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 June 8th
Ethiopia Powers On with Controversial Dam ProjectEthiopia has begun construction on what will be one of the largest dams in the world. Despite environmental concerns, this project, which will be completed in six years, is predicted to “potentially transform Ethiopia’s economy.”
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Standard Bank Wins Africa Deal of the Year for Metorex TransactionAfrican Banker, a quarterly magazine dedicated to finance in Africa, awarded Standard Bank the distinction of “Africa Deal of the Year” for their advisory work on the acquisition of Metorex by China’s Jinchuan. This acquisition is one of the largest Chinese investments in Africa to date.
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Source: New Business Ethiopia
Stock Markets: Egypt Defies the OddsDespite uncertainty in Europe and political upheaval, the Egyptian stock market posted some of the largest gains in the world over the last year. The EGX 30 gained 34 percent, ahead of the MSCI Emerging Market, which gained only 10 per cent, and MSCI World, which rose 7.5 percent.
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Source: Financial Times
Want to Buy a Company in Africa? Advice from an ExpertThushen Govender, head of business development at Tiger Brands, a South African consumer goods giant, shares his insights on tapping into African growth, including how to deal with product quality issues, and the importance of investing in companies that have high-quality local management. Read More »
Source: How We Made It in Africa (South Africa)
Kenya Says National Green Energy Policy ReadyA new green policy, including the introduction of a carbon credits exchange market at the Nairobi Stock Exchange, is ready to be implemented in Kenya, with the aim of making Nairobi the hub of carbon credit trading in Africa. Read More »
Source: Africa Review (Kenya)
Power: FG, Daewoo Corporation to Sign Multi-Billion Dollar DealDaewoo Corporation in South Korea has agreed to join General Electric and Siemens of Germany in deals worth billions of dollars to improve the Nigerian power sector. Details of the planned investment are scheduled to be made public early next week. Read More »
Source: This Day Live (Nigeria)
Luxury Dining on Mogadishu Beachfront Signals Continued Evolution Toward Peace in SomaliaThe Washington Post interviews Somalian locals and notes that, as the situation stabilizes in Somalia’s capital of Mogadishu, business operators and restaurant owners are returning to the region, in addition to the resumption of sporting events and the arts over the last few months. Read More »
Source: The Washington Post
Singapore State Investor Buys into SA’s Spar, as Trend ContinuesAttempting to invest in the growing South African consumer market, the Government of Singapore Investment Corporation has recently acquired 5.18 percent of South African retailer Spar. This follows a similar investment made by U.S. giant Wal-Mart in South Africa’s retailer Massmart earlier this year. Read More »
Source: Business Live (South Africa)
IFC-AfDB Say Currency Deal Will Speed Africa CreditA currency deal that will allow the International Finance Corporation to obtain local currency directly through the African Development Bank was recently arranged at the AfDB’s annual event in Arusha, Tanzania, and is anticipated to ease access to credit throughout the continent. This is the first such deal between two multilateral financial institutions. Read More »
Source: Business Day (Nigeria)
Cold Stone Creamery Enters Continent of Africa with Egypt Expansion PlansCold Stone Creamery has announced their intention to establish eight stores in the next four years throughout Egypt, as part of a broader entry into the African continent. This investment is facilitated through a 10-year Master Franchise agreement signed with Egyptian food and beverage company Squadra. Read More »