Company news in brief

15 November 2017 | Business

Billions in airline revenue blocked across Africa

The global airline industry has US$1.2 billion blocked in nine US dollar-strapped African countries, the International Air Transport Association (IATA) said.

The global commodities price crash that began in 2014 hit economies across Africa hard. Low oil and mineral prices have reduced government revenue and caused chronic US dollar shortages and immense pressure on local currencies.

The fiscal slump has meant governments have not allowed foreign airlines to repatriate their US dollar profits in full.

Of the total of US$1.2 billion, Angola has blocked the largest amount, US$500 million, while Sudan has held up US$200 million. Last year Nigeria owed airliners US$600 million but as of October the amount had fallen to US$221 million.

Algeria, Eritrea, Ethiopia, Libya, Mozambique and Zimbabwe are the other African countries. – Nampa/Reuters

Asia beef demand to reach 50% of world market

Beef processor Minerva SA said Asia will become the destination for up to half the world's beef in the next three to four years, up from just under 46% in 2017, amid rising demand in China.

Changing consumer tastes are behind the rise in demand, Minerva COO Iain Anderson Mars said.

The growing appetite comes as supplies of protein like beef soar in South America and other key global producers. – Nampa/Reuters

Dangote sells small stake to foreigners

Nigeria's Dangote Industries Ltd sold a 0.75% stake in Dangote Cement to foreign investors in a one-off stock market deal valued at 27 billion naira (US$85.9 million).

Africa's biggest cement maker has been selling small stakes to increase its free float, which is well below the Nigerian stock exchange's required level.

The transaction increases Dangote Cement's free float to 11.15% according to Thomson Reuters calculations, still well below a stock market requirement of 20%.

Dangote Cement is the biggest company on the Nigerian Stock Exchange, accounting for a third of total market capitalisation. When it listed in 2010 the bourse waived its free float requirement because it wanted to encourage more firms to list. – Nampa/Reuters

Kenya Airways restructuring nearly done

The financial restructuring of Kenya Airways through a conversion of some debt into equity and the provision of some guarantees by the government will be completed this week, the finance minister said.

Henry Rotich said the government's participation in the deal did not amount to a bail-out, adding that it expected a return once the loss-making carrier is back on its feet. – Nampa/Reuters

PPC gets non-binding bid for controlling stake

South African cement producer PPC said Irish building materials firm CRH is considering an all-cash offer to buy a controlling stake in it.

South Africa's largest cement supplier is also the subject of tie-up approaches from local rival Afrisam and Switzerland's LafargeHolcim.

PPC, which did not disclose the value of the non-binding expression of interest, said it would allow CRH time to conduct due diligence and submit an updated offer next week. – Nampa/Reuters

Similar News

 

One Africa Television Chief Executive Officer

2 days ago - 23 February 2018 | Business

Namibia’s first ever free-to-air, independent TV broadcaster in Namibia, One Africa Television was founded in 2003, the brainchild of Namibian photographer and businessman, the late...

The Basics of Branding

2 days ago - 23 February 2018 | Business

Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it...

Benefits of Keeping Organised At Work

2 days ago - 23 February 2018 | Business

Getting organised comes as second nature to some of us, while others may choose to procrastinate on any “spring cleaning” or organizational tasks. For those...

Poorer ops performance from Namdeb

2 days ago - 22 February 2018 | Business

Namdeb Holdings reported an EBITDA of US$176 million in 2017, nearly 4.4% less than previous year, according to the latest financial results released by the...

Africa Briefs

3 days ago - 22 February 2018 | Business

IMF stops Kenya's standby credit The International Monetary Fund said it stopped Kenya's access to a US$1.5 billion standby credit facility last June after failing...

Electric car market jumpstarts cobalt prices

3 days ago - 22 February 2018 | Business

Joseph SotinelCobalt is hitting historically high prices fuelled by the automobile industry, which needs the rare metal to make light and durable electric batteries.The price...

Company news in brief

3 days ago - 22 February 2018 | Business

Walmart's online struggles spook investorsWalmart Inc, the world's biggest retailer, on Tuesday posted a sharp drop in profit and online sales growth during the critical...

Vedanta seeks to expand zinc output after price rally

4 days ago - 21 February 2018 | Business

Barbara Lew – Vedanta may accelerate expansion of its African zinc operations to take advantage of prices that have reached their highest levels in a...

Company news in brief

4 days ago - 21 February 2018 | Business

Steinhoff must amend 2016 accountsA Dutch court has ordered Steinhoff International to amend its 2016 accounts, handing victory to a former business partner in a...

Still no end to Air Nam MD appointment

5 days ago - 20 February 2018 | Business

The Air Namibia board is unable to appoint a managing director and said it had made a recommendation to its line ministry for a permanent...

Latest News

DebMarine prelims to kick off...

1 day - 24 February 2018 | Sports

The DebMarine Namibia Cup kicks off on 3 March countrywide, with clubs in the first and second divisions battling it out to secure a place...

Outjo donkey abattoir off the...

2 days ago - 23 February 2018 | Agriculture

Plans to build a donkey abattoir in Outjo have folded.Fu-Hai Trading Enterprises, reportedly co-owned by Swakopmund estate agent Shane Quinton Hangula and a Chinese business...

One Africa Television Chief Executive...

2 days ago - 23 February 2018 | Business

Namibia’s first ever free-to-air, independent TV broadcaster in Namibia, One Africa Television was founded in 2003, the brainchild of Namibian photographer and businessman, the late...

3 Key Social Media Trends...

2 days ago - 23 February 2018 | Education

Like it or not, you are recruiting in the world of Google. Just as easily as you can go to the Internet to look things...

Union warns private schools

2 days ago - 23 February 2018 | Labour

JEMIMA BEUKES The Teachers Union of Namibia (TUN) intends to clamp down on fly-by-night private schools that allegedly exploit...

Mwoombola fights back

2 days ago - 23 February 2018 | Justice

Former health permanent secretary Andreas Mwoombola has launched a two-fold application in the Labour Court, in which he wants to court to either halt his...

Elephants cause havoc

2 days ago - 23 February 2018 | Environment

Several elephant herds have over the past few weeks caused havoc on farms in the Outjo District, resulting in hundreds of thousands of dollars in...

The Basics of Branding

2 days ago - 23 February 2018 | Business

Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it...

How to Communicate Effectively in...

2 days ago - 23 February 2018 | Education

Communication is essential for the smooth running of a business, whether it is between colleagues, with a client or with customers.With technology creating a multitude...

Load More