Uganda: Latest News
Tom Jackson, 4:36 am AFKI Original
With their links to industry, access to research, and top drawer facilities, universities can be a catalyst to a Silicon Africa. This is not something that has been the case too often, thus far at least. But, in certain cases, such as the C4DLab at the University of Nairobi and the LaunchLab at Stellenbosch University, universities are realizing they have an important part to play
Derek Dias, 9:47 am
From 1549 until 1875, Jolof or Wolof, was a powerful kingdom in what is now Senegal and Gambia. In 1875, the theocratic Imamate of Futa Jallon brought jihad upon its neighbor. The kingdom never recovered and the French took over soon after. C’est la vie. The next time you eat Jollof rice, you can thank this kingdom. Not enough people besides history buffs know about the great empires, kingdoms, and sultanates of Africa. Here are some of the great African empires you may never have heard of.
Dana Sanchez, 5:28 pm
Bids from other consortiums including one led by South Africa’s Public Investment Corporation and Dubai-based Abraaj Group haven’t materialized. The Barclays Africa stake that is for sale is valued at about $4.3 billion. South Africa’s PIC manages pensions for government employees and is Africa’s largest money manager with about $13.5 billion in assets. In May it said it’s forming a group of black investors to ensure Barclays Africa remains in local hands.
Staff, 3:13 am
African private equity is having its moment in the sun, with pension funds on the continent ready to invest in their own backyard as investment banks continue to retreat from lending and domestic strategies mature. Sources cited East Africa as “hot.” Countries such as Tanzania, Kenya, Ethiopia and Rwanda were mentioned as offering emerging opportunities in private equity, while Nigeria
Dana Sanchez, 6:05 pm
In a closed-door meeting at this week’s U.N. General Assembly, Netanyahu said he plans to visit West Africa later this year, “but I don’t intent to limit myself to East Africa or West Africa. Israel is looking at all of Africa,” he said. “And I hope that all of Africa looks at Israel.” Energyia Global Capital, a Jerusalem-based solar enterprise, launched East Africa’s first solar field in 2015 in Rwanda. The company is prepared to invest $2 billion in Africa over the next four years through Obama’s Power Africa program. The goal is clean electricity for 50 million people by 2020.
Kevin Mwanza, 8:17 am
Uganda will build East Africa’s first ever gold refinery by the end of this year after Africa Gold Refinery Limited (AGRL), a local mining company, announced plans to set up the plant in Entebbe, south of the capital Kampala. The refinery will cost $20 million to build and will have a production capacity of one ton of pure gold per month. It will be supported by Tony Goetz & Sons N.V., a Belgium investor.
Godfrey Olukya, 10:26 am AFKI Original
Rwandan trader Pierre Ndimwibo exports raw materials and imports electronic devices. Eliminating barriers like roadblocks and weigh stations will help his profits and grow his business, he said. East African Community members agreed on Jan. 14 to no new non-tariff barriers. Now they want all non-tariff barriers removed. It will save up to 20% of the time it take to import and export goods. Cross-border traders are all for it — if it ever actually happens.
Kevin Mwanza, 7:44 am
Dangote Cement, owned by Africa’s richest man, Aliko Dangote, now controls 22 percent of the market in Tanzania since it launched operations in June as its low cost cement continues to upset companies that have for years dominated the East African market. Lafarge Holcim of France which is the biggest producer in Africa controls the biggest share of the East African market with a 27 percent; Tororo Cement of Uganda has 21 percent; while ARM Cement has 17 percent.
Kevin Mwanza, 8:53 am
Swiss oil companies have blamed African governments for failure to invest in modernizing their refineries and newer vehicles, leading to the spread of respiratory diseases across the continent’s population. Watchdog group Public Eye accused the downstream fuel traders of deliberately selling low-quality oil and gas fuels to African markets, which increase air pollution leading to respiratory diseases and early deaths.
Staff, 8:39 am
Many private equity firms exert more control on the companies they invest in than African entrepreneurs are comfortable with. Businesses built by African entrepreneurs are usually local. Local political patronage and connections often sustain them. The Dangotes, Elumelus and Thakkars are the exception. The majority of African entrepreneurs will continue to rely on debt capital – even at rates close to 30%. That may be another opportunity for foreign firms looking to Africa.
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