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Kenyan aviation employees strike against Adani’s airport agreement

Published

4 months ago

August 13, 2024

In response to a planned agreement with an Indian business to develop the nation’s largest airport, Kenya’s main aviation union said it will go on strike starting Monday.

This industrial action could seriously disrupt the country’s premier vacation destination in East Africa.

The proposed agreement with India’s Adani Airport Holdings, according to the Kenya Aviation Personnel Union, which represents airport employees, would result in job losses and attract non-Kenyan personnel. It was disclosed last month.

A seven-day notice of strike issued on Monday demanded that the government revoke the “unlawful intended sale of JKIA (Jomo Kenyatta International Airport) to Adani Airport Holdings of India”.

The airport is not for sale, according to Kenya’s government, and there hasn’t been a decision taken on whether to move forward with a planned public-private collaboration to develop the facility.

A spokesman for the Adani Group could not be reached for comment at this time.

Kenya Airways, the country’s flag carrier, might also experience severe disruptions from any strike.

“We shall reconsider our intention to engage in industrial action … only if the Adani Airport Holdings Limited’s deal is abandoned in its entirety,” Kenya Aviation Workers Union Secretary General Moss Ndiema said in the strike notice.

He reiterated his demand that the Kenya Airports Authority (KAA) board as a whole step down. On Monday, the KAA affirmed that it had been served with a strike notice. Elijah Miano, a representative, stated, “We are hopeful that a resolution can be reached through negotiation.”

Adani would renovate the passenger terminal and install a second runway at JKIA, according to the authority. An inquiry for feedback from Kenya Airways Chief Executive Allan Kilavuka was not answered.

In a statement released last month regarding the Adani plan, the government stated that JKIA needed immediate improvements as it was overbooked and handling more people than it could handle. It cited instances such as leaky roofs that it claimed had resulted in “international embarrassment.”

According to the statement, the government was “constrained to fund due to the current tight fiscal situation” despite the potential $2 billion cost of modernising JKIA.

It stated that Adani’s bid was being examined right now. The administration promised safeguards to ensure Kenya’s national interests are protected if an agreement is reached.

Proposed tax hikes sparked a national youth-led protest movement in June, which has since questioned the apparent lack of openness surrounding the proposed Adani contract.

Police attempted to shut down JKIA last month by preventing protesters from entering the facility.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.

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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.”