IATA and ACI warn of looming aviation sector collapse
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IATA and ACI warn of looming aviation sector collapse

ByBrian Kithinji

As airlines worldwide struggle to stay afloat due to the coronavirus pandemic, the International Air Transport Association (IATA) and the Airports Council International (ACI) World have urged governments to use testing as a means to safely re-open borders. Both organizations are also calling to for the re-establishment of global connectivity to avoid the systemic collapse…

South Africa’s private sector activity picks up in September
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South Africa’s private sector activity picks up in September

ByBrian Kithinji

Private sectors activity in Africa’s most industrialized nation, South Africa, declined at a slower rate in the month of September as the government relaxed strict lockdown measures imposed to stem the spread of the novel coronavirus. The IHS Markit Purchasing Managers’ Index (PMI) climbed to 49.4 in September from 45.3 in the previous month, illustrating…

World Bank projects Sub-Saharan Africa to hit first economic recession in 25 years
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World Bank projects Sub-Saharan Africa to hit first economic recession in 25 years

ByBrian Kithinji

The World Bank has announced that sub-Saharan African economies will contract by 3.5% in 2020 owing to the coronavirus crisis. The pandemic could also reverse recent economic gains and push 40 million people in the continent into extreme poverty. This marks the region’s first economic recession in 25 years. According to the World Bank, economic…

Chevron Nigeria to lay off 25% of its workforce
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Chevron Nigeria to lay off 25% of its workforce

ByBrian Kithinji

Chevron’s Nigerian subsidiary has announced that it will slash its local workforce by 25% in order to offset costs and minimize losses. The oil firm has been operating a joint venture with Nigeria’s state-owned Nigerian National Petroleum Company (NNPC) for decades, but this year has been the toughest financially owing to the weak demand for…

Ivory Coast government announces $15.47 billion budget for 2021 financial year
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Ivory Coast government announces $15.47 billion budget for 2021 financial year

ByBrian Kithinji

Ivory Coast’s government has announced a new budget of $15.47 billion for the 2021 financial year, marking an increase of 6.9% on 2020’s budget. According to the Government Spokesman’s Office, the budget’s increase is meant to improve the living standards of people affected by the corona virus pandemic. As such, there are inclusions of social…

South Africa’s tourism sector at risk as government maintains ban on travel from “high risk” nations
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South Africa’s tourism sector at risk as government maintains ban on travel from “high risk” nations

ByBrian Kithinji

South Africa’s government has maintained that leisure travelers from countries with higher coronavirus infection rates will not be allowed to enter the country when the borders reopen on October 1. The list of countries includes the United States, United Kingdom, France, Brazil, India, the Netherlands and Russia. However, business travelers from these countries, which are…

Central Bank Governor projects Kenyan economy to grow by 3.1%
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Central Bank Governor projects Kenyan economy to grow by 3.1%

ByBrian Kithinji

Despite Kenya reeling from the effects of the coronavirus pandemic, the economy is set to expand by 3.1% this year, according to the Central Bank Governor Patrick Njoroge. The forecast reflects growing optimism among policy makers; though the Central Bank Governor’s estimate is the highest. The Ministry of Finance is expecting a growth of around…

African airlines outperform peers recording 1% increase in international cargo demand
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African airlines outperform peers recording 1% increase in international cargo demand

ByBrian Kithinji

A new report released by International Air Traffic Association (IATA) reveals that African airlines recorded a 1% increase in international cargo demand in August. This marks the fourth consecutive month that continental airlines posted the strongest increase in international demand, as Latin American airlines recorded a steady -26.1% demand compared to last year, European airlines…

New West Africa currency faces delay of up to five years
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New West Africa currency faces delay of up to five years

ByBrian Kithinji

The new West African currency that was earmarked to replace the CFA franc will not launch this year due to the corona virus pandemic. Ivorian President Alassane Quattara revealed the information in a press conference during a visit to the southern city of Bouafle. “We know the eco (proposed name of the new currency) cannot…

LAUNCH: THE STATE OF AFRICA 2020 CONFERENCE
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LAUNCH: THE STATE OF AFRICA 2020 CONFERENCE

ByEditorial

Mansa Media in partnership with Afrochampions Initiative and ADS Group Launch “The State of Africa 2020”, a virtual conference of rich debates about the future of Africa post-COVID-19. Mansa media, the leading source for African business news, in partnership with Afrochampions, the pan-African business leadership network focused on regional integration and economic emancipation, and Africa…

Caverton snatches $21m helicopter charter revenue in lockdown
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Caverton snatches $21m helicopter charter revenue in lockdown

ByEditorial

Caverton Offshore Group, a helicopter company which service mostly Nigeria’s oil exploration activities in the country’s Nigeria Delta region, posted a revenue of $21.2m for the second quarter of 2020. This revenue comes despite the lockdown in the aviation sector which saw many domestic airlines sustaining huge financial losses. But due to the fact that…

Embattled AfDB President, Adesina declared innocent
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Embattled AfDB President, Adesina declared innocent

ByEditorial

An investigative panel looking into allegations of ethical infractions against the President of the African Development Bank, Akinwunmi Adesina has declared him innocent. An ethics committee report following an earlier investigation had exonerated him of all 16 allegations levelled against him, an outcome the US which is the second largest shareholder of the bank rejected….

Preserving Economic Progress in the Face of COVID-19
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Preserving Economic Progress in the Face of COVID-19

ByEditorial

South Sudan, set to capitalize on renewed peace, has pegged 2020 as a year of stability and economic growth, underpinned by the country’s revived oil and gas sector Amid COVID-19, South Sudan shows the world it is open for business and committed to economic prosperity and inclusive growth; South Sudan hosted a webinar organized by…

African Development Fund approves $31.6 million loan for COVID-19 response
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African Development Fund approves $31.6 million loan for COVID-19 response

ByEditorial

The objective of the operation is to support Uganda’s efforts to contain the human cost of COVID-19, mitigate its social and economic impact, and support economic recovery The Board of Directors of the African Development Fund today approved a $31.6 million COVID-19 Crisis Response Support Program (CRSP) to Uganda to support the government’s response to…

COVID-19: Hospitals embracing Tele-medicine to keep their business going as patients stay away.
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COVID-19: Hospitals embracing Tele-medicine to keep their business going as patients stay away.

ByEditorial

With the rise in COVID-19 cases in Nigeria, hospitals are embracing telemedicine to keep their business going as patients stay away from their facilities due to risks associated with contacts. There has been a rise in remote consultation while tech companies in the country are rising the challenge of plugging the gap with telemedicine services.

Business owners angry over closure of Africa’s second-longest bridge
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Business owners angry over closure of Africa’s second-longest bridge

ByEditorial

Business owners, workers and residents of Lagos are jittery as the government has announced that Third Mainland Bridge, the business bridge in Nigeria and the second longest in Africa would close for six months. The Nigerian government announced that one lane of the 11,800m bridge would be closed for three months followed by the other…

Passengers to bear brunt of COVID-19 impact on aviation industry
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Passengers to bear brunt of COVID-19 impact on aviation industry

ByEditorial

The impact of the COVID-19 pandemic on the aviation industry globally has been enormous, with job cuts, bankruptcy and revenue losses hanging over each operator in the aviation value chain like a malevolent spectre. In Nigeria, the impact has been equally hard-hitting. The Africa Regional Director of the International Air Transport Association, Funke Adeyemi, said the…

The growth of E-commerce in Africa during the time of Coronavirus.
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The growth of E-commerce in Africa during the time of Coronavirus.

ByEditorial

Covid-19 has battered the world economy. Many industries are reeling, but one shining light is E-commerce. We spoke with Nielsen Africa MD Bryan Sun to find out if companies on the continent are capitalising.

Limited hours a big challenge for business in Nigeria
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Limited hours a big challenge for business in Nigeria

ByEditorial

To limit the economic fallout of the COVID-19 pandemic in Nigeria’s main commercial city, businesses are now allowed to operate on alternate days with limited hours, but this is creating a whole new challenge for business owners in a city where commute alone takes hours due to traffic.