Halima Aliko Dangote, daughter of Nigerian cement magnate Aliko Dangote, is trying to raise money in Africa to open an African art and policy institute in New York. She hoped to raise up to $5 million at a recent fundraiser in Nigeria, and said she planned similar events in Morocco and Kenya. The building that houses the Africa Center was completed several years ago but the center itself hasn’t opened yet for lack of funds.
Business: Latest News
Reuters, 1:01 am
Gordhan is leading a team to London, Boston and New York provide an update on the most recent South African developments, “engage constructively with investors and share the government’s thinking behind its’ latest policy proposals.” Investors are concerned about rising political tensions in the ruling ANC, which is due to vote this year to replace President Jacob Zuma as ANC leader. For investors, Gordhan is the face of stability. Talk that Zuma might fire him has rattled financial markets.
Dana Sanchez, 4:58 pm AFKI Original
African exploration took a hit the last two years. Eni’s success shows it’s not over. Eni is Africa’s leading gas producer. With an oil sector less than 10 years old, Ghanaian companies have limited experience providing tech services to offshore operators. GE says it plans to provide training and support for the local oil and gas supply chain, and SMEs. GE’s new Ghana facility is already supporting Eni. Eni’s exploration success rate is the envy of its peers. Most of Eni’s oil finds were discovered in the last decade, mainly in Nigeria, the Congo, Ghana and Angola.
Ann Brown, 1:04 pm AFKI Original
When a coup in Madagascar sent her father into bankruptcy, 24-year-old Hanta Tiana Ranaivo Rajaonarisoa was forced to abandon her business administration studies in the U.S. She took over the family’s unused essential oil-making machine, and now supplies insect repellants to 40 pharmacies in Madagascar. Malaria is one of the country’s top 5 causes of death. Rajaonarisoa says she’s helping protect Madagascar’s amazing biodiversity — up to 90 percent of the country’s plant species are endemic — by using green waste recovery in her products.
Peter Pedroncelli, 11:22 am AFKI Original
The idea of funding a venture by raising money through many small contributions on the internet strikes a chord among Africans. It’s ubuntu at its finest. When Media 24 closed Ideas magazine in South Africa in 2016, former editor Terena le Roux took it upon herself to resurrect the publication. Thanks to support on social media, she launched a crowdfunding campaign via Thundafund. The money continues to come in, and she was able to relaunch the magazine.
Tom Jackson, 10:06 am AFKI Original
Vancouver tech innovator Barrett Nash was drawn to Rwanda for its repuation as an easy place to start a tech business. Rwanda issues entrepreneur visas to foreigners. It’s a lab-like environment where innovations can be cooked up and then brought to other African markets, Nash said. “Many startups try to conquer a market before they’ve mastered a product. A startup needs to grow into markets like Lagos and Nairobi, but getting the product right first is more important. Rwanda has created a continent-leading platform for taking this first pivotal step.”
Mongabay, 12:37 pm
An 8-pound monkey can cost $105 in Paris compared to $5.37 in Cameroon. In Europe’s biggest cities, demand for exotic delicacies or a “taste of home” drives a trade in African bushmeat that is as yet unquantified. African traffickers can get high prices for increasingly rare African species. The influx of bushmeat is small compared to the greater crisis in Africa. “Africa is eating its forests and we are looking at empty forest syndrome,” a stakeholder said. As African species get rarer and fetch a higher price abroad, Europe and the U.S. could become bigger bushmeat markets.
Reuters, 10:52 am
The deal includes 820 Chevron and Caltex gas stations, 220 convenience stores across South Africa and Botswana, a refinery in Cape Town, a lubricants plant in Durban, and other oil storage facilities. The Chinese firm says it will keep jobs and company names intact for up to six years before launching a rebranding strategy. Sinopec was the last remaining bidder in an auction to sell Chevron Corp’s South African assets and its subsidiary in Botswana. The auction lasted more than a year and drew interest from French oil firm Total and commodity traders Glencore and Gunvor.
Dana Sanchez, 11:34 pm
Angola has pushed Egypt out of second place in Africa for number of hotel rooms under construction. Angolan tourism is thriving internally, but the former Portuguese colony isn’t attracting many international tourists. Education is one way African professionals can add value to hospitality and tourism, and carve out a niche that reflects national character, tradition, and culture. Angola’s College of Hospitality Management train locals as game reserve and safari lodge managers. This is how Africa’s hospitality sector should mature. Private equity investors should take notice.
Dana Sanchez, 3:40 pm
Passengers flying nonstop to the U.S. on 9 carriers from airports in Egypt, Morocco, and six other Middle Eastern countries will not be allowed to bring electronics larger than cell phones in carry-on baggage. This is in response to unspecified terror threats and will be effective indefinitely, senior Trump administration officials said. Would-be terrorists “are aggressively pursuing innovative methods to undertake their attacks, to include smuggling explosive devices in various consumer items,” the U.S. Department of Homeland Security said Tuesday.
Dana Sanchez, 3:22 pm AFKI Original
Despite declining oil prices, oil-rich Norway is the happiest country in the world — proof that it’s about more than income. The people who live in the happiest countries in the world also value good governance, freedom, generosity, honesty, and health, according to World Happiness Report. There’s a deficit of happiness in Africa. African youth are essentially optimisitic and resilient in the face of poor infrastructure, but they are disappointed with development under democracy, say the authors of the report.
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