Tag Archives: emerging markets
emerging markets: Latest News
Reuters, 1:01 am
Airbnb, a US-based online marketplace to list or rent short-term lodgings, expects to double its customer numbers in Africa this year to 1.5 million. Company CEO Brian Chesky was in Cape Town’s oldest township Friday to surprise graduates from an Airbnb training program. He described Africa as “an incredibly exciting emerging market for travel.” The top five Airbnb cities in Africa are Cape Town, Marrakesh, Johannesburg, Nairobi and Casablanca, although listings are found from St. Helena island in the South Atlantic Ocean to Freetown, Sierra Leone, and Somalia.
Born In Caribbean, Educated In Boston, Startup In Nairobi: All Roads Led To Africa’s Mobile RevolutionBy Dana Sanchez, 9:15 pm
In the MIT lab, Kenfield Griffith thought he was going to solve the world’s problems. Then he arrived in Kenya and stood in Nairobi’s Kibera slum. “I looked around and said to myself that even if I was Bill Gates, I wouldn’t know what to do,” he said. Griffith put his faith in mobile phones, and prevailed. In 2016, his Nairobi startup, mSurvey, closed its seed funding round led by investments from Safaricom, Silicon Valley’s Cross Culture Ventures, and a Caribbean angels group backed by Richard Branson.
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.
Staff, 12:00 am
Throughout 2016, the perception of bitcoin as a new safe haven persisted. People thought that if the U.S. Federal Reserve hiked interest rates, bitcoin’s perceived use as protection against economic uncertainty might be diminished. Its price might then fall. But despite the dollar’s 2016 gains and year-end rate hike, bitcoin still outpaced. When the U.S. dollar surges, currencies in emerging markets are devalued, increasing demand and the price of bitcoin, says investor Vinny Lingham.
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.”
Staff, 12:01 am
Simultaneous slowdowns in BRICS economies will jeopardize chances of a pick-up in global growth in 2016, World Bank reports. In a scenario unmatched since the ’80s, most of the largest emerging market economies are slowing at the same time. Benefits from reforms to governance and business conditions are potentially large and could help offset the effects of slow growth, said bank President Jim Yong Kim.
Dana Sanchez, 10:59 am
The currency mismatch — lots of dollar-denominated debt and a low percentage of revenue in U.S. dollars — increases the likelihood of an emerging-market company failing to service its debt. Some managers say this inability to pay off dollar debt could spark the next emerging-market crisis. But not everyone is buying into the doom-and-gloom scenario. Many other managers expect the Fed’s initial rate hike to have a minimal effect on emerging markets. They say the increase has been expected for years and has been priced into markets.
Kevin Mwanza, 6:30 am
Luxury property in Ethiopia cost a 10th of what Africa’s most expensive market Angola offers and is ranked the most affordable luxury real estate destination among 34 emerging markets countries covered by online property portal Lamudi. According to the report, luxury real estate in the East African nation costs an average of 396.58 euro per square meter, exactly ten times cheaper than in oil-rich Angola
Staff, 9:19 pm
South Africa’s rand fell sharply Tuesday along with fellow emerging market units after China devalued its currency to support a stuttering economy. China’s yuan denomination slipped to a three-year trough following the devaluation, with currencies in Asia and emerging markets following suit. The devaluation will impact the competitiveness of South Africa’s exports, Central Bank Gov. Lesetja Kganyago said.
Dana Sanchez, 5:15 pm
Singapore-based bitcoin services firm BitX targets emerging markets and hopes to boost adoption of the cryptocurrency in Africa’s top economy with a Nigeria launch. The bitcoin hype has died down since the euphoric highs at the beginning of 2014, an expert says. That does not mean the work of making the digital currency mainstream has ceased. BitX CEO Marcus Swanepoel said Nigeria has a highly entrepreneurial economy and his company was inundated with requests for bitcoin products and services.
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