South African SPAR Group announced earlier today May 15, 2019, that it was about to acquire majority stake in Polish supermarket chain Piotr i Pawel. Piotr i Pawel has 77 stores and supermarkets as well as a distribution networks in Poland. Apart from South Africa, SPAR Group operates in Switzerland, the UK, Ireland, Angola and Sri Lanka. South African retail companies are increasingly...

Somalia’s economy could rise from 2.8% to 3% this year, the IMF estimated in a statement published on May 14, 2019. “Somalia’s economy continued to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” said Allison Holland, who led an IMF team discussing Somalia’s Article IV programme. “The outlook remains...

Algeria’s trade deficit reached $1.37 billion in Q1, 2019, according to figures published by the national institute for statistics CNIS. In Q1, 2018, this figure was $1.23 billion. Between January 1 and March 31, 2019, the country’s exports dropped by 2.38% to reach $9.78 billion, down from $10.02 billion in Q1, 2018. During the period under review, imports dropped by...

Spanish group Corfem, a chemical products trader, has acquired 30% stake in the capital of Prochimag Sarl, the Moroccan subsidiary of chemical products distributor PMS International. For this stake acquisition, Corfem disbursed MAD13 million ($1.3 million). Thanks to this operation, the group will enter the Moroccan market alongside PMS International that is also present in Algeria. In 2009,...

Microsoft Corporation announced the construction of a tech development centre in Kenya. The project was presented to President Uhuru Kenyatta during an audience granted on May 13, 2019, to Microsoft’s representatives led by Phil Spencer, Microsoft’s executive vice-president in charge of the gaming department. The tech development centre will serve the East African region.   According...

Jumia Technologies gained momentum on Monday 13 May, 2019, on the New York Stock Exchange. The value of this leader of the African e-commerce sector surged by 8.57% at the end of the trading day.   The share is thus leaving a down cycle that lasted for seven consecutive sessions after an 18.8% dip on May 9, 2019. Overall, during the down cycle, the market value dropped by 47%. Investors...

The African Continental Free Trade Area (AfCFTA) will have a positive impact on intra-regional trade, 72 % of African CEOs think. This is the outcome of a survey published on May 9, 2019, by the Oxford Business Group (OBG). Baptized “Business Barometer 2019: Africa CEO survey,” the survey which was conducted on a face-to-face basis with 787 African CEOs also revealed that 84% of them...

Egypt will create seven new free zones to attract more investors and boost the country’s exports, the government revealed in a release published on May 12, 2019. These zones will be created in Al-Minya, South Sinaï, New Ismailia, Giza, Dakahlia, Assouan and Kafr El Sheikh. They should host more than 1,000 industrial projects and generate 120,000 jobs. Egypt already has nine free zones that...

On May 11, 2019, Ugandan president Yoweri Museveni officially launched the fourth phase of the national backbone’s construction in Koboko. The infrastructure will link Pakwach, Nebbi, Arua, Yumbe, Koboko, Adjumani, Katakwi, Oraba, Vurra and Mpondwe districts. The infrastructure will greatly improve residents’ access to quality telecom services, boost competitiveness and accuracy in the...

Rwanda is planning strategies to regulate social media contents to combat misinformation. This was announced by Paula Ingabire (photo), Rwanda’s IT minister, on May 10, 2019. She was speaking before the parliamentary committee on National budget for the 2019/2020 budget. Her answer was spurred by a question from Jean Claude Ntezimana about the government’s plans to combat abusive contents...