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 April 6
Dangote Cement to List on London Stock ExchangeAliko Dangote, Nigeria’s wealthiest individual, intends to list his $11b cement business on the LSE by year's end, free-floating a 20 percent stake in the firm. With net profit of $790m in 2011, Dangote aims to quadruple profits in four years.
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Source: The Vanguard
Budget Flights and $29 Hotel Rooms Arrive in AfricaUK-based investment firm Lonrho is introducing budget flights and hotel rooms by launching the EasyHotel.com line of hotels throughout Africa, as well as a new low-cost airline, FastJet.com. The move will make travel throughout Africa more affordable.
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Source: How We Made it in Africa - South Africa
World Bank Job Should go to Okonjo-IwealaThirty-five former World Bank managers and economists signed a letter in support of Ngozi Okonjo-Iweala to obtain the presidency of the World Bank. The letter criticized past traditions in the selection process, as previous processes no longer reflect the world as it currently exists.
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Nairobi Stock Exchange Best Performer in Africa for Last 12 MonthsThe Nairobi Stock Exchange has outperformed other bourses in Africa for the last 12 months, yielding 20 percent dollar adjusted returns. While the Nairobi Stock Exchange has performed admirably, its performance was boosted by currency volatility and the recent appreciation of the Kenyan shilling. Read More »
Source: The Daily Nation - Kenya
Actis Sees Bright Future in Nigerian Retail Real EstateOn the backdrop of their successful investments in the Palms Mall in Lekki and the Ikeja City Mall, Actis believes that the retail real estate market in Nigeria has a bright future. With the proper collaboration between property developers, financiers, retailers, and government, opportunities in the property market are compelling. Read More »
Source: Business Day
Ethiopia Sells off Seven State Firms, to Offer MoreEthiopia has auctioned seven state-owned firms to private investors, accepting bids worth $121m, and intends to sell 40 more firms as part of a privatization push. Government officials have stated, however, that the auction of airlines, telecoms, and banks remains off the table for the time being. Read More »
Tanzania Signs $100 Million Loan to Boost InvestmentsThe World Bank has extended a $100m loan to Tanzania to support private sector development in the country. According to a World Bank study, Tanzania, East Africa’s second-largest economy, still ranks 127th out of 183 countries when measured in terms of the cost of doing business. Read More »
Source: Reuters Africa
Slow But Steady Growth on the Cards for South AfricaAccording to consulting and research firm Frost & Sullivan, South Africa is unlikely to grow at the projected seven percent rate of countries like Mozambique, Ghana, and Angola. The country is still likely to grow at a stable 2-4 percent for the next five years. This stability, coupled with reduced inflation and significant infrastructure investment, are helping to solidify South Africa’s status as a gateway into Africa. Read More »
Steady Start to 2012 for South African Hedge FundsThe Blue Ink All South African Hedge Fund Composite, which tracks the performance of around 100 hedge funds in South Africa, has recorded a 0.86 percent increase in February and 2.34 percent increase for the year with low volatility. Read More »
Source: Business Live - South Africa
Nigeria to Raise Pension Fund Stock Market LimitThe Nigerian pension system will be reformed in order to allow up to 50 percent of pension funds to be invested in the stock market, up from 25 percent. In addition, investors will now be able to establish a portfolio compliant with sharia law. These measures are part of a push for regulatory reform intended to establish Nigeria firmly as a regional hub for Islamic banking, as well as pulling domestic investors back to the stock market, in reaction to the loss of confidence of 2008. Read More »