Markets: Latest News
Dana Sanchez, 8:37 pm
South African Airways isn’t unique for high turnover of pilots. Most airlines have a very high turnover and pilots can demand a lot more money when they’re being head hunted by bigger airlines. Chinese air traffic could almost quadruple in the next 20 years, making it the world’s busiest market. Chinese airlines need to hire almost 100 pilots a week for the next 20 years to meet travel demand. Short of candidates at home, they’re offering attractive pay packages to foreigners with experience — as much as $318,000 a year.
Dana Sanchez, 12:42 pm
While there is plenty of information available online about Airbnb’s growth in South Africa, not much is available on its progress throughout the rest of the continent. We know that Airbnb has 25,000 listings in South Africa, and more than half are in Cape Town. Marriott, meanwhile, is on track to have 205 hotels and 37,000 rooms in all of Africa after its six new African hotels are built. Three of the six new Marriott properties will be in Cape Town.
Dana Sanchez, 3:02 pm
Cape Town hopes to become the first city in Africa to use electric buses for public transport, but other African countries have made earlier first-mover claims. The high cost of electric buses has been a barrier for the industry. They’re twice as much as their non-electric counterparts. But as crude oil prices fluctuate, the global electric bus market is predicted to grow 28 percent by 2020. By the end of 2020, China is expected to account for nearly half the global market.
Kurt Davis Jr., 10:42 am AFKI Original
When the vote closes on Nov. 8 in the U.S., Ghanaians may realize that they were watching the American version of their election, which will take place in December. The opposition New Patriotic Party, still led by Akufo-Addo, is pushing a narrative centered on the economic trail of tears. He prefers to ask the crowd if their lives have improved in the last eight years, emphasizing the perceived economic woes of President Mahama’s party’s eight years in office.
Kevin Mwanza, 9:42 am
Ethiopia, the fastest growing economy in sub-Saharan Africa is under a six-month state of emergency as the government tries to restore order after months of Oromia protests that are threatening to undo the economic gains in the country. The horn of Africa nation represents a familiar narrative across Africa where talk of economic developments has come at the expense of social and political oppression.
Dana Sanchez, 10:19 pm
Emirates, the world’s largest airline by international passengers, could reduce the frequency of flights to Africa or cut them altogether, but other international airlines say they’re coming to the continent. Intra-Africa activity is also picking up — at least that’s the plan. Turkish Airlines wants to be No. 1 in the world, and Africa will help it get there, the airline’s chairman said this week following the country’s recent coup attempt. “Istanbul will rise and Africa will rise. We will rise together.”
Dana Sanchez, 10:06 am
The Chinese government underwrites much of the Mandarin language education in Africa. Mandarin courses have been introduced this year in more than 40 South African schools with plans to be in 500. The move caused an uproar in South Africa, with parents taking to social media. Proponents say Chinese language skills will help create jobs. South Africa wants to grow tourism between BRICS member countries. Its Department of Tourism has started teaching Mandarin and Russian to tourism frontline staff including tour guides.
Kevin Mwanza, 9:27 am AFKI Original
Nigeria, the second largest economy in Africa, has a population of 167 million people making it the most populous country on the continent. The West African nation is also the second-top producer of oil in Africa, after Angola. It has been in an economic crisis since 2014 and slipped into a recession this year. Below are 10 things to know about the economic recession in Nigeria.
Dana Sanchez, 11:00 pm
A year ago, the national airline of the United Arab Emirates was flying high on increased business activity between Africa and Asia. It had 27 African destinations and plans to link to almost every African market. Africa accounted for 10 percent of Emirates global passengers and revenue. Now Emirates is cutting back flights to Nigeria and more countries could have routes cut as economic challenges such as fuel scarcity and unfavorable exchange rates hurt profits.
Ann Brown, 11:52 am AFKI Original
Starting a fashion business in Cape Verde didn’t make much business sense. Cape Verde has a subsistence economy and Cindy Monteiro’s fashion brand targets a luxury segment. But the Cape Verde native has built a celebrity following. “You end up doing it more for your own pleasure than for the return,” she told AFKInsider. What fashion style do women in Cape Verde want? They want to look sexy, Monteiro said. “And for me sexy is about self confidence and power. Powerful women are sexy.”
- Real Estate