🔅 A Period Controversy in Kenya & First Snows in Johannesburg
Plus, Soaring Flight Prices & Iran's Africa Tour
Photo of the day: View of Kilimanjaro from Amboseli National Park, Kenya.
Markets:
🟢 Nigerian SE: 65,669.29 (+1.65%)
🟢 Johannesburg SE: 74,876.59 (+0.71%)
🟢 Ghana SE: 2,970.68 (+0.15%)
🟢 Nairobi SE: 113.83 (+0.75%)
🟢 US S&P 500: 4,439.26 (+0.67%)
🟢 Shanghai Composite: 3,221.37 (+0.55%)
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
❄️ Snowy Johannesburg: A Winter Wonderland for South Africa | Johannesburg, South Africa, got a winter surprise this week: snow! The city is usually the land of sunshine, so the rare snowfall was a huge event, with kids catching snowflakes with their tongues and adults happily throwing snowballs. The South African Weather Service said the snow was a result of a cold front and a “cut-off low” weather system. The last time Johannesburg got this kind of snow was back in 2012! Here's a photo essay of the event...
✈️ Africa's Flights: Soaring Prices, Grounded Economies | Taking a flight within Africa is so expensive that it’s often cheaper to fly to another continent. Think about it: a flight from Berlin to Istanbul would cost you about $150, while a similar distance between Kinshasa and Lagos will set you back between $500 and $850. This is making it incredibly difficult to do business within Africa and beyond, and it’s not just the elites who are affected. The International Air Transport Association says that if 12 African countries improved their air connectivity, it could create 155,000 jobs and boost GDP by over $1.3 billion. Even though around 18% of the world's population lives in Africa, it accounts for less than 2% of global air travel. The continent may be rich in resources, but poverty continues to be a major threat. It’s not all bad news though - with a growing middle class, there’s potential for more air travel if ticket prices were more accessible.
🇳🇬 NNPC's IPO is Coming Soon | Ever wanted to invest in Nigeria’s National Petroleum Co. Ltd? Get your checkbook ready, because the state-owned company is getting ready to go public “soon.” That’s according to the company’s CEO Mele Kyari, who said at an energy conference that President Bola Tinubu has given his full support for the initial public offering. Last July, the NNPC said it would be ready for an IPO by mid-2023, and it looks like they’re sticking to the plan. The company, which became a commercial company last year, no longer has access to state funds, so they’ll have to rely on public investors for the cash.
🛫 Iranian President Ebrahim Raisi’s African Tour | Iranian President Ebrahim Raisi is going on his first African tour—a sign that Tehran is looking to diversify its relations and build up economic and political ties with the continent. Raisi’s journey will take him to Kenya, Uganda, and Zimbabwe. Raisi’s pitch? Iran’s not like those other countries—they’re not here to take advantage of Africa’s resources. “The expansion of the Islamic Republic of Iran’s relations with Africa is not with an eye towards the wealth of this region but with the goal of progress and welfare for all nations,” he said. The trip comes at a time when Iran’s economy is hurting due to US sanctions, so it’s hoping to boost its foreign currency income by trading goods with African countries. Iran says it exported $1.2bn worth of goods and services – including petrochemical products, food, medicine, and engineering and technical services – to Africa last year.
🇰🇪 Strip-Searching Employees Over Periods? A Kenyan Company's Faux-Pas | Oh, you thought period-shaming was bad enough? In Kenya, it’s now apparently crossed the line into period-searching. Three managers from Brown’s Food Company’s dairy factory were arrested after they forced a group of female employees to strip down to their underwear in order to find out who was on their period. It seems the managers had become obsessed with tracking down a sanitary towel they’d seen in the wrong bin, and thought the quickest way to get answers was to make the women strip. The outrage online was immediate, with people protesting outside the company’s office and sticking sanitary towels on the gates. The company apologised, suspended the managers, and vowed to do better. Kenyan MP Anne Muratha called for the women to be compensated, while other representatives are pushing for serious action against the company. In the wake of the incident, Brown’s Food Company is now looking to partner with Gloria Orwoba, a senator who campaigns against period-shaming, to implement a menstrual hygiene management policy.
Food for Thought
“If your only tool is a hammer, you will see every problem as a nail.”
— Gambian Proverb.
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