Flash Briefing: Tongaat profits jump; Access Bank on African acquisition trail; Nissan Africa plans

Posted on 12/03/2020

In today's business headlines:
* Tongaat Hulett says it expects operating profits to jump by about 70% as a result of a turnaround at its local operations.
* Multinationals are eyeing opportunities for growth in Africa. Access Bank Plc is in talks about a potential acquisition of assets belonging to Bob Diamond’s Atlas Mara Ltd, as it aims to expand its reach in the rest of Africa.
* Nissan, along with competitors Volkswagen, BMW, and Toyota, have been lobbying African governments to grant conditions that favour local assembly and manufacturing while curbing imports of cheap used cars. Carmakers are also hoping to take advantage of the African Continental Free Trade Area, which is expected to come into force early next year and will reduce tariffs and ease the flow of goods between its members states.