BUSINESS - The African Mirror

Jan

11

2023

Five tips for developing and managing your budget – even in tough economic times

BUSINESS

THERE'S nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start 2023 by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing all over Africa and the world. Author OLUWABUNMI ADEJUMO, Lecturer/Researcher, Obafemi Awolowo University Budgeting is especially key. It is the most effective method to monitor income and expenditure. Personal budgets can help you to monitor your resources in pursuit of larger financial…

Jan

05

2023

By The African Mirror

Nigeria to spend $7.5 bln on petrol subsidy to mid-2023

BUSINESS

CAMILLUS EBOH NIGERIA will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion nairas ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said. Africa's biggest economy spent 2.91 trillion nairas ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances. President Muhammadu Buhari signed the 2023 budget of 21.83 trillion nairas ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4% and raised the oil price assumption. "Petrol subsidy will remain up to mid-2023 based on…

Jan

05

2023

By The African Mirror

Tunisia cenbank warns of consequences if inflation rockets

BUSINESS

TUNISIA'S central bank governor warned inflation could spiral out of control if it did not raise interest rates, a day after government criticism of a 75-basis-point increase to 8% last week. Economy Minister Samir Saeed said on Tuesday the hike would have negative repercussions for small and medium companies as the government contends with Tunisia's worst economic crisis. "I understand the central bank's keenness to combat inflation, but I would have preferred that the hike not exceed 25 basis points," he told reporters. But Abassi told a news conference on Wednesday that Tunisia had few tools to fight inflation. "Inflation rates…

Nov

11

2022

By The African Mirror

South African pay TV group Multichoice posts loss in first half

BUSINESS

SOUTH African pay TV company Multichoice Group said it made a loss in the first half due to an upfront investment in services and offerings it made before the soccer World Cup that starts later in November. The company has exclusive rights to broadcast the sporting extravaganza in Africa. For the half year ended September 30, its headline loss per share, the main measure of earnings in South Africa, was at 58 South African cents, down from 356 cents posted in the same period of last year. Thomson Reuters Foundation

Nov

10

2022

By The African Mirror

Zimbabwe miners say costs, power shortages dampen 2023 growth prospects

BUSINESS

ZIMBABWE’S miners face rising costs and persistent electricity shortages which will impact the sector’s growth prospects next year, an industry body said. The southern African country has pinned hopes on the mining sector to drive its economic recovery after years of decline blamed on the government’s forced seizure of white-owned farms in 2000 and excessive spending which fuelled hyperinflation. An industry report published by Zimbabwe’s Chamber of Mines, which represents the country’s major mining firms, says the sector will experience a slower 7% growth next year, from a projected 8% this year. “Prospects for mineral output growth for 2023 are…

Oct

20

2022

By The African Mirror

South Africa’s Telkom says bigger rival MTN has terminated buyout talks

BUSINESS

SOUTH African mobile operator Telkom said on Wednesday bigger rival MTN Group had terminated talks to buy the former in what would have created the country's biggest telecoms company. Telkom said it could not offer MTN assurances to enter into exclusive talks sought by the country's second-biggest telecoms service provider. MTN said in a separate statement that the companies were unable to reach an agreement on a deal. In July, MTN had offered to buy its smaller rival in a stock or cash-and-shares deal. But a month later, data network provider rain, partly owned by South African billionaire Patrice Motsepe, proposed a merger with…

Nov

06

2022

By The African Mirror

South Africa’s Takealot to extend reach in towns and townships

BUSINESS

NQOBILE DLUDLA TAKEALOT group, which includes South Africa's biggest e-commerce retailer Takealot.com, is pushing further into townships and growing its new grocery partnership to defend its market share. Competition is expected to intensify following a report U.S. e-commerce giant Amazon will launch locally in the coming year. Amazon has declined to comment on the report. Mamongae Mahlare, the chief executive officer of Takealot, said the group's delivery network and local appeal would ensure it competed. "Our confidence lies in South Africans, lies in us as a home-grown South African business," she said in an interview with Reuters. She said the…

Oct

19

2022

By The African Mirror

AfCFTA gets real after a pandemic-induced lull

BUSINESS

SETH ONYANGO, BIRD STORY AGENCY KENYA’S recent twin shipment of batteries and tea to Ghana –– the first from an East African economy under AfCTFA –– has injected fresh impetus into the fledgling free trade outfit. They also underscore the importance of the trade area to export receipts amid biting global supply chain disruptions. The shipments are a part of a trial phase to ramp up trade under AfCFTA involving Kenya, Ghana and six other states: Cameroon, Egypt, Mauritius, Rwanda, Tanzania and Tunisia. Last week, AfCFTA Secretary-General Wamkele Mene revealed that at least 96 different products from the eight countries…

Oct

15

2022

By The African Mirror

Stellantis signs framework deal for Fiat vehicle production in Algeria

BUSINESS

CARMAKER Stellantis said it had signed a framework agreement with Algeria to develop activities of its Fiat brand in the county, including for local production of vehicles. The deal covers a project for the development in Algeria of industrial, after-sales and spare parts activities for Fiat, as well as the development of the automotive sector in the country, Stellantis said in a statement, after signing the agreement with the director of cooperation of Algeria's industry ministry. The world's fourth-largest carmaker, which houses brands including Peugeot, Citroen, Alfa Romeo, Jeep and Opel, did not provide further details about the activities it…

Oct

15

2022

By The African Mirror

Diageo seeks to raise its stake in Kenyan brewer EABL, to keep listing

BUSINESS

DIAGEO Plc, the world's largest spirits maker, has offered to buy additional shares in Kenya's East African Breweries to boost its stake by a third to 65%, it said. Diageo is offering to buy 118.39 million shares at 192 shillings ($1.59) each, the multinational drinks group said in a statement, amounting to a 40% premium over the market price. The offer closes on March 10, next year, Diageo said, adding that it will not seek to take over the entire company should it attain its desired level of ownership, and it will keep the company listed. Diageo has been seeking to…