Kevin Mwanza

  • Cash Strapped Fastjet Says To Raise Funds By End Of July

    Fastjet By Kevin Mwanza, 9:52 am

    African budget airline Fastjet has announced that it need to raise new funds to provide essential working capital and make necessary changes to its business, as its operation continue to struggle from negative cash flow in a challenging aviation market on the continent. The airline, which raised $75 million last year for expansion, aims to complete the fundraising by the end of July

  • eBay Gives U.S. Sellers Access To African Buyers With MallForAfrica.com Deal

    Image: timeslive.co.za By Kevin Mwanza, 6:51 am

    US based market platform, eBay Inc., has partnered with online shopping startup MallsforAfrica.com to give its sellers access to Africa’s biggest consumer market from July 2016. MallforAfrica.com was launched in 2010 by Nigerian Chris Folayan, with the aim of enabling African consumers to shop from western retailers. It claims to offer access to more than 8.5 billion items through 100 online stores including partnerships with Amazon, BestBuy, Macys and Bloomingdale.

  • Little Africa: The Elusive Chinese Dream For Migrants In Guangzhou

    Image: qz.com By Kevin Mwanza, 4:34 am

    In 2012, there were about 100,000 African immigrants living in a tiny neighborhood of Guangzhou, in South China, known as ‘Little Africa’ or ‘Chocolate City’ to some. But by the end of 2014 there were only 16,000 African living there, which according to a CNN report was due to a crackdown by the Chinese government to clean up the town by introducing tougher immigration regulations and increasing the number of police patrolling the area.

  • Why Naspers Lost 288,000 DSTV Subscribers In Sub-Saharan Africa

    DSTV By Kevin Mwanza, 7:34 am

    Naspers, Africa’s biggest company by market value, said on Friday that its satellite payTV service DSTV lost 288,000 subscribers in the last one year as more people were not able to afford the service, the company’s chief executive said. Bob Van Dijk told Mail & Guardian Africa the South African-based company decided to freeze its payTV prices as it expected the next few years to be difficult in Africa and was “on the lookout” for potential acquisition targets to grow its internet business internationally.

  • Here Is How African Markets Reacted To Brexit

    African Markets reacted to brexit By Kevin Mwanza, 5:04 am

    Results of a referendum in the United Kingdom on Thursday to leave the European Union shocked markets across the globe, with over $2 trillion wipe out in a single day. African economies were not spared the volatility that the Brexit vote caused on different asset classes. Currencies, stocks and bonds plunged across the continent after the UK’s vote to leave. Africa’s largest economies – that have been struggling with commodity prices rout – were the most affected

  • Investors Stream Back To Nigerian Markets After Naira Devaluation

    Image: businessnews.com.ng By Kevin Mwanza, 4:55 am

    The Nigerian Stock Exchange (NSE) has rallied for three straight after the country’s central banks introduced a free floating exchange rate this week, something that has attracted investors back into the West African equities market. The NSE’s All Share Index has rallied 8 percent between June 20 and June 23 to reach 31,071.25 points, the most among 94 major equity indexes tracked by Bloomberg.

  • Equatorial Guinea: World Longest Serving President Elevates Playboy Son As VP

    Teodoro Nguema Obiang Mangue By Kevin Mwanza, 7:41 am

    World longest serving president, Equatorial Guinea’s President Teodoro Obiang Nguema, has elevated his son Teodoro Nguema Obiang Mangue from being the “second vice president” to simply vice president. President Nguema, who has ruled the West African nation since it gained independence 37 years ago, was earlier this year reelected for the sixth term with more than 93 percent of the votes.

  • FOREX Africa: Are Central Banks Ready For Brexit?

    Thinkstock By Kevin Mwanza, 3:55 am

    As polling opens in Britain on Thursday for a referendum on whether to stay or leave the European Union, African central bankers are closely watching and preparing for any results the referendum will throw their way. The British vote, popularly known as Brexit, could have greater consequences on how Africa — where scored of countries were colonized by the British Empire — trade and relate with one of their largest partners.

  • Kenyan Entrepreneur Cooks Up Successful Spices Business From Just $48

    Photo via twitter @chibundiro By Kevin Mwanza, 9:43 am

    With just about $48 and constant probing from her sister studying in the U.S., Kenyan entrepreneur, Anzazi Kiti, managed to start a successful spices business that generates about $1,600 in revenue per month and employs two people. In an interview with CNBC Africa, Kiti, who’s full time job is an accountant with audit firm Ernst & Young, said she decided to start Taste Afrique, a company that produces natural spice mixes under the brand Chibundiro “that gives food that extra yumminess”.

  • African Banks Scale Back Expansion As Commodity Prices Rout Bites

    African banks By Kevin Mwanza, 7:56 am

    When British-owned bank Barclays hinted late last year that it was planning to exit its African business and would sell a majority stake in Barclays Africa Group, many analysts saw it as a sign of changing fortune for the banking sector on the continent. Several other multinational banks on the continent have since indicated their intentions to scale back or spin off their units across Africa.