Markets: Latest News
Uganda Could Be 1st African Country To Regulate Digital Currencies. Bitcoin Africa: What To Expect In 2017By Dana Sanchez, 4:52 pm
Some African countries have openly criticized bitcoin use. Others have taken a wait-and-see approach. Bitcoin enjoyed a rally in 2016 that’s beaten every major currency, stock index and commodity contract, surging 15 percent during Christmas week alone. Bitcoin transactions increased more than tenfold in Kenya in 2016, according to LocalBitcoins, the world’s largest online bitcoin trading marketplace. In 2017, Uganda could be the first African country to regulate digital currencies.
Dana Sanchez, 1:19 pm
Hardly a day goes by when US. marijuana attorney Hilary Bricken does not get a call from someone overseas (often South Africa) asking about cannabis real estate opportunities in the U.S. With plans underway to legalize medical marijuana in South Africa, locals there hope to come up with alternative products that costs less and benefit the country more than Western treatment counterparts. South Africa is a major player in the global cannabis industry, producing a top strain — Durban Poison “The (South African) economic implications are absolutely astronomical if you look at what is going on in the rest of the world,” a local stakehoder said.
Dana Sanchez, 1:36 pm
In future, insurers, asset managers and banks are likely to benefit from the innovation revolution taking place in financial technology, which is creating new means of distribution. Partnerships will be key in reaching new customers, especially in parts of Africa where insurance premiums are being built into mobile subscriptions. “For insurers, the need to drive the distribution model and mobile platforms can fundamentally help,” an EY leader says.
Dana Sanchez, 11:41 am
Europe’s largest automaker is expanding in Africa, hoping to open an auto assembly plant in Rwanda and also pilot ride-hailing and car sharing services. VW’s move into “app-based integrated mobility” in Rwanda is significant for two reasons. It’s happening in an African city and it’s a new business model for future urban mobility. Rwanda does not have an established vehicle industry and Uber hasn’t entered the market yet. VW isn’t just competing with Uber. Other ride-hailing services are looking for new markets in Africa.
Kurt Davis Jr., 4:29 pm AFKI Original
A sense of what Zimbabwe can expect post-Mugabe. Partnership in the fight against terror for Tunisia. Better strategies combating poverty and HIV in Swaziland. These are just a few of the wishes that a U.S. investment banker visualizes for African countries as the old year winds down and 2016 gives way to 2017.
It’s Back: South Africa Invites Foreign Financing ‘Solutions’ On Nuclear Fleet, Cites Koeberg SuccessBy Dana Sanchez, 12:46 pm
Nuclear fleet South Africa – it’s back. After many delays, SA has invited foreign financing solutions, formally jumpstarting its stalled nuclear build program. It put out a request for information from potential foreign contractors. Despite public protests, the government wants to build a new fleet of nuclear power stations. A RFP was delayed following reports that Russia had already secured the deal. France, U.S., China and South Korea are interested too. One thing SA has on its side is experience.
Kurt Davis Jr., 10:11 am AFKI Original
It is the end of the year, a time when companies close the books and forecast 2017. As African governments roll out 2017 budgets or budget adjustments, it’s an ideal time to take an early look at the two gigantic problem countries — sub-Saharan Africa’s second- and third-largest economies. A sustained low oil price could all but doom these African budgets and burden their economies. Will debt markets be willing to service Nigeria? President dos Santos said he is prepared to step down — not bad timing. Angola may be the giant taking the hardest punches.
Dana Sanchez, 12:45 pm
Coca-Cola and AB InBev are the world’s largest makers of soft drinks and beer, respectively. Africa is important for Coke because soft drink consumption continues to grow on the continent. Coke has not said why it decided to buy back the stake, but it might be in its best interest to avoid partnering with AB InBev, which has no experience in Africa. With little room left for AB InBev to grow meaningfully in beer, bankers speculate the deal-hungry mega brewer may eventually move into soft drinks. That could put Coke at the top of its list.
Dana Sanchez, 9:39 am
The Kenyan production facility will be Volkswagen’s third on the continent. Volkswagen hasn’t assembled cars in Kenya since the 1970s when it manufactured the Beetle model. Kenyans overwhelmingly buy second-hand imports. Used car sellers account for about 80% of total vehicle sales. VW is expanding in Africa to tap the enormous growth potential of the African new car market. The cars will be assembled in Kenya using vehicle kits imported from VW’s South African plant.
Dana Sanchez, 2:35 pm
The 26-acre Atlantis Resorts in Hawaii will be similar to the over-the-top Atlantis The Palm Dubai, which has a water park, aquarium, dolphin encounter and more than 20 restaurants. South African-born hotel magnate Sol Kerzner developed some of the country’s top hotel brands and helped put South African tourism on the map. Kerzner sold his stake in Kerzner International to a Dubai firm in 2014 but the company still bears his name. Other owners include investment banker Goldman Sachs and the L.A. investment firm Colony Capital.
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