Business / Economics Archives - Page 76 of 184

World Bank cuts Africa growth forecast

The World Bank has downgraded its economic growth forecast for sub-Saharan Africa. Bloomberg reports that Sub-Saharan Africa will likely grow 3% this year, somewhat lower than an April forecast of 3.4%, the Washington-based lender said in its Africa Pulse report published Monday. The slower growth rate was largely blamed on the conflict in Sudan which started 18 months ago and has continued to escalate.

15 October, 2024

Business / Economics

Trustco increases stake in Legal Shield

Trustco Group Holdings Limited has announced progress in its plan to acquire an additional 11.35% stake in Legal Shield Holdings from Riskowitz Value Fund LP. This acquisition will raise Trustco’s total ownership of LSH to 91.35%. The transaction, valued at approximately $468 million, includes two insurance companies, covering both short-term and life insurance, as well as real estate assets from the Otrusco Group. These assets include notable developments such as […]

15 October, 2024

Business / Economics

Google invests in nuclear to power AI demands

Google has announced it will fund the construction of seven small nuclear reactors as the search engine giant seeks more electricity to power its artificial intelligence plans. Big tech firms have emerged as key players in the US nuclear industry. Ira Spitzer tell us more.

15 October, 2024

Business / Economics

NWR Updates Shuttle Service in Sossusvlei Area

Starting today, Namibia Wildlife Resorts will change its shuttle service operations in Sossusvlei. The shuttle will no longer operate from the 2x4 area and will exclusively depart from the Sesriem Campsite. Clients with existing bookings to Deadvlei will now be ferried from Sesriem, and new tickets must also be purchased there. NWR encourages guests to plan accordingly and assures that their team is available to assist with any inquiries related […]

15 October, 2024

Africa

Nigeria’s Belemaoil Resumes Operations at Oil Mining Lease 55 After Three-Year Shutdown

Nigerian independent producer, Belemaoil Producing announced the resumption of operations at its Oil Mining Lease 55, which had been halted for three years due to facility damage caused by theft. CNBCAfrica indicates that the company acquired OML 55, situated approximately 40 km west of the Bonny oil export terminal in a swampy to shallow water area, from Chevron Corp in February 2015. Operations were suspended in 2021 due to rampant […]

15 October, 2024

Business / Economics

15 October 2024 Morning Biz News: Trustco Expands Stake, JPMorgan Enters Kenya, and Nvidia Stock Soars Amid AI Boom

Trustco Group Expands Stake in Legal Shield Holdings Trustco Group Holdings is set to increase its ownership in Legal Shield Holdings to 91.35%, following a N$468 million deal expected to close by December 31. This acquisition will encompass key assets, including Trustco Insurance, Trustco Life, and a substantial real estate portfolio, with developments like Elisenheim Lifestyle Estate and Lafrenz Industrial Park being part of the deal. JPMorgan Chase Approved for […]

15 October, 2024

Africa

World Bank Lowers Sub-Saharan Africa Growth Forecast to 3% Amid Sudan Crisis

The World Bank announced on Monday that it has reduced its economic growth forecast for sub-Saharan Africa this year to 3%, down from 3.4%, largely due to the impact of Sudan's civil war on its economy. Reuters says, nevertheless, growth is anticipated to exceed last year's 2.4% rate, driven by increased private consumption and investment, according to the bank's latest regional economic outlook report, Africa's Pulse. Andrew Dabalen, the World […]

15 October, 2024

Business / Economics

FlySafair launches Cape Town-Windhoek route

South African Civil Aviation Excellence Award winner, FlySafair is set to introduce a new twice-weekly service between Cape Town International Airport in South Africa and Hosea Kutako International Airport, starting on 22 October 2024. Namibia Airports Company Marketing Officer, Dan Kamati has the details. In addition to FlySafair’s new service, South African Airways is increasing its frequency between Johannesburg and Windhoek. Kamati weighs in on the positive impact […]

14 October, 2024

Business / Economics

Trade Minister launches national trade policy

The Minister of Industrialisation and Trade, Lucia Iipumbu has launched the National Trade Policy. This Policy will guide the country's trade relations with the rest of the world and was formulated within the scope of Vision 2030. The Ministry's spokesperson, Elijah Mukubonda.

14 October, 2024