| Africatime
Monday 24 April 2017
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start operating in Kenya, where the London-based business sees Africa’s highest number of individual transactions. “In the next two years we should be doubling our volume every year,” Ahmed said in Kenya’s capital, Nairobi. The continent...
(Bloomberg 04/19/17)
The World Bank cut its growth projection for sub-Saharan Africa this year because of weak expansion in the region’s three biggest economies. The area’s gross domestic product will expand 2.6 percent in 2017, the bank said in an emailed copy of its Africa Pulse report Wednesday. That compares with a January projection of 2.9 percent and matches the International Monetary Fund’s prediction released this week. “The region’s three largest economies -- Angola, Nigeria, and South Africa -- are projected to post only a modest rebound in growth following a sharp slowdown in 2016,” it said. “Investment growth will recover only gradually amid tight foreign-exchange liquidity conditions in major oil exporters and low investor confidence in South Africa.” The economy of...
(Angola Press(En) 04/19/17)
The construction of a railway heading to Luanda's new International airport has started four months ago with ground-levelling works from kilometro 30 locality in Viana municipality to Bungo, Luanda Port. The construction works are being carried out in three fronts and are set to be concluded within 18 months. The Luanda's new international airport will have the capacity to provide services to 10 million passengers per year, its partial conclusion and inauguration is due to take place this year.
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(Bloomberg 04/06/17)
China is set to import record amounts of crude oil from West Africa this month as OPEC’s supply cuts pave the way for other nations to gain a greater foothold in the fast-growing Asian market. West African producers led by Angola and Nigeria are poised to send crude to China at the rate of 1.48 million barrels a day in April, the most since Bloomberg began compiling the data in August 2011, according to loading programs and traders. Overall Asian...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Angola Press(En) 03/29/17)
At least 15 projects related to energy, water and construction will be financed with Angola's sovereign debt securities in the form of Eurobonds, in the amount of USD 1.5 billion, issued on November 4, 2015, in the international market, ANGOP learnt on Monday. Angola's sovereign debt securities, in the form of Eurobonds, were issued by a consortium of banks, formed by "Goldman Sachs International" as Global Coordinator, "Deutsche Bank" and "Industrial and Commercial Bank of China - ICBC International". According...
(Angola Press(En) 03/29/17)
Angola, through the Ministry of Industry, is taking part since Monday at the World Summit on Manufacturing and Industrialization in Abu Dhabi, United Arab Emirates, a joint initiative launched by UNIDO and the United Arab Emirates Ministry of Economy, ANGOP learnt. This summit, which Angola is represented by the Industry Minister, Bernarda Martins, is due to close on March 30, and is taking place under the motto: "Taking a Transformational Approach". The initiative was designed to discuss the role of...
(Reuters (Eng) 03/23/17)
Bad weather off the coast of Angola has prevented the berthing of fuel vessels docking at Cabinda and Benguela ports, causing shortages at filling stations and power blackouts, state-energy company Sonangol said. Sonangol said a lack of coordination between government agencies had also hampered fuel and electricity supplies. OPEC-member Angola vies with Nigeria as Africa's biggest crude oil exporter but has to import its fuel due to a lack of refining capacity. (Reporting by Herculano Coroado; Writing by Nqobile Dludla;...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(Bloomberg 03/16/17)
In its 100-year history, Anglo American Plc has endured commodities booms and busts, South African apartheid and bitter boardroom disputes. Now the British mining giant is threatened by the ambitions of Anil Agarwal, an Indian scrap-metal trader turned billionaire mining tycoon. In a surprise announcement on Wednesday, Agarwal said he plans to buy a stake of as much as 2 billion pounds ($2.4 billion) in Anglo, representing 13 percent of the company. Agarwal’s ultimate motivations and how he plans to...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(Angola Press(En) 03/09/17)
The president of French oil company Total, Patrick Pouyanné, Tuesday in Houston (Texas), expressed confidence in the strength and robustness of the Angolan market. Patrick Pouyanné made these references to the press at the end of a meeting between delegations of Angolan oil company Sonangol, led by its chairperson of the Board of Directors, Isabel dos Santos, and France's Total, on the fringes of Ceraweek, which is one of the major experts meetings of the sector. He said that this...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Macauhub 02/27/17)
Chinese entrepreneur Deng Xingwu plans to invest along with the Angolan group Ovaxing about US$3 million to produce maize in Benguela province, thereby creating 130 jobs, indicates the investment contract accessed by Lusa news agency. The contract was approved by order of the Agriculture Ministry and involves Ovaxing; the latter sells 49 percent of its share capital to the Chinese entrepreneur Deng Xingwu, who will also assure part of the new investment. Based in Benguela’s Ganda municipality, Ovaxing and the Chinese investor plan to cultivate and transform maize and other agricultural products in that province

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