Africa in Business: from bird flu to bonds

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STORY: Here's whats been making the business headlines in sub-Saharan Africa this week.

1. South Africa's RCL Foods said on Thursday (September 28) that its poultry unit Rainbow had culled 410,000 chickens due to the country's worst outbreak of avian flu.

That's heightened fears of chicken and egg shortages.

On Wednesday (September 27), neighboring Namibia suspended all imports of live poultry, birds and poultry products from South Africa.

2. Kenya's struggle with a heavy debt load and pressure on its hard currency reserves is not unique, its finance minister said on Wednesday.

Njuguna Ndung'u was responding to a JPMorgan research note that said Kenya was "walking a tightrope" to avoid a crisis due to a maturing dollar bond and persistent currency weakness.

3. One of Nigeria's main oil and gas unions will join a nationwide strike next week to protest against government policies that are causing economic hardship, its leaders said on Thursday.

President Bola Tinubu's economic policies, including scrapping a popular petrol subsidy, have cheered investors but unions say they've led to soaring costs for Nigerians.

4. Botswana's government has said it's reassessing a deal with HB Antwerp in which it would have bought a 24% stake in the latter and supplied it with an undisclosed quantity of rough diamonds for five years.

That's after Canadian diamond mining company Lucara Diamond said it was terminating its sales agreement with the Belgian gem trader, citing "a material breach of financial commitments". HB did not immediately respond to requests for comment.

5. And finally, Tanzania's NMB Bank said on Monday (September 25) that it's launching a 10-year multi-currency medium term bond of 1 trillion Tanzanian shillings, or $400 million, under a green bonds initiative.

NMB said cash raised from the climate finance scheme would be used for environmental and social projects - without providing further details.