Botswana: Latest News
Julia Austin, 9:04 am AFKI Original
The Angolan diamond industry barely existed during the 1975-2002 civil war, but Angola caught up. The industry is on track to be worth $7.5 billion by 2018. Angola is trying to attract international investment. The CEO of the government-owned diamond company Endiama says 90 percent of Angola’s diamonds have yet to be discovered. Diamonds are a vital source of foreign exchange for cash-strapped African countries.
Dana Sanchez, 6:14 pm
There’s a strong case for nonstop flights between Cape Town and Miami, according to South African and U.S. business stakeholders. The U.S. is the No. 1 foreign direct investor in the Western Cape province, its third largest tourism source market, and the fifth largest buyer of Western Cape products. Miami is the fourth largest U.S. market with over 1.9 million residents and pent up demand for direct flights to Cape Town, said Abigail Ellary, director of Enterprise Florida.
Kevin Mwanza, 5:03 am
US-based global fast food giant Kentucky Fried Chicken (KFC) will shut down all its 12 outlets in Botswana this week bringing to an end a two-decades operation in the Southern African nation. VPB Propco, franchisee for KFC Botswana, said it had been trying to the sell the restaurant chain for the past year without success and the only option left was to shutter its 12 stores by the end of this week, cutting 400 jobs
Staff, 5:07 am
International fast food outlet, Kentucky Fried Chicken, has closed its franchise in Botswana rendering over 400 employees jobless. This was contained in a statement that was issued on Friday by VPB Propco, the franchise of KFC in Botswana, which announced that it would cease operating by next week. The statement said: “Such a step is always for us, a final resort, and during the course of the last 12 months, we worked tirelessly to seek an alternative.
Dana Sanchez, 8:40 am
Botswana has the third highest HIV rate in the world after Lesotho and Swaziland, and was the first country in sub-Saharan Africa to provide universal free antiretroviral treatment. Its very high rates of HIV diagnosis, treatment, and viral suppression are better than most Western countries including the U.S. Glaxo said in March it would no longer seek patents for medications launched in low-income or least-developed countries. Botswana is a middle-income country.
Julia Austin, 5:36 pm AFKI Original
South Africa has just under 56 million people and is home to the largest European-descended population in Africa. Of the white population, 61 percent speaks Afrikaans and over 30 percent speaks English. The country was under Dutch and British colonization. South Africa’s white population isn’t all affluent. More than 400,000 white South Africans are thought to live in poverty and the country has around 80 white squatter townships for Afrikaans-speaking whites.
Kurt Davis Jr., 12:35 pm AFKI Original
Competing consumer and developer interests are finding middle ground in some African countries and striking out in others. Low energy prices are the most desirable political outcome, but investment slows or is avoided altogether below a certain price threshold. Short term, coal will remain a vital part of African power generation. But the potential for investing in Africa’s renewable energy market shouldn’t be ignored.
Dana Sanchez, 3:29 pm
As of 2016, Mauritius has the highest per capita GDP in Africa, with 5.7 percent growth predicted in 2016-2017. Its stock exchange is widely regarded as one of the best in Africa for a country of 1.2 million. There’s an entire business strategy known as “the Mauritius Route” used by investors as a conduit to connect them to Indian markets. In fact, 39.6 percent of foreign direct investment to India between 2001 and 2011 made its way via Mauritius. However, this money does not pass through Mauritius in a vacuum.
Lillian Mutiso, 5:07 am AFKI Original
Most sub-Saharan African countries have poorly detailed tax legislation and interpretation of their tax guidelines is sometimes ambiguous. But a few countries have managed to position themselves as tax havens for foreigners. Mauritius and Seychelles are among the most prominent. Foreign individuals or businesses are taxed at low rates. Some tax havens help people to legally hide money with little or no government oversight from their home countries. If there are records of transactions, these may not be available to other governments or tax agencies. Here are some other African countries that have achieved tax-haven status but are somewhat under the radar.
You won’t find an African country among the world’s top 25 performers for innovation, but several low-income African countries are outperforming their peers based on GDP, earning the designation “innovation achievers.” Co-published by Cornell University, the World Intellectual Property Organization, and A.T. Kearney, the Global Innovation Index goes beyond traditional measures of innovation such as research and development.
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