Zimbabwe: Latest News
Dana Sanchez, 11:56 am
MTN making a bid to buy Barclays Africa assets might sound far-fetched and ridiculous – but an MTN bank with operations in 14 African countries would shake up both the cellular and financial services industries. MTN has a track record in integrating big assets. Two new hires at MTN include top-ranking executives with heavy banking experience. Building its own fintech solutions would be expensive for MTN. The trend is for fintech startups to partner with banks rather than telecoms.
Dana Sanchez, 9:02 am
Zimbabwe has had several national shutdowns since 2000. This one is different. It wasn’t called by any one opposition political party. Anger is growing in the country as cash shortages intensify. Bond notes are expected to be introduced soon, prompting fears of hyperinflation, which wiped out savings and pensions in 2006 to 2008. A ban on imports is cutting off an economic lifeline for many families. And calls are mounting against abuses by law enforcement.
Peter Pedroncelli, 8:47 am
The South African Football Association has made it clear that both the men’s and women’s Olympic football teams need to progress to the knockout stages of their respective tournaments in Rio in order to appease their expectations. The men’s and women’s teams from South Africa managed to qualify for the 2016 Olympic Games, and will be competing in Brazil
Dana Sanchez, 3:25 pm
A new Australian-led venture, West Wits Mining, is trying to reopen the Durban Deep mining area. Durban Deep was mined until 2001 when it was shut after a failed merger. The shafts were plugged, leaving an estimated 12-million ounces unmined. Out-of-work miners and illegal immigrants moved in, trying to eke out a living in a Wild West scenario run by organized crime gangs. South Africa still has more gold underground than has been mined. The potential of Durban Deep’s size and wealth blows the geological mind, said an Australian specialist.
Lillian Mutiso, 5:43 am AFKI Original
2015 was a big year for big deals in Africa. But 2016 is shaping up to be even bigger with deal-makers in the regions M&A market expecting a high level of activity to continue this year, as companies look for ways to build their business in a slow-growth economy by acquiring or merging with other firms. In private equity, the level of investment in sub-Saharan Africa is also expected to be more than that of 2015 as more investors score the regions for better deals.
Staff, 4:21 pm
Japan’s diplomatic overtures toward Zimbabwe occur at a time when North Korea’s longstanding African alliances are being challenged by South Korean President Park Geun-hye’s recent sub-Saharan African tour and offers of investment. The defection of Uganda from Pyongyang’s security umbrella after Park’s visit demonstrated to Japanese policymakers that sustained diplomatic outreach can convince even North Korea’s strongest allies to comply with international sanctions.
Keren Mikva, 6:44 pm AFKI Original
Inspired by an MIT event in Lagos, Ogunlana Olumide and Chukwuwezam Obanor created PrepClass, software designed to help Nigerian students prepare for tests online. In addition to providing online test prep, the company employs over 100 tutors who travel to students’ homes to teach one-on-one. The personalized approach has been successful, and company revenue is up 1400 percent.
Dana Sanchez, 6:12 pm AFKI Original
This is a story of overcoming adversity, of taking on one of the world’s most respected institutions (the U.N.) and winning, and how a Somali entrepreneur turned a $200,000 windfall into a global remittance business valued at $500 million. Ismail Ahmed is CEO of WorldRemit, a U.K.-based online money transfer service. This is how he got from Somaliland to this week being named London’s newest Ernst & Young Entrepreneur Of The Year.
Keren Mikva, 4:50 pm
It’s the fourth-longest river in Africa, and vital to the economies of countries it runs through. The fertile Zambezi river basin plays host to a vast variety of wildlife, including crocodiles, lions, and hundreds of bird species. While some species are protected, hunting safaris are common. But areas once considered protected are also being exploited for mining. Australian-owned company Zambezi Resources received a 25-year license to mine for copper in the Lower Zambezi National Park.
Kevin Mwanza, 5:59 am
London-based Liquid Telecom, a subsidiary of Econet Wireless Global, has acquired South Africa-based communication network operator Neotel for about $430 million effectively creating the largest independent internet broadband operator in Africa. The deal, which is still awaiting regulatory approval, will make Liquid the “largest pan-African broadband network” with over 40,000 kilometres of internet fibre across 12 countries on the continent
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