Date Archives for August 2016
Dana Sanchez, 9:28 pm AFKI Original
Greg Valerio has come a long way since he dropped out of high school. He spent most of his career developing supply chains with artisinal miners in Africa for Fairtrade gold. “I can sell you a wedding ring that I can trace from mine to retail,” he told AFKInsider. This makes Valerio a pioneer. He’s also a businessman, about to launch his line of ethically mined jewelry in the U.S. Forget corporate social responsibility. “It doesn’t work in jewelry,” Valerio said. Here’s how he became a rock star in Britain.
What People Are Saying About Nigeria Officially In Recession. Will Politics Send South Africa There Too?By Dana Sanchez, 3:34 pm
Correcting Nigeria’s economy won’t happen in the short term, says a longtime proponent of the “Africa rising” narrative. The South African currency could sink as low as 19 rand to the dollar this year. South Africa and Nigeria can rebound given the time and determination. Meanwhile, East African economies such as Tanzania and Ethiopia are growing and presenting alternatives for investors.
Staff, 12:38 pm
Today, most Dutch fabric designs available on African markets are low-cost reproductions made in China. This has upset Vlisco, Dutch producer of “authentic” wax prints, and local producers like Nigeria- and Ghana-based GTP, ATL, ABC, Nichemtex or Uniwax. They try to protect their market share by appealing to ideas of “originality” and “authenticity.” European and Chinese reproduction of African print cloth challenges the very idea and practice of intellectual property rights.
Keren Mikva, 11:27 am AFKI Original
When the landmark home of the late Dr. Johnny Mosendane — a well known South African figure — sold for 2.5 million rand ($172,484) — it was a record for Soweto residential real estate. This marked a change in the market. More and more suburban Johannesburg residents seek to move back to Soweto. There’s a pent-up desire to return to the vibrancy of the area, and Soweto real estate prices have begun to reflect this.
Kevin Mwanza, 10:21 am
The Central Bank of Nigeria has given new operating licenses to 11 International Money Transfer (IMTOs) service providers, in efforts to open up the market and make foreign exchange readily available to the nation’s low income earners. WorldRemit, a leading online remitter globally and which sent more than 40,000 transfers monthly to Africa’s biggest economy before it suspended its partnership with local correspondents over new regulations in early August,
Kevin Mwanza, 8:24 am
Nigeria’s economy, Africa’s second largest, shrunk for the second straight quarter in the three month to end of June officially cementing the country’s first recession in over two decades, figures from the nation’s statistics office showed on Wednesday. Data released by the Nigeria Bureau of Statistics indicated that the country’s gross domestic product (GDP) contracted by 2.06 percent in the second quarter of this year confirming that the West African oil producer was now in a recession
Allan Akombo, 6:43 am AFKI Original
Uganda has heightened its oil race with its east Africa neighbor, Kenya after it awarded eight production licenses with an eye on having products in the market by 2020. Uganda granted on Tuesday eight production licenses to France’s Total and UK-listed explorer Tullow Oil, paving way for a final push towards commencement of commercial production.
Peter Pedroncelli, 6:38 am AFKI Original
South African athletics hero Caster Semenya is fresh off of her stunning gold medal win at the Olympic Games in Rio, but she is not taking time to rest as the 800m specialist prepares to go for victory in the Zurich leg of the 2016 Diamond League series on Thursday. The Diamond League series is an annual 14-meeting track and field event that brings together the best athletes in the world for events held throughout the globe.
Kevin Mwanza, 5:32 am
Tension is high in Gabon after Jean Ping, the main challenger to President Ali Bongo Ondimba, claimed victory in the presidential election that was held on Saturday before official results were announced. A delay in releasing the results scheduled for Tuesday has stoked tension in the streets of Libreville, the capital of Gabon, which necessitated the deployment of armed forces to deal with any violence.
Becca Blond, 4:38 am
Okay, so at this point most people know there are around 54 countries in Africa, and that only two (Liberia and Ethiopia) were never colonized by Europeans. But do you know where the world’s first heart transplant was performed? And were you aware there was an African country that has double the number of pyramids as Egypt? Here are 15 more fun pieces of African trivia you didn’t know:
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