Finance & economy

April 26, 2018


Moody’s changes Ratings for Africa-Focused Glencore to Positive Outlook

Moody’s Investors Service has changed Glencore’s rating to a ‘Baa2’ long-term issuer grading with a positive outlook.

It says Glencore’s improved credit rating was propelled by higher commodity prices and consistently low production costs.

“[Our decision] reflects material operating profit growth in 2017, which, together with continued"...

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April 26, 2018


South African Designer Laduma Is Taking ZARA to Court For Copying His Sock Design

The popular South African fashion brand Maxhosa By Laduma, owned by Laduma Ngxokolo, is taking legal action against retail giant ZARA over a sock design. People on Twitter and Instagram alerted Maxhosa that ZARA lifted their design a few days ago.

The South African brand wrote in a press release on their official website:

'Earlier this month (April 2018), we were alerted"...

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April 26, 2018


Dr. Yohannes Birru appointed chairman of Africa Trade Insurance Agency

The Board of Directors of the African Trade Insurance Agency has elected Dr. Yohannes Ayalew Birru as their new Chairman.

Dr. Birru serves as Vice Governor and Chief Economist of Ethiopia’s Central Bank (National Bank of Ethiopia). He is also an Alternate Governor of the IMF and Alternate Steering Committee member of East AFRITAC.

He brings 28 years of cumulative"...

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April 26, 2018


Algeria's Q1 cereal imports bill up 8.5 pct -customs data

Algeria's first-quarter imports of cereal, semolina and flour rose 8.5 percent by value, official figures showed on Wednesday.

Algeria has been trying to reduce imports of grain and other food products in a bid to cut spending due to lower energy earnings since mid-2014.

Imports bill for durum wheat, soft wheat, semolina and flour rose to $816.2 million in the first"...

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April 26, 2018


Schlumberger Announces First-Quarter 2018 Results

  • Revenue of $7.8 billion decreased 4% sequentially
  • Pretax operating income of $974 million decreased 16% sequentially
  • EPS was $0.38
  • Cash flow from operations was $568 million

Schlumberger Limited (NYSE:SLB) today reported results for the first quarter of 2018.


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April 26, 2018


AETOSWire Launches the First Online PressKit Service in the MENA Region

AETOSWire, the news distribution arm of News Services Group (NSG) and the exclusive representative of Business Wire, a Berkshire Hathaway company, in the Middle East and North Africa, launches the newest feature in its service, the Online PressKit.

The Online PressKit is an interactive pressroom that provides a full"...

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April 25, 2018


World Bank to assist Africa to embrace green buildings to combat climate change

The private sector arm of the World Bank Group on Tuesday said that it will assist African nations to embrace green buildings in order to combat climate change.

Dennis Odenyi Quansah, Consultant for Excellence in Design for Greater Efficiencies Africa Implementation, at the International Finance Corporation (IFC) told Xinhua in Nairobi that the aim of his organization is to ensure that real estate developers in Africa go green so that they reduce"...

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April 25, 2018


Marriott leads Africa’s hotel growth - W Hospitality Group survey

Marriott International tops this year’s table for the most planned new hotel rooms under construction in Africa, according to the influential annual hotel pipeline survey by W Hospitality Group.

Details of the report will be one of the key discussions at the Africa Hotel Investment Forum (AHIF), which the Kenyan government recently announced will return to Nairobi, in October this year.


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April 25, 2018


Agritech startup, Farmcrowdy, enables UK-based Nigerians to invest in poultry and local farms via mobile phones

UK-based Nigerians are investing in Nigeria’s booming agricultural sector from the comfort of their homes, thanks to one and half year-old, VC-backed agritech platform, Farmcrowdy. The company, launched in Nigeria in 2016, currently boasts of 10,000 acres and 7,000 signed up farmers across 9 states, in Africa’s most populous country. To-date, the platform has amassed an active sponsor base totalling over 1,000 sponsors, and total investments from outside of Nigeria in excess of £1,620,000 with a growing"...

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April 25, 2018


New CEO to drive Atlas Mara digital banking across Africa

Pan-Africa focused banking group, Atlas Mara is to pursue a digital banking strategy to grow its footprint and consolidate its operations on the continent as regional banks rush to embrace mobile and other internet banking platforms.

Bob Diamond on Tuesday announced the appointment of John Staley as CEO of Atlas Mara. The company has banking operations in Zimbabwe, Botswana as well as Zambia and elsewhere across Sub-Saharan Africa.


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