COMPANY NEWS IN BRIEF
Fitch revises Egypt's outlook to positive on reduced external financing risks
Global ratings agency Fitch revised Egypt's outlook to positive from stable on Friday. The agency affirmed Eygpt's rating at 'B-', citing reduced external financing risks and stronger foreign direct investment.
In March, the International Monetary Fund (IMF) approved an expanded financial support of US$8 billion for the North African country. The IMF's loan programme with Egypt should help the country gradually reduce its debt burden, an IMF official said last month.
In February, the country also secured a US$35 billion real estate investment from the United Arab Emirates to develop its Mediterranean coast stretch.
Foreign investors have poured billions of dollars into Egyptian treasury bills since the country announced the IMF loan programme. After the investment in the country's foreign portfolio and the support from United Arab Emirates, Egypt's net foreign assets deficit shrank by US$17.8 billion in March.
Fitch says that initial steps to contain off-budget spending should help to reduce public debt sustainability risks.
The country straddles North Africa and West Asia and has been grappling with an ongoing economic crisis linked to persistent foreign currency shortages. In the fourth quarter, its foreign debt climbed by US$3.5 billion to US$168.0 billion. "Exchange rate flexibility will be more durable partly reflects its close monitoring under Egypt's IMF EFF, which runs to late 2026," said Fitch in a statement.
- REUTERS -
International bank calls it quits in South Africa
BNP Paribas, the sixth-largest bank in the world, is no longer operating as a bank in South Africa.
The French company, which has €415 billion (N$8.2 trillion) in assets under management, was given permission to conduct business as a bank in South Africa by means of a branch in 2012, allowing it to offer corporate and investment banking services.
However, the group has since started scaling back from its non-core operations across Africa to focus on Europe and Asia instead.
In a government gazette signed by Prudential Authority and South African Reserve Bank Deputy Governor Nomfundo Tshazibana, BNP Paribas’s ability to conduct the business of a bank via a branch was withdrawn with effect from 8 March 2024.
Despite technically no longer operating as a bank in South Africa, BNP Paribas is still the owner of credit provider RCS.
- Business Report -
Warren Buffett's fans plot their own course for when he leaves
Warren Buffett, the 93-year-old billionaire chief of Berkshire Hathaway, mulled his future in telling shareholders on Saturday that if he were lucky, he would have another six or seven years but added that "it could end tomorrow."
Tens of thousands of shareholders, who over the weekend made their pilgrimage to see the Oracle of Omaha in person at Berkshire's annual shareholder meeting, hope it doesn't end that soon. But they're not worried about their investments.
"The crowds will be smaller when Buffett isn't here, but the company will still do well," said Jason Garner, a 20-year-old student from Queens University in Kingston, Ontario.
Berkshire is an US$865 billion conglomerate whose dozens of companies include Geico, the BNSF railroad, Dairy Queen, many utilities, industrial businesses, and the maker of Ginsu knives.
Buffett has run it from his hometown of Omaha since 1965. Despite Berkshire's size, its shares outgained the Standard & Poor's 500 in the last decade, though by less than they once did.
Maersk says Red Sea disruption could cut Asia-Europe capacity by 20%
Disruption to Red Sea container shipping is rising, Maersk said on Monday, forecasting this will cut the industry's capacity between Asia and Europe by up to 20% in the second quarter.
Maersk and other shipping companies have diverted vessels around Africa's Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in the Red Sea, with the longer voyage times pushing freight rates higher.
"The risk zone has expanded, and attacks are reaching further offshore," Denmark's Maersk said.
"This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being," it added in an updated advisory to customers.
Maersk's fuel costs on the affected routes between Asia and Europe are now 40% higher per journey, a spokesperson said.
The disruptions cause ripple effects across several other container freight routes, particularly from Asia to the east and west coasts of South America, Maersk's spokesperson said, adding that the Red Sea situation was complex and continued to evolve.
Maersk, viewed as a barometer of world trade, forecast last week that disruptions would last at least until the end of 2024.
Meanwhile, France's CMA CGM is still sending some vessels via the Red Sea escorted by French or other European navy frigates, but the majority of its ships are being rerouted around Africa, CEO and Chair Rodolphe Saade told Le Monde.
Boeing's new Starliner capsule set for first crewed flight to space station
Boeing Co's new Starliner astronaut capsule was poised for a Monday night launch of its long-delayed inaugural crewed test flight to the International Space Station, two years after its first voyage without humans to the orbital laboratory.
Riding aboard the Starliner, designed to carry up to seven crew members, are veteran NASA astronauts Barry "Butch" Wilmore, 61, a retired U.S. Navy captain, and Sunita "Sunni" Williams, 58, a former Navy aviator and test pilot.
They have logged a combined 500 days in space over the course of two missions each to the space station. Wilmore is the designated commander for Monday's flight, with Williams in the pilot seat.
Although Starliner is designed to fly autonomously, the crew can assume control of the spacecraft if necessary, and the test flight calls for Wilmore and Williams to practice maneuvering the vehicle manually.
With forecasts calling for a 95% chance of favorable weather conditions, ULA completed a launch readiness review on Friday and gave a "go" to proceed toward countdown at Cape Canaveral.
The launch would mark the first crewed voyage to space using an Atlas rocket since the storied family of Atlas launch vehicles first sent astronauts, including John Glenn, on orbital flights for NASA's Mercury program in the 1960s.
- REUTERS -
Global ratings agency Fitch revised Egypt's outlook to positive from stable on Friday. The agency affirmed Eygpt's rating at 'B-', citing reduced external financing risks and stronger foreign direct investment.
In March, the International Monetary Fund (IMF) approved an expanded financial support of US$8 billion for the North African country. The IMF's loan programme with Egypt should help the country gradually reduce its debt burden, an IMF official said last month.
In February, the country also secured a US$35 billion real estate investment from the United Arab Emirates to develop its Mediterranean coast stretch.
Foreign investors have poured billions of dollars into Egyptian treasury bills since the country announced the IMF loan programme. After the investment in the country's foreign portfolio and the support from United Arab Emirates, Egypt's net foreign assets deficit shrank by US$17.8 billion in March.
Fitch says that initial steps to contain off-budget spending should help to reduce public debt sustainability risks.
The country straddles North Africa and West Asia and has been grappling with an ongoing economic crisis linked to persistent foreign currency shortages. In the fourth quarter, its foreign debt climbed by US$3.5 billion to US$168.0 billion. "Exchange rate flexibility will be more durable partly reflects its close monitoring under Egypt's IMF EFF, which runs to late 2026," said Fitch in a statement.
- REUTERS -
International bank calls it quits in South Africa
BNP Paribas, the sixth-largest bank in the world, is no longer operating as a bank in South Africa.
The French company, which has €415 billion (N$8.2 trillion) in assets under management, was given permission to conduct business as a bank in South Africa by means of a branch in 2012, allowing it to offer corporate and investment banking services.
However, the group has since started scaling back from its non-core operations across Africa to focus on Europe and Asia instead.
In a government gazette signed by Prudential Authority and South African Reserve Bank Deputy Governor Nomfundo Tshazibana, BNP Paribas’s ability to conduct the business of a bank via a branch was withdrawn with effect from 8 March 2024.
Despite technically no longer operating as a bank in South Africa, BNP Paribas is still the owner of credit provider RCS.
- Business Report -
Warren Buffett's fans plot their own course for when he leaves
Warren Buffett, the 93-year-old billionaire chief of Berkshire Hathaway, mulled his future in telling shareholders on Saturday that if he were lucky, he would have another six or seven years but added that "it could end tomorrow."
Tens of thousands of shareholders, who over the weekend made their pilgrimage to see the Oracle of Omaha in person at Berkshire's annual shareholder meeting, hope it doesn't end that soon. But they're not worried about their investments.
"The crowds will be smaller when Buffett isn't here, but the company will still do well," said Jason Garner, a 20-year-old student from Queens University in Kingston, Ontario.
Berkshire is an US$865 billion conglomerate whose dozens of companies include Geico, the BNSF railroad, Dairy Queen, many utilities, industrial businesses, and the maker of Ginsu knives.
Buffett has run it from his hometown of Omaha since 1965. Despite Berkshire's size, its shares outgained the Standard & Poor's 500 in the last decade, though by less than they once did.
Maersk says Red Sea disruption could cut Asia-Europe capacity by 20%
Disruption to Red Sea container shipping is rising, Maersk said on Monday, forecasting this will cut the industry's capacity between Asia and Europe by up to 20% in the second quarter.
Maersk and other shipping companies have diverted vessels around Africa's Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in the Red Sea, with the longer voyage times pushing freight rates higher.
"The risk zone has expanded, and attacks are reaching further offshore," Denmark's Maersk said.
"This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being," it added in an updated advisory to customers.
Maersk's fuel costs on the affected routes between Asia and Europe are now 40% higher per journey, a spokesperson said.
The disruptions cause ripple effects across several other container freight routes, particularly from Asia to the east and west coasts of South America, Maersk's spokesperson said, adding that the Red Sea situation was complex and continued to evolve.
Maersk, viewed as a barometer of world trade, forecast last week that disruptions would last at least until the end of 2024.
Meanwhile, France's CMA CGM is still sending some vessels via the Red Sea escorted by French or other European navy frigates, but the majority of its ships are being rerouted around Africa, CEO and Chair Rodolphe Saade told Le Monde.
Boeing's new Starliner capsule set for first crewed flight to space station
Boeing Co's new Starliner astronaut capsule was poised for a Monday night launch of its long-delayed inaugural crewed test flight to the International Space Station, two years after its first voyage without humans to the orbital laboratory.
Riding aboard the Starliner, designed to carry up to seven crew members, are veteran NASA astronauts Barry "Butch" Wilmore, 61, a retired U.S. Navy captain, and Sunita "Sunni" Williams, 58, a former Navy aviator and test pilot.
They have logged a combined 500 days in space over the course of two missions each to the space station. Wilmore is the designated commander for Monday's flight, with Williams in the pilot seat.
Although Starliner is designed to fly autonomously, the crew can assume control of the spacecraft if necessary, and the test flight calls for Wilmore and Williams to practice maneuvering the vehicle manually.
With forecasts calling for a 95% chance of favorable weather conditions, ULA completed a launch readiness review on Friday and gave a "go" to proceed toward countdown at Cape Canaveral.
The launch would mark the first crewed voyage to space using an Atlas rocket since the storied family of Atlas launch vehicles first sent astronauts, including John Glenn, on orbital flights for NASA's Mercury program in the 1960s.
- REUTERS -
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