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  • 12 Things You Didn’t Know About South Africa’s New Finance Minister Malusi Gigaba

    Malusi Gigaba is a patron for Hope Hospice. Photo: BizNews By Peter Pedroncelli, 1:19 pm AFKI Original

    Following the turmoil of the last few weeks in South African politics, and an unpopular cabinet reshuffle imposed by president Jacob Zuma, the country has a new finance minister, with Malusi Gigaba now in charge of treasury. Popular previous minister Pravin Gordhan was axed from the role, and Gigaba is expected to fill the void left by the hard-working MP who Zuma saw as a threat. We take a look at 12 things you might not know about South Africa’s new finance minister, Malusi Gigaba.

  • Young Entrepreneurs Combine Web Savvy, African Tradition, In Kente-Colored Swimwear Line

    Kente-colored swimwear line By Staff, 4:02 pm

    When their Kickstarter campaign failed, a brother-sister team switched gears and ran a successful social media campaign selling Africa-inspired swimsuits online. Their swimwear prints include the Apremo-Canon pattern, a Kente design symbolic of resisting foreign domination — something Ghanaians fought beginning in the 15th century against English colonizers. The Ashanti Swimwear platform helps women in the diaspora and Africa dominate in the online e-commerce space so they can be location-independent, said British-Ghanaian Yasmeen Opare, co-founder of Ashanti Swimwear.

  • South Africa’s First Black Female Winemaker Launches Her Own Brand

    first black female winemaker By Dana Sanchez, 9:34 am

    There are just 37 black-owned wine brands in South Africa, the world’s seventh-largest wine producing country. The industry employs 290,000 people at 550-plus wineries. Empowerment and transformation has been slow to increase black ownership and leadership. Ntsiki Biyela, South Africa’s first black female winemaker, is a role model and symbol of change. She recently launched her own brand, Aslina wines, named after her grandmother in a rural KwaZulu-Natal village of 1,000 people. The wines are set for export to the U.S. later this year.

  • Implications Of S&P Junk Status For South African Investors

    S&P junk status By Dana Sanchez, 10:34 am

    S&P is the first agency to downgrade South Africa’s sovereign debt to non-investment grade. SA’s banks have proved that they can weather storms. “We have 50 percent more capital than in the global financial crisis and all South African banks came through that event fine,” a stakeholder said. March was a record month for trading volume in SA bonds. S&P’s decision doesn’t impact SA’s eligibility in global bond indices yet. But more ratings downgrades and increased trading volumes could. “The real issue is the impact on economic growth, industrial performance and employment,” a wealth manager said. “There is a negative relationship between economic growth and bank assets.”

  • New SA Finmin Wants It Both Ways: Maintain Existing Programs And Redistribute Wealth

    redistribute wealth By Reuters, 9:55 am

    Zuma fired former Finance Minister Pravin Gordhan over the weekend. The ANC party is blamed for inequality in a country where 80% of the population is black, but whites own most of the land. New Finance Minister Malusi Gigaba said he will make unpopular choices to oversee radical economic transformation and redistribution of wealth. Gigaba also said said he will stick with budget plans to seek up to $2B per year in foreign funding. “We are not a bunch of wild gunmen running amok, gung-ho into Treasury…We are going maintain the programs that are being implemented,” Gigaba said.

  • Uber Fighting On All Fronts In Africa As New Competitors Emerge

    Uber Africa new competition By Tom Jackson, 8:48 am AFKI Original

    Uber says there’s enough room in Africa for all types of taxi and ride-hailing services. The US-based tech company headed off early competition on the continent, but new competitiors are rising. Uber hypes up the competition, saying it means more choices that are affordable, reliable, and produce jobs. One new Uber competitior, Africa Ride, offers drivers a share in the business, saying it empowers them more than Uber does. “Drivers will want to log in on the app which they own and have control over,” said Africa Ride founder Thabo Mashale.

  • 13 African Countries With The Lowest Central Bank Interest Rates

    Central Bank By Peter Pedroncelli, 2:18 am AFKI Original

    Many countries in Africa have extremely high central bank interest rates compared to most of the world, but there are some who boast lower rates that compare favourably on a global scale. Lower interest rates allow the people of that country to be able to afford loans and pay them back at more favourable rates versus countries where the interest rates are much higher. In comparison, the United States federal reserve has an interest rate of 1 percent, while the United Kingdom’s rate is currently set at 0.25 percent. We take a look at 13 African countries with the lowest central bank interest rates.

  • South Africa’s Zuma Considers Stepping Down Early In Deal To Oust Gordhan

    Zuma considers stepping down early By Reuters, 11:31 am

    The ANC is having its most difficult time since the end of white-minority rule. Zuma agreeing to leave early could heal some wounds. “This could be the long-awaited compromise where Zuma agrees to go in return for some protection,” a political analyst said. Zuma’s offer appears as a way out but may not be enough to satisfy opponents. “We don’t need his offers. He must just go before destroying our country,” a senior ANC member said. In a sign of how divided the party is, Zuma was asked not to attend the funeral of anti-apartheid stalwart Ahmed Kathrada on Wednesday. Gordhan got a standing ovation.

  • Wealth Opportunity Walks On 4 Legs In Africa: Top Countries For Livestock Investment

    top countries for livestock investment in Africa By Kurt Davis Jr., 5:44 pm AFKI Original

    Africans are demanding more meat in their diets, but consumption may be limited because there are not enough commercial livestock owners producing affordable food. Firms are gobbling up arable land, not just for crop production but also for livestock and cattle. Investment shops are slowly redirecting capital to this subsector of agriculture. Nigeria is in tough times, but people still have to eat. About 45% of rural households own livestock, and meat consumption is strongly correlated to livestock ownership in Nigeria. Fewer than 10 percent of livestock owners function as a business. Most are just supporting the household livelihood.

  • Barclays Launches E. Africa’s First-Ever Gold-Backed Exchange Traded Fund

    first-ever gold-backed exchange traded fund By Dana Sanchez, 5:17 pm

    Each security is equivalent to 100th of an ounce of gold and is backed by physical gold. The Nairobi all-share index hit a 47-month low March 8, driven down by bank stocks and a Safaricom selloff. Having local currency exposure to the spot price of gold is attractive to local pension funds and others restricted in overseas investment. “It makes sense to be adding complexity to the stock exchange… Barclays is ‘pushing at an open door by launching a gold-based ETF,” an investment advisor said. “There’s clearly demand for gold here because people see it as a store of value.”

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