Mauritius: Latest News
African governments have tried to limit and stop its use, but marijuana remains deeply ingrained in African traditions, economies and recreation. It is an important source of income, but is illegal everywhere in Africa. Tolerance and enforcement vary from country to country. There’s a growing belief that with the proper regulations, marijuana should be legalized for the greater good. AFKInsider compiled a list of African countries and ranked them for marijuana tolerance. We’ve also provided a list of most marijuana-friendly countries in the world as a basis for comparison.
Staff, 12:01 am
Collectors say they’re taking a closer look at contemporary African art now because the continent’s whole scene is making a seismic break with tradition. In South Africa, at least four collectors are planning or building contemporary art museums. Former Puma chairman Jochen Zeitz is converting a 1920s grain silo on Cape Town’s harbor to a nine-story museum to exhibit his vast African art collection. His Zeitz Museum of Contemporary Art opens next February.
Dana Sanchez, 6:36 pm
Banks are waking up to bitcoin and the blockchain and its ability to transform banking, an expert says. But not quickly enough. “The coding behind virtual currency bitcoin could … prove to be enormously transformational, potentially even replacing the SWIFT network for interbank payments.” African blockchain-related startups will pitch new products in sectors ranging from remittances to renewable energy at the SWIFT African Regional Conference in Mauritius on May 18.
Dana Sanchez, 2:22 pm
Liberia does not conform to the definition of a tax haven and is not considered one by France and the U.S., the Liberian government said in response to a report last week that the West African country is about to be blacklisted on an E.U. tax haven blacklist. While the E.U. collects information on how its member states view other jurisdictions, it has not engaged in any action against tax havens. In response to the Panama Papers data leak, that may change. Three out of four companies doing business with World Bank funds in sub-Sahara used tax havens, according to anti-poverty group Oxfam.
Dana Sanchez, 3:19 pm
At least seven investors said they’re interested in buying part of Barclays’ stake in Africa. The bank said it expects to maintain single-digit loan growth this year with the rest of its African operations expanding faster than South Africa. Revenue continued to improve and growth in the rest of Africa is well above that of South Africa. What happens to Barclays in the future could depend a lot on what the South African Reserve Bank wants, one investment manager said.
Kurt Davis Jr., 8:45 am AFKI Original
South African commodities will likely feel more pain in the second half of 2016. Some argue that a potential sale of Barclays Africa is influenced by the significant drop in its value relative to the rand and the subsequent effect on the JSE. Customers in Africa, at the end of the day, all want better access to financial services. Banks must be efficient, competitive and reduce cost to retail customers in mature and immature markets. That would benefit the entire continent, not simply Southern Africa.
Dana Sanchez, 9:10 pm
Several cities in Africa rank among the world’s most expensive, reflecting high living costs and high prices of goods for expats. Luanda (No. 1) remains the most costly city in Africa and the world, followed by N’Djamena (No. 10), Victoria (No. 17), and Libreville (No. 30). Below we’ve ranked 13 cities in Africa with the lowest cost of living. South Africa made it onto this list twice. No. 1 on this list — the city in Africa with the lowest cost of living — ranked No. 206 out of 207 countries, only slightly more expensive than Bishkek, Kyrgyzstan.
Dana Sanchez, 1:34 pm
Marriott International, already the largest hotel chain in Africa, is continuing to expand on the continent and plans to build its first hotels in seven African countries between now and 2025. In 2014, Marriott acquired South Africa’s Protea hotels. In January, it said it would merge with competitor Starwood in a $12.2 billion deal that will make the U.S.-based corporation the largest hotel chain in the world. The buyout is expected to be complete in mid-2016.
Dana Sanchez, 10:54 am
Investment in HIV/AIDS treatment is paying off. From 2000 to 2015, all sub-Saharan African countries saw life expectancy rise. Seven African countries are notable for their health care systems. This provides an upbeat alternative to the gloom of the Africa falling narrative that questions the growth of Africa’s much-hyped rising middle class and charges African leaders with poor governance.
Peter Pedroncelli, 5:52 am
New FIFA president Gianni Infantino has suggested that Africa should receive two more World Cup qualification spots if his plan to expand the flagship competition from 32 to 40 teams is successful. Swiss UEFA Secretary General Gianni Infantino was elected as the new FIFA president at the end of February, and began working for world football’s governing body with immediate effect.
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