BUSINESS - The African Mirror

Mar

19

2021

UK fraud prosecutor closes KBR investigation

BUSINESS

KIRSTIN RIDLEY BRITAIN's Serious Fraud Office (SFO) has closed its four-year bribery and corruption investigation into the UK subsidiaries of KBR Inc, a U.S.-listed engineering, procurement and construction company. The investigator and prosecutor said yesterday that it had not uncovered sufficient evidence to pursue the case. KBR said it was "pleased and supportive" of the decision, which followed similar announcements by the U.S. Department of Justice and Securities and Exchange Commission that put "a final conclusion to this matter". The closure of the case is the latest in a string of major investigations shut under SFO head Lisa Osofsky. Inquiries…

Mar

17

2021

By The African Mirror

‘Stagflation’ stalks Nigeria as food prices, unemployment soar

BUSINESS

CHIJIOKE OHUOCHA NIGERIAN inflation hit a four-year peak in February as food prices jumped more than 20%, heaping financial pressure on households already faced with a shrinking labour market and a stagnant economy at a time of mounting insecurity. Inflation, in double digits since 2016, reached 17.33%, driven by the impact of a coronavirus epidemic that has also induced a drop in the price of oil, Nigeria's main export, and weakened the naira currency. Tuesday's inflation reading was the highest since the 17.78% touched in February 2017. The economy was in a slump then and is teetering on the brink…

Mar

16

2021

By The African Mirror

World Bank allocates $300 million to help Tunisia fight poverty

BUSINESS

THE World Bank will allocate $300 million to help about 1 million poor families in Tunisia which suffer from economic and social problems that have led to an increase in protests against social injustice, it announced yesterday. "The only condition for this support is transparency and that support is to go directly to poor families", World Bank MENA Vice President Ferid Belhaj said after a meeting with Tunisia's President Kais Saied. The presidency said in statement that this support would be part of a social program under Saied's direct supervision. Since the 10th anniversary of the revolution in January there…

Mar

14

2021

By The African Mirror

Saudi Arabia to invest $3 bln in Sudan investment fund

BUSINESS

SAUDI Arabia has committed to investing $3 billion in a joint fund for investments in Sudan, and to encourage other parties to participate, Sudanese minister of Cabinet affairs Khalid Omer Yousif has told Reuters. Earlier this week, Sudan had secured a recommitment from Saudi Arabia to a $1.5 billion grant it had first announced in April 2019. The commitments came from Crown Prince Mohammed bin Salman, Yousif said, during a visit by Sudanese Prime Minister Abdalla Hamdok and other senior officials this week, seeking to boost cooperation as Sudan's transitional authorities struggle to tackle a long-running economic crisis. Sudan received…

Mar

14

2021

By The African Mirror

U.S. vice president, WTO chief agree on need to reform global trade body

BUSINESS

VICE President Kamala Harris and the head of the World Trade Organization have agreed about the need to reform the global trade body and pledged to work together to boost momentum for the global economy, the White House said. Harris, the first Black and Asian U.S. vice president and the first woman to hold the office, offered strong support to Ngozi Okonjo-Iweala, the first African and first woman to head the Geneva-based organization, in a phone call on Thursday, the White House said. Okonjo-Iweala is a former Nigerian finance minister. Ngozi Okonjo-Iweala "They committed to work together to address the…

Mar

12

2021

By The African Mirror

Blow for Mozambique in 2 billion debt scandal case

BUSINESS

MOZAMBIQUE’S claims against shipbuilder Privinvest, at the centre of a $2 billion debt scandal, fall under an ongoing arbitration process, Britain's appeals court found yesterday, in a blow to Mozambique's efforts to remove its liability for part of the money. Mozambique is suing Privinvest, its billionaire CEO Iskandar Safa, and international investment bank Credit Suisse in London's High Court over $2 billion in government-guaranteed loans raised in 2013 and 2014, a hefty chunk of which went missing according to authorities. Privinvest, the sole contractor to a series of projects the money was ostensibly raised for, has separately launched arbitration proceedings…

Mar

11

2021

By The African Mirror

Ghana’s Akufo-Addo sees strong economic recovery in 2021

BUSINESS

GHANA's President Nana Akufo-Addo has predicted a sharp economic rebound this year after a pandemic-induced downturn thanks to new mining projects, increased manufacturing and expanded financial services. Ghana, West Africa's second-largest economy and a major producer of gold, oil and cocoa, saw economic growth slide to an estimated 1.9% in 2020, the lowest in decades. The country's debt-to-GDP ratio rose past 70% and prompted the International Monetary Fund to warn about possible debt distress. In his first state of the nation address since his re-election in December, Akufo-Addo said economic growth would top 5% this year. He touted recent investments…

Mar

09

2021

By The African Mirror

Tourism in Africa: Next destination – recovery

BUSINESS

LIZA EUSTACE THE one golden thread that the entire global tourism industry is clinging to is the practical and widespread roll-out of the COVID-19 vaccine, which will hopefully go a long way in restoring the fortunes of worldwide travel and tourism. The resuscitation of the travel and tourism sector will reignite growth and sub-Saharan Africa's economic prospects. As Africa's overall development continues, the long-term hope is that infrastructure spend and construction related to transport, airports, ICT infrastructure and health facilities will be key spurs for economic growth. Combining competitive pricing with unique historical, cultural, and natural experiences, will serve as…

Mar

08

2021

By The African Mirror

Changing the way we shop and how we spend in 2021

BUSINESS

FEHMIDA MOTARA There can be no doubt that many of us have been negatively affected by the coronavirus pandemic. Although it is difficult to say just how deep this impact has been, what is certain and is borne out by key data numerics, is that consumers are tightening belts – whether forced or by design – and also opting for consumer channels that are safer, easier and cheaper. The pandemic certainly accelerated evolving trends in the market, such as a growing shift to online shopping and facilitated by digital channels, with many of these changes in consumer behaviour look like…

Mar

05

2021

By The African Mirror

Coronavirus pandemic spawns Nigeria banking agent boom

BUSINESS

NNEKA CHILE and ALEXIS AKWAGYIRAM WHEN Lagos imposed a lockdown last year, Nigerian civil servant Ruth Oladimeji saw a way to earn extra money. With people unable to visit banks due to the coronavirus pandemic, she became an agent providing local banking services. Oladimeji signed up with Moniepoint, a mobile money platform on whose behalf she helps customers with services such as opening accounts and withdrawing cash. "It has increased my standard of living. It has helped me be able to support people financially," said the mother-of-two, adding that she previously struggled to pay school fees and support elderly relatives…