News and economy

Breweries in SA, Tourism in Egypt, banking in Uganda and more

Trending business & economic headlines from around Africa

Incomes from Egypt’s tourism industry have shrunk from $12.5bn in 2010 to $6bn currently.

Uganda’s banking industry doubled Non-Performing Loans year-on-year to about $94 million as of September driven largely by bad loans to the agricultural and construction sectors.

Namibia’s economy shrunk by 1.0% in Q3 2016 compared with a contraction of 1.2 in Q2. Consumer inflation was unchanged at 7.3 percent year-on-year in November compared to October figures.

Nigeria’s annual inflation rose in November to 18.48%, the highest in more than 11 years and the tenth straight monthly rise, according to the national statistics body.

South Africa’s producer inflation quickened to 6.9 percent year-on-year.

Corporate News

Retail giant Shoprite is in talks to acquire Steinhoff’s African retail operations.

AB InBev will sell its 26.4% stake in South Africa’s Distell Group valued at approximately R9 billion ($645 million) to state-owned pension fund Public Investment Corporation.

ExxonMobil’s Lagos office has shut down after employees protest what they say is an attempt to sack 100 employees arbirarily.

South Africa’s Rand Merchant Investment Holdings has purchased a 30% stake in UK’s Hastings.

Find this useful? Sign up for The Africa Business Daily Digest and download Africa Business App for Android or iPhone and get more!