Tech: Latest News
Dana Sanchez, 2:43 pm AFKI Original
South Africa is invariably cited in discussions about jobless rates in Africa, but two thirds of African countries have higher unemployment. Africa is witnessing its best growth performance in decades, yet the world’s youngest continent, demographically speaking, continues to have high unemployment with few signs of recovery in 2017. High unemployment is a key factor shaping young people’s decisions to migrate. The continent’s youth population is expected to double to 830 million by 2050.
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, 1:01 am
Local Nigerian appetites for luxury appear to be intact, despite the country’s financial hardship since crude oil prices fell off a cliff. Trendy hotspots are constantly appearing. There are rumors of a Nobu restaurant under construction. When wealthy Nigerians want a shopping spree without the airfare to London, some go to Polo Luxury, which operates luxury retail outlets across West Africa. Jennifer Obayuwana is executive director of the company founded by her father. She spoke to Forbes about the planned March launch of Polo’s luxury online shopping platform – a first of its kind in Africa.
Dana Sanchez, 11:07 am AFKI Original
South African media giant Naspers is launching its 18-month-old internet TV service ShowMax in Poland. It plans to provide hyper-local content and original productions rather than trying to compete with expensive shows designed to appeal to audiences worldwide. It’s competing with the much older, bigger, more established U.S. firm Netflix, which launched in 1998. Netflix is also commissioning original content, but it has an overseas problem, one commentator said. “It just doesn’t have the amount of local content that some of the (streaming and pay TV) competitors have.”
Dana Sanchez, 2:10 pm
The South African rand lost almost half its value against the U.S. dollar over the past five years as the country struggled through economic crisis. Zuma welcomed the investigation, saying the government is prepared to act against distorted financial markets “to protect our country’s economy.” He said the financial sector needs new players to diversify, and the government plans to establish a state bank. South Africa’s competition watchdog recommends fines of 10% of banks’ annual in-country turnover.
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.
Kurt Davis Jr., 7:45 am AFKI Original
Everyone knows that Africa leapfrogged landlines to mobile phones, but without mobile, the continent is unconnected. Less than 20% are connected to the internet. Business and finance have become online activities globally. Africa needs to get up to speed to compete. Private investors are looking beyond the usual suspects. These are the African countries with the best opportunities for private investors to expand internet capacity in 2017.
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