Kevin Mwanza, 3:20 am
Nigeria has put up two presidential jets for sale as the nation seeks austerity measures in the wake of an increasing economic crisis that has hit Africa’s second largest economy. The two jets, Falcon 7X and a Hawker 4000 plane are estimated to be worth $76.7 million. “This is in line with the directive of President Muhammadu Buhari that aircraft in the presidential air fleet be reduced to cut down on waste,”
Kevin Mwanza, 1:52 am
South Africa’s new vehicle export to the rest of Africa dropped 54 percent in the first eight months of this year as a commodity slump continued to hurt some of the continent’s largest economies leading to a drop in automotive sale from the continent’s most industrialized nation since 2013. South Africa’s exports to the rest of the continent in 2013 were 78,787 units but have fallen to 14,723 vehicles in the first eight months
Kevin Mwanza, 9:04 am
Nigeria has accused European powers of scuttling its efforts to improve its electricity supply by blocking tapping its vast coal energy reserves, instead urging Africa’s biggest economy to instead focus on green energy such as wind and solar energy, which are much more expensive to harness. The world’s economic powers which have called on Nigeria to adopt environment-friendly energy, such as the US, China, India, Russia, Japan account for about 77 percent of the global use of coal.
Kevin Mwanza, 4:34 am
Ethiopia has launched a $4 billion Chinese-funded electric train system today, the first in Africa, which will link the capital Addis Ababa to the Port of Djibouti — the entry point for more than 90 percent of the nation’s imports and exports. The railway line which is 752.7 kilometers long with a speed of 120 kilometers per hour will reduce transportation period between the two nations from ten to seven days
Kevin Mwanza, 7:58 am
FirstRand Limited, a South African bank and the leading lender by market value on the continent, plans to buy assets in Nigerian, as it seeks to capitalize on the global fall in commodity prices that has pushed down asset valuation in Africa’s biggest economy. The plan comes five years after the lender decided against buying majority shares in Sterling Bank Plc because of high prices in shares. Naira, the national currency fell to a record low of 309 against the dollar, in July further lowering asset valuation in the nation.
Kevin Mwanza, 5:19 am
Zimbabwe President Robert Mugabe has appointed his son-in-law as the Chief Operations officer at Air Zimbabwe, a move that sparked anger from the opposition that the long-serving leader has reduced the country to family control. Simba Chikore, husband to the veteran leader’s only daughter, Bona Mugabe, claims to be a trained pilot and worked at Emirates and Qatar Airways, claims that the two airlines have denied.
Kevin Mwanza, 2:53 pm
Protesters in Ethiopia have attacked and burnt machinery and trucks at Dangote Cement factory in Ada Berga, a company owned by Africa’s richest man, Aliko Dangote. Dangote opened the plant in June, last year. It cost $ 600 million to build. They also set-ablaze a court-room and government-owned vehicles and allegedly freed prisoners after torching a police station in the Bule Hora area. The demonstrators were protesting against the deaths of about 100 people in a stampede on Sunday
Kevin Mwanza, 9:05 am
Hilton Worldwide, a leading global luxury hotel chain, will build its first modular and tallest hotels in Ghana and Kenya as it seeks to expand its presence in three more countries across Africa. The move is part of the hotel’s plan to increase its chains from the current 39 outlets to more than 80 in Africa, in the next five years. “We remain hugely committed to Africa across our portfolio of world-class brands, continuing to introduce our hotels to new markets across the whole of sub-Saharan Africa in the coming years,”
Kevin Mwanza, 8:53 am
Police officers in Kenya are on the spot after a report showed that they have killed 262 Kenyans since January last year, including a four-year old girl shot dead during demonstrations. The increased killings have led to allegations of the existence of death squads and disregard for the rule of law within the Kenyan police, claims denied by the government. “There is no policy in the government to kill anyone,” Reuters quoted Charles Owino, the police spokesman, saying.
Kevin Mwanza, 4:29 am
General electric (GE), a U.S.-based industrial firm, plans to invest about $150 million in Nigeria by the end of next year, the company’s chief executive told the FT summit in London. Jay Ireland said the Nigerian investment was part of a $2 billion planned spend in Africa in coming years and will also be invested in the country’s oil and gas industry that has seen a slowdown in recent years