BCEAO releases $ 6 billion for West African economies

The BCEAO has just made a liquidity injection of 3350 billion FCFA ($ 6 billion) at a fixed rate of 2% in favor of several banks of the UMOA. A total of 87 financial institutions participated in the operation. The Central Bank of West African States (BCEAO) made a further injection of liquidity to its member countries last week. In total, 3350 billion FCFA ($ 6 billion) were disbursed by the institution.

During the auction on September 14, 87 banks in the sub-region obtained an injection of liquidity at a fixed rate of 2%. With more than 1000 billion FCFA ($ 1.8 billion), it is the Ivory Coast which obtained the most important financing, ie 31% of the funds injected.

It is followed by Senegal with more than 580 billion FCFA ($ 1 billion), Mali with 466 billion FCFA (835 million $), Benin with 434.5 billion FCFA (777 million $) and Burkina Faso with 318 billion FCFA. ($ 569 million). Niger with 241.6 billion FCFA ($ 432 million), Togo with 219 billion FCFA (…

Coronavirus: Rolls-Royce aircraft engine maker to cut at least 9,000 jobs

Aircraft engine manufacturer Rolls-Royce announced on Wednesday May 20 that it will cut "at least" 9,000 jobs.
Rolls-Royce aircraft engine maker to cut at least 9,000 jobs

In a press release, the group justifies its decision by evoking the "unprecedented" impact of Covid-19 on the air sector, one of the most affected by the economic fallout from the pandemic. It is becoming "increasingly clear that it will take several years for the commercial aeronautics market to return to its levels of a few months ago", justifies the manufacturer.

The planned cuts represent 17% of a total workforce of 52,000 people. They will mainly affect civil aviation activities, a little administrative functions, but not the defense branch. Rolls-Royce specifies that its "major" restructuring, accompanied by cost reductions "in factories and assets, capital and indirect [costs]", should in total save 1.3 billion pounds (1, 45 billion euros). Some 700 million will come from layoffs. The group had also already canceled the payment of a dividend.