Business: Latest News

  • Morocco Readmission To African Union Shines Spotlight On Western Sahara

    Morocco readmission to African Union By Dana Sanchez, 3:49 pm

    A former Spanish colony, Western Sahara is the last unresolved African case on the U.N. Committee on Decolonization. The debate on readmitting Morocco to the A.U. was “an emotional call for the fight against colonization.” South Africa and Algeria were opposed. Liberian President Ellen Johnson-Sirleaf said Morocco’s acceptance back into the A.U. was the will of the majority of member countries. Resolving the Western Sahara question will have to wait for another day. “Africa wants to speak in one voice. We need all African countries to be a part of that voice,” she said.

  • Outgoing AU Head Slams Trump For US Taking Slaves But Banning Refugees

    AU head slams Trump By Dana Sanchez, 12:48 pm

    The U.S. president’s travel bans provided a rallying call today for African unity. Today’s African Union summit had divisive issues on the agenda, including Africa’s relationship to the International Criminal Court and Morocco’s readmission to the A.U., but outgoing A.U. head Nkosazana Dlamini-Zuma identified Trump’s refugee ban as one of the “greatest challenges to our unity.” A South African A.U. expert says the A.U. is more divided than ever, but it’s not over refugees. “You have all these calls for unity but actually… (it’s) over Morocco, the regional divisions and the ICC.”

  • African Union Elects Former Prime Minister Of Chad As New Chairman

    African Union elects By Dana Sanchez, 11:11 am

    Chad’s Moussa Faki Mahamat replaces South Africa’s Nkosazana Dlamini-Zuma, who is expected to run for president of South Africa in a bid to replace her ex, Jacob Zuma. Mahamat, 56, previously served as the chairman of the A.U.’s Economic, Social and Cultural Council. His boss, President Idriss Deby, has ruled Chad for 26 years. Kenyan Foreign Minister Amina Mohamed was Mahamat’s main rival in the final round of voting. She is one of the most vocal critics of the International Criminal Court.

  • Case-By-Case Approach For US Green Card Holders Under Trump’s New Travel Ban

    US green card holders By Staff, 11:27 am

    Legal permanent residents from three African countries who hold U.S. green cards may not be able to return to the U.S. if they are traveling abroad, according to new rules imposed by Donald Trump. A travel ban affects travelers with passports from Libya, Somalia, Sudan, and four other Muslim-majority countries. Confusion abounded at airports as immigration and customs officials struggled to interpret the new rules, with some legal residents who were in the air when the order was issued detained at airports upon arrival. An official argued the pause on travel is a response to concerns that immigration and refugee programs are being abused.

  • Are Ethiopian Shoemakers Competing With China To Manufacture For US Markets?

    Ethiopian shoemakers competing with China By Dana Sanchez, 10:35 am

    Ethiopia’s shoe-making industry is getting more attention in the U.S., where 87 percent of imported footwear is from China. A local group of 10 Ethiopian leather and footwear manufacturers have joined forces to supply footwear products destined mainly for the U.S. It’s part of a pioneering effort to persuade global buyers that Ethiopia is an alternative sourcing market to Bangladesh and Vietnam. Ten major brands visited Ethiopia recently. Most are are represented by the 1,000-member American Apparel and Footwear Association.

  • She’s There When African Governments Turn Off The Internet: Meet The Lawyer Advancing Facebook In Africa

    lawyer advancing Facebook in Africa By Staff, 1:01 am

    Some describe Ebele Okobi, 42, as Facebook’s secretary of state for Africa. Last year, at least 11 African governments shut down the internet for various temporary reasons. Where there are shutdowns, there is Okobi. Perhaps the most controversial aspect of her work is Free Basics, the Facebook-driven platform that provides a free version of the internet. Telecos in 22 African countries provide it. Facebook can control what is accessible, and many have criticized it for creating different classes of internet access. For its part, Facebook says half of all Free Basics users convert into paying internet customers within a month.

  • How Rwandan Aviation Is Moving The Country Closer To Conference Hub Status

    Rwandan aviation By Dana Sanchez, 1:01 am

    Rwanda has scheduled a string of aviation events this year that it hopes will help bolster its growing tourism sector. The country has a new convention center to host such events. In July it celebrated the opening of Kigali’s new $300-million five-star Radisson Blu Hotel & Convention Centre. More than 2,700 aviation experts are expected to attend five major international aviation events that include Aviation Africa 2017 and Africa Airport Summit. Kigali International Airport was ranked third-fastest growing in Africa in 2016.

  • Which Pension Funds Are Investing In African Infrastructure?

    pension funds are investing in African infrastructure By Dana Sanchez, 2:50 pm

    About 90% of managed assets are concentrated in four countries including South Africa and Nigeria. SA leads, thanks to rules that allow them to invest 10% of assets through private equity. Nigeria is held back by trust issues. “The thought of using our pension fund for investment in public-sector infrastructure development is highly frightening given the well-known penchant for mismanagement inherent in public-sector institutions in Nigeria,” the Nigerian Labour Congress says. Pension funds are ideal for driving inclusive growth and social stability through long-term projects such as infrastructure, says consultancy firm RisCura.

  • ‘This Is Huge’: Nigeria Seizes Africa’s Richest Oilfield From Shell, Eni In Corruption Investigation

    Shell, Eni in corruption investigation By Dana Sanchez, 12:54 pm

    A Nigerian court has ordered petroleum giants Shell and Eni to temporarily forfeit assets and control of a massive, long-disputed oilfield to the government. The OPL 245 bloc is considered the richest in Africa — big enough to provide all Nigeria’s oil production needs for 11 years. Shell and Eni bought the bloc in 2011 for $1.2 billion knowing it was a fraudulent transaction, the petition said. The government is investigating conspiracy, bribery, official corruption and money laundering. “Generations of Nigerians have been robbed of life-saving services while oil men have grown rich at their expense,” an anti-corruption NGO said.

  • ‘Most Luxurious Ship Ever’ To Cruise Rarely Traveled Africa Route

    cruise rarely traveled Africa route By Staff, 9:33 am

    What’s been billed as the world’s most luxurious cruise ship, the 750-passenger Seven Seas Explorer, in 2018 will operate a voyage down the west coast of Africa — rare in the cruise world. The voyage will bring one of the priciest cruise ships in the world to one of the globe’s poorest regions. The per capita income of many of the countries on the itinerary is less than $2,000 per year. The most expensive luxury ship ever built, it features some of the largest, most elaborate accommodations at sea, including a 4,443-square-foot suite — nearly 50% larger than the average home in the U.S. The ship spa is operated by Canyon Ranch.

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