Tag Archives: Africa
Africa: Latest News
Dana Sanchez, 9:52 am
The surprisingly strong bull market in commodity prices in 2016 contributed to increased activity in mining and metals deals in Africa, says Quintin Hobbs, Africa mining and metals transactions leader at Ernst & Young. Organizations ran leaner and more efficient, with stronger balance sheets. The outlook improved so significantly through the course of 2016, that the predicted level of divestments and assets listed at rock-bottom prices at the beginning of 2016 just didn’t materialize, another expert said.
Kurt Davis Jr., 1:00 am AFKI Original
The number of urban Africans almost doubled between 1995 and 2015 and is expected to double again by 2035. Rapid growth is driving the African phenomenon of the megacity — an urban area with a population of at least 10 million. Megacities have economic benefits – economies of scale, innovation, clusters of skilled labor, and higher incomes. But they also struggle with congested slums, unemployment and out-of-control traffic. More than 50 percent of the African urban population lives in slums.
Staff, 1:01 am
Emerging markets such as Nigeria, Egypt, and South Africa are expected to grow twice as fast as advanced economies as technology improves productivity. SA and Nigeria are among the few countries expected to see a marked acceleration of annual average growth over the next few decades. However, PwC warns that to support this long-term sustainable growth, the countries need to diversify their exports to ensure their growth is not dampened by global price or demand shocks.
Dana Sanchez, 12:10 am
Immigrant communities in South Africa have been reporting an upsurge of xenophobic violence for weeks, raising fears that anti-foreigner sentiment could spark a recurrence of attacks that claimed 67 lives in 2008 and 2015. Residents have complained on social media that foreigners are selling drugs and forcing South African girls into prostitution. A demonstration is planned on Feb. 24 to protest against the presence of Nigerians, Pakistanis and Zimbabweans.
Dana Sanchez, 5:34 pm
With its island-building binge, Dubai is a big customer for African sand. So are Africa’s expanding concrete manufacturing giants. For the island project “The Palm Jumeirah,” Dubai used 200 million cubic meters of sand and stone. Some of the sand came from the sea off Dubai’s coast but a large amount came from African beaches. In Cape Verde, one in three people is unemployed. Sand mining is a fast way to earn money. The consequences of excessive sand mining are devastating. On beaches where tortoises once buried their eggs, there is now only dirt and stones.
Mongabay, 9:25 am
There’s a mistaken belief that Africa is a continent of empty, freely available land open for development. Companies investing in land in Africa feel they can cut a deal with the government, raze the land, and create vast plantations. “No land is unclaimed,” a stakeholder said. “Uprooting communities without their consent from their lands and traditional livelihoods creates conflicts and social unrest.” Most disputes involving private investments in Africa – 63 percent – relate to local people being displaced off their land. These disputes affect sugarcane and palm oil production, mining for gold, diamonds and coal, and green energy to harvest wind and solar power.
Staff, 8:00 am
Nigerian novelist Chimamanda Adichie tells a TED audience how she found her authentic cultural voice — and warns that if you hear only a single story about another person or country, you risk epic misunderstanding. For example, she says all she knew about Fide, a worker in her parents’ home, was how poor he was. When she visited his village, she saw a basket his brother had made. “It had not occurred to me that anybody in his family could actually make something,” she said. “All I had heard about them was how poor they were, so that it had become impossible for me to see them as anything else but poor. Their poverty was my single story of them.”
Tom Jackson, 12:35 pm AFKI Original
Despite the hype, profitability is still an unattainable ideal for Nigerian online shopping giants Konga and Jumia. Believers say e-commerce in Africa is “absolutely a long-term play.” They expect the short- and medium-term to be challenging. Players are still working on fast and easy payments and refunds, and trouble-free deliveries and returns. “It takes a long time for consumers to become comfortable shopping online, and it’s hard and expensive to accelerate this,” a stakeholder said. Investors aren’t all put off though. The potential prizes are too great.
Dana Sanchez, 2:34 pm
Supporters of the conflict minerals rule say it successfully held manufacturers accountable for the minerals they source from DRC. Its suspension would “enrich abusive thugs” and could lead to the complete repeal of Dodd-Frank regulations, implemented after the 2007-2009 financial crisis to limit risky practices that caused the U.S. banking crisis. However a U.S.association of manufacturers estimates the law costs U.S. businesses $9-to-$16 billion. This led to the suspension plan by Trump, who campaigned on a pro-business platform.
Dana Sanchez, 8:53 am
A combination of native African armyworms and Fall armyworms from the Americas are ravaging staple crops in southern Africa. Uncontrolled, they have the potential to cause food shortages. Damage to maize is likely to have the biggest impact because it’s the main staple food crop. The Fall armyworm destroys the cob itself. In parts of their native range in the Americas, genetically-modified Bt maize is grown to combat the Fall armyworm. This may be an option for South Africa and other countries where GM crops are already grown. But many parts of Africa do not allow or welcome GM varieties.
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