Tag Archives: prices
prices: Latest News
Reuters, 1:00 am
Africa’s informal alcohol market is about four times bigger than its $11 billion commercial market, analysts say. Home brews have a strong tradition rooted in centuries-old African rituals. AB InBev needs to develop products affordable enough to tap the informal beer and alcohol markets, says InBev’s new Africa head. AB Inbev’s big rivals in Africa – Heineken and Diageo – have also launched lower-priced drinks made with local ingredients that are affordable for more people.
Dana Sanchez, 1:23 pm
Mobile data prices need to drop significantly. Just 43 percent of the world can afford 500 megabytes per month. Over the last month, Nigeria’s leading mobile operators have announced cuts in mobile data prices, made possible by the deregulation. Telcoms can set prices as low as possible. Nigerian Internet users are ecstatic. The hope is that the trend catches on in other African countries.
Africa’s economy may be reeling from the commodities price bust, but art prices are holding steady or rising. A tapestry made of aluminum scraps by Ghana’s El Anatsui—possibly the best-known living African artist—sold for $1.2 million to a U.S. collector at Bonhams in London. We’ve featured artists from Zimbabwe, Ivory Coast, South Africa, Kenya and Angola that you should know about if you’re interested in investing in African art.
Staff, 12:01 am
Collectors say they’re taking a closer look at contemporary African art now because the continent’s whole scene is making a seismic break with tradition. In South Africa, at least four collectors are planning or building contemporary art museums. Former Puma chairman Jochen Zeitz is converting a 1920s grain silo on Cape Town’s harbor to a nine-story museum to exhibit his vast African art collection. His Zeitz Museum of Contemporary Art opens next February.
Dana Sanchez, 9:39 pm
South Africans have been obsessing over how much they’ll pay for their first cup of Seattle’s finest. Starbucks revealed its much anticipated pricing structure Wednesday at a pre-opening event for Thursday’s launch of the first-ever South African franchise. South African Starbucks coffee sounds cheaper than U.S. Starbucks until you consider how much people earn. SA’s gross domestic product per capita is $6,483 compared to $54,629 in the U.S.
Dana Sanchez, 2:12 pm
Drought in West Africa’s cocoa-producing countries hurt the harvest, causing a shortfall that helped push up the price of cocoa, which means you’re paying 10 percent more this year for your chocolate Easter bunnies than last. West Africa produces more than 60 percent of cocoa globally. Ghana saw its lowest rainfall since 1999. Some relief is expected for parts of Africa in the form heavier-than-usual rainfall. It is uncertain if this will help the cocoa-growing regions.
Dana Sanchez, 5:19 pm
The fall in global crude prices is hurting the Porsche dealer in Lagos. Despite the pain caused by the oil price crash, Africa’s leading economy grew by 3 percent in 2015. Nigeria is a far more resilient economy than many give it credit for, said the CEO of a Lagos-based private equity firm. Oil revenues account for 75-to-80% of Nigeria’s government budget. Buhari expects a budget deficit of $15 billion in 2016 and has asked African Development Bank for a $1 billion loan, the bank said Tuesday.
Dana Sanchez, 5:09 pm
Botswana plans economic stimulus for tourism, agriculture, construction and manufacturing after a drop in diamond prices slowed growth in the world’s top diamond-producing country. A consistently strong dollar helped depress diamond prices, but the U.S. makes up more than half the diamond market. U.S. demand hasn’t dropped.
Staff, 10:42 am
African contemporary art is now firmly entrenched as trendy, but African artists are still under-represented on the global scene, which means that while the quality of work is often high, it is cheaper than similar works sold in Europe or North America. The Internet won’t supplant entrenched mores of the art market, but finding and buying African contemporary art is not as intimidating as it used to be.
Staff, 7:35 pm
Walmart is in advanced talks to open stores in Nigeria. A Canadian law professor has some suggestions on how the world’s top retailer should do business there: “Let the Walmart in Nigeria be a Nigerian Walmart…do not allow Walmart and its ilk to play into the long-held philosophy of American monopolists that strength gives the strong in the market the right to destroy the weaker…Let Walmart remain in Lagos…”
- Real Estate