Business: Latest News
Reuters, 9:38 pm
Monday’s hijack followed a long hiatus, with only 4 unsuccessful attempts in the past 3 years. The lull encouraged foreign fishing vessels to return to Somali waters. Now shipping companies are scrambling to learn if pirates will once again threaten one of the world’s most important shipping lanes and cost the industry billions of dollars. Locals are infuriated at government failure to crack down on foreign fishing vessels. The last straw was when 7n Thai fishing vessels paid the local government more than $672,000 for fishing licences, A Bosasso-based weapons dealer said orders have increased for rocket-propelled grenades, machine guns and ammunition.
Global Risk Insights, 11:42 am
There has been no internet access for Cameroon’s English-speaking regions for 58 days. Many banks and ATMs are closed, plunging the regional economy into chaos. Local businesses are losing foreign contracts. Anglophone Cameroon is home to Cameroon’s growing tech scene and five of the country’s seven seaports. The internet blackout is forcing Nigerians working in the Cameroonian tech sector to return home. It may play a decisive role in the upcoming 2018 elections when President Biya seeks another term.
The Conversation, 9:16 am
Disruptive competition through technology can benefit consumers, but it also raises socioeconomic issues. Africa is no exception. There are concerns that Uber, with its first-mover advantage in the ride-sharing market, is growing into a monopoly despite the benefits to consumers. Traditional metered taxis are seeing red. In South Africa, new entrants into the ride-sharing app market have made little progress. The picture is very different in Kenya. Safaricom appears to have overcome the seemingly insurmountable first-mover position enjoyed by Uber.
Not Just Theory Anymore: Gates Foundation Funds Malarial Mosquitoes, Being Bred In Labs To Destroy Their Entire SpeciesBy Staff, 5:18 pm
In Africa, scientists are preparing to use genetics to end malaria. The Gates Foundation is exploring technology that involves altering mosquitoes so that new generations are almost all male. Male mosquitoes don’t bite people, and a population without females can’t reproduce. It’s never been done before. No one knows if a gene drive, once released into the wild, could jump to other species. Malaria is one of the greatest public health threats on the planet. If we have the power to end it, should we?
Dana Sanchez, 7:17 pm AFKI Original
500 Startups invests 70% in the U.S. The rest of its deals are in 60 other countries and the VC fund has its eyes on Africa. “We continue to look for and source deals from traditionally underrepresented ecosystems,” said 500 Startups founding partner Dave McClure. Geeks on a Plane has done 17 tours. This will be its first in Africa. “We are looking to build stronger relationships with investors on the ground, maybe even find a few startups to invest in.” 500 Startups has invested in 1,700-plus companies. The tour is a way for startups, investors, and executives to learn about high-growth tech markets.
Peter Pedroncelli, 2:28 am AFKI Original
The Chinese Super League has become an attractive top-flight competition for players from around the world thanks to the lucrative contracts being offered to those willing to call China their new home. The recent list of world class players dedicating their immediate futures to a new soccer adventure in China has boosted the league, with numerous African players making the decision to join clubs in the country. We take a look at 12 African soccer professionals who are now playing in the lucrative Chinese Super League.
Staff, 1:01 am
Accessing utilities in the Western world is relatively straightforward. You have an address, a bank, and a measurable credit rating. Service providers know you have credit in place to pay for the service in advance. However, if you are one of the millions of people across Africa who are unbanked, the process is not nearly as easy. Africans have been forced to find alternative solutions to solve the problem and drive innovation as they do so. By ensuring people have access to credit and services, organisations can open further access to infrastructure.
Dana Sanchez, 1:01 am
Companies expanding in Africa are helping drive the need for more warehouse space. There is a dire shortage of warehouse facilities, says global real estate consultancy Knight Frank. Scarcity of quality warehouses in Nairobi presents opportunities for investors and developers, and the largest development bank in the world is taking notice. U.S.-based IFC and the U.K.’s CDC finance group are investing up to $35 million in Nairobi warehouse development. Logistics is an often overlooked part of economic development, the CDC said.
Dana Sanchez, 1:05 am
South Africa’s metered-taxi drivers are getting their own taxi hailing app to compete with Uber, and Uber says bring it on. In their latest protest against Uber, members of the SA Metered Taxi Association on Friday blocked highways and entrances to O.R Tambo International, the country’s busiest airport. Uber says there’s enough business to go around in Africa, and it encourages the competition to use technology to access what it says are abundant economic opportunities. As the price of smartphones fall and mobile penetration rises, Uber is also looking for more opportunities to invest in Africa’s taxi-hailing industry.
Staff, 1:01 am
The U.S. did not have a trade policy for Africa when Rosa Whitaker went to work for the U.S. State Department. U.S. policy was to view Africa as a charity case. Whitaker helped draft AGOA, the law gives duty-free access to the U.S. for African countries meeting eligibility requirements on human rights, rule of law and labor standards. With AGOA, the whole narrative changed, Whitaker said. “We no longer saw Africa as benefactors of charity. We were able to substitute paternalism with partnership.” The U.S. had trade representatives for every other region of the world except Africa. President Bill Clinton did not wait for AGOA to be passed before appointing Whitaker assistant trade representative for Africa.
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