Date Archives for 2017
Peter Pedroncelli, 5:29 am
The Democratic Republic of Congo may soon conclude a deal that will see the country import power from South Africa, with Congolese state-owned power company SNEL set to agree on a proposal for around 200 megawatts of power-supply. Africa’s largest copper producing nation would be able to boost copper production in 2017 by as much as 20% if the deal with Eskom is realised, the country’s chamber of mines revealed. The power utilities from both countries have been in meetings during the past week in Johannesburg to iron out the initial details of the proposed deal.
Peter Pedroncelli, 4:27 am AFKI Original
Morocco will be home to the world’s largest concentrated solar power plant when it is fully built in 2018, producing enough energy to power over a million homes in the country once it is completed. The Noor Complex will lower carbon emissions by an astonishing 760,000 tons per year when it is fully operational. The first of four phases was completed in February 2016, with the Noor 2 CSP and Noor 3 CSP still under development – it is around 75 percent built at this stage. The fourth phase of the project was launched by Morocco’s King Mohammed VI this month.
Peter Pedroncelli, 9:33 am
In the interests of reducing inequality and poverty within the African continent in the long-term, and avoiding the growth of populism across Africa, the G20 countries, headed by Germany, are pushing for a plan that will increase private investment and infrastructure development in Africa. Speaking at a forum on global infrastructure at the Inter-American Development Bank in Washington, German finance minister Wolfgang Schaeuble set forth a proposed scheme that will see various G20 member countries and international lenders partner with African countries in order to attract global investors.
Kurt Davis Jr., 2:00 am AFKI Original
Short-term volatility and uncertainty in the African growth story create opportunities for hedge funds. Hedge funds generally operate more flexibly than private equity, and they have the creativity to generate bond-like returns that outpace inflation. Critics say hedge funds have limited liquidity in an opaque world. The riskiest play — but with big returns — is in agriculture and land. Where land is for sale in Africa, investors are making a play for a limited resource, especially when it’s arable, ripe for production or ideal for commercial and residential construction.
Staff, 5:34 pm
South African food giant Pioneer said the deal would have created Africa’s largest consumer goods company. The deal was 95 percent finalized when the country’s foreign-currency debt was downgraded to junk by S&P and Fitch. The downgrade followed Zuma’s cabinet reshuffle and removal of Finance Minister Pravin Gordhan. It’s not clear what impact the downgrade will have on M&A in South Africa. With economic conditions expected to worsen, companies could struggle and could go through a period of distressed sales.
Staff, 3:59 pm
Wind and solar power in Africa are short-term solutions that cannot fix serious, immediate problems. African cities need abundant, reliable electricity, and they need it now. Wind and solar do not equal real economic development or really improved living standards. African governments need to stand up to Europeans, global banks and environmentalists who oppose big power plants in Africa. Our leaders need to remember that Europe and the U.S. did not have a World Bank or other outside help when they modernized and industrialized. They did it themselves.
Staff, 2:42 pm
Huarong Zhang is chairman of Huajian Group, whose Chinese factories make shoes for Ivanka Trump, Nine West, Michael Kors and other Western brands. This week, Zhang brokered a $ 1.5 billion deal with the Nigerian government to build a shoe factory Nigeria. Huajian already has a shoe factory in Ethiopia manufacturing more than 2,000 pairs of shoes a day that are exported to the U.S. and European markets. Huajian produces 12 million pairs of shoes a year, mostly high-end brands for European and U.S. markets. They typically sell for at least $100 a pair in the U.S.
Tom Jackson, 12:36 pm AFKI Original
Across Africa, banks are choosing to work with startups rather than compete against them. Citibank has run mobile challenges in Nairobi, Standard Bank has incubators in South Africa, and Barclays has just selected its second cohort in its Cape Town-based accelerator. Fintech startups are reimagining the concept, delivery and consumption of financial services in ways banks have been unable. However, such companies lack the financial clout and access to customers to ensure mass uptake of their solutions. Banks can offer them this.
Peter Pedroncelli, 5:36 am
The World Bank Group has committed to supporting the growth of Africa’s digital economy with the launch of XL Africa, a business acceleration initiative that will provide a raft of benefits for the 20 most promising startups in sub-Saharan Africa over the next five months. African digital entrepreneurs will have an opportunity to be mentored by various global specialists, increase their visibility on the continent and receive access to corporate partners and investors.
Dana Sanchez, 9:40 pm
Mastercard hopes to roll out fingerprint payment cards globally by the end of 2017. South Africans’ willingness to try new technology and their familiarity with using biometrics for identification made the country an ideal market to test the payment cards. They’ll work with any card terminal around the world that accepts embedded chip technology. In the U.S., embedded chips are increasingly popular. Regulations make merchants and financial institutions liable for breaches resulting from a lack of support for chip-and-pin cards. Some merchants won’t have to get new equipment to accept fingerprint-enabled cards.
- Real Estate