Kenyan Inflation Drops in July Due to Lower Food Prices
1. African Assets Surge
Report by PwC predicts that Africa's asset management industry is set to reach $1.1 trillion in assets under management by 2020, up from $293 billion in 2008 and $634 billion in 2014. This represents a compound annual growth rate (CAGR) of nearly 9.6 percent, and would bring the African share of the global total, projected to be $101.7 trillion by 2020, to 1 percent.
Source: Ventures Africa
2. Airbnb Plans Africa Expansion
San Francisco-based accommodation rental company, Airbnb, hopes to spread its unique brand of hospitality throughout Africa. The company, which allows people to rent rooms or entire homes to travelers online, has seen a 257 percent increase in bookings in South Africa, with a listing of more than 9,000 homes in the country.
Source: IT News Africa
3. Tourism a Spark of Hope in Ailing Zim Economy
Zimbabwe has reduced growth projections for the country's gross domestic product to 1.5% from the 3.2% projected in the 2015 National Budget. Earlier projections are said to have been weighed down by the agricultural sector. Tourism though is expected to rebound by as much as 5% on renewed visitor interest, with South Africa, China, and Europe being the leading tourist arrivals into the country.
4. Egypt Ready to Open ‘New Suez Canal’
Egypt is set to open a new 72-km section of the Suez Canal, dubbed Suez Canal Axis, that will nearly double the speed of traffic in the canal. The $8-billion project runs along the existing 146-year-old canal connecting the Mediterranean to the Red Sea.
5. Eskom Sees Power Supply From Mozambique Increasing by Up to 40%
South African state-owned electricity producer, Eskom Holdings, says supplies from neighboring Mozambique could increase by as much as 40 percent as new coal-fired power plants are built. Eskom gets about 1,500 megawatts from Mozambique, mostly from the Cahora Bassa hydropower plant.
6. Kenya Airways Blames Tourism Slump for Record Losses
One of Africa's largest airlines, Kenya Airways, have reported its biggest ever annual loss, with a $290 million shortfall on a decline in Kenya's tourism sector. Passenger numbers rose 12.4 percent to 4.18 million, boosted by Jambojet, a low-cost carrier launched in April last year, but the impact was blunted by lower yields on passenger revenue.
7. Africa Makes Leap in Cross-Border Mobile Payments
Africa’s biggest telecommunications companies to allow their customers to make payments across networks and borders. The new partnership between MTN and Vodafone - a first in Africa's competitive mobile payment space - will see cross-border transfer fees being cut, which could save Africans up to $16 billion a year. The World Bank estimates that Africans sent and received up to $48 billion in remittances during 2014.
Source: Wall Street Journal
8. Gov Secures 3,000 Jobs for Ugandans in Saudi Arabia
The Ugandan government has entered into an agreement with Saudi Arabia to hire unemployed Ugandans. Under the agreement which takes effect in September, thousands of jobless youth will be recruited as private pilots, domestic accounts staff, personal doctors, nurses, physiotherapists, secretaries, security guards, private drives and housemaids to work in Saudi Arabia.
Source: New Vision
9. Cape Taxi Ranks Get Free Wi-Fi Internet Access
Free Wi-Fi is being rolled out at taxi ranks in the Western Cape as an expansion of a project to grow internet access throughout South Africa. Project Isizwe, that looks to connect "mainly disadvantaged areas with the internet," will see commuters at busy Gugulethu and Khayelitsha taxi ranks being able to access free Wi-Fi.
Source: IT Web
10. Kenyan Inflation Drops in July Due to Lower Food Prices
A fall in Kenyan food prices pushed inflation lower in July, defying market expectations which forecast a slight increase in the cost of living. The Kenya National Bureau of Statistics (KNBS) says that inflation eased to 6.62 percent year-on-year in July from 7.03 percent in the previous month.
Source: CNBC Africa