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South African Tourism Has “Huge Growth Potential”: Minister

South African Tourism Has “Huge Growth Potential”: Minister

South Africa will speed up visa processes and lure major conferences in an effort to boost foreign arrivals by 40 percent by 2021, said its tourism minister. The new measures are part of a goal to attract five million additional travellers – four million international tourists and one million extra local holiday trips and will […]

Orange Seeking Partnerships Rather Than Acquisitions in Africa

Orange Seeking Partnerships Rather Than Acquisitions in Africa

Orange SA is seeking to build partnerships in Africa rather than making major acquisitions or entering new markets as the French phone carrier focuses on its existing businesses in 21 countries on the continent.  Mobile-phone operators in Africa have to increasingly share their investment in infrastructure to reduce costs, Bruno Mettling, Orange’s deputy chief executive […]

HSBC Freezes Account Tied to $500 Million Angolan Fraud

HSBC Freezes Account Tied to $500 Million Angolan Fraud

  HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter.  A large transfer raised suspicions at the bank, prompting it to alert U.K. authorities at least weeks ago, the person said, asking not to be identified […]

Cocoa Farmers in Top Producer May Miss Out on Surging Prices

Cocoa Farmers in Top Producer May Miss Out on Surging Prices

Cocoa prices have surged by a third this year, but that’s still unlikely to translate into big gains for farmers in top producer Ivory Coast.  The West African nation uses forward sales to determine the minimum farmer price, so recent gains may have come too late for the smaller of two annual harvests that starts […]

DP World Wins 30-year Congo Port Concession

DP World Wins 30-year Congo Port Concession

DP World said it had won a 30-year management and development concession for a greenfield, multi-purpose port in the Democratic Republic of the Congo (DRC). The Dubai-owned port operator will set up joint venture with the Central African country’s government to manage and invest in the Atlantic Coast’s Port of Banana, it said in a […]

Uganda Joins Africa’s Big-Debt Club, Central Bank Warns On Default

Uganda Joins Africa’s Big-Debt Club, Central Bank Warns On Default

Uganda’s national debt has nearly trebled in the last three years to more than 50 percent of gross domestic product, creating a risk of default risk, since nearly two-thirds of that borrowing is external, the central bank said. In a report titled “State of the Economy” published late on Thursday, the Bank of Uganda said […]

As Commodities Roar, Africa Wants Bigger Slice of the Mining Pie

As Commodities Roar, Africa Wants Bigger Slice of the Mining Pie

One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies, stunting growth and leaving budgets short. Since then […]

Africa Set to Agree $3 Trillion Trade Bloc, Without Key Economy

Africa Set to Agree $3 Trillion Trade Bloc, Without Key Economy

Three years of talks are expected to culminate in the creation of an almost $3 trillion African trade bloc on Wednesday, with the exception of one of the continent’s biggest economies.  While the continent’s heads of state are gathering in the Rwandan capital, Kigali, for an extraordinary summit of the African Union to sign an […]

Surprise Kenya Rate Cut Puts Lending Rate Cap In Focus

Surprise Kenya Rate Cut Puts Lending Rate Cap In Focus

Kenya’s central bank cut base interest rates for the first time since September 2016 on Monday, fuelling talk that a government cap on commercial lending rates introduced in the same month will be modified or removed soon. The 50 basis point cut in the benchmark lending rate to 9.5 percent took much of the market […]

Egypt’s Debt Loses the Edge That Attracted $20 Billion

Egypt’s Debt Loses the Edge That Attracted $20 Billion

Egypt, prime territory for risk-hungry debt traders for the past 15 months, could be upstaged by other emerging markets as it begins to cut rates to spur the economy.  Turkey, Argentina and Nigeria could capture investors’ attention, and their money, if yields on Egypt’s Treasury bills fall sharply this year, especially as the prospect of […]