| Africatime
Tuesday 25 April 2017
(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 1.5 billion rand ($115 million) for the fund, which may also buy commodities such as grains, while targeting an internal rate of return of 8 percent to 12 percent, he said. “We looked at the increase in corn demand globally,...
(AFP (eng) 03/02/17)
A film raging against colonialism and the exploitation of Africa wowed viewers at the continent's top cinema festival Wednesday, winning shouts of approval at a screening packed to bursting point. "The African Storm" tells the story of an African president who nationalises businesses run by racist, cynical Western executives. Directed and produced by its Beninese star Sylvestre Amoussou, it tackles several hot-button issues including an exit from the CFA franc currency, closer ties with Russia and China as opposed to the West, criticism of the International Monetary Fund and World Bank, and pride in being African. One of 20 feature-length movies on show at the Panafrican Film and Television Festival (Fespaco) in Burkina Faso's capital Ouagadougou, the movie was punctuated...
(AFP (eng) 02/28/17)
The Ibrahim Prize for Achievement in African Leadership -- the world's biggest individual prize -- drew a blank once again in finding a suitable laureate, it was announced Tuesday. The prize only goes to a democratically-elected African leader who demonstrated exceptional leadership, served their mandated term and left office within the last three years. The award comes with $5 million (4.7 million euros) paid over 10 years and $200,000 annually for life from then on. The prize, founded by Sudan-born telecoms tycoon Mo Ibrahim, has only been given four times in its 10-year existence. The philanthropist has said in the past that making no award sent just as strong a message on African leadership. "A very high bar was deliberately...
(Xinhuanet 02/27/17)
The guild of African film directors and producers, a Paris based NGO, will reward a short-film with the special Thomas Sankara prize during the Pan-African festival known as FESPACO in Burkina Faso. The 3 million CFA francs prize (about 4,830 U.S. dollars) is a tribute to the deceased Thomas Sankara who ruled the revolutionary Burkina Faso in the 1980s, promoters of the NGO said Sunday in the capital Ouagadougou. "We are not looking for a revolutionary film. Cinema is already a revolutionary deed," Balufu Bakupa-Kanyinda, chairman of the NGO. "Making a film in Africa is already an act of commitment and resistance," he added. Thomas Sankara is the father of Burkina Faso revolution and was assassinated in October 1987 during...
(AFP (eng) 02/27/17)
An African road movie about four women wowed its audience Sunday as it kicked off the Panafrican cinema and television festival (Fespaco), a showcase for the continent's burgeoning film industry. "Borders" ("Frontieres") directed by Apolline Traore, a Fespaco laureate in 2013, sweeps across Africa as its protagonists journey through Senegal, Mali, Burkina Faso and Benin on their way to Nigeria. Along the way the women -- Ivorian, Senegalese, Burkinabe and Nigerian actresses -- are spared nothing as they are beset by customs officers, thieves, murderers and rapists. The film -- the first feature-length film to show at the festival -- deals with "the bravery of women," Traore told AFP at the festival in the Burkinabe capital Ouagadougou. "There is a...
(AFP (eng) 02/25/17)
A solar-powered cinema was unveiled in Burkina Faso Friday ahead of the city's hosting of Africa's top film festival, even as movie theatres on the continent continue to disappear. The theatre, with its 300-seat capacity, will run on solar energy. Named Canal Olympia Yennenga, it is now the third-largest movie hall in the Burkina Faso capital Ouagadougou. Located in the city's posh Ouaga2000 neighbourhood, the theatre cost about 3 million euros ($3.2 million) to build. It is the brainchild of French businessman Vincent Bollore, whose company owns French premium TV and cinema group Canal Plus. "In the city of Ouagadougou, we lack movie theatres of this calibre," said Burkina Faso
(AFP (eng) 02/23/17)
For the first time in Africa, researchers said Wednesday they have detected a malaria parasite that is partially resistant to the top anti-malaria drug, artemisinin, raising concern about efforts to fight a disease that sickens hundreds of millions of people each year. The discovery means that Africa now joins southeast Asia in hosting such drug-resistant forms of the mosquito-borne disease. Malaria infected more than 200 million people and killed some 438,000 people worldwide in 2015, most of them children in Africa. "The spread of artemisinin resistance in Africa would be a major setback in the fight against malaria, as ACT (artemisinin-based combination therapy) is the only effective and widely used antimalarial treatment at the moment," said lead author Arnab Pain,...
(AFP (eng) 02/22/17)
Burkina Faso's Diebedo Francis Kere will be the first African architect to design a temporary pavilion in London's Hyde Park, a prestigious assignment given to a world-famous architect every year. Kere's design is inspired by a tree in his hometown of Gando that serves as "a central meeting point for life", the Serpentine Galleries said in a statement. "An expansive roof, supported by a central steel framework, mimics a tree's canopy, allowing air to circulate freely while offering shelter against London rain and summer heat," it read. Kere said he was interested in the contrast between the carefully landscaped park and "natural landscape as a harsh reality" in Burkina Faso. He said it was conceived as "a community structure... that...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries of gas in Mozambique, Angola and Tanzania provides a huge opportunity for the continent. He said there is a need for the countries to work together to tap benefits from the gas for the good of the continent. Strachan said...
(AFP (eng) 02/21/17)
Burkina Faso's President Roch Marc Christian Kabore has given government ministers specific responsibility for security and defence in a reshuffle officially announced on state television. National security will be separated from other home affairs in the new government of the west African country, which since 2015 has been vulnerable to attacks by jihadists in the Sahel region. The portfolio for defence and armed forces veterans, traditionally held by the head of state, was handed to Jean Claude Bouda, a politician close to Kabore previously in charge of youth, said the announcement late Monday.
(Bloomberg 02/21/17)
Ashish Thakkar, who co-founded Africa banking conglomerate Atlas Mara Ltd. with ex-Barclays Plc head Bob Diamond, lost a ruling over the ownership of family assets in a London divorce case, with a judge questioning Thakkar’s truthfulness. Judge Philip Moor ruled that Thakkar, and not his mother and sister, was the owner of disputed assets in the divorce. He found that the 35-year-old owned 100 percent of Mara Group Holdings Ltd. and other corporate entities. The result will have ramifications in the proceedings where a judge will have to decide how much Thakkar -- described in videos posted on his foundation’s website as "Africa’s Youngest Billionaire" -- is worth. Thakkar says he has assets of 445,532 pounds ($553,000) while his wife,...
(AFP (eng) 02/16/17)
Ousted Burkina Faso president Blaise Compaore will likely go on trial in March for his part in the violent crackdown on the 2014 popular uprising that overthrew him, the supreme court prosecutor told AFP Wednesday. Other members of his former government will also face justice including the ex-prime minister Luc Adolphe Tiao, prosecutor Armand Ouedraogo said. Compaore, who lives in Ivory Coast, was defence minister as well as president at the time of the insurrection but is only being prosecuted for his role as the former. "Of the 34 members of (Compaore's) government, seven will be tried in absentia," Ouedraogo added. Compaore lost power after 27 years following a popular uprising in October 2014 against his attempts to change the...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun to adopt policies to expand electrical grids, connecting them to solar and wind generation, and to help make electric utilities creditworthy and financially viable while keeping energy prices down. More than a third of countries, home to 96 percent of...
(Voice of America 02/14/17)
U.S. President Donald Trump made his first phone calls to African heads of state Monday, speaking with Nigerian President Muhammadu Buhari and South African President Jacob Zuma. Nigeria and South Africa said the calls were made at the request of the U.S. president, who until now has said little about Africa or African issues since assuming office last month. The Nigerian presidency said Trump and Buhari discussed issues of terrorism, and said Trump assured Buhari the United States is ready to make a new deal to help Nigeria "in terms of military weapons." The statement said Trump also commended Buhari for the strides Nigeria is making against Islamist radical group Boko Haram, and invited Buhari to come to Washington at...
(AFP (eng) 02/10/17)
Up to 18 players at the just-completed Africa Cup of Nations could be involved in the new-look CAF Champions League when it kicks off this weekend. Among them is Georges Bokwe, one of two unused goalkeepers in the Cameroon squad that defeated Egypt in the final last Sunday in Gabon. Bokwe was kept out of the starting line-up by the consistent brilliance of Spain-based Fabrice Ondoa, who was included in the team of the tournament. But Bokwe is the first choice for regular Champions League entrants Coton Sport from northern Cameroon cotton town Garoua. Coton qualified for the 2008 final, losing to Al Ahly of Egypt, but have fared poorly recently with first round exits in the past two seasons...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment and increasing aid for educational projects. One of the goals of the plan, which the German opposition received with scepticism, is to curb migratory flows from Africa to Europe. Mueller called on German companies to focus on Africa, which he...
(AL Jazeera 02/08/17)
The EU must espouse a transnational approach with a clear development agenda that replaces its current security policy. One year ago, 22-year-old Patrick left Douala, the largest city in Cameroon, to become a football star in Europe. A talented midfielder and an ambitious young man, Patrick felt compelled to reach Europe to help him to realise his dreams. But, as he passed through Agadez in Niger, which has become a major transit hub for migrants taking the Central Mediterranean route, reality proved to be grimmer than he had anticipated. Patrick and two of his male relatives, also travelling from Douala, were beaten, robbed and held captive by organised predatory groups. Finally, their tumultuous journey came to an end in Algeria,...
(AFP (eng) 02/07/17)
Troops from five Sahel countries plan to set up a new counter-terror force in the region, where alarm over the jihadist threat is mounting, leaders said Monday in Mali's capital. The announcement came as leaders of the Sahel G5 states -- Burkina Faso, Chad, Mali, Mauritania and Niger -- that describe themselves as "in the frontline against terrorism", met to discuss the desert zone's perilous security situation. The gathering took place barely three weeks after the worst attack in the region for years, the January 18 suicide bombing in the northern Malian city of Gao that left almost 80 people dead.
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax said it had secured as much as $416 million in commitments for the African venture from both its own funds and partners, including the Ontario Municipal Employees Retirement System, a Canadian pension fund and CI Investments Inc., according to the...

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