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Mall owner Hyprop continues to reduce its exposure to embattled retailer Edcon, whilst it’s drastically reduced its dividend for its interim period to 308.7 cents per share. Hyprop CEO, Morné Wilken joins CNBC Africa for more.</p>


Hyprop warns of the impact of COVID-19


<p>JOHANNESBURG, Feb 24 (Reuters) &#8211; South African petrochemicals group Sasol reported on Monday a 74% drop in interim profit, weighed down by problems at its Lake Charles Chemicals project (LCCP) in the United States and softer chemical and Brent crude oil prices.</p>



<p>Difficulties at the Lake Charles project, which is costing billions of dollars more than initial estimates, have led to the resignation of the company&#8217;s joint chief executives late last year.</p>



<p>&#8220;The financial results were impacted mostly by a weak macroeconomic environment, which resulted in lower margins, and the LCCP being in a ramp-up phase,&#8221; Sasol said.</p>



<p>Headline earnings per share, the main profit measure, for the six months ended Dec. 31 fell to 5.94 rand ($0.40) from 23.25 rand a year earlier.</p>



<p>Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 27% to 19.6 billion rand.</p>



<p>LCCP hurt EBITDA by 1.1 billion rand, and the plant resulted in 1.7 billion rand in depreciation charges.</p>



<p>Sasol said revenue from the Louisiana plant, which converts natural gas into plastics ingredient ethylene, did not yet match its project costs. However, the company expects the facility to generate positive EBITDA in the second half of the year.</p>



<p>The company said LCCP&#8217;s overall project completion was at 99% at the end of December. Investigations into a fire at one of the units at the LCCP plant in January revealed that a piping support structure within the emergency vent system failed during commissioning, causing a pipe to dislodge.</p>



<p>Sasol, the world&#8217;s top manufacturer of motor fuel from coal, said no major equipment was damaged, and the incident was isolated but beneficial operation of the unit would be delayed to the second half of 2020.</p>



<p>The overall cost estimate for LCCP is tracking $12.8 billion, within its previous guidance of $12.6 billion to $12.9 billion.</p>



<p>The LCCP was expected to cost $8.9 billion in a 2014 forecast. ($1 = 14.9945 rand) </p>



<p>(Reporting by Tanisha Heiberg; Editing by Muralikumar Anantharaman and Maju Samuel)</p>


GettyImages-71007872

South Africa’s Sasol half-year earnings fall 74%, here’s why


<p>NAIROBI (Reuters) &#8211; Kenya’s earnings from tourism rose 3.9% last year to 163.56 billion shillings ($1.61 billion), thanks to a slight increase in the number of visitors, its tourism minister said on Friday.</p>



<p>The East African nation, which relies on tourism as a major source of foreign exchange and jobs, had 2.05 million tourists last year, an increase of 1%, said Najib Balala.</p>



<p>An attack on a hotel and office complex in Nairobi last January, and a general slowdown in the global tourism business, were to blame for the low growth in arrival numbers, he said.</p>



<p>Along with agricultural exports and money sent home by Kenyans living abroad, tourism is one of the top foreign exchange earners.</p>



<p>Kenya has a variety of products, from beach holidays at the coast to Safaris in the Maasai Mara wildlife reserve, but it attracts fewer visitors than African competitors like South Africa due to frequent political upheavals and insurgent attacks.</p>



<p>Between 2012 and 2015, visitor numbers and tourism earnings fell after a spate of attacks claimed by Somalia’s al Qaeda-linked al Shabaab, which wants Nairobi to pull its troops out of Somalia.</p>



<p>A reduction in attacks in the years that followed allowed the sector to rebound.</p>



<p>($1 = 101.5000 Kenyan shillings)</p>



<p>Reporting by George Obulutsa; Editing by Duncan Miriri and Kim Coghill</p>


Kenya’s tourism earnings up 3.9%

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<p>According to data, achieving universal access to water and sanitation for all by 2030, there needs to be increased investment in management of freshwater ecosystems and sanitation facilities on a local level in several developing countries within Sub-Saharan Africa (SSA). Henning Sandager, Area Managing Director at GRUNDFOS Sub-Saharan Africa joins CNBC Africa for more.</p>


GRUNDFOS MD Sandager on how to solve water crisis in Africa

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<p>Kenya Airways reported a loss of about $74 million for the 12 month period ended December 2018 from a loss of about $63 million reported in the nine month period ended in December 2017, attributing the loss to the high cost of fuel, high salaries and fleet ownership. Revenue for the 12 month period increased to about $1 billion compared to about $798 million reported during the 9 Month period ended 31 December 2017. Sebastian Mikosz, CEO of Kenya Airways joins CNBC Africa for more.</p>


Kenya Airways on earnings

Kenya Airways on earnings, nationalisation & expansion plans

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<p>As earnings season enters full swing, Collins Appiah, Economic Advisor at Services Integrity &#038; Loans joins CNBC Africa to breakdown 9-month results of some listed banks on Ghana Stock Exchange (GSE).</p>


All eyes on Ghanaian banks as earnings trickle in


<p>By <a href="https://www.cnbc.com/tom-huddleston-jr/">Tom Huddleston Jr.</a></p>



<p>The NBA kicks off a new season on <a class="" href="https://scores.nbcsports.com/nba/preview.asp?g=2019102228">Tuesday night</a> with the defending champion <a class="" href="https://www.cnbc.com/2019/05/30/how-much-money-the-winners-of-the-nba-finals-could-take-home.html">Toronto Raptors</a> taking on the New Orleans Pelicans.</p>



<p>That game will feature one of the NBA’s ten highest-paid players — Toronto’s Kyle Lowry — while two more will face off later on Tuesday in Los Angeles when LeBron James and the Lakers tip off their season against Paul George and the Clippers.</p>



<p>The average NBA player salary is&nbsp;<a href="https://www.basketball-reference.com/contracts/players.html" class="">$7.7 million</a>&nbsp;for the season that starts on Tuesday and will run through June 2020. That number is up from an average salary of almost $6.4 million for the previous season, according to Basketball Reference.</p>



<p>NBA salaries continue to rise year to year, and the&nbsp;<a href="https://www.cnbc.com/2018/06/06/stephen-curry-is-the-highest-paid-player-in-the-nba.html" class="">highest-paid player’s</a>&nbsp;earnings are no exception, as the Golden State Warriors star Stephen Curry’s earnings for the 2019-2020 season are ticking upward to $40.2 million from $37.5 million for the previous season.</p>



<p>Here are the ten highest-paid NBA players for the league’s new season, starting with Curry, according to&nbsp;<a href="https://www.spotrac.com/nba/rankings/cash/" class="">Spotrac</a>.</p>



<h2 class="wp-block-heading">1. Stephen Curry, 31, Golden State Warriors: $40.2 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1053195934-594x594.jpg" alt="" class="wp-image-348277" width="709" height="499" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1053195934-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1053195934-594x594-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1053195934-594x594-100x70.jpg 100w" sizes="auto, (max-width: 709px) 100vw, 709px" /><figcaption>OAKLAND, CA &#8211; OCTOBER 24:  Stephen Curry #30 of the Golden State Warriors reacts to the crowd chanting &#8220;MVP&#8221; during their game against the Washington Wizards at ORACLE Arena on October 24, 2018 in Oakland, California. Curry finished the game with 51 points.   NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Ezra Shaw/Getty Images)</figcaption></figure>



<p>The former MVP, who has won three championships with the Warriors since 2015, signed a five-year contract&nbsp;<a href="https://www.cnbc.com/2017/07/11/steph-currys-money-outlook-helped-him-score-a-200-million-contract.html" class="">worth $201.2 million</a>&nbsp;with the team in 2017. The deal pays Curry an average annual salary of more than $40 million, with the annual value eventually increasing to more than $45 million by 2021.</p>



<h2 class="wp-block-heading">Tied &#8211; 2. Russell Westbrook, 30, Houston Rockets: $38.5 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1181957587-594x594.jpg" alt="" class="wp-image-348279" width="478" height="717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1181957587-594x594.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1181957587-594x594-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1181957587-594x594-280x420.jpg 280w" sizes="auto, (max-width: 478px) 100vw, 478px" /><figcaption>MIAMI, FLORIDA &#8211; OCTOBER 18:  Russell Westbrook #0 of the Houston Rockets in action against the Miami Heat during the first half at American Airlines Arena on October 18, 2019 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Michael Reaves/Getty Images)</figcaption></figure>



<p>Houston acquired Westbrook in a trade with the Oklahoma City Thunder in July. The All-Star guard had previously signed a five-year, $206.8 million contract extension with his previous team in 2017 that leaves him tied for the second-best annual salary in 2019 behind Curry, according to Spotrac.</p>



<h2 class="wp-block-heading">Tied &#8211; 2. Chris Paul, 34, Oklahoma City Thunder: $38.5 million</h2>



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="594" height="396" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-698880584-594x594.jpg" alt="" class="wp-image-348280" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-698880584-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-698880584-594x594-300x200.jpg 300w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>NEW YORK, NY &#8211; JUNE 20:  Athlete and designer Chris Paul attends the FIVE FOUR x Chris Paul Launch Dinner at Catch on June 20, 2017 in New York City.  (Photo by Slaven Vlasic/Getty Images for FIVE FOUR)</figcaption></figure>



<p><a class="" href="https://www.cnbc.com/2018/07/02/what-houston-rockets-chris-paul-did-with-his-first-big-nba-check.html">Chris Paul</a>&nbsp;finds himself tied with Westbrook for second on the ranking of the NBA’s highest-paid players for the second year in a row. In fact, Paul and Westbrook will switch teams for the new NBA season, as the two players were traded for each other in the mega-deal between Houston and Oklahoma City over the summer. Paul’s four-year, $159.7 million contract expires in 2022.</p>



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/ieWGlA-gysI" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe>



<h2 class="wp-block-heading">Tied-4. James Harden, 30, Houston Rockets: $38.2 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-494742496-594x594.jpg" alt="" class="wp-image-348282" width="710" height="447" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-494742496-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-494742496-594x594-300x189.jpg 300w" sizes="auto, (max-width: 710px) 100vw, 710px" /><figcaption>HOUSTON, TX &#8211; OCTOBER 28:  James Harden #13 of the Houston Rockets calls a play during their game against the Denver Nuggets at the Toyota Center on October 28, 2015 in Houston, Texas.  (Photo by Scott Halleran/Getty Images)</figcaption></figure>



<p>Another former league MVP, Harden is entering his 11th season in the NBA and the first year of a four-year, $171.1 million contract extension he signed with the Rockets in 2017 (the new deal extends a previous contract he signed in 2016 that paid him an average annual salary of $29.5 million).</p>



<h2 class="wp-block-heading">Tied-4. Kevin Durant, 31, Brooklyn Nets: $38.2 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-849622772-594x594.jpg" alt="" class="wp-image-348284" width="709" height="511" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-849622772-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-849622772-594x594-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-849622772-594x594-324x235.jpg 324w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-849622772-594x594-583x420.jpg 583w" sizes="auto, (max-width: 709px) 100vw, 709px" /><figcaption>SAN FRANCISCO, CA &#8211; SEPTEMBER 19:  NBA Player and Durant Company/Thirty Five Media Partner Kevin Durant speaks onstage during TechCrunch Disrupt SF 2017 at Pier 48 on September 19, 2017 in San Francisco, California.  (Photo by Steve Jennings/Getty Images for TechCrunch)</figcaption></figure>



<p><a href="https://www.cnbc.com/2018/05/29/what-kevin-durant-has-learned-about-investing.html" class="">Durant</a>&nbsp;left Golden State to sign a four-year contract worth $164.3 million with the Nets in the 2019 off season despite the fact that he’ll&nbsp;<a href="https://www.cnbc.com/2019/06/12/kevin-durant-injury-is-changing-the-nba-and-moving-wall-street-stocks.html" class="">miss the entire upcoming season</a>&nbsp;due to a torn Achilles tendon suffered during the 2019 playoffs. He’s set to make over $42 million in the final year of the contract, which expires in 2023.</p>



<h2 class="wp-block-heading">Tied-4. John Wall, 29, Washington Wizards: $38.2 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1083516606-594x594.jpg" alt="" class="wp-image-348285" width="709" height="473" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1083516606-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1083516606-594x594-300x200.jpg 300w" sizes="auto, (max-width: 709px) 100vw, 709px" /><figcaption>WASHINGTON, DC &#8211; DECEMBER 16: John Wall #2 of the Washington Wizards dribbles against the Los Angeles Lakers during the second half at Capital One Arena on December 16, 2018 in Washington, DC. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Patrick Smith/Getty Images)</figcaption></figure>



<p>Wall is also&nbsp;<a href="https://www.cbssports.com/nba/news/john-wall-injury-update-wizards-owner-ted-leonsis-says-guard-probably-wont-play-next-season-due-to-torn-achilles/" class="">expected</a>&nbsp;to miss the entire upcoming season due to injury (he also tore an Achilles tendon). Regardless, the Wizards’ All-Star point guard will rank among the league’s highest-paid players for the foreseeable future, thanks to a four-year, $171.1 million contract extension he&nbsp;<a href="https://www.nbcsports.com/washington/washington-wizards/john-wall-agrees-four-year-extension-wizards" class="">signed in 2017</a>&nbsp;that will eventually pay him more than $47 million annually before it expires in 2023.</p>



<h2 class="wp-block-heading">7. LeBron James, 34, Los Angeles Lakers: $37.4 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1066599734-594x594.jpg" alt="" class="wp-image-348286" width="710" height="546" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1066599734-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1066599734-594x594-300x231.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1066599734-594x594-546x420.jpg 546w" sizes="auto, (max-width: 710px) 100vw, 710px" /><figcaption>LOS ANGELES, CA &#8211; NOVEMBER 29:  LeBron James #23 of the Los Angeles Lakers celebrates his three pointer during a 104-96 win over the Indiana Pacers at Staples Center on November 29, 2018 in Los Angeles, California.  NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Harry How/Getty Images)</figcaption></figure>



<p>The four-time MVP took his talents to the Lakers in 2018, signing a four-year deal worth $153.3 million overall. As&nbsp;<a href="https://www.cnbc.com/2018/07/02/lakers-deal-will-make-lebron-james-highest-career-earning-nba-player.html" class="">CNBC Make It noted</a>&nbsp;at the time, James will have earned more than $387 million in total salary over his career by the time his current contract expires in 2022, which will give him the highest all-time contract earnings in NBA history.</p>



<h2 class="wp-block-heading">8. Kyle Lowry, 33, Toronto Raptors: $34.9 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-952246314-594x594.jpg" alt="" class="wp-image-348287" width="710" height="473" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-952246314-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-952246314-594x594-300x200.jpg 300w" sizes="auto, (max-width: 710px) 100vw, 710px" /><figcaption>WASHINGTON, DC &#8211; APRIL 27: Kyle Lowry #7 of the Toronto Raptors reacts against the Washington Wizards in the second half during Game Six of Round One of the 2018 NBA Playoffs at Capital One Arena on April 27, 2018 in Washington, DC. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Patrick Smith/Getty Images)</figcaption></figure>



<p>Lowry and the Raptors are entering the new season fresh off the franchise’s first-ever NBA championship. The veteran point guard will also see his salary jump a few million dollars from&nbsp;<a class="" href="http://www.espn.com/nba/salaries/_/year/2019/seasontype/1">the $31 million</a>&nbsp;he earned in the 2018-2019 season.</p>



<h2 class="wp-block-heading">9. Blake Griffin, 30, Detroit Pistons: $34.5 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1039562198-594x594.jpg" alt="" class="wp-image-348288" width="711" height="474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1039562198-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1039562198-594x594-300x200.jpg 300w" sizes="auto, (max-width: 711px) 100vw, 711px" /><figcaption>DETROIT, MI &#8211; SEPTEMBER 24: Blake Griffin #23 of the Detroit Pistons poses for a portrait during Media Day at Little Caesars Arena on September 24, 2018 in Detroit, Michigan. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Gregory Shamus/Getty Images)</figcaption></figure>



<p><a class="" href="https://www.cnbc.com/2019/02/26/photos-nba-star-blake-griffin-selling-la-mansion-for-11-million-dollars.html">Griffin</a>&nbsp;was traded from the Clippers to the Detroit Pistons in January 2018, more than a year after he signed a five-year, $171.2 million contract extension that will expire in 2022.</p>



<h2 class="wp-block-heading">10. Paul George, 29, Los Angeles Clippers: $33 million</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1177984879-594x594.jpg" alt="" class="wp-image-348289" width="711" height="503" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1177984879-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1177984879-594x594-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/10/gettyimages-1177984879-594x594-100x70.jpg 100w" sizes="auto, (max-width: 711px) 100vw, 711px" /><figcaption>PLAYA VISTA, CALIFORNIA &#8211; SEPTEMBER 29: Paul George #13 of the LA Clippers speaks to the media during the LA Clippers media day at Honey Training Center on September 29, 2019 in Playa Vista, California. (Photo by Josh Lefkowitz/Getty Images)</figcaption></figure>



<p>The Clippers acquired George in a trade from the Oklahoma City Thunder in July, taking on the All-Star’s four-year, $136.9 million contract in the process.</p>



<p>Missing from this list of the 10 best-paid NBA stars are both last season’s MVP, Giannis Antetokounmpo of the Milwaukee Bucks, and the Clippers’&nbsp;<a href="https://www.cnbc.com/2019/06/10/toronto-raptors-kawhi-leonard-drove-97-chevy-tahoe-94-million-contract.html" class="">Kawhi Leonard</a>, who was crowned the NBA Finals MVP in June after winning a championship with Toronto.</p>



<p>Leonard, 28, just missed cracking the top 10, as he’ll make $32.7 million this season from a new three-year contract (worth $103 million overall) he&nbsp;<a href="https://www.nbcsports.com/bayarea/warriors/kawhi-leonards-shorter-contract-could-mean-short-reign-clippers" class="">signed</a>&nbsp;with the Clippers in July.</p>



<p>Meanwhile, the 24-year-old Antetokounmpo will make $25.8 million in the upcoming season (making him just the 41st highest-paid player in the NBA, according to&nbsp;<a class="" href="https://www.spotrac.com/nba/rankings/cash/">Spotrac</a>) as part of a four-year, $100 million extension he signed with Milwaukee in 2016. He’ll be a free agent in 2021, and Antetokounmpo is already&nbsp;<a class="" href="https://www.si.com/nba/2019/07/01/knicks-free-agency-failures-2021-cap-space-giannis-antetokounmpo">expected to be highly sought after</a>&nbsp;and could land a new deal that would make him among the league’s highest-paid players.</p>



<p>This article first appeared on CNBC <a href="https://www.cnbc.com/2019/10/22/highest-paid-players-in-the-nba-right-now.html">https://www.cnbc.com/2019/10/22/highest-paid-players-in-the-nba-right-now.html</a> and is republished with its permission.</p>


gettyimages-1066599734-594×594

These are the highest paid players in the NBA right now


<p>DAR ES SALAAM (Reuters) &#8211; Tanzania&#8217;s earnings from gold exports rose 25.1% in the year to August, buoyed by higher output of the precious metal, its central bank said on Thursday.</p>



<p>Gold exports fetched $1.91 billion in the year ending August 31, up from $1.53 billion the previous year.</p>



<p>&#8220;Gold export rose by 25.1 percent … driven by volume, and accounted for more than half of non-traditional exports,&#8221; the Bank of Tanzania said in its latest monthly economic report.</p>



<p>It did not give figures for export volumes.</p>



<p>Africa’s fourth-biggest gold producer after South Africa, Ghana and Mali hopes its mining sector will rebound after a tax crackdown and overhaul of its mining code in 2017 spooked foreign investors.</p>



<p>Tanzanian President John Magufuli, who took office in late 2015, is pushing for more revenue from the sector, which is a relatively small contributor to national output.</p>



<p>In 2017, the government passed laws the industry complained would be costly and onerous.</p>



<p>Among the measures were higher taxes on mineral exports, mandated a higher government stake in some mining operations, and forced the construction of local smelters, a move some companies saw was uneconomic.</p>



<p>Tanzania’s current account deficit widened 30.9% in the year to August, underpinned by an increase in imports.</p>



<p>The gap widened to $2.18 billion in the 12 months to August from $1.67 billion in the same period in 2018.</p>



<p>Imports of goods and services rose 6.1% to $10.52 billion, while total exports rose slightly to $8.77 billion from $8.71 billion previously, the bank said.</p>



<p>Earnings from tourism, the main source of foreign exchange, rose to $2.34 billion from $2.32 billion previously, helped by more visitor arrivals.</p>



<p>Reporting by Fumbuka Ng&#8217;wanakilala; Editing by Clement Uwiringiyimana and Karishma Singh</p>


Tanzania gold export earnings rise by 25% in year to August

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<p>Safaricom&#8217;s M-pesa revenues are expected to take a hit to 13.3 year-on-year from 18.20 per cent that was reported in the first half of 2019 according to a report by Genghis Capital, now the decline has been attributed to the performance of the betting industry which accounts for about 7 per cent of M-pesa revenues. For more on this, Research Analyst from Genghis Capital, Patrick Mumu joins CNBC Africa for more.</p>


M-pesa revenues decline attributed to betting industry


<p>ADDIS ABABA (Reuters) &#8211; Ethiopian Airlines’ operating revenue jumped nearly 30% in the year to July 31, a senior government official said on Tuesday, helped by a surge in passenger numbers.</p>



<p>Operating revenue jumped by 28.6% year on year to 114.6 billion birr ($3.9 billion), said Wondafrash Assefa, head of communications at Ethiopia’s Public Enterprise Holding and Administration Agency (PEAA).</p>



<p>PEAA has a supervisory role over public enterprises including Ethiopian Airlines.</p>



<p>Wondafrash did not give a reason for the revenue leap, but the airline’s CEO Tewolde Gebremariam last month told state television that passenger numbers had risen by 14%.</p>



<p>In March, one of the airline’s Boeing planes crashed a few minutes after take-off from Addis Ababa en-route to Nairobi, killing all 157 people on board.</p>



<p>That crash and another involving Lion Air two weeks earlier led to the grounding of U.S. planemaker Boeing’s 737 MAX jets worldwide.</p>



<p>($1 = 29.2000 birr)</p>



<p>Writing by Elias Biryabarema; Editing by David Goodman</p>


Ethiopian Airlines annual revenue jumps to 29%, what you need to know

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<p>Capitec Bank reported a 20 per cent increase in half-year profit thanks to its customer base soaring. The bank obtained an average client growth of almost 200 000 clients per month over the last 6 months bringing the total number to 12.6 million. CNBC Africa is joined by the CEO, Gerrie Fourie to unpack the numbers.</p>


Contrarian Capitec still hiring, sees more room for growth

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<p>Radio frequency technology group Alaris Holdings, saw solid growth in its groups full year results with profit increasing by 25 per cent to R41.1 million and a headline earning per share increase of 21 per cent. Juergen Dresel, CEO of Alaris Holdings joins CNBC Africa for more.</p>


Alaris Holdings CEO: Here’s how we stand to benefit from Brexit

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<p>African Oxygen Limited released its interim results today. Afrox’s headline earnings per share was up 7 per cent to 111 cents and cash generated from operations grew to R485 million from R232 million in the previous period. They have declared a dividend of 55 cents, up from 52 cents in the previous reporting period. CFO Matthias Vogt joins CNBC Africa for more.</p>


Healthcare, LPG demand boosts Afrox’s H1 earnings


<p>NAIROBI (Reuters) &#8211; Ethiopian Airlines saw a big rise in its operating revenue in the year to the end of June, as a surge in passenger numbers helped to offset the impact of higher fuel costs, the carrier told Reuters on Friday.</p>



<p>Africa’s biggest airline said operating revenue rose 17 percent in dollar terms while passenger numbers were up 14 percent.</p>



<p>In March, one of the airline’s Boeing planes crashed a few minutes after take-off from Bole airport in Addis Ababa en-route to Nairobi, killing all 157 people on board.</p>



<p>“In one of the most challenging years, we managed to continue our fast, profitable and sustainable growth,” the airline told Reuters, sharing its preliminary results for the period.</p>



<p>The full set of results is expected in the next two weeks, the company said.</p>



<p>It flew 12.1 million passengers during the period, helping to cushion an increase in fuel costs of about 25 percent, the airline said.</p>



<p>Planes were three quarters full on average, a key performance measure for the industry.</p>



<p>Ethiopian said it offered 13% more flight seats per kilometre during the reporting period.</p>



<p>Reporting by Omar Mohamed; Writing by Duncan Miriri; Editing by Elaine Hardcastle </p>


Ethiopian Airlines sees jump in operating revenue as passenger numbers rise

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<p>Spur plans to launch its own click-and-collect service in the year ahead to complement the services currently offered by third-party service providers, such as Mr D Food and Uber Eats. The owner of brands like RocoMamas and Panarottis also plans to open at least 11 restaurants in South Africa in the year ahead across all brands and ten internationally. This was revealed in its full year results. Spur CEO, Pierre van Tonder joins CNBC Africa for more.</p>


Spur takes on Uber Eats with own click-and-collect service

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<p>Aspen Pharmaceuticals has ruffled shareholders feathers after announcing it would not declare a final dividend for the first time in ten years. The drug maker saw headline earnings per share fall 15 per cent to 1254 cents but has managed to reduce its net debt by 27 per cent to R39 billion. CNBC Africa&#8217;s Kopano Gumbi spoke to CEO Stephen Saad&#8230;.</p>


Aspen scraps dividend after difficult year, sees big opportunity in the sterile business

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<p>Dutch based real estate company, EPP saw a 9 per cent increase in its distributable earnings for the interim period. The company’s net operating profit also increased to 64. 245 euros from the previous period 59.249 euros. By the end of 2020 the company expects to gain ownership of 28 shopping centres as it awaits to conclude one of its transactions. EPP CEO, Hadley Dean joins CNBC Africa for more.</p>


Earnings

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These are the highest paid players in the NBA right now

Tanzania gold export earnings rise by 25% in year to August

M-pesa revenues decline attributed to betting industry

Ethiopian Airlines annual revenue jumps to 29%, what you need to know

Contrarian Capitec still hiring, sees more room for growth

Alaris Holdings CEO: Here’s how we stand to benefit from Brexit

Healthcare, LPG demand boosts Afrox’s H1 earnings

Ethiopian Airlines sees jump in operating revenue as passenger numbers rise

Spur takes on Uber Eats with own click-and-collect service

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Earnings

Hyprop warns of the impact of COVID-19

South Africa’s Sasol half-year earnings fall 74%, here’s why

Kenya’s tourism earnings up 3.9%

GRUNDFOS MD Sandager on how to solve water crisis in Africa

Kenya Airways on earnings, nationalisation & expansion plans

All eyes on Ghanaian banks as earnings trickle in

These are the highest paid players in the NBA right now

Tanzania gold export earnings rise by 25% in year to August

M-pesa revenues decline attributed to betting industry

Ethiopian Airlines annual revenue jumps to 29%, what you need to know

Contrarian Capitec still hiring, sees more room for growth

Alaris Holdings CEO: Here’s how we stand to benefit from Brexit

Healthcare, LPG demand boosts Afrox’s H1 earnings

Ethiopian Airlines sees jump in operating revenue as passenger numbers rise

Spur takes on Uber Eats with own click-and-collect service

Aspen scraps dividend after difficult year, sees big opportunity in the sterile business

EPP CEO: The biggest opportunity we see is in Poland

News Tips

Advertise With Us

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