IMF staff and the Zambian authorities have reached a staff-level agreement on economic policies to conclude the first review of the 38-month ECF-supported program. All structural benchmarks and quantitative performance criteria for the first review have been met; Zambia will have access to about US$188 million in financing once the review is approved by IMF […]
By Our Correspondent Economies in the Middle East and North Africa (MENA) are expected to grow at a slower pace in 2023, as double-digit food inflation adds pressure on poorer households and the impact of food insecurity can span generations, according to the World Bank’s latest economic update. Titled “Altered Destinies: The Long-Term Effects of
ECONOMY: Growth slows in MENA economies amid food inflation Read More »
By Our Correspondent A Greek Coast Guard reported an accident at Thessaloniki port, which occurred on April 3, 2023, at around 1655 UTC, in the approach fairway, according to FleetMon. It stated: “Container ship ANNABA struck chartered wreck while entering port, and suffered portside hull crack. She was berthed the same day and as of
MARITIME ACCIDENT: Container ship struck wreck while entering Thessaloniki Read More »
By Our Correspondent A General cargo ship JOE 2 sank early in the morning of April 5, 2023, off Kumluca, Antalya Province, NW of Cyprus, while en route from Iskenderun Turkey to Izmail Ukraine, according to FleetMon. It stated: “Of 14 crew on board, 5 were rescued, 9 are missing, SAR under way. No
MARITIME ACCIDENT: How Freighter Sank in Med, 9 missing Read More »
The Seplat Energy JV supports Entrepreneurship Fellowship Programme, which aims at developing participants’ leadership skills, social entrepreneurship, and business management abilities, through customized and targeted capacity building workshops. In addition, the beneficiaries’ ability to action their ideas is supported through equipment funding and mentoring. On April 3, the company held a special event to celebrate
Seplat Energy Commits to Youth Entrepreneurship Development in Nigeria Read More »
By Our Correspondent The World Bank said growth across Sub-Saharan Africa remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth, a World Bank report said Wednesday. According to the bank, “In the face of dampened growth prospects and
By Eyo Nsima The Nigeria-based Petroleum Technology Association of Nigeria, PETAN, has unfolded its programme at the Offshore Petroleum Technology, OTC, holding in Houston, Texas, USA, from May 1 – 4, 2023. According to PETAN, the event has ‘Energy Transition and AfCFTA: Key Reforms for Sustainable Development of the African Oil and Gas Industry’
OTC 2023: PETAN Unfolds Programme Read More »
By Our Correspondent A Product tanker ALIGOTE collided with moored Aframax tanker LYRIC MAGNOLIA at around 0515 UTC on April 4, 2023, at Suez Canal in the Great Bitter Lake waiting area; both were in a southbound convoy, according to FleetMon. It stated: “ALIGOTE was anchored near LYRIC MAGNOLIA. Both ships according to Suez Authorities,
MARITIME ACCIDENT: Tankers collide in Great Bitter Lake, Suez Canal Read More »
By Eyo Nsima The Manufacturers Association of Nigeria (MAN) has thrown its weight behind the federal government on its decision to stop the increase in excise duty on alcoholic, and non-alcoholic beverages, and tobacco. The Director General, MAN, Mr Segun Ajayi-Kadir, also supported the government’s decision to allow the 2022 – 2024 Federal Government Sectoral
MAN supports govt decision to stop N10/litre excise duty on beverages Read More »
By Eyo Nsima The Ecobank Group has realised a 13 per cent growth in profit before tax, PBT, to $540 million in the financial year that ended December 2022. The bank disclosed that the growth in PBT was fuelled by the benefits of its diversified business model during the period under review. It also maintained
ECONOMY: Ecobank increases profit by 13% to $540m Read More »
