Markets: Latest News
Dana Sanchez, 3:24 pm
With a $500,000 US investment, foreigners can buy Mauritian residency and apply for a passport after five years of property ownership. By early 2016, there were 3,200 U.S. dollar millionaires living in Mauritius — population 1.3million. Most are from France and Southern Africa. Part of the attraction is low or no taxes. “No housing or property tax, no inheritance tax on properties purchased and no capital gains tax speaks directly to property investors,” a stakeholder said.
Kevin Mwanza, 9:08 am
China is fast becoming the preferred partner for economic development by many African governments that have however, been accused of prioritizing economic development over civil rights and freedoms. The Asian superpower rivals the U.S. and has outmatched it especially in Southern, Central and North Africa, according to a survey by Afrobarometer, a research project in sub-Saharan Africa.
Dana Sanchez, 9:39 pm
South African commercial property continues to present attractive investment opportunities to discerning investors, despite challenging economic conditions. There’s appetite for regional and super-regional malls, which enjoyed low vacancy rates in 2016 — 3 percent and 2 percent respectively — painting a positive picture of the economy. Johannesburg’s office market is a different story.
The South Africa rand jumped against the U.S. dollar on Monday after the country’s National Director of Public Prosecutions, Shaun Abraham dropped fraud charges that had been preferred against Finance Minister Pravin Gordhan. The rand gained 1.6 percent to the green back after the news reached the market, according to Reuters data. Gordhan was due to appear in court on Wednesday over fraud charges related to the approval of Ivan Pillay’s early retirement package
Staff, 12:12 am
Trade deals criticized as harmful to U.S. economic interests have emerged as a key issue in the race for the White House. Trump could include AGOA as part of a general offensive against U.S. trade agreements. A threat to the program will more likely come from unfair competition on the part of the European Union. African regional trade blocs are in talks with the E.U. on deals that would allow E.U. goods to enter the continent duty-free.
Kevin Mwanza, 4:24 am
The federal government is planning to launch a $10 billion infrastructural investment programme in the Niger Delta. President Muhammadu Buhari made this known on Thursday in Abuja during the unveiling of the Seven Big Wins roadmap, a short to medium term strategy framework to grow country’s oil and gas sector.
Staff, 4:02 am
Sub-Saharan Africa’s telecoms service market will be worth $51 billion by 2021, up from $41 billion last year. Mobile services will represent more than 88.4 per cent of the telecoms service revenue in 2021, according to a new report by Analysys Mason, a global specialist adviser in telecoms, media and technology. Retail telecoms revenue in the region will grow at a compound annual growth rate (CAGR) of 4.1 per cent during 2015–2021,
Dana Sanchez, 12:14 am
A pest that earlier this year devastated the Nigerian tomato crop has been detected for the first time in South Africa after hitching a ride from South America to Europe, then spreading to Asia and Africa, Reuters reported. The tomato leaf miner, aka tuta absoluta, can ruin tomato and potato crops, the South African department of agriculture said on Friday. The outbreak was discovered on a tomato farm in eastern South Africa at a border post with neighboring Mozambique in the Kruger National Park.
Dana Sanchez, 12:48 pm AFKI Original
New vehicle sales continue to fall in South Africa. The industry needed a creative idea to invigorate its local auto market, excite domestic motor enthusiasts, and appeal to people across sectors. The solution? A Cape Town Motor Show that promoters promise will rival motor shows in Paris, Tokyo, and New York. The show will go over well, a promoter predicts. “People are hungry. People always want to drive a better car. The mood is very positive.”
Dana Sanchez, 5:10 pm
A big draw for Sony Music in West Africa is mobile music services in countries where the global record industry hasn’t made much money. Michael Ugwu, Sony’s GM for West Africa, spent part of the year signing deals with telcos like MTN and Airtel so they can distribute ringtones and market content to tens of millions of subscribers. Ugwu says he has clinched contracts with iTunes and VEVO. “For us it’s about trying to formalize … creating markets that are taxable,” he said. “Once you create those platforms and the government benefits, (you) create the right business environment for more creative businesses to grow.”
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