V&A Waterfront Plans $14m Cruise Terminal
1. Spotlight On Nunu Ntshingila
In a bid to increase its presence in Africa, Facebook has opened its first office on the continent. The new office in Johannesburg will be headed by Ogilvy veteran, Nunu Ntshingila. Facebook will initially focus on growing its business in anchor countries in the major regions of Sub-Saharan Africa: Kenya in the East, Nigeria in the West, and South Africa for the Southern areas.
Source: AFK Insider
2. Africa's Games Makers Dream of Exporting to the World
African gaming markets are expected to see annual double-digit growth over the coming years. According to research by PricewaterhouseCoopers, Kenya's video games market was worth $44m at the end of 2013; while Nigeria's was valued at $71m.
3. Anglo American Plan Major Job Cuts
Mining company Anglo American, which employs over 150,000 globally, plans to cut between 5 and 20 percent of its staff at head offices across the world in a bid to keep shareholders on their side and respond to a decrease in profits.
4. South Africa Sells $2.4 Billion Vodacom Stake for Eskom Deal
South Africa sold its $2.4 billion stake in Vodafone Group Plc’s African unit to raise funds for state-owned power utility Eskom Holdings SOC Ltd. amid a countrywide electricity shortage. According to the National Treasury, the government sold its 13.91 percent holding in wireless carrier Vodacom Group Ltd. to Africa’s largest money manager, the Public Investment Corp.
5. China Ratifies the Creation of BRICS Bank
The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as an alternative to Western financial institutions such as the World Bank. Each BRICS member is expected to contribute an equal share in establishing a startup capital of $50 billion, with a goal of reaching $100 billion in capitalization.
6. SA to be Net Importer of Maize for First Time in 7 Years
South Africa will import about 50,000 tonnes of white maize from Mexico in a bid to bulk up waning stocks as a scorching drought curbed domestic output. The first maize shipment is expected to arrive in the country in August with five more shipments scheduled between September and December.
7. Kenya's Q1 GDP Growth Rise to 4.9 Percent, Tourism Lags
According to the National Bureau of Statistics, Kenya's economy grew to 4.9 per cent in the first quarter of the year compared with a revised 4.7 per cent a year ago. East Africa's biggest economy has struggled with a number of challenges in the past year, including attacks blamed on Somalia's al Shabaab militants that has negatively affected tourism in the country.
Source: CNBC Africa
8. Morocco's Platinum Power to Invest over $800 million in Cameroon Hydropower Project
Cameroon is set to add 400 megawatts to its current 1,200 megawatts of electricity as Morocco's Platinum Power's plans to build a hydroelectric project in the central African country. Platinum Power, a subsidiary of U.S. private equity firm Brookstone Partners, says they will invest over $800 million in the new project.
Source: The Africa Report
9. Angola Gets $650 Million World Bank Support to Ease Crisis
The World Bank agreed to give Angola $650 million - $450 million loan and $200 million of guarantees - in financial support to help stabilize the economy of Africa’s second-largest oil producer. The Angolan government earlier cut its 2015 budget by 26 percent, while predicting the fiscal gap will reach 7 percent of GDP.
10. V&A Waterfront Plans $14m Cruise Terminal
The Transnet National Ports Authority (TNPA) says that the V&A Waterfront is set to invest over $14 million to develop a cruise terminal at the Port of Cape Town. It's hoped that the facility will be a gateway to a unique African experience in cruise tourism.