Week of February 10
Resource Nationalism in Africa: Wish You Were MineAs demand for natural resources continues to strengthen, with especially strong demand from China, Africa is being viewed as the next big frontier by miners. The continent is looking to take a larger stake in profits from foreign miners.
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Source: The Economist
Nokia Taps Kenya’s App Talent to Increase SalesNokia will establish a regional research and development center in Nairobi in an effort to leverage Kenya's software developers to create applications for African markets. Kenya’s software development firms such as Virtual City and Taka Taka Solutions have won global awards in the past.
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Source: Business Daily (Kenya)
Private Equity Investment in Africa Reaches $3bnPropelled by Africa’s growing middle class, an unprecedented $3 billion in private equity investments was committed to Nigeria and South Africa in 2011. Investments of $1.86 billion in South Africa and $1 billion in Nigeria accounted for the majority of commitments on the continent.
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Source: BusinessDay (Nigeria)
Ghana to Boost Oil Output Fivefold in Five Years on New WellsAfter becoming Africa’s latest oil exporter in 2010, Ghana intends to boost oil output fivefold in the next five years. The government expects that production will rise to 500,000 barrels from 85,000 today. Tullow, GNPC, Andarko Petroleum Corp, and Kosmos Energy plan to invest at least $4 billion. Read More »
Source: Bloomberg Businessweek
South Africa Looks at Ways to Use Mineral WealthWith high commodity prices, South Africa is looking to potentially raise $5.3bn a year by establishing new taxes on the mining industry that could be used to create a sovereign wealth fund. Read More »
Source: Financial Times
Oil Corruption May Threaten Angola and Nigeria, Stifling Growth, Agency SaysAfrica’s largest oil producers, Angola and Nigeria, have granted stakes in oil fields to companies controlled by government officials thereby leading to the misappropriation of public funds. Global Witness, an anti-corruption group, believes that this has stifled development and growth in both countries. Read More »
Bharti Profit Disappoints; Africa Provides Silver LiningBharti Airtel, the world's no. 5 mobile carrier by subscribers, reported its eighth straight quarter of falling profits, while it's revenue in Africa rose 16 percent to $1.06 billion in the quarter. Many believe Bhart Airtel’s Africa business will drive the company's long-term performance. Read More »
Africa Loses Billions in Potential Trade Earnings, World Bank ReportsThe World Bank reports that African countries are losing out on billions of dollars from missed trading opportunities due to high trade barriers between countries on the continent. Regional fragmentation may become even more costly for the continent, with the economic slowdown in the Eurozone. Read More »
Source: World Bank
Zimbabwe: Investment Roadshow Set for SAA high-powered Zimbabwean business delegation will be traveling to South Africa with the hope of encouraging South African companies to invest in Zimbabwe. South Africa is Zimbabwe’s biggest trading partner. In 2011, imports from South Africa amounted to $1.7 billion while Zimbabwe’s exports to South Africa stood at $105 million. Read More »
South Africa Plans Big Infrastructure CampaignWith high unemployment of 23.9 percent in South Africa, President Zuma unveiled an ambitious infrastructure plan hoping to tackle unemployment in the country. The government has set itself a target of creating 5 million jobs by 2020. Read More »
Source: Associated Press