Looking for the freshest business news on the continent? Here’s what’s making waves: fuel prices are shifting, some major companies are reporting losses but betting on growth, and even the crypto market is buzzing. Let’s break down what’s happening and why it matters to you.
Many Africans depend heavily on petrol, diesel, and kerosene for daily life, and changes in prices directly impact budgets. Recently, Kenya's Energy and Petroleum Regulatory Authority adjusted fuel costs due to rising global prices and subsidy cuts—expect some pinch in your wallet till mid-September. Not only Kenya, Nigeria also updated their petrol pricing based on new Dangote Refinery data, switching payments from USD to naira next year. Costs aren’t uniform though: Lagos residents might pay less compared to states like Borno.
Big companies are juggling challenges too. Brown-Forman, known for its spirits, saw a drop in sales and income but is focused on premium brands and tequila to bounce back. Then there's Safaricom in Kenya reversing controversial call charges following a public backlash—a clear win for consumers. On the crypto front, Bitcoin just hit an $80,000 milestone, spurred partly by political shifts like Trump’s election, showing how external events can shake traditional and digital markets alike.
Africa’s business scene isn’t just about numbers; it’s about how these changes affect people’s everyday lives and future investments. Keep an eye here for updates that matter to your pocket and plans.
Brown-Forman posted a 7% drop in Q4 net sales and a 45% decline in operating income, influenced by tough consumer markets and the absence of past profits. Despite the drop, organic growth stayed slightly positive and CEO Lawson Whiting remains focused on premium labels and growth regions. The company expects headwinds but highlights financial stability and dividend continuity.
Bitcoin has surpassed the $80,000 threshold for the first time, marking a significant moment in cryptocurrency history. This remarkable price increase follows Donald Trump's election victory, suggesting that investors are expecting favorable conditions for digital assets. The development highlights how political events can impact the cryptocurrency market's volatility and investor sentiment.
The Nigeria National Petroleum Company (NNPC) announced a new estimate for petrol pricing from the Dangote Refinery. Payments will transition from USD to naira in October 2024. Revised fees include an increased distribution fee and added Midstream and Gas Infrastructure Fund fee. Price variations will depend on location, ranging from ₦950 in Lagos to ₦1,019 in Borno State.
Safaricom, a major telecom provider in Kenya, has decided to reverse its recent call charge policy following significant public backlash and legal challenges. The swift response to consumer discontent highlights the power of consumer advocacy in influencing corporate decisions. The move aims to restore customer trust and satisfaction.
The Energy and Petroleum Regulatory Authority (EPRA) has adjusted fuel prices for August 2024. Petrol, diesel, and kerosene prices have increased marginally due to rising global costs and the removal of subsidies. These changes will be effective from August 15 to September 14, 2024, impacting consumers and businesses alike.
