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 22th
Opinion: Could Africa Be World's Next Manufacturing Hub?Rising cost concerns in Asia, according to CNN, are causing manufacturers to consider Africa as a viable alternative, as supportive policies continue to be implemented alongside inherent regional advantages in low labor costs and abundant resources.
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Africa’s Top Tech-Preneurs To WatchIT News Africa highlights how Africa is emerging as a fruitful location for business developers and technology entrepreneurs. Eight founders of tech-firms in countries such as Ghana and Tanzania are listed, each of whom have found success on the continent.
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Source: IT News Africa
IMF Pledge Shows South Africa's Growing Global CloutIn a demonstration of rising international influence, South Africa recently pledged much of its foreign exchange reserves to helping the IMF stabilize the world economy. Twelve other IMF members also agreed to moderately increase their contributions to the global fund.
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Source: Business Live (South Africa)
African Land Fertile Ground For Crops And InvestorsNPR offers a nuanced analysis of recent agricultural investment in Africa, including the “land rush” to claim farmland by foreign investors, advocating that many of these investors have social concerns behind their decision to invest in the continent. The debate on the effect this investment has on local farmers is also presented. Read More »
Source: National Public Radio
Angola's Oil Exports Set to Rise 14.5 Percent in AugAngola’s oil output is anticipated to increase dramatically from July to August, during which 1.81 million barrels of crude oil are expected to be exported per day. Nonetheless, rising Chinese demand is anticipated to have a greater effect on oil prices that month. Read More »
Source: Reuters Africa
Africa’s Ballooning Cities—An Opportunity for AgricultureAmine Tazi-Riffi, a senior partner at McKinsey & Company, stated at the New York Forum Africa that high value agriculture, directly supplying large African cities that possess a burgeoning middle class, has been identified as one of the "the single largest investment opportunities" on the continent, based on the rapid increase in demand in these metropolitan areas. Read More »
Source: How We Made It in Africa (South Africa)
Standard Wins Prestigious Chinese AwardSouth African bank Standard Bank Group was recognized at the China Outbound Investment Summit 2012 as the Best Investment Bank in China for this year. Participants added that this is a sign of the strength of relations between the two economies. Read More »
African Jobs Face US Trade ThreatA provision regarding African textile exports to the U.S., within the African Growth and Opportunity Act (AGOA), will expire on September 30th, and will likely not be renewed. This has caused a 30 percent fall in new orders, according to African and U.S. business leaders, damaging trade between the two groups. Read More »
Source: Financial Times
Africa-Focused Funds to Benefit from CDCThe development finance arm of the United Kingdom, the CDC, has pledged to increase the size of its investments on the African continent later this year. The CDC’s current portfolio in Africa is valued at $1.3 billion. Read More »
Source: Business Day (Nigeria)
Bombardier Aerospace to Establish Its Moroccan Facility in the Greater Casablanca RegionBombardier Aerospace has confirmed its decision to establish a new plant in Nouaceur, Morroco, located in the Midparc Casablanca Free Zone. Guy Hachey, president and COO of Bombardier, has stated that this is the first step of a long term relationship with the North African nation. Read More »