Kevin Mwanza, 7:11 am
Africa’s leading economies are enjoying a surge in the construction of new hotels despite a slowdown in growth due to a global commodity prices slump, an annual survey by W Hospitality Group Hotel Chain Development showed. According to the report, Angola, Nigeria, Egypt and Kenya have seen their hospitality industries pick up as the hotel construction boom reached the highest since a 2009 peak. It estimated that in 2016, about 64,000 rooms are planned for construction in 365 hotels across Africa.
Kevin Mwanza, 6:18 am
For less than $0.50, a motorcycle rider – popularly known as a boda boda in East Africa — can make more than $500 in one weekend on the increasing number of sports betting platforms that have propped up across the region. That is three times more than what an average boda boda rider would make in a month from several sweaty rides in Kenya’s lake side city of Kisumu. But, like every other gamble, not everybody is lucky. And that is how sports betting startups like SportPesa, a three year old company, are raking in millions of dollar every month
Kevin Mwanza, 11:04 am
The South African rand could strengthen if credit rating agencies downgrade the country’s debt to junk status at the end of this year, according to economist Dawie Roodt. The country’s struggling economy is facing possible credit downgrades by the global rating agencies Moody’s, Standard & Poor’s and Fitch by the end of the year after escaping the cut in June.
Kevin Mwanza, 7:09 am
US-based private equity firm Carlyle Group is looking at a number of investment opportunities for its African fund after it made its first ever exit on the continent this month, its top official said. Marlon Chigwende, managing director and co-head of the Carlyle Sub-Saharan Africa Fund, said the $700 million investment vehicle was looking to increase its investments on the continent after it exited Export Trading Group, a Tanzanian-based continental supply chain manager.
Kevin Mwanza, 6:01 am
Ethiopians living in abroad sent home over $4 billion in remittances in the first ten months of the year, more than what the horn of African nation received in a full year in 2015, the country’s Foreign affairs ministry announced last week. Demeke Atnafu, the Director General of the Diaspora Engagement said while transfers into the country had risen in recent years it was still lower than what other African countries were getting from their citizen living abroad
Kevin Mwanza, 7:05 am
Kenya Airways, one of the leading airlines in Africa, posted another record loss in 2015 despite shedding employees, reducing the number of planes in fleet and selling land in a rationalization plan dubbed “Operation Pride”, the company announced on Thursday. The African carrier, whose major shareholders are the Kenyan government and Air-France KLM, said it recorded a 26 billion shillings ($260 million) loss in the year ended March 2016.
Kevin Mwanza, 5:49 am
Nickelodeon has confirmed it will not air an animated series of The Loud House, that features gay parents, in sub-Saharan Africa. Viacom International Media Networks Africa announced to its DStv subscribers in South Africa and across the continent that it would not be airing an episode from the animated series that depicts a bi-racial gay dads. Viacom said showing gay people on Nickelodeon is deemed not appropriate for most of its African audience.
Kevin Mwanza, 10:03 am
Israel bid to get an observer seat at the African Union (AU) is threatening to divide African union with Kenya and Ethiopia supporting the bid, while South African and Egypt may be against it. In the first official visit by an Israeli prime minister to African in nearly 30 years, Benjamin Netanyahu sought to drum up support from East African countries — Kenya, Ethiopia, Rwanda and Uganda — for an observer status at the continental body.
Kevin Mwanza, 8:37 am
Kenya, the biggest economy in East Africa is considering trade deals with the European Union (EU) as a nation and not as part of the East African Community. This follows Tanzania’s absence from the signing of the Economic Partnership Agreement (EPA) with EU, a trade pact that would give East African community members duty-free quota-free access for all exports to members of European Union.
Kevin Mwanza, 7:32 am
Rwanda has risen to become of the leading nations in Sub Saharan Africa in the in the use of technology, with a wide range of innovation projects that have attracted tech firms from across the world. Positivo BGH, a South American firm has taken advantage of this unprecedented growth in the tiny East African nation by introducing the first ever, ‘Made in Rwanda’ laptops.