Tag Archives: East Africa
East Africa: Latest News
Seeking New Markets: Venture Capital Fund Leaving London, Moving To East Africa. Here’s Who’s Already ThereBy Dana Sanchez, 11:35 am
London’s startup ecosystem is flooded with early stage funding for tech startups, so one of the city’s best-known venture capital funds is planning to move to a much less crowded neighborhood — East Africa. East Africa’s angel investment scene is rising, but slowly. Angel investing in Africa can make a big difference to economies there, said the founder of London VC fund Playfair Capital.
Dana Sanchez, 4:03 pm
South Korea is counting on Africa’s rising middle class. The government wants President Park’s visit this week to Africa to be seen in line with the trends of major global powers such as the U.S., China and Japan. While the U.S. pushes for democracy alongside development, South Korea takes a different approach. It works with authoritarian regimes that prioritize growth over democracy. Samsung operates in 32 African countries and is designing products such as phones and fridges specifically with African consumers in mind.
Kurt Davis Jr., 10:50 am AFKI Original
East Africa has depended on economic diversity and local entrepreneurship to keep the economic pace in the past decade. The East African Community accordingly will expand faster than its peers. Lower import bills, less currency volatility and comparatively more foreign investment will bode well for the region’s growth and performance. It is hard to ignore how the integral parts of the system – the banks – do not benefit from that prognosis.
Dana Sanchez, 3:53 pm
Government support alone is not enough for Chinese companies to go big abroad, says a Chinese IT expert. They also need a tech advantage. A China-UK joint venture beat out France’s Alcatel-Lucent and Japan’s NEC Corp. to win a 6,000km cable project connecting Cameroon and Brazil. The company says it’s using “a self-developed technique” that can reduce construction costs, although it hasn’t disclosed the cost of the project. Analysts say it could exceed $200,000 per kilometer.
Dana Sanchez, 12:07 am
U.S. Customs and Border Protection agents found two live giant African snails at the Port of Oakland this month with a bunch of eggs. The first time they were found in Florida in the 1960s, they were traced to a Miami boy who smuggled three snails in after a trip to Hawaii. His grandmother let them go in her garden. It cost the government $1 million to eradicate them and it took 10 years. It didn’t work. They were rediscovered in Florida in 2011.
Dana Sanchez, 4:23 pm
Luxembourg-based European Investment Bank, the E.U.’s nonprofit long-term lending institution, is investing in East Africa’s private sector with $121 million in funding. The goal is to support job creation and economic growth for entrepreneurs and small-to-medium businesses in Kenya, Tanzania, Uganda and Burundi.
Staff, 12:01 am
A leading chemicals manufacturer in India, Kanoria has diversified interests in textiles and renewable energy, among others. Its $50-million denim manufacturing plant in Ethiopia is a first for East Africa, the company said. The plant is located southeast of Addis Ababa in Bishoftu, a resort town in an area known for its five crater lakes. It is expected to produce produce 12 million meters of denim fabric per year.
Dana Sanchez, 2:08 pm
Canadian money coach and self-described minimalist Lama Farran shares 5 things she says the West can learn about money and rural African values. On a trip this year to East Africa, Farran found the concept of spending money you have not yet earned — buying on credit — to be almost non-existent in the communities she visited.
Dana Sanchez, 7:52 am
The U.K. has a growing problem with stolen cars showing up in African countries. Some cars stolen in the U.S. also are destined for Africa. South Africa has an extraordinarily high rate of car theft — 10% of the 11 million cars driven there are stolen. A high-tech tracking device recently led U.K. authorities to a cache of stolen luxury cars in Uganda. The cars are on their way back home.
Dana Sanchez, 2:02 pm
The appetite for frontier exploration is falling among many oil and gas companies due to the drop in oil prices by about 50 percent over the past year. This will inevitably result in oil and gas companies focusing their spending on assets already in production. One Australian oil and gas company — Australia’s largest — plans to keep looking for prospects, especially in East Africa.
- Real Estate