Thursday 21 September 2017
(African Review 08/21/17)
An International Monetary Fund (IMF) mission led by Amadou Sy visited Port Louis and Ebène during 31 July – 15 August 2017 to conduct the discussions for the 2017 Article IV consultation with Mauritius. At the conclusion of the visit, Mr. Sy issued the following statement in Port Louis: “The Mauritian economy continues to be robust and staff project economic activity for 2017 to remain in line with recent trends. However, Mauritius is facing a challenging environment and vulnerabilities are rising. Options to improve resilience include: (a) rebuilding the credibility of the fiscal anchor and creating fiscal space for infrastructure and human capital investment; (b) tackling inflationary pressures by tightening monetary policy, while modernizing the monetary policy framework to strengthen...
(Bloomberg 08/21/17)
GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth. “We reduce the total cost of power by 30 percent,” said Charlotte Aubin-Kalaidjian, the founder and chief executive officer of GreenWish, who was formerly a managing director at Morgan Stanley Investment Management. “Smaller towers can run...
(Agence Ecofin 08/18/17)
Port-Louis, Mauritius’ capital, plans to start exploiting 20,000 ha of agricultural lands it took since 1999 from Mozambique, local website Le Défi média group reported. The lands could not be put to use since due to accessibility issues. An obstacle that has been removed according to Mauritian High Commissioner in Mozambique. “Until recently, one had to cross the Incomati River by boat to access the site. However, about fourth months ago, the bridge promised by Mozambique’s authorities was finally built, thus making the lands accessible,” the website indicates. “I was able to visit the site recently. We ordered for cadaster to get an exact map of the area whose lease we had. We also asked for missing documentation then launched...
(Bloomberg 08/14/17)
The U.S. will probably maintain its current levels of aid to Africa despite President Donald Trump’s proposals to slash funding, according to Bill Gates, the world’s richest man. Trump said in May his government would no longer allocate funding for family planning, a move that has the potential to undermine aid programs in the poorest countries in the world. However, with Congress in control of the budget, it’s unlikely that all cuts proposed by the Trump administration will go ahead next year, Gates said in an interview in Dar es Salaam, Tanzania’s commercial capital. “It’s quite clear that they won’t make those drastic cuts,” Gates said. “I’m hopeful they won’t make any cuts at all, but that’s still subject to...
(AFP (eng) 08/10/17)
The skull of an infant ape buried by a volcano 13 million years ago has preserved intriguing clues about the ancestor humans shared with apes -- including a likely African origin, scientists said Wednesday. A previously-unknown creature that shared an extended family with the human forefather, had a flat face like that of our far-flung cousin the gibbon, but did not move like one, its discoverers wrote in the journal Nature. They named it Nyanzapithecus alesi after "ales" -- the word for "ancestor" in the Turkana language of Kenya, where the lemon-sized skull was unearthed. The sole specimen is that of an infant that would have grown to weigh about 11 kilogrammes (24 pounds) in adulthood. It had a brain...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much more work needs to be...
(Reuters (Eng) 08/08/17)
Tuesday's action at the World Athletics Championships sees two of the most intriguing races of the program as South Africa's Wayde van Niekerk bids for the first half of his 400/200 meters double and Nigel Amos goes for gold in the men's 800m. World record holder and defending champion Van Niekerk should be unbeatable in the 400m but faces a stiff challenge, not least from Botswanan duo Isaac Makwala and Thebe Baboloki. Another Botswanan, Amos, will also have to be at his best in the 800m, where a clutch of athletes are suddenly dreaming of glory in the absence of Kenya's injured champion David Rudisha. Kenya is expected to continue its dominance of the men's 3,000m steeplechase - though American...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year, while exports gained 3 percent to 47 billion U.S. dollars. Transport equipment has become a bright spot in China's exports to African countries, with that of ships, trains and aerospace equipment up 200 percent, 161 percent and 252 percent respectively,...
(Agence Ecofin 08/02/17)
Last Monday, the Mauritian government unveiled an ambitious railway project named "Metro Express" valued at more than $537 million. The project should help connect the nation’s five main cities. Works for the first phase of the project which will be carried out by Indian firm Larsen & Toubro, are set to begin next September. During this phase, Port-Louis, the capital, will be linked to Rose-Hill. During the second phase which will be completed in 2021, Rose-Hill will be linked to Curepipe. According to the nation’s Prime Minister, Pravind Jugnauth, the project will significantly profit the Mauritian economy, reducing costs related to clogging of roads by traffic to about $115 million and those caused by carbon emissions. The Metro Express project...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys his beans from Monmouth Coffee Company in Borough Market. "I love it because of the relatively higher acidity level. It keeps me active in the afternoons." Customers willing to pay a premium for African brews, known for their floral, fruity...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands in 2015. The British broadcaster said the bribery was revealed by a former employee, Paul Hopkins. At the time, BAT said “we do not tolerate corruption in our business, no matter where it takes place.” The SFO investigation adds to...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15 percent, ending more than 90 years as a major presence in the continent as it shifts its focus back to Britain and the United States. The losses from the sale of unwanted assets including the Africa business showed the costs...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with Jean David Mihamle.
(Voice of America 07/25/17)
European and African ministers are meeting in Tunisia about efforts to regulate the flow of refugees from Africa to Europe, primarily along the deadly central Mediterranean route originating in Libya. In a declaration Monday in Tunis, the capital, the ministers said they agreed on a multi-pronged approach to the crisis, including informing people about the risks of illegal migration and the possibility of voluntarily returning home, addressing why migrants leave home and beefing up actions against human traffickers. Participating in the meetings were interior ministers from Algeria, Austria, Chad, Egypt, France, Germany, Italy, Libya, Mali, Malta, Niger, Slovenia, Switzerland, Tunisia and Estonia, which currently holds the EU Council presidency. Through the first half of 2017, nearly 84,000 migrants arrived in...
(AFP (eng) 07/21/17)
The 2019 Africa Cup of Nations will expand from 16 to 24 teams and be staged in June and July, the Confederation of African Football (CAF) announced on Thursday. The tournament has traditionally been held in January and February, with the timing of the tournament a source of frustration to European clubs forced to release players in the middle of the season. The CAF executive committee confirmed the changes to the format following a two-day symposium in Rabat, although the tournament will continue to be held every two years and exclusively on African soil. The decision to increase the number of teams mirrors a similar one taken by UEFA to expand the European Championship, with 24 nations taking part at...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread and protracted period of policy easing. This will provide a boost to growth," said John Ashbourne, Africa analyst at Capital Economics. Ghana, which agreed a three-year fiscal discipline deal with the International Monetary Fund in exchange for aid in 2015,...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30 million mobile-banking customers, giving them “a very sizeable platform on the continent,” he said. Vodacom’s purchase of the Safaricom stake from U.K. parent company Vodafone Group Plc gives the South African company access to the fast-growing M-Pesa platform, which processed...
(Reuters (Eng) 07/18/17)
Three years after he risked his life crossing the Mediterranean Sea from Libya to Italy on a small boat crammed with migrants, 22-year-old Sow Muhammed can hardly believe his luck. The former street hawker from Guinea now works as a caterer in Venice, rents his own apartment, and sends money back home regularly to his mother and siblings in the West African nation. "I am happy I came to Europe, and my family is also happy," he told the Thomson Reuters Foundation as he packed up leftovers at a training event for people who work with refugees, where he had served a menu which included traditional African dishes. "I talk to my family frequently, ask them their needs, and help...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced by some countries as the reason they could not sign or ratify the agreement. However their adoption represented a milestone in the negotiation, as it removed the last obstacle to signing and ratifying the agreement," Mangeni said. The tripartite free...
(Face of Malawi 07/12/17)
One of the country’s leading Banks, First Merchants Bank (FMB) will move its headquarters from Malawi’s commercial city-Blantyre to Mauritius and will be called FMB capital holdings. Speaking in an interview Head of Marketing and Communications, Sylvia Nankhwenya –Makata said the Bank headquarters will move to Mauritius and shareholders will benefit more. “We want to assure all our shareholders that they will benefit more when we move our headquarters to Mauritius,” she said. Nankhwenya-Makata was speaking during this’s years FMB Annua21st Annual General Meeting (AGM) held in Blantyre.

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