BUSINESS - The African Mirror

Jul

2021

‘Why we need capable female mentors in executives positions’

IN the 21st the world has witnessed a shift within the society of a rapid rise in women obtaining leadership positions that were conserved for men only in the past. However, women are still battling to have influence in the positions because they still need to prove themselves more than males. For others, the situation has presented an opportunity for them to recognise what they need; competent mentorship from experienced women leaders. This is because women understand the struggles they have been subjected to over the years better than men and therefore would be better mentors to young women leaders…

Apr

2021

By The African Mirror

South Africa extends COVID-19 loan scheme deadline by three months

BUSINESS

SOUTH Africa has extended by a further three months the deadline of a loan scheme that is central to efforts to counter the economic impact of the COVID-19 pandemic, according to the Treasury. President Cyril Ramaphosa announced the bank loan scheme for businesses, worth up to 200 billion rand ($13.72 billion) in total and partly guaranteed by the government, in April 2020. The availability of the loans in the scheme has been extended to July 11, from an earlier deadline of April 11, the Treasury said in a statement issued jointly with the South African Reserve Bank and the country's…

Jul

2021

By The African Mirror

Egypt’s January-June tourism revenues were $3.5-4 bln – deputy minister

BUSINESS

EGYPT’S tourism revenues were between $3.5 billion to $4 billion during the first half of 2021 and the country received about 3.5 million tourists from January to June, Ghada Shalaby, deputy minister of tourism, told Reuters. The country's revenues from the vital sector were about $4 billion in 2020 amid the coronavirus pandemic, down by 70% from $13.03 billion in 2019. "We are expecting that numbers of tourists will increase by 45% to 60% during the next period compared with last year," Shalaby said. The average spending of a tourist per night is about $95, she added. Tourism revenue is…

Apr

2021

By The African Mirror

Uganda, Tanzania, oil firms sign accords to build $3.5 bln pipeline

BUSINESS

ELIAS BIRYABAREMA UGANDA, Tanzania and oil firms Total and CNOOC on Sunday signed agreements that will kickstart the construction of a $3.5 billion crude pipeline to help ship crude from fields in western Uganda to international markets. France's Total and China's CNOOC own Uganda's oilfields after Britain's Tullow exited the country last year. The signatories have now agreed to "to start investment in the construction of infrastructure that will produce and transport the crude oil," said Robert Kasande, permanent secretary at Uganda's ministry of energy. Ugandan President Yoweri Museveni and Tanzania's new leader Samia Suluhu Hassan, on her first official…

Apr

2021

By The African Mirror

Egypt’s hotels run at half capacity

BUSINESS

THE occupancy rate of Egypt's hotels, which are running at half capacity due to COVID-19 regulations, was between 40% and 45% in the first quarter, an official from the tourism ministry told Reuters yesterday. This amounts to an occupancy rate of nearly 25% if hotels were running at full capacity, according to Reuters calculations. Tourism accounts for up to 15% of Egypt's national output, and is a key source of foreign currency. The industry revenues plunged 70% in 2020 due to the coronavirus pandemic, with numbers of visitors sinking to 3.5 million from 13.1 million in 2019. Egypt received 500,000…

Apr

2021

By The African Mirror

European soccer club shares jump after Super League announcement

BUSINESS

GIANCARLO NAVACH and DANILO MASONI SHARES in English soccer team Manchester United and Italy's Juventus jumped on yesterday after they and 10 other top European clubs announced the formation of a breakaway Super League that could significantly boost revenue for the clubs' wealthy owners. Juventus' share price surged nearly 19% as shareholders cheered the move to set up a rival to UEFA's established Champions League, Europe's most prestigious club competition. Shares in Manchester United rose 9% after opening on the New York Stock Exchange. The Super League, financed by U.S. bank JP Morgan, heralds the prospect of bigger and more…

Jul

2021

By The African Mirror

EXCLUSIVE-Angola’s oilfield debts to energy majors hit $1 billion – sources

BUSINESS

NOAH BROWNING and RON BOUSSO ANGOLA has accumulated around $1 billion in debt to western oil companies operating its oilfields, with the bill prompting the African country's recently launched sale of stakes in its flagship offshore blocs, three industry sources told Reuters. The magnitude of the debt, built up over several years, is a sign of deepening financial woes at state oil giant Sonangol, one of Africa's largest companies, due to underinvestment in declining offshore fields which worsened during the COVID-19 pandemic. It comes as global companies rethink their presence in high-cost ventures worldwide in order to meet their climate…

Jul

2021

By The African Mirror

Kenya’s economy to bounce back this year but still vulnerable – World Bank

BUSINESS

KENYA’S economy will grow by 4.5% this year as vaccinations and lockdown easing help it recover from a coronavirus-induced slump last year, although it still remained highly vulnerable to the pandemic, the World Bank has said. Growth for the East African nation which relies on farming and services like tourism, is expected to climb to above 5% in the subsequent two years, the bank said in a biannual report. The projection for this year's growth is based on firms boosting production and investments as lockdown measures are lifted, a slight recovery in the services sector due to vaccinations, and adequate…

Jun

2021

By The African Mirror

Kenya secures $130 mln from the World Bank for COVID vaccines

BUSINESS

KENYA has secured $130 million of additional funds from the World Bank to help buy vaccines to tackle the COVID-19 pandemic, the bank has announced. Like other countries around the continent, the East African nation has been hit by deadly waves of COVID-19 infections this year, forcing it to re-impose strict, partial lockdown measures. "This additional financing comes at a critical time when the Government of Kenya is making concerted efforts to contain the rising cases of COVID-19 infections," said Keith Hansen, the World Bank's country director in Kenya. The financing will help Kenya buy vaccines through an African Union…

Jun

2021

By The African Mirror

U.S. welcomes Sudan clearance of $1.4 billion in IMF arrears

BUSINESS

THE U.S. Treasury said on Tuesday it welcomed Sudan's clearance of about $1.4 billion in arrears to the International Monetary Fund, paving the way for the first phase of debt relief under the Heavily Indebted Poor Countries initiative. Treasury said in a statement that it committed to contribute up to $120 million in grant resources to fund IMF debt relief for Sudan in the first phase under HIPC. The Treasury provided bridge financing of about $1.15 billion in March to help Sudan clear its arrears at the World Bank. U.S. Treasury Secretary Janet Yellen said that Sudanese authorities were committed…