Uganda Raises Revenue Bar for Africa
The Uganda Revenue Authority's eTax system sets a benchmark for African countries struggling with tax collection. It has facilitated web-based tax return filing, provided an accurate database of taxpayers, and is set to cover non-tax revenue collection.Read More »
Source: Daily Monitor (Uganda)
Sierra Leone Diamond Mine Set for IPO
The Koidu diamond mine, Sierra Leone's biggest, is set for an IPO on the Hong Kong Stock Exchange. A Beny Steinmetz Group spinoff, Octea, will be the holding company for Koidu. It aims to raise $400 million to $600 million, achieving a valuation of $2 billion to $3 billion.Read More »
Source: Forbes
Investors See Africa as Most Attractive Destination - EIU poll
Over 50 percent of institutional investors see Africa as the most attractive region to invest in the next 10 years, with one in three expecting to allocate at least five percent of their portfolio to the continent by 2016. Nigeria and Kenya lead the pack.Read More »
Source: Reuters
Apple’s iPad is a Popular Tool in African Business
IDG Connect's "Ipad for Business Survey 2012" reports that 70% of the iPad-owning professionals in Africa use the device for their work, higher than North America (67%) and European (60%) users, and above the global average (51%). Read More »Source: Nasdaq
Tullow Oil Launches “Invest in Africa” Initiative to Woo Investors to the Continent
Tullow Oil, the Africa focused oil company, has launched an initiative to attract long-term investments to the continent. Tullow Oil will partner with the English Premier League Football Club Sunderland AFC to raise awareness about business opportunities in Africa. Read More »Source: VibeGhana (Ghana)
Engen Acquires Chevron’s Assets
Engen Petroleum Limited has acquired the assets of Chevron in several sub-Sahara African countries. The African downstream petroleum products refiner and marketer has already completed the integration process in its quest to become a champion on the continent. Read More »Source: Business Day (Nigeria)
Nigeria, Others Lift Schlumberger’s Revenue
Nigeria and the Gulf of Guinea lifted the profits of Schlumberger, one of the world's largest oil fields services companies, in fiscal year 2011. Revenues stood at $39.54 billion against $27.45 billion in 2010. The growth from Africa came from particularly stronger offshore exploration activities. Read More »Source: Business Day (Nigeria)
Agriculture Should Be Central to Africa’s Development, says Thabo Mbeki
The former South African president, Thabo Mbeki, argued that Agriculture should be positioned as the main driver of change on the continent give that the majority of Africans earn their living from agricultural activity and that opportunities for value addition exist in agro-processing. Read More »Source: How We Made It In Africa (South Africa)
Africa "Black Diamond" Spenders Show Their Lustre
According to the latest annual report from Merrill Lynch and Capgemini, Africa's population of people whose fortunes are large enough to qualify as "high net worth individuals" was the fastest growing in the world in 2009-2010. This story highlights the opportunities and challenges inherent in consumer spending on luxury goods. Read More »Source: Reuters
Research: African Tweeters Young at 20-29; Led by South Africa, Kenya, Nigeria
Young people are driving the growth of Twitter in Africa. Ages average 20 to 29 years, compared to 39 worldwide. South Africans are the most active with 5,030,226 tweets, Kenya 2,476,800 tweets, Nigeria 1,646,212 tweets, Egypt 1,214,062 and Morocco 745,620 tweets. Over 80 percent of users use it for communicating with friends, 68 percent to monitor news and 22 percent to search for jobs. Read More »Source: The Washington Post
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