Company Briefs
Ethiopian Airlines considering order for at least 20 regional jets, CEO says
Ethiopian Airlines is looking to order at least 20 regional or small narrowbody jets as it moves to expand its domestic fleet and replace some ageing aircraft, the airline's chief executive told Reuters on Monday.
"We are evaluating three aircraft models, the E-2 from Embraer, the A220 from Airbus and the 737 MAX 7 from Boeing," CEO Mesfin Tasew Bekele said in an interview.
The final order quantity will depend on the type chosen, he added. Boeing's 737 MAX 7, which has a larger seating capacity and sits at the bottom of a larger category than the Airbus A220 and Embraer E-2, is yet to be certified.
Africa's largest carrier is experiencing strong travel demand but has been constrained by jet delivery delays and the grounding of some aircraft due to engine shortages stemming from supply chain disruptions.
"We are receiving airplanes from both Boeing and Airbus, but deliveries have been delayed, some by three months, some six months, some more," Bekele said on the sidelines of an annual IATA meeting of global airline leaders.-REUTERS
Egypt plans desert city supplied with diverted Nile water
Egypt unveiled plans on Sunday to build a desert city that will see about 7% of Egypt's annual Nile River quota rerouted from fertile delta land to pass by upscale glass-fronted housing units and eventually a large agricultural project.
Egypt, facing mounting water shortages, power constraints, and a deepening economic crisis, wants the development to help increase the value of state assets and boost land prices through "non-traditional, innovative ideas," Prime Minister Mostafa Madbouly said in a statement announcing the project.About 10 million cubic metres of Nile water will flow daily to the 6.8 million sq metre (2.63 sq mile) Jirian city, 42 km (26 miles) west of downtown Cairo, helping irrigate a 2.28 million acre New Delta agricultural project, developers said.
Three private developers signed the official agreement, with the state represented by Mostakbal Misr for Sustainable Development, a military-affiliated agency. The project will include residential units, commercial zones, a yacht marina and a free economic zone.-REUTERS
Moody's upgrades Nigeria's rating to 'B3' on better external and fiscal positions
Credit ratings agency Moody's upgraded Nigeria's rating by a notch to "B3" from "Caa1" on Friday, citing significant improvements in the country's external and fiscal positions.
Earlier this month, the World Bank said that Nigeria's economy achieved its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. However, it warned that persistently high inflation remains a challenge.
"The recent overhaul of Nigeria's foreign exchange management framework ... has markedly improved the balance of payments and bolstered the CBN's (Central Bank of Nigeria) foreign exchange reserves," Moody's said in a statement.
According to Moody's, inflationary risks in Nigeria, driven by policy shifts, have diminished. Inflation and domestic borrowing costs are showing nascent signs of easing, bolstering confidence in the stability of these policy changes.
The agency revised Nigeria's outlook to "stable" from "positive", as it expects recent progress on external and fiscal fronts to continue, though at a slower pace, if oil prices fall."The stable outlook reflects our expectations that external and fiscal improvements will decelerate but will not reverse entirely," Moody's said.-REUTERS
Ethiopian Airlines is looking to order at least 20 regional or small narrowbody jets as it moves to expand its domestic fleet and replace some ageing aircraft, the airline's chief executive told Reuters on Monday.
"We are evaluating three aircraft models, the E-2 from Embraer, the A220 from Airbus and the 737 MAX 7 from Boeing," CEO Mesfin Tasew Bekele said in an interview.
The final order quantity will depend on the type chosen, he added. Boeing's 737 MAX 7, which has a larger seating capacity and sits at the bottom of a larger category than the Airbus A220 and Embraer E-2, is yet to be certified.
Africa's largest carrier is experiencing strong travel demand but has been constrained by jet delivery delays and the grounding of some aircraft due to engine shortages stemming from supply chain disruptions.
"We are receiving airplanes from both Boeing and Airbus, but deliveries have been delayed, some by three months, some six months, some more," Bekele said on the sidelines of an annual IATA meeting of global airline leaders.-REUTERS
Egypt plans desert city supplied with diverted Nile water
Egypt unveiled plans on Sunday to build a desert city that will see about 7% of Egypt's annual Nile River quota rerouted from fertile delta land to pass by upscale glass-fronted housing units and eventually a large agricultural project.
Egypt, facing mounting water shortages, power constraints, and a deepening economic crisis, wants the development to help increase the value of state assets and boost land prices through "non-traditional, innovative ideas," Prime Minister Mostafa Madbouly said in a statement announcing the project.About 10 million cubic metres of Nile water will flow daily to the 6.8 million sq metre (2.63 sq mile) Jirian city, 42 km (26 miles) west of downtown Cairo, helping irrigate a 2.28 million acre New Delta agricultural project, developers said.
Three private developers signed the official agreement, with the state represented by Mostakbal Misr for Sustainable Development, a military-affiliated agency. The project will include residential units, commercial zones, a yacht marina and a free economic zone.-REUTERS
Moody's upgrades Nigeria's rating to 'B3' on better external and fiscal positions
Credit ratings agency Moody's upgraded Nigeria's rating by a notch to "B3" from "Caa1" on Friday, citing significant improvements in the country's external and fiscal positions.
Earlier this month, the World Bank said that Nigeria's economy achieved its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. However, it warned that persistently high inflation remains a challenge.
"The recent overhaul of Nigeria's foreign exchange management framework ... has markedly improved the balance of payments and bolstered the CBN's (Central Bank of Nigeria) foreign exchange reserves," Moody's said in a statement.
According to Moody's, inflationary risks in Nigeria, driven by policy shifts, have diminished. Inflation and domestic borrowing costs are showing nascent signs of easing, bolstering confidence in the stability of these policy changes.
The agency revised Nigeria's outlook to "stable" from "positive", as it expects recent progress on external and fiscal fronts to continue, though at a slower pace, if oil prices fall."The stable outlook reflects our expectations that external and fiscal improvements will decelerate but will not reverse entirely," Moody's said.-REUTERS
