Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of February 17th
Bob Geldof’s 8 Miles Raises $200 Million for African Investments
The private-equity firm backed by Irish rock star Bob Geldof, has raised $200 million to invest in Africa. 8 Miles LLP has pledges to invest from the World Bank, the African Development Bank, CDC Group Plc, as well as institutional and private investors.Read More »
Source: Bloomberg BusinessWeek
RenCap Set to Shake-up Nigerian Bond Market
Renaissance Capital is expanding its product offerings in Nigeria to include a range of fixed income offerings for the Nigerian market. RenCap will seek to develop the country's corporate bond market and the nascent Repo market.Read More »
Source: Business Day (Nigeria)
Biscuits and Candy: The Next Big Investment Opportunities in Africa?
Singapore-based Olam announced the purchase of Titanium Holding Company SA at $167 million, acquiring OK Foods, one of Nigeria's largest manufacturers of biscuits (18 percent market share) and candy (28 percent market share).Read More »
Source: How We Made it in Africa (South Africa)
Drought and Deluge Hit African Miners
African Barrick Gold blamed extremes in weather for production problems at its mines in Africa. Drought conditions caused disruptions in Tanzania’s electricity supply and the company was hit by rationing, leading to a reduction of 40,000 ounces in gold production across 2011. Read More »Source: Financial Times
Nigeria Pledges to Push on With Oil Reform
Nigeria's finance minister, Ngozi Okonjo-Iweala, said that Nigeria will push through long-delayed legislation to reform its lucrative oil sector this year. The bill aims to overhaul the Nigerian National Petroleum Corporation, create an independent regulator, foster a greater role for homegrown oil groups and reverse under-investment. Read More »Source: Financial Times
Qualcomm Opens Regional Office in Kenya
Qualcomm opened a regional office in Kenya which will serve as the hub for the company's business operations in the East and Central Africa region, and will support a variety of Qualcomm partners that are driving the region's fast growing mobile market, including operators, device manufacturers, network operators, retailers, distributors, and mobile application developers. Read More »Source: PC Advisor (U.K.)
Africa: Where Everyone Wants to be an Entrepreneur
The BBC profiles the challenges and opportunities faced by entrepreneurs in Africa, with examples from Nigeria, South Africa, and Kenya. Read More »Source: BBC
Kenya Seeks Private Help for Infrastructure Spending Gap
Kenya intends to seek funds from private investors in order to plug a gap of over $44 billion in funds needed to build new ports, roads and railways and to improve water and electricity supply over the next five to eight years, a senior finance ministry official said on Monday. Read More »Source: Reuters
France Telecom Said Near Deal to Boost Mobinil Stake
Egypt's richest man, billionaire Naguib Sawiris, is reportedly in talks with France Telecom SA for the sale of part of his stake in Mobinil, an Egyptian mobile-phone venture. The French company wants to increase its control. Mobinil has a market value of about $2.3 billion and competes with Vodafone Group Plc’s local unit. Read More »Source: Bloomberg BusinessWeek
Africa Rising: Ethiopia Moves to Diversify Exports
Ethiopia moves to diversify its exports in an effort to move beyond just coffee. It now exports leather, vegetables, flowers, and yes, the occasional bottle of wine. The vineyard is owned by Castel, a French beverage company which is set to become Ethiopia’s first major wine exporter. Read More »Source: The Christian Science Monitor
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