News & Updates | Business and Economy in Africa.

  • Small-cap stocks at the Nairobi Security Exchange were for the second straight month the best performing at the bourse in terms of price appreciation as investors continued to hunt for bargain, market data shows. The gains though were less pronounced than in January as the market felt the effects of investor caution due to the fears of the coronavirus (since named Covid-19) impact economies. http://bit.ly/3cHlegy
  • Solar energy, climate and sustainable cities development are three areas of investment that France is more interested in Tanzania, according to the country’s ambassador, three months to the African France Summit scheduled for June this year. Mr Fredreic Clavier named the priority areas when briefing journalists on the official visits of six senators to assess various development projects supported by France and other local initiatives that may need France support. http://bit.ly/39GC11G
  • The International Cooperation Minister, Rania Al-Mashat, is in talks with the Kuwait Fund for Arab Economic Development to finance the second phase of development projects in Egypt’s Sinai Peninsula, local media has reported. Al-Mashat, who is currently visiting Kuwait, told reporters that the projects’ total construction costs were amounting to USD 1.1 billion. http://bit.ly/39AyAJJ
  • The novel Coronavirus outbreak has severely impacted exports from and to China, including green tea. Tea is the national drink in Morocco and represents one of the country’s biggest imports from China. The president of the Moroccan Association of Tea and Coffee Manufacturers, Mohamed Astaib announced that Morocco has imported a stock of tea that is sufficient for the next six months as a preventive measure. http://bit.ly/330lv9W
  • South Africa’s department of trade and industry (the dti) said on Thursday that a group of black industrialists will get an opportunity to seek investment and trade opportunities in Tanzania when they participate in a mission to Dar es Salaam.  The mission, which is organised and funded by the dti with the aim of assisting the companies to explore investment and trade opportunities, will take place between 15 and 21 March. http://bit.ly/3aBDLJq
  • Mauritius-based Dome Trade and Investment has said it will acquire 2.75 percent equity of Adani Enterprises from Universal Trade and Investments. Universal, also a Mauritius-based company and a part of the promotor group of Adani Enterprises, holds 3.02 crore equity shares of Adani Enterprises. http://bit.ly/2VYrnz4
  • The Central Bank of Kenya is seeking to buy KES 40.5 billion (approx. USD 400 million) from banks between this month and June to increase dollar reserves amid rising uncertainties in the global market over the coronavirus outbreak. http://bit.ly/3308g9g
  • Kenya’s imports from China have plunged by KES 58.64 billion (approx. USD 575 million) in the first two months of the year on the back of deadly coronavirus outbreak, signaling possible supply disruptions of household goods. Provisional imports data from Kenya Trade Network Agency (KenTrade), the parastatal which manages imports system, shows the value of goods ordered from Coronavirus-ravaged China in January and February this year plunged 36.63 percent compared with a similar period in 2019. http://bit.ly/38znGT5
  • SAA’s business rescue practitioners have broadly identified three routes to save the airline: the first is to cut the airline’s non-performing routes, and greatly streamlining operations; another option is to close the SAA operations entirely to make way for Mango to take charge; the third is a worst-case option to liquidate SAA entirely. The last resort option would see almost 9,000 job losses and would never find support from the government. The administrators have until the end of March to table the plans for feedback. http://bit.ly/2v8Wayg
  • Oil traders are struggling to find buyers for 55 Nigerian crude oil cargoes as the spread of the coronavirus has dampened demand from China and European refiners. Most of Nigeria’s April crude oil export programme have not been sold, while about half Angola’s planned shipments for April have yet to find buyers, according to two traders who specialise in West African grades. http://bit.ly/2TOnpGB