| Africatime
Sunday 30 April 2017
(Voice of America 04/28/17)
A low-cost and widely available drug could save the lives of 1 in 3 mothers who would otherwise bleed to death after childbirth, according to a new study. Severe bleeding, known as postpartum hemorrhage, or PPH, is the leading cause of maternal death worldwide, killing more than 100,000 women every year. Even for mothers who survive, it is a painful and traumatic experience. The world's poorest countries, especially in Africa and India, are the worst hit. Drug from 1960s But there is new hope. In the 1960s, Japanese researchers developed a drug called tranexamic acid, which works by stopping blood clots from breaking down. But they could not persuade doctors to try the drug for...
(Bloomberg 04/27/17)
Mozambique’s parliament ratified a law that provides state guarantees for previously hidden loans of two state-owned companies that sparked a debt crisis in one of the world’s poorest countries. Lawmakers from the ruling Front for the Liberation of Mozambique approved the state accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique Asset Management took out in the prior two years. Opposition members left the legislature in protest when the vote was taken late Wednesday. The approval means the loans are now legal, in spite of a previous ruling by the country’s administrative court
(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...
(Voice of America 04/17/17)
The Italian coast guard says it has rescued nearly 6,000 migrants on the Mediterranean since Friday, underscoring the continued flow of people along this dangerous route. A group of Africans living in Europe visited Cameroon this week to launch a campaign against illegal migration. The group is called “No More Death in the Desert or on the Sea.” Its mission is simple: to educate youth in Africa about the harsh realities of illegal migration. "We want to tell them that...
(Bloomberg 04/05/17)
Mozambique’s attorney-general asked the country’s banks to provide details of former President Armando Guebuza’s accounts as part of an audit of $2 billion of previously undisclosed government loans. The office requested the information about Guebuza and 17 other individuals and an institution for the period January 2012 to December 2016, according to a letter sent to the country’s banks and obtained by Bloomberg. Georgina Zandamela, spokeswoman for the attorney-general’s office, confirmed the veracity of the copy and said the request...
(Voice of America 04/05/17)
A Red Cross report says African countries are failing their internally displaced people. Reversing that trend was the subject of a high level meeting of the International Red Cross and the African Union that wrapped up Tuesday in Zimbabwe. Africa has about 13 million internally displaced people, a third of the global number of IDPs, and more than double the amount of refugees on the continent. By definition, refugees flee across a national border, while IDPs leave their homes but...
(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...
(Voice of America 03/28/17)
The World Health Organization and U.N. children's fund are spearheading a massive immunization campaign across Africa to rid the continent of the last vestiges of polio. Tens of thousands of health workers will fan out across 13 central and western African countries to vaccinate more than 116 million children under age five against the crippling disease. The U.N. agencies report more than 190,000 volunteers, traveling on foot or bicycle, will go house to house across all cities, towns, and villages...
(Bloomberg 03/23/17)
Mozambique said Exxon Mobil Corp.’s acquisition of a 25 percent stake in an offshore gas block from Eni SpA will generate capital gains revenue of $350 million. The government expects only to receive payment when the transaction is concluded, Anibal Balango, an official in Mozambique’s tax authority, told reporters in the capital, Maputo, on Tuesday. As a non-resident company, Eni was only eligible to pay tax on half the value of the $2.8 billion deal with Exxon. That value was...
(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...
(Voice of America 03/17/17)
One of the enduring legacies of the Barack Obama presidency will be the relationship built between the United States and young Africans. As part of Obama’s Young African Leaders Initiative (YALI), each year 1,000 young people from sub-Saharan Africa travel to the United States to spend six weeks at a U.S. college or university. The program will continue this summer. But building enduring relationships is a two-way street, and many in Africa want to see Americans coming to their continent...
(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...
(Bloomberg 03/09/17)
Exxon Mobil Corp. said it will buy 25 percent of a project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands in natural gas. The acquisition of the offshore Area 4 stake comes after former Exxon Chief Executive Officer Rex Tillerson -- now U.S. Secretary of State -- discussed plans to buy into Eni’s assets with Mozambique President Filipe Nyusi in July. “This strategic investment will enable Exxon Mobil’s LNG leadership and experience to support development of Mozambique’s abundant natural gas resources,” Tillerson’s successor as CEO, Darren W. Woods, said in a statement on Thursday. Exxon’s involvement could accelerate the development of one of the world’s
(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...
(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...
(Bloomberg 02/14/17)
Mozambique’s central bank will introduce a prime lending rate in two months and immediately removed a curb on how much citizens can spend overseas using their bank cards. The introduction of the new rate on April 15 “is intended to strengthen the mechanism for the formation of interest rates on the market as a whole and to make it more transparent,” Governor Rogerio Zandamela told reporters Monday in the capital, Maputo. He removed a 700,000-metical ($9,950) annual limit on payments...
(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...
(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,...
(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...

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