VenturesNow

Danish shipping line Maersk suspends bookings to Djibouti indefinitely

Published

11 months ago

January 20, 2024

Bookings for the Blue Nile Express service to Djibouti from Asia, the Middle East, Oceania, East Africa, and South Africa will be temporarily suspended, according to a statement released on Friday by Denmark’s Maersk.

“The situation in and around the Red Sea/Gulf of Aden continues to be volatile, and all available intelligence at hand confirms that the security risk remains at a significantly high level,” Maersk said in a statement.

The risks, complexities, and delays related to crossing the Red Sea/Gulf of Aden at this time were taken into consideration before making this decision.

Maersk announced in December that, following a pause for vessels in the area due to a highly escalated security situation, the paused vessels would be diverted around the Cape of Good Hope for safety reasons and that future services would also be the subject of a security evaluation to determine necessary contingencies.

In its latest development, announced that, starting immediately, King Abdullah Port in Saudi Arabia, Jeddah, and Djibouti will not be included in its Blue Nile Express service. Typically, the Blue Nile Express links ports in Saudi Arabia, Oman, India, Djibouti, and the United Arab Emirates.

According to Maersk, there won’t be any effect on carrying capacity.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”