page contents
Connect with us

Business

Ethiopian Airlines signs deal to revive Zambia’s national carrier

Published

on

Ethiopian Airlines said on Tuesday it had signed an agreement with the Zambian government to relaunch the southern African country’s national carrier, which was shut down more than two decades ago.

In a statement, Ethiopian Airlines said the Government of Zambia will be the majority shareholder with 55% and Ethiopian will have 45% stakes in the airline. It did not disclose how much it had paid for the stake.

Ethiopia’s state-owned flag carrier, ranked by the International Air Transport Association (IATA) as the largest airline in Africa by revenue and profit, is in talks with a number of airline companies across the continent to acquire stakes and manage operations.

‘’…in line with our Vision 2025 multiple hubs strategy in Africa, we are very happy that the discussions with the Zambian government have been crowned with success. The launching of Zambia Airways will enable the travelling public in Zambia and the Southern African region to enjoy greater connectivity options, thereby facilitating the flow of investment, trade and tourism, and contributing to the socio-economic growth of the country and the region,’‘ Ethiopian Airlines said in a statement.

State-owned Zambia Airways went into liquidation in 1994.

Ethiopian Airlines operates and manages Malawi Airlines through a deal signed in 2013.

It also has a deal with ASKY, a West African airline whose shareholders include the ECOWAS regional bloc of countries and a number of banks.

The airline’s revenue rose 10.3 percent to 54.5 billion birr ($2.43 billion) in the 2015/16 fiscal year, while passenger numbers climbed 18 percent to 7.6 million. Net profit was up 70 percent at 6 billion birr.

Ethiopian Airlines wants to increase revenue to $10 billion by 2025 and to expand its fleet to 140 aircraft from less than 90 now, with its sights set on Asia.

Business

Zimbabwe’s Airline, Kenya’s Bond to Be Sold

Published

on

Kenya Central Bank has said the country will in November sell 20-year amortised infrastructure bond worth 50 billion shillings ($489 million) just as Zimbabwe pushes to privatise airline.



The the bond which will have an 11.95 per cent coupon will have its proceeds used for road, water and energy projects, it said.

It added that it would accept bids for the bond from Monday to Tuesday and auction it on Wednesday. ($1 = 102.1500 Kenyan shillings).

Also Zimbabwe has invited bids for the state-owned airline.

President Emmerson Mnangagwa’s government is pushing ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.

IMG-20180912-WA0030

Air Zimbabwe, which owes foreign and domestic creditors more than $300 million, was in October placed into administration to try and revive its fortunes.

The troubled airline is among dozens of state-owned firms, known locally as parastatals, that are set to be partially or fully privatised in the next nine months as the government seeks to cut its fiscal deficit seen at 11 per cent of GDP this year.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Air Zimbabwe administrator Reggie Saruchera said in a notice published in media on Monday that potential investors should make their bids before November 23 after paying a non-refundable deposit of $20,000.

Saruchera did not indicate whether investors would be allowed to tender for partial or total shareholding in Air Zimbabwe. He was not immediately reachable for comment.

Only three of Air Zimbabwe’s planes are operational, with another three grounded, which has forced it to abandon international routes.(NAN).

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Business

South Africa: Durban Business owners blames zero jobs on economy.

Published

on

Managers and owners at some retail stores in Durban have blamed the block to job creation on shrinking economy.

In a study of 20 stores, most of those surveyed said they would not employ more people even if the national minimum wage was scrapped or if labour laws were changed to make it easier to dismiss people.



The national minimum wage is R3500 per month or R20 per hour.

However, if businesses could increase their turnover, they would consider hiring more staff.

According to those surveyed, there is no money to hire additional staff.

“Educate people, build schools, train youth,” they said.

IMG-20180912-WA0030

To boost job creation, shop owners called on the government to invest more in small businesses, which would help them to employ more staff.

David Shapiro, an economist at Sasfin Securities, said people needed the dignity of having a job.

However, the unemployment rate is at 27.2% with an increasing number of people losing their jobs.

Shapiro agreed the government needed to do more to get the economy moving.

He pointed to government institutions as the key players in turning the economy around.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

“We need a government that serves the population instead of feeding off it.

“In order to grow our economy and create jobs, stable pillars are needed.

“Good institutions like schools and home affairs is where it starts,” he said.

Dawi Roodt attributed technology as a huge problem in the country, “the more we move to digital and technology, the more the need for manual labour diminishes”.

Roodt said the country did not have enough qualified and skilled workers, because of an education system that did not equip its people.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved