North Koreans after African business

North Koreans after African business

North Koreans after African business

A North Korean startup business is eyeing up opportunities in Africa, with its representatives attending the AIO Reinsurance Forum in Mauritius. President of the newly created Polestar, Kim Kyong Hun, and marketing manager Han Choi Gyu, were attending the event to kickstart African business, they said. The pair were confident they would be able to offer business across a range…

Allianz appoints two more underwriters for South Africa office

Allianz appoints two more underwriters for South Africa office

Allianz appoints two more underwriters for South Africa office

Allianz Global Corporate & Specialty (AGCS) Africa has appointed Fisokuhle Thusini and Ayavuya Jack as underwriters within financial lines. Nobuhle Nkosi, head of financial lines, said: “Financial lines is one of our key business growth areas. We are pleased to welcome Fisokuhle and Ayavuya, who will enable us to better address the liabilities of companies, managers and professionals through directors…

African reinsurers waiting on European lead

African reinsurers waiting on European lead

African reinsurers waiting on European lead

Reinsurers across Africa and the Middle East are waiting for a lead from Europe on pricing, hoping to see increases after a decade of low rates. Speaking at the African Insurance Organisation Reinsurance Forum in Mauritius, reinsurers said they want to see rates rise but are waiting on news from the Baden Baden reinsurance event to see how the Europeans…

Africa’s reinsurance market expected to recover markedly in 2018

Africa’s reinsurance market expected to recover markedly in 2018

Africa’s reinsurance market expected to recover markedly in 2018

Africa’s reinsurance market should resume growth next year, after a tricky couple of years caused by a steep decline in African currencies against the US dollar and the sharp drop in oil prices. Reinsurance executives across the continent continue to be bullish about the prospects of their markets, according to the second edition of the Africa Reinsurance Pulse, launched today…

Fitch downgrades Gabon

Fitch downgrades Gabon

Fitch downgrades Gabon

Plummeting oil prices have hit the Gabon economy hard, with Fitch Ratings now downgrading Gabon’s long-term foreign-currency issuer default rating (IDR) to B from B+. The outlook is negative. Fitch said: “The downgrade of Gabon’s IDRs reflects the sharp deterioration of the country’s fiscal and external positions, an accumulation of large domestic and external arrears and a sharp rise in…

DHL Express named as top employer in Africa

DHL Express named as top employer in Africa

DHL Express named as top employer in Africa

DHL Express has been certified as a top employer in Africa for the fourth executive year. At the Top Employer Africa 2018 certification ceremony, held in Johannesburg, Hennie Heymans, CEO, DHL Express Sub Saharan Africa, explained that this year, DHL was the only company to be certified as a top employer in 18 markets in Africa, namely: Angola, Botswana, Cameroon,…

Companies receive $100m for Ethiopian investment

Companies receive $100m for Ethiopian investment

Companies receive $100m for Ethiopian investment

The European Investment Bank (EIB) is to provide $100m to aid private equity investment across Ethiopia. The news comes just a day after IHS warned of increasing difficulties in doing business in the country. The EIB’s $10m participation in the Cepheus Growth Capital Fund represents the first backing for an Ethiopia-focused fund, and one of the first engagements with a…

Ethiopia bids to boost exports and control spiralling inflation

Ethiopia bids to boost exports and control spiralling inflation

Ethiopia bids to boost exports and control spiralling inflation

Risk managers are being warned of increasingly difficult business conditions in Ethiopia – home to one of Africa’s largest populations. The National Bank of Ethiopia (NBE) has devalued the Ethiopian birr by 15%, effective 11 October, in addition to raising its key interest rate to 7% from 5%. The move comes as the country experiences spiralling inflation and a persistent…

African economies looking more solid

African economies looking more solid

African economies looking more solid

Africa’s economic outlook improved in 2017 compared with 2016 and is expected to gain momentum in 2018, according to the African Development Bank (AfDB). Just a day after the World Bank gave African economies hope of muted improvement, the AfDB said GDP growth in 2017 is expected at 3.0%, up from 2.2% in 2016, and projected to expand to 3.7%…

Companies face payment delays in Morocco

Companies face payment delays in Morocco

Companies face payment delays in Morocco

Companies face increasing payment delays when doing business in Morocco, with corporate insolvencies also rising, despite an uptick in the economy generally. According to the annual payment delay survey from Coface, extended payment periods across practically all sectors are 99 days on average in 2017, up from 82 days in 2016. The survey covered 256 companies in different sectors of…

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