Date Archives for March 2016
Staff, 7:16 pm
South Africa gave its first stock exchange operating licence in over 100 years to the ZAR X Stock Exchange. ZAR X will compete against the Johannesburg Stock Exchange (JSE), and will begin trading Sept. 1. The new exchange is South Africa’s second. JSE is Africa’s biggest and most liquid stock market. “The ZAR X model is world leading and significantly reduces settlement risk as all transactions are pre-funded,” according to ZAR X.
Joe Kennedy, 6:30 pm
Rainstorms in Africa come in many forms. They can involve a cool, coastal drizzle coming over Table Mountain in Cape Town, a tropical downpour on a Mauritian beach, or a towering thunderstorm unleashing itself on the Tanzanian savanna. But no matter how the rain arrives, it’s usually outstandingly beautiful. Here are some incredible photos of rainstorms in Africa.
Dana Sanchez, 5:57 pm
In an effort to stimulate demand for platinum beyond jewelry and catalytic converters, the world’s No. 2 platinum producer, South Africa’s Implats, is setting an example in renewable energy. The company announced today that it plans to power its 22-megawatt refinery using fuel cells, which contain the precious metal. Slowing industrial demand and increased recycling have pushed platinum prices down more than 50 percent since their 2008 peak.
Dana Sanchez, 3:22 pm
Mauritius-based Mi-Fone says the temporary injunction is a victory for small business and for African brands fighting to compete with large non-African brands. Mi-Fone is the original holder of the Mi trademark in Nigeria, the court ruled. Chinese mobile phone manufacturer Xiaomi is the world’s fourth-largest smartphone maker, the fifth-largest by sales volume, and it also has “mi” in its name.
Dana Sanchez, 1:55 pm
The U.N. says an estimated 4,000 people leave Eritrea every month. The Eritrean government says that number is distorted by Ethiopians and other nationalities masquerading as Eritreans in the hopes of getting asylum in Europe. The government hopes three new mines will jump-start the economy when they go into production in the next two years. At least 14 foreign firms are exploring near Eritrea’s active mines.
Dana Sanchez, 12:21 pm
Shell is the biggest Western investor in Nigeria’s oil sector, and has been doing business there for 80 years. Although the company sold some onshore assets in the Niger Delta that have been subject to attacks and theft, almost 10 percent of its output in 2015 was from Nigeria. Shell paid less than half of the $1.3 billion acquisition price for a 50 percent stake in a potentially lucrative oil field off the Nigerian coast. Shell made large investments developing the field. Italian prosecutors are investigating the deal to see if the payment constituted a bribe.
Kevin Mwanza, 10:07 am
The South African rand gained on Thursday after the country’s constitutional court ruled that President Jacob Zuma should pay back a portion of public money spent on contentious security upgrades at his rural Nkandla home. The rand strengthened by about one percent to touch 14.74 to the US dollar immediately after the ruling was passed at 11 AM, but lost some of its gains to settle at 14.80 by mid-day.
Joe Kennedy, 9:53 am
For most visitors, Morocco is a land of exotic enchantment, with busy souks, sunny weather, and a culture that is unlike wherever they happen to come from. Most of these things are certainly part of the appeal, but there are other, more surprising things that come along with it. Although the country is one of the most popular tourist destinations in Africa, there are plenty of things the travel brochures don’t mention that continue to surprise foreigners.
Julia Austin, 9:40 am AFKI Original
Rwanda is one of the top coffee producers in Africa. Bourbon Coffee opened in 2007 and has expanded to eight locations in Rwanda and the U.S. The company uses eco-friendly practices to make their coffee, and gets its beans directly from Rwandan farmers. Its ethical processes make it attractive to international markets. Ironically, Bourbon took over an old Starbucks location in Washington. Check out 8 African coffee shops that could give Starbucks a run for its money.
Staff, 6:56 am
While the oil price stays low, the oil stays in the ground. But not for long. Home to some of the biggest oil and gas discoveries in recent years, Africa is under explored and its untapped hydrocarbons reserves are enormous. As the oil price plummets, now is the time to invest in new acreage and guarantee future reserves in anticipation of an eventual market rebound. Competition, especially among the lesser explored countries, to attract exploration and foreign capital is stiff.
- Real Estate