Nigeria’s economy will contract in 2016. Nigeria’s economy will probably contract this year as energy shortages and the delayed budget weigh on output, according to the International Monetary Fund.
Kenya is feeling the impact of Brexit. Britain’s decision to leave the European Union is costing Kenyan fresh-produce exporters 8 million shillings ($79,000) a day because of the pound’s slump against the dollar, the head of the industry association said.
Aftermath of El Nino: Southern Africa needs $2.7bn. Southern African countries will start an appeal for $2.7 billion to cope with the effects of the region’s worst drought in more than three decades that’s left 23 million people in urgent need of humanitarian assistance.
Crisis in South Sudan. South Sudan’s leaders are in emergency talks after days of violence between rival factions in the capital left at least 272 people dead and stoked fears of a return to civil war, an ambassador for the oil-producing African nation said.
Africa needs access to safe water. Diageo, a global leader in beverage alcohol, has announced a five year partnership with WaterAid, an international NGO providing access to safe water and sanitation in some of the world’s poorest communities.
Breach of SAA’s code of ethics and conduct. South African Airways suspended Treasurer Cynthia Stimpel pending an investigation into a misconduct charge, the latest in a wave of disciplinary proceedings that have caused management upheaval at the unprofitable state-owned carrier.
Just as clueless as his predecessor. Nigeria’s economy could contract this year and President Muhammadu Buhari’s government is seen as having few plans in place to turn the slump around, according to analysts including Renaissance Capital Ltd.’s Yvonne Mhango.
Steinhoff is expanding in Europe. South African retailer Steinhoff is actualising its European dream after agreeing to pay nearly $800 million for British-based discount chain Poundland.
Helpless Africa! More than a decade after the continental body adopted the maxim “African solutions to African problems,” it’s still unable to fund operations needed to quell violence including political conflicts from South Sudan to Libya, and Islamist insurgencies from Nigeria to Somalia.
The Ghanaian dilemma. Faced with borrowing costs at a 13-year high, companies including the local unit of Diageo Plc and Ghana Oil Co. are turning to the stock market to raise record amounts of capital as they try to reduce debt.