BUSINESS - The African Mirror

Dec

15

2023

bird TenX: 10 of Africa’s major ports in race for greater share of global trade

BUSINESS

THE opening of Nigeria’s 'game-changing' billion-dollar deepwater seaport in Lekki, in early 2023, together with other ongoing and upcoming projects around the continent reflects an increasingly competitive race for the top shipping hub slots in Africa. Currently, a host of other major multi-billion dollar investments geared towards improving existing infrastructure or putting up new ports are ongoing in countries including South Africa, Morocco, Algeria, Angola, Egypt and Senegal. Among the largest investments announced so far is the US$7 billion to upgrade to the South African Port of Durban in a facelift that will expand its container handling capacity from 2.9…

Dec

15

2023

By The African Mirror

AFRICA-FX-Kenyan and Zambian currencies seen falling, Ghana’s steady

BUSINESS

KENYA'S shilling and Zambia's kwacha are expected to fall in the next week, while the Ugandan shilling could strengthen, Ghana's cedi will probably be steady and Nigeria's naira may be mixed, traders said. KENYA Kenya's shilling is seen slipping on increased foreign-currency demand from the manufacturing sector and as Kenyans living abroad ask for higher exchange rates to part with their dollars. Commercial banks quoted the shilling at 153.30/50 to the U.S. currency, compared with last Thursday's close of 153.20/40. On Thursday the shilling hit a new all-time low of 153.50/70 before recouping some losses, LSEG data showed. "Those looking…

Dec

14

2023

By The African Mirror

AfDB approves $696 mln finance for Tanzania-Burundi-Congo rail project

BUSINESS

THE African Development Bank has approved over $696 million in financing for a rail project to link Tanzania, Burundi and the Democratic Republic of Congo, the bank said. The project will connect to the existing rail network of Tanzania, providing access to the port of Dar es Salaam to neighbouring countries. Tanzania President Samia Suluhu Hassan is pushing to complete big-ticket infrastructure projects started under her predecessor John Magufuli to boost trade with neighbouring east and central African countries. The AfDB said in a statement that it would provide roughly $99 million to Burundi in grants and $598 million to…

Dec

13

2023

By The African Mirror

Jubilee Metals forms Zambian copper recovery venture with UAE’s IRH

BUSINESS

Jubilee Metals Group said that it has formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia. Africa's number 2 copper producer Zambia last month picked IRH, a unit of Abu Dhabi's most valuable listed company International Holding Company, as the new strategic equity partner in the state-owned Mopani Copper Mine. IRH, which was not immediately available for comment, is actively pursuing the acquisition of metal assets including copper, nickel, graphite, manganese, cobalt and lithium which are essential to the UAE's clean green energy drive. Jubilee, which mainly focuses on recovering metals…

Dec

13

2023

By RAPHAEL SATTER

How cybercriminals are using Wyoming shell companies for global hacks

BUSINESS

SOMALI reporter Abdalle Ahmed Mumin was doubly distressed when he heard that a colleague had been abducted by masked gunmen at the University of Mogadishu on the morning of August 17. A fellow journalist was missing and Mumin - the chairman of the Somali Journalists Syndicate - had little way of getting the word out. Digital sabotage had knocked his syndicate's website and email accounts offline a few days earlier. "I can still feel the frustration," Mumin told Reuters. “Our link to the outside world, to the international media, is our website." It was only after getting help from Qurium,…

Dec

13

2023

By The African Mirror

Ryanair to start Morocco domestic flights in summer 2024

BUSINESS

THE Moroccan government has given its go-ahead for Ryanair to operate domestic flights in the country starting next summer, Morocco's tourism minister said. Ryanair will be the third airline to operate flights in the North African country, after Moroccan carrier RAM and the UAE's Air Arabia. "With the government's approval, Ryanair is launching 11 new domestic routes, connecting nine beautiful cities in Morocco: Agadir, Errachidia, Essaouira, Fez, Marrakesh, Ouarzazate, Oujda, Tangier, and Tetuan," minister Fatima Zahra Ammor said on LinkedIn. Ryanair also planned to introduce 24 new international routes, connecting Morocco to Germany, Spain, France, Italy, the Netherlands, Portugal, Sweden, and…

Dec

12

2023

By The African Mirror

Niger, Mali and Burkina Faso to move toward monetary alliance, Niger leader says

BUSINESS

NIGER, Mali and Burkina Faso are eyeing a political and monetary alliance, Niger's military leader said on national television of a move that could mark a further break with the West African regional bloc. Niger's General Abdourahamane Tiani did not give a timeline or details about the project but said it was one of the reasons for his recent visit to both countries. "In addition to the security domain, our alliance must evolve in the political domain and in the monetary domain," he said in an interview on Niger's RTS channel late on Sunday. The three neighbouring states are all…

Dec

11

2023

By The African Mirror

Moody’s upgrades outlook on Nigeria to positive

BUSINESS

Ratings agency Moody's revised its outlook on Nigeria to positive from stable, citing a possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings. Nigerian President Bola Tinubu is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity. Tinubu has undertaken the country's boldest reforms in decades by scrapping a popular but costly fuel subsidy in May,…

Dec

10

2023

By The African Mirror

Zimbabwe names Mushayavanhu as next central bank governor

BUSINESS

ZIMBABWE said that career banker John Mushayavanhu would take over as its central bank governor next year. President Emmerson Mnangagwa's government said in a statement that Mushayavanhu has more than 30 years of experience at banks including Standard Chartered Bank and FBC Bank. Mushayavanhu will replace John Mangudya, whose 10-year term at the Reserve Bank of Zimbabwe ends on April 30 next year. Mangudya will become CEO of the Mutapa Investment Fund, a sovereign wealth fund that was created in 2014 but is only becoming active this year with the appointment of a board of directors and now a chief…

Dec

10

2023

By MACDONALD DZIRUTWE

South Africa picks Marokane as next CEO of power firm Eskom

BUSINESS

SOUTH Africa's government appointed Dan Marokane as its next Chief Executive Officer of its state power firm Eskom, which has implemented the worst rolling blackouts on record this year. Marokane, who previously held senior Eskom positions, including as its head of group capital, will rejoin no later than March 31 of next year, Public Enterprises Minister Pravin Gordhan said in a statement. Marokane has been acting CEO of sugar producer Tongaat Hulett (TONJ.J) since the end of February. Bloomberg News reported on Thursday that Marokane was expected to be appointed Eskom CEO. Eskom has been without a permanent CEO since February when then-CEO Andre…