Africa Brief: Air Namibia bags seventh airline award and more…
Air Namibia bags seventh airline award
Air Namibia scooped a Feather Award for the best regional airline at OR Tambo International Airport this year. This is a recognition that Airport Company of South Africa (Acsa) gives key players at its airports who consistently go the extra mile in providing passenger service excellence. The award is based on a client and passenger opinion survey done by external and independent companies for Acsa. Acsa ensures that the credibility of the award is maintained by adopting various research methods done at different times of the day and week on a larger and representative sample size. Since the inception of the Acsa Feather Awards eight years ago Namibia’s national airline has been awarded the best regional airline operating into and from 0 R Tambo International air¬port seven times.
“This is testimony that Air Namibia truly cares about its clients.”said Paulus Homateni Nakawa, the airline’s head of corporate communications.”
Excerpt from Air Namibia bags seventh airline award by TNA Reporter published by The New Age on 11/12/2013
Belgium to host gems auction
Zimbabwe would auction its diamonds in Belgium for the first time this week, nearly three months after the EU removed sanctions on the country’s state mining company an Antwerp-based diamond sector representative said yesterday Belgium, the centre of the global diamond trade, had pushed hard for the EU to lift sanctions on the state-owned Zimbabwe Mining Development Corporation, in line with an earlier agreement. The parastatal operates seven joint venture mines in the Marange diamond fields, producing 8 million carats last year and generating $685 million (R7 billion) in exports.
Excerpt from, Belgium to host gems auction by Reuters published by The Star Business Report on 11/12/2013
Kenya : World Bank cuts growth outlook
The World Bank has cut its growth forecast for Kenya for this year and next year to about 5 percent, citing low levels of government spending and high interest rates charged by banks. The cuts suggest growth rates in east Africa’s biggest economy will lag those of its neighbours. Gross domestic product would rise 5 percent this year and an estimated 5.1 percent next year, the bank said yesterday, undercutting government forecasts.
For the full story, read Kenya : World Bank cuts growth outlook by Reuters published by The Star Business Report on 11/12/2013
South Sudan: Black Rhino to build refinery
Black Rhino Group, a New York-based infrastructure development company may build a $3 billion (R31bn) refinery in South Sudan. Black Rhino had signed a “framework agreement” in August with South Sudan’s government for the proposed 50 000 barrel-a-day facility, company President Dan O’Shea said this week. The refinery in the northern Upper Nile state, would take about three years to build and cost $2bn to $3bn, he said. It “is intended to fill the gap to supply the local market in full”
Excerpt from, read South Sudan: Black Rhino to build refinery by Bloomberg published by The Star Business Report on 13/12/2013
Kenya: Growth to top 6%, says IMF
Kenya’s economy would grow by 5.9 percent this fiscal year before accelerating to 6.3 percent in 2014/15, helped by better tax collection and credit growth, the International Monetary Fund (IMF) said yesterday But it cautioned that any fresh political uncertainty might hamper growth and deter capital inflows, while the higher-than-expected cost of a newly devolved government could reverse gains in controlling the fiscal deficit. “Buoyant tax collections and accelerating credit growth to the private sector, particularly in the service and construction sectors, point to strong domestic activity with growth likely to get close to 6 percent in 2013/14,” it said
For the full story, read Kenya: Growth to top 6%, says IMF by Reuters published by The Star Business Report on 13/12/2013
Namibia: Lower growth of 4% forecast
Namibia’s economic growth forecast for this year had been lowered to 4 percent as drought cut farming output and uranium production fell, central bank governor Ipumbu Shiimi said in Windhoek yesterday The projection was reduced from 4.7 percent, he said. The economy expanded 5 percent last year. Namibia is the biggest offshore diamond producer and the fourth-largest uranium producer. It is in the grip of the worst drought in 30 years and many farms do not have grazing for cattle, or water, according to the Namibia Agricultural Union “In 2014, we are still hopeful that economic growth will pick up and we expect growth to be in the region of 5 percent,” Shiimi said. The Bank of Namibia left its benchmark interest rate unchanged at 5.5 percent yesterday to support the economy.
For the full story, read Namibia: Lower growth of 4% forecast by Bloomberg published by The Star Business Report on 13/12/2013
Standard appoints key trio to beef up Africa unit
IN A bid to strengthen its senior management team, Standard Chartered, the global banking group, made three major appointments to its Africa unit. Seasoned banker Ebby Essoka has been appointed vice-chairman of the Africa region and will be tasked with overseeing the bank’s plans to invest more than $100m in branch expansion over the next three years. Regional integration in East Africa has encouraged a number of banks to set up shop in Kenya to gain access to the largely rural and unbanked market. “In our 150-year history of doing business in Africa, there has never been a more exciting time to lead a bank on the con¬tinent. Despite the global finan¬cial crisis, we have doubled the size of our African business over the past five years,” says Standard Chartered CEO Diana Layfield.
For the full story, read Standard appoints key trio to beef up Africa unit by Lindo Xulu published by Business Day on 13/12/2013