Wednesday 24 May 2017
(This Day Live 10/24/16)
The London Stock Exchange (LSE) has provided $26.1 billion for African companies in the last 10 years, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has said. Onyema disclosed this while speaking at the third “London & Lagos Capital Markets in Partnership’ conference held at the LSE at the weekend. According to him, eight Nigerian companies were among those that benefitted from the international capital raising on the LSE, noting that more African companies (112) are listed in London than any other international exchange. The 112 companies, he said, have a combined market capitalisation in excess of $200 billion, the largest concentration of African quoted companies outside of Johannesburg. Out of these companies, eight companies...
(AFP (eng) 10/21/16)
Demand for homegrown contemporary music is sweeping Africa and driving a creative boom in an industry otherwise battered by falling CD sales and rampant piracy. A recent study of the entertainment sector by PricewaterhouseCoopers (PwC) accountants showed rapid earnings growth in many African countries, fuelled largely by live performances by local artists. "Consumers are increasingly wanting local content," Vicki Myburgh, a PwC director who conducted the study released last month, told AFP. "The Nigerian music market... will (soon) grow at nearly 13 percent annually, which is a fantastic rate." This weekend, African talent will be celebrated in Johannesburg at the annual MTV Africa awards set up in 2008 to recognise those "who have made the most impact on African music...
(Reuters (Eng) 10/20/16)
Encouraged by their success in halting a mass influx of refugees by closing Greek borders and cutting a controversial deal with Turkey, EU leaders are getting tough on African migrants too. A Brussels summit on Thursday will endorse pilot projects to pressure African governments via aid budgets to slow an exodus of people north across the Sahara and Mediterranean. It also wants swift results from an EU campaign to deport large numbers who reach Italy. "By the end of the year, we need to see results," one senior EU diplomat said on Wednesday. Arrivals in Italy so far this year are nearly six percent higher than the same period of 2015. Italy received 154,000 migrants last year and this year's...
(Bloomberg 10/19/16)
Fifteen years ago, a South African media company invested $34 million in an obscure Chinese Internet developer. Today that stake is worth $88 billion. All Naspers Ltd., now Africa’s most valuable company, has to do is figure out how to make money from its other properties: The whole company is worth only $72 billion, less than its stake in Shenzhen-based Tencent Holdings Ltd. Investors aren’t impressed with Naspers’s operations in pay-TV, newspapers and e-commerce in such countries as South Africa, Russia and India. To win them over, Chief Executive Officer Bob Van Dijk has launched an aggressive push to sell some assets, invest in others and expand operations such as classified advertising into new markets. If it pays off, comparisons...
(Reuters (Eng) 10/18/16)
Dubai - Emirates airline could reduce the frequency of its flights to African cities or cut routes completely if current economic and financial challenges on the continent continue, President Tim Clark told reporters. Foreign airlines flying to Nigeria have started to refuel abroad because jet fuel supplies there have become more expensive and scarce as the country battles a hard currency shortage. Emirates has started a detour to Accra, Ghana to refuel its daily Abuja-bound flight, a spokesperson said last month; the airline had already cut its twice-daily flights to Lagos and Abuja to just one. “In certain African countries, the currencies have really gone down, so we're reflecting on a number of these to look at where it's just...
(Voice of America 10/17/16)
Telecom workers in Burkina Faso were on strike again this month, leading to phone and internet interruptions. The country has only one internet service provider, Onatel, but the days of the telecom monopoly in Africa may ending. The Burkina Faso telecommunications authority fined Onatel 5 billion CFA francs ($8.5 million U.S.) in response to the strike, which cut internet access across the country for more than a week. Arouna Ouédraogo, an information technology specialist, said people without access to the internet become desperate. He said he businesspeople rushing to his internet cafe with contracts to sign and documents to send, but he couldn't help them. "People outside this country just cannot imagine that there is no internet" for such an...
(AFP (eng) 10/15/16)
Stemming the astronomical losses caused by crime in the oceans surrounding Africa is the focus of a major continental summit on Saturday in the Togolese capital, Lome. "Over recent decades, the accumulated revenue losses resulting directly from illegal activities in the African maritime sector add up to hundreds of billions of US dollars, without counting the loss of human lives," the African Union (AU) said in an online statement about its Protect Our Oceans meeting. Up to 30 African heads of state and government are expected to attend the gathering, whose full title is the AU Extraordinary Summit on Maritime Security and Safety and Development in Africa. The long-term aim, according to the AU, is to "make maritime space the...
(Reuters (Eng) 10/14/16)
About 70 sub-Saharan African migrants forced their way over a barbed wire barrier into Spain’s North African enclave of Melilla Thursday. They ran to a local immigration center where they were met by dozens of migrants cheering “victory, victory” although their legal status in Spain has yet to be determined. Migrants wait weeks and sometimes months at the short-stay immigrant center in the hope of being transferred to a refugee reception center in mainland Spain, said Government Delegation of Melilla spokesperson Irene Flores. Spain has two enclaves in Morocco, Ceuta and Melilla, and both are hot spots for African migrants making their way to Europe either by climbing over the barriers, going around them or swimming along the coastline. After...
(Reuters (Eng) 10/13/16)
Japan will lease additional land next year to expand a military base in Djibouti, eastern Africa, as a counterweight to what it sees as growing Chinese influence in the region, three Japanese government sources said. China is seeking closer ties with African nations that could help it gain access to natural resources and provide new markets. Beijing said late last year it would pump $60 billion into development projects on the continent, cancel some debt and help boost agriculture. Earlier this year, Japan also pledged to increase its support to infrastructure, education and healthcare projects in Africa, committing an extra $30 billion in public and private support. "China is putting money into new infrastructure and raising its presence in Djibouti,...
(Reuters (Eng) 10/13/16)
When German Chancellor Angela Merkel toured three African nations this week for talks on curbing migration to Europe, the leader of the world's poorest country, Niger, suggested it would take a "Marshall Plan" of massive aid to stop people coming. Merkel politely declined the request, expressing concern about how well the aid would be spent and noting that, at a summit in Malta last year, the European Union had already earmarked 1.8 billion euros for a trust fund to train and resettle migrants. But Niger's President Mahatma Issoufou also proposed something perhaps more significant, in the long run, than a development package - bringing Niger's population growth down from 3.9 percent, the highest in the world. Though he gave no...
(Graphic Online 10/12/16)
German Chancellor Angela Merkel has emphasised that Africa will be a priority when her country takes over the G20's revolving presidency at the end of 2016. Speaking in Ethiopia yesterday on the final stage of a three-nation African tour, which also included visits to Mali and Niger, Mrs Merkel pledged development as well as military aid on her trip. She said it was important to stem migration at its source. Germany took in more than one million irregular migrants last year - many from war-ravaged Syria, Iraq and Afghanistan, but also many fleeing economic hardship across Africa. Migration is expected to be a key issue in next year's federal elections, though Mrs Merkel has not yet declared whether she will...
(AFP (eng) 10/11/16)
Raised on the backstabbing intrigue of 1980s American soaps "Dallas" and "Dynasty", and later, the heady drama of South American telenovelas, Africans are enjoying a surge in local TV content they can finally identify with. It took a while, but in the past decade local programming has soared in sub-Saharan Africa's key economies, a rise driven by both foreign satellite networks and television stations on the continent. This growth has delivered up local shows such as Kenya's comedic "Real Househelps of Kawangware" -- a play on the US "Real Housewives" series -- along with talk shows, political satire and continent-wide reality TV such as "Big Brother Africa" and "Project Fame". And demand is set to grow with the number of...
(AFP (eng) 10/10/16)
Africa will come together to battle piracy and illegal fishing for the first time at an African Union maritime security summit that kicks off in Togo on October 15. The continent urgently needs to fight "extremely high stakes" piracy and illegal fishing in its waters by joining forces over policy and working to raise necessary funds, Togo's Foreign Minister Robert Dussey told AFP ahead of the meeting. - Why is this meeting being held? - "These are very high stakes for Africa. At least 92 percent of imported goods arrive on the continent across the seas and oceans. Of the 54 countries in the African Union, 33 have a coastline," said Dussey. "During the summit, several issues will be tackled...
(AFP (eng) 10/08/16)
World economic leaders gathered in Washington this week to defend globalization, delivering a single message in unison: Protectionism will not save you. But this glosses over the plight of Africa, which is sinking further into poverty despite years of free trade. According to the International Monetary Fund, which held its annual meetings this week with the World Bank, growth in Sub-Saharan Africa is in free-fall this year, with a growth rate of 1.4 percent, down from 3.4 percent in 2015, its lowest in a quarter century. The regional economy will therefore grow more slowly than the population, at the risk of deepening poverty in a region already home to more than half of the 766 million people on earth who...
(AFP (eng) 10/07/16)
Investment into Africa may buck the global downward trend and stage a rebound this year despite low prices hitting the oil and gas sector, a UN agency said Thursday. While foreign direct investment, a key driver of trade and economic growth, is set to drop by 10 to 15 percent this year globally, in Africa it may increase by 6 percent to $55 to 60 billion, the United Nations Conference on Trade and Developments (UNCTAD) said in a report. "This bounce-back is already becoming visible in announced greenfield projects in Africa. In the first quarter of 2016, their value was $29 billion, 25 percent higher than the same period in 2015," said the agency. While north African countries such as...
(Xinhuanet 10/06/16)
Ethiopia and Djibouti on Wednesday launched Africa's first modern electrified railway connecting their capitals, with officials hailing the Chinese-built rail as the latest testament to the Sino-African friendship. The 752.7-km Ethiopia-Djibouti railway, also known as Addis Ababa-Djibouti railway, was inaugurated in the Ethiopian capital in a grand ceremony. The railway has a designed hourly speed of 120 kilometers. It was constructed by China Railway Group and China Civil Engineering Construction Corporation with a total investment of 4 billion U.S. dollars. It is expected to reduce travel time from seven days on roads to about 10 hours and provide landlocked Ethiopia with a faster access to the port.
(Xinhuanet 10/06/16)
Zhou Ping had not seen his father for five years when in primary school. Despite the biting solitude, Zhou always displayed his pride for his father -- he was from a glorious "foreign aid family," and his father was building the Tazara Railway in Africa. Standing on the windy East African plateau, Zhou picked up this childhood sentiment. More than 40 years have passed, and 53-year-old Zhou is now a construction worker for another historic railway connecting the African countries of Ethiopia and Djibouti. The Ethiopia-Djibouti railway, which officially opened service on Wednesday, is another Chinese-built trans-national rail in Africa following Tazara, which links Tanzania's Dar es Salaam with Zambia's Kapiri Mposhi. Chinese Vice Premier Wang Yang hailed it as...
(Punch 10/05/16)
Ethiopia and Djibouti on Wednesday launched a $4bn Africa’s first modern electrified railway connecting their respective capitals. A media report said that the 752.7-km Ethiopia-Djibouti railway was inaugurated in Addis Ababa in a grand ceremony. It said that the railway has a designed hourly speed of 120 kilometres. The report said that it was constructed by China Railway Group and China Civil Engineering Construction Corporation. It highlighted that it is expected to reduce travel time from seven days on roads to about 10 hours, and provide landlocked Ethiopia with a faster access to the Djibouti port. There have also been high expectations on the railway to boost industrialisation along its routes.
(CNN 10/05/16)
Terrorism, human trafficking, and corruption are creating a more dangerous continent, which in turn is preventing better governance, a new report revealed. The results of the 2016 Ibrahim Index of African Governance, published by the Mo Ibrahim Foundation, show that two thirds of Africans live in a country where safety and rule of law has deteriorated over the past decade, greatly impacting overall governance in Africa. 15 countries have declined 'quite substantially,' and almost half the countries on the continent recorded their worst score ever within the last three years. The Ibrahim Index of African Governance, the report provides an annual assessment of governance in Africa and is most comprehensive collection of data on governance in the region. The 2016...
(AFP (eng) 10/04/16)
The global conference that governs wildlife trade voted Monday against strengthening the ban on ivory sales, exposing bitter divisions among African countries and experts over elephant conservation. The Convention on International Trade in Endangered Species (CITES) rejected a proposal to include all African elephants in its highest category of protection, which bans trade in species facing extinction. A coalition of 29 African countries -- led by Kenya and Benin -- had pressed for African elephants to be put in the CITES "Appendix I" category. But South Africa, Namibia and Zimbabwe rejected the proposal, saying they should continue to be excluded from Appendix I as they have stable or growing elephant populations. "This is a tragedy for elephants," said Kelvin Alie,...

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