TOP NEWS: Antofagasta ups dividend after 2020 revenue and profit rise
Tue, 16th Mar 2021 08:45
(Alliance News) - Antofagasta PLC on Tuesday hiked its dividend by more than expected, as it reported positive annual results and a strengthened balance sheet.
The Chilean copper miner said revenue increased by 3.3% to USD5.13 billion in 2020 from USD4.94 billion in 2019, while pretax profit was USD1.41 billion, up 4.4% from USD1.35 billion. This reflects increases in copper and gold realised prices that were partially offset by the decrease in sales volumes, Antofagasta said.
Earnings before interest, tax, depreciation and amortisation rose 12% to USD2.74 billion in 2020 from USD2.44 billion the year prior, just above analysts expectations of USD2.6 billion. This is a result of higher revenue and lower costs due to the weaker Chilean peso, lower input costs, and tight cost control, Antofagasta said.
- Gabarit site projet
COVID-19 has triggered an economic and public health crisis that has had a particularly severe effect on informal businesses and workers in a region where they have historically represented a large share of the economy (up to half of GDP in several countries).
The informal sector has previously acted as a social buffer in times of crisis, and has been a source of resilience for many precarious workers in transition economies. For many in the region, informal economic activity has provided subsistence revenues, flexible arrangements and opportunities for vulnerable workers and businesses alike.
COVID-19 is different. Many of the key arenas for informal work were among the first to be hit by the crisis: governments had to close market places and implement strict containment and social distancing measures. Many informal workers were left with nothing to fall back on. Migrants had to return home or remain without work in their countries of destination, of
War room to oversee KZN job creation
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Durban â KwaZulu-Natal Premier Sihle Zikalala has announced the establishment of the War Room on job creation, which is to be chaired by him and is set to monitor and oversee the implementation of employment-creation projects in the province.
Zikalala was presenting the KZN State of the Province Address (Sopa) yesterday at the provincial legislature in Pietermaritzburg as the province, like the eight others in the country, embarked on the road to economic recovery in the midst of the coronavirus pandemic.
Among the key aspects of Zikalalaâs Sopa was intensifying the fight against the virus and reigniting economic recovery and job creation, with the province having taken a battering.
Small and medium-sized enterprises (SMEs) are widely recognised to be the engine for creating jobs and supporting economic development in the Southern Mediterranean. Improving access to finance for SMEs remains one of the key challenges hindering inclusive and long-term growth in the region.
The European Investment Bank (EIB) has joined forces with the European Commission under the Neighbourhood Investment Platform to develop the EU Trade and Competitiveness Programme with a primary focus on improving SMEs’ access to finance in Egypt, Jordan, Morocco and Tunisia.
The programme aims to increase the financing available to – and the competitiveness of - this crucial segment of the private sector in order to address key areas of vulnerability for businesses through:
EBRD lends €5 million to OTP Bank in Albania
EBRD lends €5 million to OTP Bank in Albania
SMEs can use funds for upgrades to meet EU standards
On successful completion of projects, borrowers receive financial incentives The European Bank for Reconstruction and Development (EBRD) is providing a €5 million loan to OTP Bank Albania to improve the competitiveness of small and medium-sized enterprises (SMEs) in the country, following the severe impact of the coronavirus pandemic on the local and regional economy. The programme is part of a wider EBRD-EU initiative to support SMEs across the Western Balkans. Enterprises can benefit from loans to invest in the upgrade of production facilities and equipment or to meet EU standards in product quality, safety and similar areas to become more resilient and competitive in local and external markets.