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Date Archives for July 2016

  • Nigeria Wants To Emulate Iran’s Booming Economy By Diversifying

    Nigeria wants to emulate Iran's booming economy By Staff, 12:20 am

    The Islamic Republic is in the midst of a non-oil export boom. Its economy is in transition and has a large public sector. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange, one of the best-performing exchanges in the world over the past decade. Iran is considered an energy superpower with 10 percent of the world’s proven oil reserves and 15 percent of its gas reserves.

  • Zimbabwe Pushes For Diaspora Bonds: Remittances Are No. 2 Source Of Liquidity

    Zimbabwe pushes diaspora bonds By Staff, 12:02 am

    In 2015, remittances from the Zimbabwean diaspora were US$935 million — more than the country gets through foreign direct investment. Diaspora remittances could reach US$1.5 billion by the end of 2016. The government is exploring issuing diaspora bonds to entice the diaspora community to inject more money into the economy. About 2 million Zimbabweans live abroad, mostly in South Africa and U.K.

  • Ecobus Runs On Vegetable Oil. It Also Runs On Time, Something Other Cabo Verdean Minibus Operators Find Threatening

    Ecobus runs on vegetable oil By Ann Brown, 12:01 am AFKI Original

    In the capital city of Cabo Verde, transportation can be disorganized, even chaotic. Fáron Peckham, a transplanted New Yorker, saw a business opportunity. He began his Ecobus taxi company on the island of Santiago to try and bring some order to the chaos. If you’re a taxi company, using free renewable energy while running on schedule sounds like a great idea that solves several problems. But some of the other taxi operators didn’t like it.

  • Opinion: Ethiopian Mega-Dam Project Leaves Egypt High And Dry

    By Staff, 3:20 am

    Ethiopia sees the dam as vital to lifting a large segment of its more than 80 million people out of poverty. It also has ambitions to turn itself into “The powerhouse of Africa” by selling energy produced by the project. Successive Egyptian administrations seem to have been caught by surprise by Ethiopia’s determination to implement the GERD. The fact that the project is progressing – and has won the support of many of Egypt’s neighbours to the south – is also seen as an indication of Cairo’s waning influence in Africa.

  • South Africa Lost Half A Million Jobs In First Half Of 2016 – Employment Data

    By Staff, 3:08 am

    South Africa has shed almost half a million jobs in the first half of the year – with things not looking like they will improve any time soon as the country heads for 0% growth. Employment data released by Stats SA on Thursday showed that South Africa’s unemployment figures dropped slightly from 26.7% to 26.6% – however 129,000 jobs were still lost in the quarter. In the first quarter of the year, 355,000 jobs were lost, taking the total to just under half a million (484,000) with prospects for the second half of 2016 looking bleak.

  • Why Young Africans Are Swapping The Office For The Family Farm

    By Staff, 2:45 am

    Farming has an unglamorous image across Africa. But this might be changing – the BBC’s Sophie Ikenye met some young professionals who packed in their office jobs and moved back to the family farm. Six years ago Emmanuel Koranteng, 33, gave up his job as an accountant in the US and bought a one-way ticket to Ghana. He now has a successful business growing pineapples in a village one-and-a-half hours away from the capital, Accra. He says that even when he was far away from the farm, it was always in his thoughts.

  • World Bank Suspends Funding For Africa’s Largest Power Project

    Africa’s Largest Power Project By Staff, 2:27 am

    The US$14 billlion Inga 3 power project in the Democratic Republic of Congo (DRC) may be in jeopardy after the World Bank suspended its funding. The bank said that it withdrew its funding on Monday July 25 following disagreements over the “strategic direction” of the project. “This follows the Government of DRC’s decision to take the project in a different strategic direction to that agreed between the World Bank and the government in 2014,” the bank said in a statement.

  • Turkey Coup Clampdown Extended To Nigeria, Wants 17 Colleges Closed

    Turkey Coup Clampdown By Staff, 1:48 am

    The Turkish Ambassador to Nigeria, Hakan Cakil, has called on the Nigerian Government to close 17 Turkish schools in Nigeria for their alleged links with a movement his government says was involved in the July 15 failed coup attempt in Turkey. The ambassador, who made the call when the vice chairman, Senate Committee on Foreign Affairs, Shehu Sani, paid him a courtesy visit, said the Turkish Government had nothing to do with the schools.

  • Africa On A Plate: The Flavors Of Dar Es Salaam

    flavors of dar es salaam By Karen Elowitt, 7:00 pm

    Discover the culinary variety and diverse tastes of Dar es Salaam with celebrity chef Lentswe Bhengu, in the latest edition of Africa on a Plate from The Africa Channel. His quest is to learn about what the people eat, why they eat it, and how it all began. Watch as he digs into street food, visits the fish market, learns about Swahili fusion cuisine, and makes a inspired meal.

  • Going Green: Rockefeller Fund Set To Blow Away Fossil Fuels, Build African Wind Farms

    African wind farms By Dana Sanchez, 6:33 pm

    U.S. entrepreneur John. D. Rockefeller founded Standard Oil and became the world’s richest man, revolutionizing the petroleum industry. Now his descendants are spending his money on a disruptive energy technology. “Teaming up a leading independent renewable power developer with a foundation started by members of the family that effectively founded the global oil industry, is a significant moment in the world’s transition to a new power system based on clean energy,” a stakeholder said.

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