Boeing selected for $294 million deal with Algeria’s Tassili Airlines
Businessam Staff
July 9, 2017
Algeria’s Tassili Airlines (TA) signed a draft deal on Sunday worth $294 million with U.S. planemaker Boeing (BA.N) for three 737-800 aircraft, Algeria’s state news agency APS reported. The three 155-seat aircraft would be delivered during the second half of 2018, APS said, citing officials. Tassili Airlines, which is owned by state energy firm Sonatrach, […]
IMF warns South Africa over economy’s vulnerability
Businessam StaffJuly 7, 2017
The International Monetary Fund warned South Africa Thursday over extreme vulnerability of the country’s economy to external shocks and funding shortfalls. However, the African country stuck by its earlier growth forecast of 1 percent this year. According to CNBC, in an executive report following a country visit in the last week of June, IMF also […]
Congo faced with economic crisis requests financial support from donors
Businessam StaffJuly 7, 2017
Democratic Republic of Congo’s government has formally requested financial support from international donors as it confronts a worsening economic crisis. Africa’s top copper producer has been hard hit by low commodity prices in recent years. It has only enough foreign currency reserves to cover about three weeks of imports and its franc currency has lost […]
South Africa’s Eskom signs $1.5 billion loan agreement with China
Businessam StaffJuly 6, 2017
South Africa’s state power utility Eskom signed a $1.5 billion (19.6 billion rand) loan agreement with China Development Bank on Thursday to finance the Medupi coal power plant, its acting chief executive said. “The conclusion of this second loan agreement continues to demonstrate financial market confidence in Eskom and South Africa notwithstanding the challenging market […]
Economic chaos fuels gold mining rush in South Sudan
Businessam StaffJuly 5, 2017
After South Sudan’s peace deal collapsed, gun battles rocked the capital and soldiers ransacked his clothing store, Ahmed al-Nur faced the economic crisis in a trade that’s had an unexpected boost from the new wave of violence: gold. With inflation soaring and the currency collapsing, the precious metal that’s mainly extracted by artisanal miners in Africa’s […]
Afreximbank announces global facility to bolster intra-African trade
Businessam StaffJuly 4, 2017
In a bid to build robust domestic and continental supply chains and facilitate seamless flow of goods and services across Africa’s borders, Afrexim is introducing a programe to support companies with proven intra-African trade experience and operations, with value chains spanning across countries, African Business Communities (ABC) reports. According to Benedict Oramah, Afreximbank’s President the unique group […]
Egypt’s non-oil business activity contracts for 21st month in June- PMI
Businessam StaffJuly 4, 2017
Egyptian non-oil private-sector business activity contracted for the 21st consecutive month in June as output and new orders continued to decline, a survey showed on Tuesday, according to Reuters. The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector dipped to 47.2 points in June from 47.3 points the previous month, the report […]
South Africa unveils action plan to boost economy growth- Finance minister
Businessam StaffJuly 3, 2017
South Africa’s Treasury will unveil an action plan on Friday detailing structural changes and timelines to boost growth to 6 percent in an economy mired in recession, Malusi Gigaba, Finance Minister said on Monday. According to Reuters report, the plan will be released after a policy conference of the ruling African National Congress (ANC) wraps […]
Kenya’s GDP drops to 4.7 percent at Q1 2017 GDP
Businessam StaffJuly 1, 2017
Kenya’s economy expanded 4.7 percent in the first quarter of this year, down from 5.9 percent in the same period of 2016, the statistics office said on Friday. “The quarter’s growth was negatively impacted on by drought that emanated from failure of the 2016 short rains and delay in the onset of the 2017 long […]
Nigeria ranks 19 in Africa on investment destination – report
Businessam StaffJune 29, 2017
Nigeria, Africa’s most populous and largest economy, ranks 19 out of 54 countries on the continent on investment destination, according to a report by Quantum Global Research Lab. The report, based on a research that measured the Africa Investment Index (AII), is a guide to investors on countries that are most attractive for investment in […]