Bloomberg Africa

  • Egypt Resort Groomed for Investors as Bombs Explode Elsewhere

    By Bloomberg Africa, 11:34 am

    As small bomb attacks struck Cairo and cities across Egypt in the past two weeks, Sharm El Sheikh was being beautified in readiness for the money men. The Red Sea resort will host an investor conference starting March 13 that carries a weight of expectation. After four years of economic stagnation and political turbulence, Egypt is promoting the three-day event as

  • Ethiopian Opposition Leaders Rule Out Candidacy In May Elections

    By Bloomberg Africa, 11:11 am

    Two of Ethiopia’s most prominent opposition figures said they aren’t standing in May’s parliamentary elections after unfavorable decisions by the Horn of Africa nation’s electoral authorities. The sole opposition lawmaker in parliament said in interviews that they’re victims of biased judgments that will result in another landslide victory for the ruling coalition on May 24.

  • Can of Worms: Zuma Says Teenage Mothers Should Be Separated From Babies

    By Bloomberg Africa, 8:05 am

    South African President Jacob Zuma said teenage mothers should be separated from their babies until they have completed their schooling, the South African Press Association reported, citing his comments in Parliament. The girls should be isolated and educated until they are able to work and take care of their children

  • Zambia’s Kwacha Weakens After President Collapse, Seeks Treatment

    By Bloomberg Africa, 7:32 am

    Zambia’s kwacha weakened, extending the biggest decline among African currencies this year, as President Edgar Lungu sought medical treatment less than two months after coming into office. The currency of Africa’s second-largest copper producer retreated for a fifth day to head for a record low.

  • Fraught Nigeria Election Seen As Bellwether For African Democracy

    By Bloomberg Africa, 11:37 pm

    Nigeria’s election on March 28, already postponed once and fraught with tension, may determine investor and foreign leaders’ perceptions of whether democracy has taken hold in Africa. As the continent’s most populous country, its biggest economy and top oil producer, Nigeria’s conduct during and after the vote is being closely monitored. Elsewhere, Guinea, the West African nation hit by the worst-ever outbreak of Ebola, is scheduled to hold general elections this year.

  • Blood Gold Flows Illegally From Central African Republic

    By Bloomberg Africa, 9:04 am

    Freddy Bonjour, covered in yellow dust from head to toe, stands exhausted after a day using his bare hands and a shovel to dig for gold in eastern Central African Republic. Like his fellow diggers, Bonjour says his life, and work, were better before war erupted in the country and fighters from the mainly Muslim Seleka rebel group began demanding illegal taxes and fees.

  • Zimbabwe Cotton Farmers Ask Regulator to Reinstate Price Setting

    By Bloomberg Africa, 8:29 am

    Zimbabwean cotton growers are asking the competition regulator to reconsider its decision removing a price guarantee for their crop, said Garikai Musikavanhu, vice president of the Zimbabwe National Farmers Union. The Harare-based Competition and Tariff Commission on Monday announced that individual lint farmers must negotiate prices with buyers, removing a government-set minimum price.

  • South Africa’s Largest Insurer Extends Deal With Black Billionaire Motsepe

    By Bloomberg Africa, 1:23 am

    Sanlam Ltd., the largest South Africa-based insurer, said it has extended its partnership with Ubuntu-Botho Investments, led by billionaire Patrice Motsepe, for another 10 years to ensure Sanlam has black shareholders. Sanlam set up a black empowerment deal 10 years ago, aimed at meeting South African initiatives to boost black ownership after apartheid ended. Motsepe is the richest black person in South Africa

  • South Africa’s Rand Slumps To 13-Year Low After U.S. Jobs Report

    By Bloomberg Africa, 12:58 am

    The rand plunged to its weakest level in 13 years, breaching 12 per dollar as emerging-market currencies tumbled after a report showed the U.S. economy added more jobs than expected in February. The South African currency depreciated 2.1 percent to 12.0888 per dollar by 5:23 p.m. in Johannesburg, the weakest level since March 2002.

  • Goldman Sachs Alumni Start Mozambique Bank With Eyes On Gas Boom

    mozambique debt crisis By Bloomberg Africa, 5:24 am

    Two former Goldman Sachs Inc. employees have set up a banking operation in Mozambique, betting that the country’s potential resource wealth will propel some of the fastest economic growth on the continent. Rafael Sarandeses, 36, and Goncalo Neves-Correia, 34, have founded ThirdWay Africa Partners, an investment and advisory business that they are running out of offices in London, Madrid, and Maputo