Category: Africa
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Kenya Airways moves to seal revenue loopholes
Kenya Airways has moved to protect its revenue streams from exploitation by staff and external parties after an earlier audit flagged weaknesses in its sales management system. The national carrier says in its latest annual report that it has created a new division to ensure its transactions are well priced and in compliance with its…
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South Africa’s Shoprite fined for “reckless lending” – regulator
South African retailer Shoprite has been fined 1 million rand ($77,500) for failing to assess properly whether consumers could afford its loans, the National Consumer Tribunal said on Wednesday. The company, which had turnover in its last financial year of 141 billion rand ($11 billion), was also ordered to appoint a debt counselor at its…
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Farming helps grow South African economy out of recession
South Africa emerged from a recession in the second quarter as agriculture helped the economy expand more than expected, official figures showed on Tuesday, strengthening the rand and bonds. Africa’s most industrialised economy grew 2.5 percent in the three months to the end of June, after contracting by 0.6 percent in the first quarter and…
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Vodafone sells down stake in South Africa’s Vodacom
Vodafone has sold down its stake in South African subsidiary Vodacom by 5.2 percentage points, it announced on Wednesday, sending the African mobile firm’s share price down by more than 6 percent. The sale of 90 million shares for 14.85 billion rand ($1.15 billion) in a private placement reduces Vodafone’s stake in Vodacom to 64.5…
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Africa’s two biggest economies likely out of recession
Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Nigeria and South Africa have both benefited from a recovery in commodity prices since early 2016, though not as much as their main trading partners –…
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Kenya Airways to replace KPMG as external auditor
Deloitte & Touche is set to replace KPMG Kenya as the external auditor of Kenya Airways , which is working on a turnaround plan. The national carrier will ask shareholders to ratify the proposed appointment of Deloitte at its annual general meeting on September 22. “To resolve that Deloitte & Touche be appointed auditors of…
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North Africa: A Worsening Water Crisis in North Africa and the Middle East
The Middle East and North Africa (MENA) already the most water stressed region in the world, faces a worsening crisis in terms of its access to water in the decades to come. A country is water stressed when it cannot provide the minimum water supply to satisfy the essential needs of its population. This is…
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Nigeria’s Buhari delighted that economy is improving
Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday. Nigeria, the continent’s most populous country, is in its second year of recession and has been contending with a…
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Bodies of last missing miners recovered from Harmony mine in South Africa
The bodies of the last two miners unaccounted for at a mine operated by South Africa’s Harmony Gold were recovered on Thursday, the company said, bringing the death toll to five after a tremor shook the shafts last week. Friday’s seismic event that rocked the Kusasalethu mine, one of the world’s deepest, with gold extracted…
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South Africa mulls merger of three state-owned airlines
South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable…