Browsing: War in Ukraine

• Major African airlines have been hard hit since the Covid-19 pandemic struck.

• This year is however expected to bring good tidings for the industry, albeit low profit margins.

• IATA expects a return to profitability for the global airline industry in 2023, as airlines continue to cut losses stemming from the effects of the pandemic to their business in 2022. 

The global aviation industry is set for a bounce back this year as airlines navigate turbulence that has shaken the industry since 2020, threatening to bring down carriers in the market.

Major African airlines have been hard hit since the Covid-19 pandemic struck.

A report by the African Airlines Association (AFRAA) indicates the pandemic hit Africa’s aviation industry in 2021, resulting in an estimated $8.6 billion loss.

While the figure was less than the $10.21 billion loss recorded by the sector in 2020, it was still a 49.8 per cent decline …

• The Monetary Policy Committee (MPC) on Wednesday noted the sustained inflationary pressures, the elevated global risks and their potential impact on the domestic economy.
• CBK sees a scope for a further tightening of the monetary policy in order to anchor inflation expectations.
• Overall inflation in Kenya increased to 9.2 percent in February 2023 from 9.0 percent in January, mainly driven by higher food prices.

The Central Bank of Kenya (CBK) has revised upwards the benchmark rate by 75.0 basis points to 9.50 per cent, in its latest move to try and tame the rising inflation in the country.

This is up from 8.75, signaling a higher cost of borrowing in the market.

Its decision making organ–the Monetary Policy Committee (MPC) on Wednesday noted the sustained inflationary pressures, the elevated global risks and their potential impact on the domestic economy, and concluded that there was scope for a further tightening of …

• Sub-saharan Africa now faces new economic growth challenges, compounded by the Russian invasion of Ukraine
• A World Bank report estimates growth at 3.6 per cent in 2022, down from 4 per cent in 2021 as the region continues to deal with new COVID-19 variants, global inflation, supply disruptions and climate shocks
• Resource-rich countries, especially their extractive sectors, will see improved economic performance due to the war in Ukraine, while non-resource-rich countries will experience a deceleration in economic activity

As the Sub-Saharan African economy struggles to recover from the 2020 recession induced by the COVID-19 (coronavirus) pandemic, the region now faces new economic growth challenges, compounded by the Russian invasion of Ukraine.

The World Bank’s latest Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, estimates growth at 3.6 per cent in 2022, down from 4 per cent in 2021 as the region continues to deal with new COVID-19 …

• More than 677,000 have fled Ukraine to Poland, Romania and other countries
• African students in Ukraine are facing racial discrimination at the border, reports say
• Around 20 per cent of student studying in Ukraine are African citizens
• Russia invaded Ukraine on 24 February

Ukraine—as occupied with the war against Russian invasion, the European nation has been an investment partner to Africa for a while. Sadly, that relationship could be at risk as the ongoing crisis unearths troubling events detrimental to both sides, as Africans in Ukraine face hell.

The first in Europe in proven recoverable reserves of uranium ores, Ukraine is not new to African business landscapes nor productive interaction with Africa and its citizens through trade and education.

Unfortunately, the European nation broiled into war holds around 20 per cent of African citizens as international students.

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Most of the students from Africa …