BUSINESS - The African Mirror

Dec

04

2021

Omicron may throw wrench in companies’ plans to return to office

BUSINESS

BEN KLAYMAN COMPANY executives are beginning to consider different permanent work models for their employees as the coronavirus pandemic, and the spread of the Omicron variant, destabilize their latest return-to-office plans. With Omicron so new, companies are struggling to understand how the variant might affect their operations and profits. Most have taken a wait-and-see stance as they weigh how fast the variant may spread and its potential harmfulness, although Alphabet Inc's Google was indefinitely delaying its return-to-office plan around the world. Luxury toilet maker Lixil Corp's chief people officer, Jin Montesano, told the Reuters Next conference this week that the…

Dec

03

2021

By The African Mirror

Senegal’s economy to rebound to 5% growth in 2021, says IMF

BUSINESS

Senegal's economy will grow 5% in 2021 thanks in part to solid industrial output, the International Monetary Fund said on Wednesday, revising up a previous forecast of 3.5% growth for this year. The Fund said it had reached a staff-level agreement with the West African nation that could pave the way for the disbursement of around a further $180 million under an existing loan deal. Senegal is seeking to recover from the economic shock of the pandemic, which caused its real GDP growth to slow to 1.5% in 2020 from 4.4% a year earlier. "Senegal's economic rebound through September 2021…

Dec

02

2021

By The African Mirror

Championing a crypto revolution in Africa

BUSINESS

PATRICK NELLE WHEN crypto startup Ejara recently inked a 2 million US dollar funding deal to bring to 5 million dollars the total amount out cash it has raised in 8 months, Francophone Africa sat up and took notice of the company - and its CEO and co-founder, Nelly Chatue-Diop. The company is blazing a trail for startups in the sector in Francophone Africa, offering venture capital a new route to potentially lucrative markets and forcing venture capitalists who have traditionally focused on fintech opportunities in Anglophone Africa to shift their gaze. But while cryptocurrencies offer lucrative opportunities in Africa,…

Apr

01

2021

By The African Mirror

WTO hikes 2021 trade growth forecast, but COVID-19 risks linger

BUSINESS

THE World Trade Organization slightly raised its growth forecast for global goods trade this year, but said the outlook was clouded by risks from the roll-out of coronavirus vaccines and the possible emergence of vaccine-resistant strains. WTO director-general Ngozi Okonjo-Iweala told a news conference on yesterday that vaccines had given the world a chance of stopping the disease and jump-starting the economy. "But this opportunity could be squandered if large numbers of countries and people do not have equal access to vaccines," she told a news conference. The WTO is forecasting merchandise trade will grow this year by 8.0% after…

Jan

05

2021

By The African Mirror

Egypt eyes slow return for tourism after revenues dive in 2020

BUSINESS

EGYPT’S tourism sector is eying a gradual recovery after revenues plunged by nearly 70% to $4 billion in 2020 due to the coronavirus pandemic, the tourism minister and travel companies said. The number of tourists visiting Egypt sank to 3.5 million last year from 13.1 million in 2019, Tourism and Antiquities Minister Khaled El-Enany told Reuters. Foreign occupancy rates in Egyptian hotels dropped to just 10-15% of 2019 levels. Tourism accounts for up to 15% of Egypt's national output, and is a key source of foreign currency. Officials have been unveiling new archaeological discoveries in an effort to revive visitor…

Jan

04

2021

By The African Mirror

Libyans start using new exchange rate

BUSINESS

THE Central Bank of Libya has introduced a new unified exchange rate agreed last month after years of division between rival branches based on opposing sides of the front line. As part of the change, the internationally recognised Government of National Accord (GNA) in Tripoli suspended a fee on foreign currency transactions that it introduced two years ago to bring the official rate closer to the black market rate. The Central Bank of Libya board agreed the new rate of 4.8 dinars to the United States dollar last month in its first full meeting for five years after splitting as…

Jan

02

2021

By The African Mirror

UK and Ghana to miss Brexit trade deadline, but deal close

BUSINESS

BRITAIN and Ghana are close to announcing an agreement on post-Brexit trade but a deal will not take effect in time to prevent a period of operating on default terms, according to a source close to the negotiation. Once active, the deal will replicate the terms of trade Britain previously benefitted from as a member of the European Union. EU trade rules will cease to apply to Britain from Jan. 1 when it completes its exit from the bloc. Ahead of that deadline Britain has signed "continuity" agreements with 63 countries to safeguard terms on 885 billion pounds ($1.21 trillion)…

Jul

22

2022

By The African Mirror

Archipelagic island nation gives birth to Africa’s first “decacorn”

BUSINESS

CONRAD ONYANGO, BIRD STORY AGENCY AS venture funding begins to slow down in markets outside Africa, a startup in the tiny Indian Ocean island nation, Seychelles raised millions of dollars from foreign investors - pushing its valuation to 10 billion US dollars and delivering Africa’s first ‘decacorn.’ Seychelles-based crypto exchange KuCoin is now the most valuable startup on the continent- with its current valuation exceeding the combined values of Chipper Cash and Opay (with valuations of over 2 billion US dollars each), Wave (1.7 billion US dollars), Andela (1.5 billion US dollars) and Flutterwave (1 billion US dollars). While Seychelles…

Jan

12

2021

By The African Mirror

Angola gets breathing space from Chinese creditors

BUSINESS

TOM ARNOLD and KARIN STROHECKER ANGOLA has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister has announced. Africa's second-largest oil exporter has been seeking payment relief as it strives to overcome the hit from the coronavirus pandemic, heavy debt service requirements and volatility in the oil sector. Angola owes more than $20 billion to a number of Chinese entities, including $14.5 billion to the China Development Bank and nearly $5 billion to the Export-Import Bank…

Jan

12

2021

By The African Mirror

World Bank to invest $5 bln in 11 African countries

BUSINESS

THE World Bank says it would invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods in 11 African countries as they recover from the COVID-19 pandemic. World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from COVID-19 and dealt with the impact of biodiversity loss and climate change. The funds would benefit countries in the Sahel region, Lake Chad and Horn of Africa, the Bank said in a statement.