- Kenya Pilots Set for Strike
Major Kenyan pilots’ union on Tuesday called for an indefinite strike beginning on Oct. 18 to demand change at the national carrier.
The Union’s General Secretary, Capt. Paul Gichinga, said that the protest was on poor management at the troubled national carrier, Kenya Airways.
Gichinga, also the head of the Kenya Airline Pilots Association (KALPA), said “we have no confidence in the airline’s recovery.”
“KALPA members will from 5 a.m. (local time) on Oct. 18, down their tools until a comprehensive change of guard at Kenya Airways is effected.”
Last month Kenya Airways, which is 27 percent-owned by Air France KLM, said it was seeking foreign institutional investors to raise cash.
The company has said it needs about 70 billion shillings ($692 million). Kenya Airways has been cutting and modernising its fleet, selling land and cutting jobs to recover from losses caused by a slump in tourism.
Crude Oil Rises Despite Demand Concerns as Hurricane Sally Disrupts Further Production
Oil Prices Surge as Hurricane Sally Disrupts Oil Production
Oil prices rose on Wednesday despite weak demand after strong hurricane sally threatens to disrupted operations of US oil producers amid a big drop in oil inventories.
Brent crude oil, against which Nigerian crude oil is measured, rose from $39.34 barrel on Tuesday to $41.58 per barrel on Wednesday.
Accordingly, the US West Texas Intermediate crude oil gained 1.8 percent to $38.96 per barrel.
American Petroleum Institute (API), a weekly oil projection report, on Tuesday reported that US crude oil inventories declined by 9.5 million barrels in the week ended September 11, 2020. This, experts at ING Research said if close to the real number due later today, could provide support for global oil prices.
The experts said, “If we see a number similar to the drawdown the API reported overnight, it would likely provide some immediate support to the market.”
This coupled with the fact that with reports that 25 percent of US offshore oil and gas output was halted and export ports were shut as the storm crawled offshore along the US Gulf Coast bolstered oil prices on Wednesday.
Oil prices gained despite OPEC lowering demand for the year, saying weak global recovery amid rising cases of COVID-19 will impact demand for the commodity through the first half of 2021.
Brent Crude Oil Dips to $39 as OPEC Lowers Oil Demand for the Year
Brent Oil Declines to $39 Amid Rising COVID-19 Cases
Brent crude oil declined further on Monday after the Organisation of the Petroleum Exporting Countries (OPEC) revised down global oil demand for the year.
The Organisation of the Petroleum Exporting Countries said growing economic uncertainties amid slow global recovery will continue to hurt demand for crude oil in 2020.
This, it attributed to the weaker than expected recovery in India and other Asian nations.
The Brent crude oil, against which oil Nigeria oil is priced, declined from $42.18 per barrel it traded Tuesday, September 8, 2020 to $39.26 per barrel on Monday during the New York trading session.
The commodity is now trading at its lowest since June 18, 2020.
In a report made available to the media, the cartel said the negative impact of COVID-19 on the global economy would persist through the first half of 2021.
The report said, “Additionally, risks remain elevated and skewed to the downside, particularly in relation to the development of Covid-19 infection cases and potential vaccines.”
“Furthermore, the speed of recovery in economic activities and oil demand growth potential in Other Asian countries, including India, remain uncertain,” it added.
Chancellor Merkel’s Africa Envoy, H.E. Günter Nooke, Leads Discussion on German investments in Africa
The discussion will be centred on the topic: Investment and Trade for Africa’s Economic Development
The webinar will be moderated by Sebastian Wagner, Executive Chair of the Germany Africa Business Forum and Gugu Mfuphi, Presenter of Kaya FM’s prime time business show, Kaya Bizz; the discussion will be centred on the topic: Investment and Trade for Africa’s Economic Development; panelists include NJ Ayuk, Chairman of the African Energy Chamber (EnergyChamber.org) and Rene Awambeng of the African Export-Import Bank; the webinar will be held on 23 September at 3PM CET. To attend, please register here.
With German visibility and participation on the rise in Africa’s energy industry, the Germany-Africa Business Forum (GABF) will host its second instalment of its Germany-Africa cooperation focused webinar series.
The webinar will facilitate the discussion on how FDI can sustainably strengthen the development of the African continent on September 23rd at 15:00 CET. Anchored by the topic Investment and Trade for Africa’s Economic Development, the webinar will highlight key efforts to mobilise German funding for African energy markets as a means to advance the German-African cooperation which can already be seen in Equatorial Guinea, Angola, South Africa, Nigeria, Egypt, Congo DRC, Senegal and recently, through the expression of interest by German investors in the DRC’s Inga III Dam.
The webinar, moderated by Sebastian Wagner, Executive Chair of the GABF and Gugu Mfuphi, Presenter of Kaya FM’s prime time business show, Kaya Bizz, will be opened by H.E. Günter Nooke, personal Africa representative of the German Chancellor Angela Merkel.
“We are honoured to announce that H.E. Günter Nooke will spearhead our webinar. With his vast and unmatched knowledge in both the German and African markets, he will be able to bring many interesting aspects of the discussion,” said Sebastian Wagner.
Joining the panel discussion will be NJ Ayuk, Chairman of the African Energy Chamber and Rene Awambeng, Vice President at the African Export-Import Bank. “With their expertise in the African finance and energy sector, we look forward to a high-ranking and diverse panel. Especially the energy sector is an important cornerstone of any African economy, and we are looking forward to the outcome of the discussion,” said Mr. Wagner.
German interest in Africa as an investment destination has continued to grow and we hope to see a more diversified investment beyond energy and sales of German products to Africa. Africa is and will continue to be an investment market with the potential for significant growth post-Covid and superior returns.
While South Africa and Egypt have seen a huge part of German investment, Ghana, Nigeria, Tanzania, Congo DRC and Zambia are considered hotspots for potential investors from Germany. Projects in the financial services, climate change, energy poverty, health care, energy transition, manufacturing, retail and consumer goods have seen a huge increase.
This event is in collaboration with the Africa Energy Chamber and Africa Oil and Power.
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