Category: Africa
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AB InBev offers voluntary severance in South Africa
Anheuser-Busch InBev, the world’s largest brewer, has offered more than 1,000 employees in South Africa voluntary severance following its merger with SABMiller, the Business Day newspaper reported on Monday, citing an internal memo. AB InBev bought nearest rival SABMiller for 79 billion pounds ($98.23 billion) last year in one of the largest corporate mergers in…
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Nigeria ratifies the Trade Facilitation Agreement
Nigeria has ratified the Trade Facilitation Agreement (TFA), making it the 107th World Trade Organisation (WTO) member to do so. Only three more ratifications from members are needed to achieve the two-third threshold that will bring the TFA into force. Nigeria’s instrument of acceptance was submitted to the WTO today by the Minister for Industry,…
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Mozambique default on eurobond was unnecessary
Mozambique’s default on a coupon payment for its dollar-denominated bond last week was “unnecessary” and a step backwards for the country’s relationship with the holders of the debt, a group of creditors said in a statement on Monday. Mozambique announced a week ago it would not make the $59.8 million payment to holders of its…
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Ethiopian to Open Seven New Destinations
Ethiopian Airlines, Africa’s largest airline group, announces that it will launch seven new destinations in five months time. This is one of the greatest expansions in Ethiopian’s long and illustrious history. In a press release, Ethiopian said it would launch new service to Victoria Falls (Zimbabwe), Antananarivo (Madagascar), Conakry (Guinea), Oslo (Norway), Chengdu (China), Jakarta…
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Kenya: Emirates to Launch 3rd Daily Flight to Nairobi
Emirates has announced that it will introduce a third daily flight between Dubai and Kenya’s capital from 1st June 2017. The additional flight will increase the number of scheduled Emirates flights between the two cities to 21 a week and give customers greater flexibility and choice when planning their travel. Emirates says the Nairobi route…
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Nigeria: Naira Defies Liquidity Boost, Depreciates Further Against Dollar
The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The News Agency of Nigeria (NAN) reports that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could…
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Three reasons S.A’s Reserve Bank may keep interest rates unchanged
On 23 and 24 January, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) will meet for the first time in 2017 to agree on a monetary policy stance that will coax consumer inflation back into the target range of 3% to 6%. In view of current economic conditions and expectations for…
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Nigeria: Despite Comeback, MMM Users Still in the Dark Over Payment Issues
MMM users are still unsettled days after the supposed return of the scheme, PREMIUM TIMES has learnt. MMM Nigeria which has well over 3million Nigerians in its talons said it has removed all requests for payment on the system. A report in The Cable said that the scheme in a statement on Tuesday explained that…
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Nigeria: Ezekwesili – Nigeria to Save Over $100bn Oil Revenue Via Conservative Savings
A former Vice-President of the World Bank, Dr. Obiageli Ezekwesili, has said that conservative savings over a period of four years would have enabled the country save more than $100billion of oil revenue. Ezekwesili disclosed this in Lagos during the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) Public Lecture with the theme: “Nigeria Today:…
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Egypt signs two agreements for oil and gas exploration
Egypt’s Petroleum Minister Tarek al-Molla signed two agreements for oil and gas exploration in the Western Desert and the Suez Canal regions on Tuesday. Egypt aspires to increase its oil and gas production to meet the growing domestic demand for energy. According to the ministry’s statement, the first deal was signed with the Egyptian General…