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 March 9
1. Sovereign Wealth Funds: Ghana Joins African Wealth Fund ScrambleEuromoney reports Ghana's new sovereign wealth fund continues to take shape. A new Investment advisory committee has been formed and is chaired by Kofi Bucknor, a Ghanaian former treasurer of the African Development Bank.
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2. South Africa: Government to Forge Ahead With E-TollingSouth Africa's government confirmed its resolve to implement e-tolling despite a national strike by the Congress of South African Trade Unions (Cosatu) in opposition to the tolling of Gauteng’s freeways. The cost of the strike could be as high as R10bn.
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Source: Business Day-SA
3. MTN Targets $3.2 Billion Capital Investment as Profit RisesAfrica’s largest mobile-phone operator, MTN Group Ltd., plans to boost capital expenditure 38 percent this year. The company will spend $3.2 billion this year to strengthen data services in all 22 markets in which it operates in Africa and the Middle East.
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4. 2011 East Africa Private Equity Confidence Survey: Promising 2012Africa Assets and Deloitte Consulting launched a survey which re-affirmed Kenya's leading position in East Africa as a recipient of private equity investments. Infrastructure was at the top of the list of sectors attracting private equity capital. Read More »
Source: Africa Assets-Kenya
5. Are South Africa's New Platinum And Silver ETNs Exciting?South Africa's ABSA bank plans to launch platinum and silver Exchange Traded Notes (ETNs). Investors with a positive long term outlook for precious metals will be able to get exposure to platinum without the concomitant risks of mining the metal. Read More »
Source: Mineweb-South Africa
6. Carlye Group Pursues Expansion in Africa Through the Africa Development BankThe Africa Development Bank has made a $50 million equity investment into the Carlyle Group's Sub-Saharan Africa Fund. The fund plans to invest a total of $500 million, with the potential to double this amount through co-investment with other Carlyle global funds. Read More »
Source: Business Day-Nigeria
7. SMEs Strike Deal With Credit Bureau to Woo LendersSmall and medium sized enterprises in Kenya have begun to share loan repayment histories with the Metropol Credit Reference Bureau (CRB) in an effort to boost their attractiveness to lenders. Businesses with high scores hope to enjoy benefits such as lower collateral requirements. Read More »
Source: Business Daily-Kenya
8. How M-Pesa Disrupts Entire EconomiesM-Pesa, the mobile money transfer innovation in Kenya has facilitated an increase in both the supply and velocity of money in circulation in the economy with profound consequences at both the micro- and macro-level. Read More »
9. Egypt: Reserve Fears Ease, For NowWhile Egypt’s battered foreign currency reserves have plunged 57 per cent since the start of the uprising, the fall in net reserves has slowed down from an average $1.8bn monthly decline to $680m in February. The flight of hard currency may be slowing as prospects rise of a deal with the IMF. Read More »
Source: Financial Times
10. Tata, Exxaro in South African Energy JVExxaro, South African-based diversified resources company and India's Tata Power have launched a joint venture company in order to take advantage of renewable energy projects in South Africa and on the continent. Read More »