024

By NYASHA CHINGONO

Zimbabwe needs predictable policy to support currency, World Bank says

BUSINESS

ZIMBABWE needs to make its fiscal and monetary policy more predictable to instil confidence in its depreciating currency, a senior World Bank official said. It could make progress by moving away from the central bank's "quasi-fiscal operations", Victoria Kwakwa, the World Bank's Regional Vice President for Eastern and Southern Africa, told Reuters in an interview. She did not spell out what those operations were, but the International Monetary Fund said last month the central bank should reduce its non-core activities, which have included printing money and borrowing to lend to the government. The Zimbabwean dollar has lost more than 60% of…

Mar

02

2024

By The African Mirror

South Africa’s business students want their own industry superheroes and success stories in the syllabus – study

BUSINESS

IN the past few years there’s been much discussion globally about the need to decolonise education. Decolonisation is the process of undoing the impact of colonial thinking and its influence in the present. Scholars have differing opinions about the best way to achieve this, or whether it’s even necessary or desirable. WILLIE TAFADZWA CHINYAMURINDI, Professor, University of Fort Hare In South Africa, the issue of decolonisation was spotlighted by students during 2016’s #FeesMustFall protests. Eight years on, I was interested in finding out what the current cohort of students thought decolonisation could look like in their classrooms. So I asked…

Mar

01

2024

By JOE BAVIER

Dan Marokane: the new boss of South African utility Eskom

BUSINESS

DAN Marokane is about to tackle the hardest job in South Africa: getting the lights back on. As CEO of state power utility Eskom, he takes on an organisation hampered by alleged coal theft and sabotage, which faces financial and technical crises. He will be working with a government shareholder who has a conflicted vision for the country's future energy mix and is struggling to move forward on a major overhaul of its electricity supply industry. As South Africa heads for national elections in May, turning Eskom around and solving a persistent power crunch could rescue Africa's most industrialised economy from a cycle…

Feb

29

2024

By NQOBILE DLUDLA

South African fashion retailers boost local production amid port delays

BUSINESS

SOUTH African fashion retailers are ramping up local production and using alternative sea ports and air freight to mitigate the impact of congestion at traditional ports that has caused massive delays in stock deliveries, executives told Reuters. State-owned logistics company Transnet said in November the backlogs at the Port of Durban and congestion at Richards Bay were due to factors including under-investment in equipment and maintenance, warning that procuring some of the new equipment could take as long as 12 to 18 months. Although South African fashion retailers have been moving production closer to home, they still rely heavily on…

Feb

29

2024

By The African Mirror

West Africa trade will take a hit as Mali, Niger and Burkina Faso leave Ecowas

BUSINESS

THE membership of the Economic Community of West African States (Ecowas) has been whittled down from 15 to 12 following the unilateral withdrawal of Niger, Mali and Burkina Faso in February. Founded in 1975, Ecowas is one of eight regional economic communities recognised by the African Union to foster regional integration on the continent. Its main objective is to create a single, large trading bloc through economic cooperation. OLIVIER WALTHER, Assistant Professor in Geography, University of Florida Since 1975, Ecowas and its sister organisation the West African Economic and Monetary Union (known by its French acronym, Uemoa) have implemented numerous…

Feb

28

2024

By CONRAD ONYANGO, BIRD STORY AGENCY

bird TenX: 10 African countries with highest diaspora remittance inflows

BUSINESS

AFRICA’S growing diaspora community is increasingly becoming an important pillar for the growth and stability of local economies as the never-ending search for "greener pastures" sees Africans in the diaspora sending home almost double the amount that flows to Africa as foreign aid. Employment and education are among the biggest factors pushing Africans abroad, be that within Africa's borders, or "overseas". Many of those who leave Africa's shores end up being successful and send money home to sustain relatives or to build homes and even businesses. Over the years, remittances sent back to the continent have increased significantly in recent…