Friday 15 December 2017
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to repatriate their dollar profits in full. At an aviation meeting in the Rwandan capital, IATA’s Vice President for Africa, Raphale Kuuchi, said that airlines were in talks with “a few governments to unblock airline funds”...
(AFP (eng) 11/13/17)
French carmaker PSA signed a deal on Sunday with three Algerian firms to set up a car-manufacturing base in the North African country with production to begin next year. After two years of negotiations, the joint venture deal was inked at a ceremony attended by Algerian Foreign Minister Abdelkader Messahel and his French counterpart Jean-Yves Le Drian. The first Peugeot and Citroen models will roll off the assembly line next year at a plant in a suburb of Oran, 400 kilometres (250 miles) west of Algiers. Under the deal, worth 100 million euros, PSA will own 49 percent of the joint venture with the remaining 51 percent shared between Algerian firms Condor Electronics, Palpa Pro and Entreprise Nationale de Production...
(Xinhuanet 10/19/17)
Algeria said Wednesday that the government will take a series of decisions, including earmarking a budget of 40 billion U.S. dollars to boost economic recovery process. Algerian Prime Minister Ahmed Ouyahia noted that the government decided to revive public investment through a capital budget of more than 40 billion dollars in 2018, up by 10 billion dollars compared to 2017. Speaking at the opening of the ongoing Algerian Employers Forum (FCE), Ouyahia said these public expenditures aim at encouraging and...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Xinhuanet 10/05/17)
Algerian Council of Ministers headed by President Abdelaziz Bouteflika on Wednesday approved the budget for 2018 before submitting it to Parliament for approval, Algeria Press Service (APS) reported. The budget was set at 15,149 billion dinars (about 133 billion dollars) while the deficit decrease from 14 percent of Gross Domestic Product in 2016 to 9 percent in 2018. APS quoted the Cabinet's statement as saying that the government has set the value of the management expenditure at 8,628 billion dinars...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(Xinhuanet 09/29/17)
Algeria's fiscal deficit will reach 1,113 billion dinars (about 99 billion U.S. dollars) by the end of 2017, the official Algerian Press Service (APS) reported Thursday. The APS quoted Faisal Tadinit, the general director of the finance ministry, who made the remarks in the Finance and Budget Committee of the People's National Assembly (Lower House) on Thursday. Tadinit explained that the decline in oil prices since mid-2014 has had a significant impact on the low fiscal revenues. In spite of this, the government is continuing its efforts in the field of public investment to keep the economic growth and employment rate
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(Xinhuanet 09/18/17)
Algerian Prime Minister Ahmed Ouyahia on Sunday admitted that the North African nation is facing a difficult financial situation, saying the government will resort to non-traditional financing resources to overcome this crisis. While presenting the outlines of the government's Plan of Action to the members of the lower house of the Parliament, Ouyahia said non-traditional funding would enable Algeria to come out of the financial crisis within five years. Ouyahia noted that due to the oil prices plunging in the...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...
(Reuters (Eng) 09/12/17)
Algeria’s new government will introduce Islamic finance and develop its stock market to draw more investment into the economy as it struggles to cope with a sharp fall in energy earnings, according to an official document. The measures are part of wider reforms by Prime Minister Ahmed Ouyahia’s government, which also said it plans to start fracking for shale hydrocarbons to boost oil and gas revenue, the main source of state income. The North African OPEC member’s finances have been...
(Reuters (Eng) 09/12/17)
Venezuela’s President Nicolas Maduro on Monday held energy talks with Algerian officials saying there had been a “good atmosphere” between the two OPEC nations and advances on how to restore global crude prices, but gave no details. Maduro was in Algiers to discuss bilateral cooperation, including talks on the 15-month production pact between OPEC and non-OPEC producers including Russia. The deal aims to curb a glut that has weighed on crude prices for more than three years. “We are progressing...
(Bloomberg 09/07/17)
African Rainbow Minerals Ltd., the miner chaired by South Africa’s richest black businessman, will pay a record dividend this year as rising iron-ore and manganese prices boosted earnings at its ferrous unit. ARM will pay investors 6.50 rand a share, almost triple that of the previous year, and its 11th consecutive dividend, the Johannesburg-based company said in a statement Thursday. The company benefited from a 45 percent increase in prices received for exported iron ore and 93 percent more for...
(Xinhuanet 09/05/17)
Delegates from African countries are hoping to attract more Chinese investment at the ongoing 11th China-Northeast Asia Expo in Changchun, capital of northeastern Jilin Province. Representatives from Ethiopia, Kenya, Zambia and Mozambique presented a variety of collaborative projects at the expo, ranging from grain and dairy processing, light manufacturing, to machinery and construction, in the hope of finding Chinese counterparts to invest in their countries. Ethiopia has set up a one-stop service system to simplify the approval process for business...

Pages