Business: Latest News
Dana Sanchez, 3:50 pm AFKI Original
Trained as a pastry chef, Obado Obadoh learned his craft working for major Kenyan hotel chains. In 2011 he had an opportunity to buy out an existing restaurant. The result is Café Deli, Kenya. His secret to success? “Paying your debts,” he said. “When an investor or a bank gives you their money, just pay it back. They will trust you and help you in future.” Obadoh advises entrepreneurs not to get caught up trying to impress people with things they can’t afford. “I don’t … waste funds trying to live a life that’s not yet mine,” he said.
Dana Sanchez, 1:36 pm
In future, insurers, asset managers and banks are likely to benefit from the innovation revolution taking place in financial technology, which is creating new means of distribution. Partnerships will be key in reaching new customers, especially in parts of Africa where insurance premiums are being built into mobile subscriptions. “For insurers, the need to drive the distribution model and mobile platforms can fundamentally help,” an EY leader says.
Dana Sanchez, 10:40 am
Women must get a husband’s permission to obtain identity cards in at least two African countries. However there are many African countries where women have unequal access to property, land and tenure rights. This hinders women from contributing to their countries’ economic growth, the African Development Bank says. The finance institution was established in 1963 to contribute to African economic development and social progress. It provides financing to African governments and private companies. So how much money are we talking about? In 2015 alone, AfDB disbursed $8.8 billion US.
Staff, 8:50 am
Longtime Gambian ruler Yahya Jammeh took power in a coup 22 years ago. He lost the country’s Dec. 1 election, and initially conceded defeat, congratulating opposition leader Adama Barrow for his “clear victory.”Jammeh said, “I will help him work towards the transition. Then Jammeh changed his mind. The 15-country Economic Community of West African States (ECOWAS) is threatening military intervention with troops led by Senegal.
Dana Sanchez, 11:41 am
Europe’s largest automaker is expanding in Africa, hoping to open an auto assembly plant in Rwanda and also pilot ride-hailing and car sharing services. VW’s move into “app-based integrated mobility” in Rwanda is significant for two reasons. It’s happening in an African city and it’s a new business model for future urban mobility. Rwanda does not have an established vehicle industry and Uber hasn’t entered the market yet. VW isn’t just competing with Uber. Other ride-hailing services are looking for new markets in Africa.
Kurt Davis Jr., 4:29 pm AFKI Original
A sense of what Zimbabwe can expect post-Mugabe. Partnership in the fight against terror for Tunisia. Better strategies combating poverty and HIV in Swaziland. These are just a few of the wishes that a U.S. investment banker visualizes for African countries as the old year winds down and 2016 gives way to 2017.
Dana Sanchez, 2:32 pm
The U.S.’s National Basketball Association is on a fast track to build a brand in soccer-crazy Africa. The NBA held its first game in Africa in August 2015.
Now it’s launching its first African basketball academy for boys and girls. This will be the NBA’s sixth academy globally. This is its latest move to unearth talent from outside the U.S. and extend the league’s reach into new territories. Amadou Gallo Fall, the NBA’s vice president for Africa, is originally from Senegal.
It’s Back: South Africa Invites Foreign Financing ‘Solutions’ On Nuclear Fleet, Cites Koeberg SuccessBy Dana Sanchez, 12:46 pm
Nuclear fleet South Africa – it’s back. After many delays, SA has invited foreign financing solutions, formally jumpstarting its stalled nuclear build program. It put out a request for information from potential foreign contractors. Despite public protests, the government wants to build a new fleet of nuclear power stations. A RFP was delayed following reports that Russia had already secured the deal. France, U.S., China and South Korea are interested too. One thing SA has on its side is experience.
Kurt Davis Jr., 10:11 am AFKI Original
It is the end of the year, a time when companies close the books and forecast 2017. As African governments roll out 2017 budgets or budget adjustments, it’s an ideal time to take an early look at the two gigantic problem countries — sub-Saharan Africa’s second- and third-largest economies. A sustained low oil price could all but doom these African budgets and burden their economies. Will debt markets be willing to service Nigeria? President dos Santos said he is prepared to step down — not bad timing. Angola may be the giant taking the hardest punches.
Peter Pedroncelli, 3:45 am AFKI Original
Business magnate Sol Kerzner, 81, is the innovative property developer of Atlantis mega resorts in the Bahamas and Dubai, but it was South Africa’s Sun City that first propelled him to international fame. The legendary hotel and resort developer sold his family interests in Kerzner International Holdings to a Dubai firm in 2014, but it still bears the founder’s name. Kerzner International Holdings expects to manage its first U.S. resort — also an Atlantis property — in Hawaii. Here’s how he became a global icon.
- Real Estate