Corporate Good News from Africa

  • CA taps insider to succeed Wangusi:

The Communications Authority of Kenya (CA) has replaced long serving Director-General Francis Wangusi in defiance of a court order stopping his ouster.CA chairman Ngene Kariuki Thursday announced that the Director of Legal services, Mercy Wanjau, will hold the corner office in acting capacity until the authority chooses a substantive head. Mr. Kariuki said Mr. Wangusi had been at the organisation for more than 15 years. “As you may recall, Mr. Wangusi assumed office in August 2012, having served in an acting capacity in the previous year. He has had a unique opportunity and honour of serving at the helm of the Authority for two terms and several more years as a head of department at CA,” Mr. Kariuki said. Mr. Wangusi’s term ended yesterday but a court order obtained by activist Okiya Omtatah had voided the board that would have appointed his replacement.

  • CBA posts flat half year earnings at Sh2.36 billion:

Commercial Bank of Africa (CBA) has posted a 2.87 percent jump in net profit in the half-year ended June, boosted by higher interest income. The lender made a net profit of Sh2.36 billion in the period, compared to Sh2.29 billion in the same period last year. Its total interest income jumped 1.85 percent to Sh9.81 billion as non-interest income dropped 1.85 percent to Sh5.2 billion. CBA’S loan book expanded by Sh6.89 billion or 5.7 percent to Sh120.2 billion in the period from Sh113.79 billion the year before. Provisions for bad loans went down by 82.2 percent to Sh285.5 million from Sh1.61 billion last year, highlighting improving asset quality. The bank’s volume of gross non-performing loans rose by 6.83 percent, which is the equivalent of Sh778.1 million to Sh12.16 billion during the period under review, from the Sh11.39 billion it reported last year.

  • Cameroon encouraging the business climate:

Cameroon encourages investors to explore areas of growth. Cameroon is rich in natural resources including oil, gas, agriculture, production and processing among others. The country whose North-West and South-West regions remain shaken by insecurity invites partners to come invest in promising and income-generating areas such as crude oil, which remain one of the sectors still spared by the crisis. We interviewed Ekoko Mukete, Vice-President of the Cameroon Chamber of Commerce, on the institution’s work to encourage the business climate in Cameroon.

  • Africa- Japan : the 7th TICAD in sight:

The 7th Tokyo International Conference on Africa’s development begins next Tuesday, an event focusing on future relations between Africa and Yokohama. Education, development, public and private sectors… These are some of the topics to be discussed in Yokohama at the 7th Tokyo International Summit on African development. TICAD 7 will come back to ’‘The Nairobi Declaration’‘, adopted in 2016, which highlighted the idea of’ the promotion of resilient health systems for quality of life”, such as one of its priority areas on the continent. Africa which is considered as the continent that suffers the most from infectious and other diseases, is a real obstacle to its development.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
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Corporate Good News from Africa

  • Female Entrepreneurs lobby launches in Kenya:

The Commonwealth Businesswomen’s Network (CBW), a lobby bringing together female entrepreneurs from 54 member States, Tuesday launched its local chapter as it looks to further empower women economically across the region. The Kenya office comes two years after CBW Africa was launched at the end of 2017 as a strategic regional partner to Commonwealth business women working towards empowerment and leadership. “It is what is called the Commonwealth Advantage. It is exciting to see CBW Kenya Chapter launched. The network will support women and help them grow their businesses for the country’s prosperity,” said CBW-Kenya Director Dr Josephine Ojiambo. CBW is recognized by the 54 official Commonwealth governments across five continents. To kick start operations of the local chapter, CBW-K will host an event on 18th September 2019 in Nairobi that will include an exhibition show casing positive contributions in women empowerment programmer within the CBW – K network.

  • Adopt policies that can help in jobs creation:

The International Youth Day that was marked on August 12 was preceded by a national youth week. This was an opportune time to celebrate the youth’s contribution to nation-building besides reflecting on the challenges facing them. The Constitution prescribes a youth as a person aged between 15 to 35 years. and they account for 32 percent of the total population. In the year 2003, the Narc administration introduced affirmative policy strategies to enhance youth capacities and abilities and probably expedite the realization of Sustainable Development Goals (SDGs)Meanwhile, thousands of youths fresh from colleges join the job market yearly, but only a few get absorbed in spite of their qualifications. Ironically, the Federation of Kenya Employers has expressed concern about the human capital churned out by our institutions of learning, regarding lack of appropriate skills and expertise required in the market. Establishment of a ministry purposely handling youth affairs was a starting point in youth empowerment and a platform for the advancement of targeted affirmative actions.

  • Treasury ups domestic debt target to Sh300 billion:

The Treasury has raised the domestic borrowing target for the current financial year that started in July by Sh16.8 billion, hinting at a possible shortfall in projected tax revenue. Acting Treasury Secretary Ukur Yatani has in a gazette notice increased to Sh300.31 billion the fresh debt to be borrowed from domestic investors, which is 5.9 percent more than the Sh283.5 billion read in the June 13 Budget Statement by then Treasury CS Henry Rotich. The Treasury is facing a lower debt repayment burden this fiscal year with domestic maturities projected at about Sh122.58 billion, 44.37 percent less than the Sh220.4 billion that matured in the year ended June 2019.”It is currently not yet clear what drove the upward adjustment,” Standard Investment Bank (SIB) said in a note sent out to investors Tuesday. The government ordinarily raises its borrowing targets to plug shortfalls in tax receipts.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
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Good News from Africa

  • Coffee firm Eaagads returns to profitability:

Listed coffee producer Eaagads  returned to profitability in the year ended March 2019 after nearly trebling its coffee volumes amid higher export prices for the commodity. The firm made a net profit of Sh 2.65 million in the period, compared to a net loss of Sh 62.5 million in the year ending March 2018, with revenue climbing by 114.6 percent from Sh 83.7 million to Sh 179.6 million. The firm produced 419 tonnes of coffee last year, up from 154 tonnes in the 2017/18 when drought hit the agriculture sector, and sold 416 tonnes compared to 252 previously. “The increase was mainly attributed to favorable weather coupled by good agronomical practices … the average price realized during the year increased to $3.37 (Sh 350) per kilogramme from $3.32 (Sh 345) in the prior year,” said Eaagads in a statement. As a result of the larger crop, the cost of production rose by Sh 23.5 million to Sh 136.3 million.

  • Key Infrastructure for Dangote refinery leaves China for Lagos:

China’s leading energy and chemical company on Monday (July 29) announced that a completed atmospheric tower it had built was sailing for the shores of Lagos in Africa’s biggest economy, Nigeria. The facility, which it described as the world’s largest is set to be installed at the Dangote Refinery, a facility owned by Africa’s richest man, Aliko Dangote. The wharf carrying the tower left in Ningbo and is set arrive in Nigeria in weeks. According to experts, the primary purpose of the atmospheric distillation tower is to separate crude oil into its components (or distillation cuts, distillation fractions) for further processing by other processing units. Dangote disclosed in an interview with Reuters News Agency in 2016 that the country’s first private oil refinery was estimated at a cost of $12 million dollars with the funds to be pooled from multiple sources. The 2019 date to start operations had largely been thought of as unfeasible by a number of industry watchers. With a critical machinery coming on stream, it is believed that work could be nearing completion.

  • Over 353 million seedlings in 12 hours: Ethiopia ‘breaks’ tree- planting world record:

A campaign to plant 200 million young trees in a day has kicked off in Ethiopia under Prime Minister Abiy Ahmed’s wider plan to lead the planting of four billion saplings. The July 29 campaign, under Aniy’s “Green Legacy Initiative” if achieved will be a world record according to the Guinness Book of World Records. Office of the PM said over 100,000,000 young trees had been planted after a six-hour period, which means Ethiopia has already broken the 66 million record set in India. The final figure of tree seedlings planted according to the Minister of Innovation and Technology came up to exactly 353 million, 633 thousand, 660 in a space of 12-hours.The Minister said this was the verified of the final figure on the Number of Trees Planted according to the National Steering Committee. To make it onto the World Record, the figures need to be independently verified. It is not yet clear if the Guinness World Records is monitoring Ethiopia’s the mass planting scheme but the prime minister’s office told The Associated Press that specially developed software is helping with the count.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
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Corporate Good News from Africa

  • Kenyans buy 45 VW comfort line units from DT Dobie:

Car dealer DT Dobie, the franchise holder of German car maker Volkswagen, says it has sold 45 units of the new locally assembled Polo Vivo Comfort line as the firm ramps up efforts to expand its portfolio of Kenya-produced motor vehicles. The auto dealer started producing the new 1600cc Comfort line model in April. It is priced at Sh1.69 million after its predecessor 1400cc Polo Vivo, which has so far sold about 280 units since start of its assembly in 2016.“In the beginning we sold about five Polo Vivo in a week but the demand has grown steadily since then and we are getting orders of about 25 of this model in a week. This goes to show that locals are willing to spend on new cars when they understand the benefits of the new over the mitumba (second-hand),” said DT Dobie Director of Sales and Marketing Alexander Helfritz. Last week it unveiled its locally assembled van, Caddy Combi.

  • State set to recruit interns on monthly pay of Sh25000:

The Public Service Commission (PSC) will next month start the hiring of interns that will be paid Sh25,000 monthly. Commission chairman Stephen Kirogo told the National Assembly Committee on National Cohesion that the PSC is drafting a policy to guide the recruitment. The PSC targets to hire 3,000 interns who are expected to be posted to various stations by mid-September. “We start the recruitment in August and qualified individuals will be required to apply directly to the commission,” said Mr. Kirogo. Parliament revised the PSC budget for the year starting July to include a Sh1 billion allocation to facilitate the hiring of interns.

  • State vows to keep off Collymore succession:

The government has made a U-turn on the succession race at Safaricom , saying it will work with whoever the Telco’s board chooses to replace the late Bob Collymore. The move is a departure from Kenyan officials’ position in the past that he should be succeeded by a local, a development that led to a delayed announcement of his replacement, according to a Reuters report at the time. “Their (Safaricom) board will decide who they will have as the new CEO. There is no say from the government on who becomes CEO, once they (Safaricom) decides, then we will carry on with that person,” said ICT Secretary Joe Mucheru last week. Safaricom, which is Kenya’s most profitable company, is seeking a successor to Mr. Collymore who succumbed to cancer this month, just months after he agreed to stay on for an additional year to August 2020 in what was seen as a move to allow the government and Vodafone to negotiate an agreement.

  • Naivasha, Konsa City named special zones:

The Government has designated 9,000 acres of land in Naivasha, Mombasa and Machakos as special economic zones (SEZs) as it steps up efforts to boost manufacturing. Trade and Industrialization Cabinet Secretary Peter Munya gazetted the zones Friday meaning they enjoy special tax and infrastructure that facilitate a wide range of activities such as storage, export and re-export. “The Cabinet Secretary for Industry, Trade and Co-operatives on recommendation of Special Economic Zones Authority, declares all that land being title No. L.R. No. 8396/56, measuring 404.7 hectares (1,000 acres) in Mai-Mahiu area within Nakuru County to be a Special Economic Zone,” said Mr. Munya.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
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Corporate News from Africa

  1. BIDCO Launches Sh20bn Ruiru plant, eyes Nakuru factory:

Consumer goods maker Bidco Africa Group has opened a Sh20 billion ultra-modern industrial park in Kiambu as it eyes expanding its manufacturing footprint with another plant in Nakuru. President Uhuru Kenyatta presided over the unveiling of the business complex Thursday that will host the company’s beverage and food processing factory. It comes installed with a 66-kilovolt power station to supply 7.5 megawatts of electricity to the factory. The Head of State noted that the new factory has already created 1,000 direct jobs and 5,000 indirect jobs throughout the Bidco distribution chain. The firm has engaged 35,000 farmers across the country to supply them with soya and sunflower produce. “This, in essence is what we are trying to achieve as a nation, a manufacturing sector that links with other productive sectors of the economy,” said Mr. Kenyatta.

  • Consultant firms dispute over lamu port deepens:

A local consultant in the design, review, supervision and construction of the first three berths of the Lamu Port wants a South Korean company which is the lead consultant to deposit Sh200 million in court being security for work it has done. AIA Architects Ltd, formally Adventis- In-house Africa Ltd, wants Yooshin Engineering Corporation directed to deposit the money for work of design and supervision of the buildings and associated infrastructure of the Lamu Port which it has already performed as the local component of the tender award. The two companies are involved in a dispute regarding a threat to terminate a sub-contract between them which has spilled to the High Court in Mombasa. AIA Architects Ltd, also wants Yooshin Engineering Corporation ordered to pay it Sh53 million being the balance of payment due (to AIA Architects) for the designs, disbursements for preparation of the designs, 16 percent VAT and 5 percent VAT up to the design stage as per the tender award. In its application, AIA Architects wants an order of injunction against the defendant restraining it from conducting works of design, construction and supervision of buildings and associated infrastructure of the port or entering in any sub-consultancy agreement with any other entity.

  • Nation, IEA ink open contracting portal deal:

In a bid to lift the lid on the secretive tendering industry, the Nation Media Group (NMG)  has inked a partnership deal that will see it increase coverage on public procurement. On Monday, NMG signed a memorandum of understanding (MoU) with the Institute of Economic Affairs (IEA-Kenya) and Hivos East Africa that will enable them establish an online open contracting portal. The portal will support media story linkages, data backed storytelling, access to information for research and support the shelf life of procurement-related stories after first publication. Speaking during the signing of the MoU at the Nation Centre, NMG Editorial Director Mutuma Mathiu said the partnership will play a major watchdog role. “This partnership will entrench the Group’s mission of positively transforming society by promoting transparency and accountability in public resource management,” said Mr. Mathiu, noting that the platform will enable the public interrogate government decisions on public procurement.

  • Kenya firm bags Sh620m Botswana saccos IT deal:

Kenya’s co-operative software developer Core Tec Systems and Solutions is implementing a Sh620 million online portal for Botswana’s co-operative sector. Core-Tec chief executive Tobias Otieno said the wireless and cashless platform accessible via mobile phones and websites will be used by all co-operative societies in Botswana starting September 1.“Bringing everyone onboard will enhance penetration of co-operative services as well as enable all societies to enjoy similar services on a much lower cost,” he said. Talking in Nairobi on the importance of outsourcing cloud, cyber security and software services from one-stop shop online service providers, Mr. Otieno said his firm had partnered with Africa’s converged communication and IT infrastructure provider IS to further enhance security and reliability of the platforms in Kenya and abroad. “We have been conducting a pilot in Botswana and have trained platform teams for various saccos there to facilitate a smooth operation. In Kenya, we work with IS to secure our platforms from cybercriminals that have in the past breached some of the platforms,” he said.

Note:
Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent
BDHRS Talent 4.0 Pvt. Ltd., is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients
If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net
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Good News From Africa

  1. Generation Africa: Inspiring young Africans to become Agri-Food Entrepreneurs:

Pan-African telecommunications, media and technology group, Eco net, and global crop nutrition leader, Yara International ASA, today launch “Generation Africa”, a partnership initiative to inspire young African entrepreneurs to join the agri-food sector for its viable business opportunities. Generation Africa will reach thousands of young people through its “Go Gettaz” competition, which will award US$100,000 in prize money to two exceptional business ventures in the agri-food sector. The partnership initiative will support a cohort of 12 budding young agri-food entrepreneurs to scale and prosper their ventures. “Africa’s agri-food sector presents a US$ 1-trillion business opportunity by 2030, especially when connected with the current technology revolution. Across Africa’s agri-food chain, innovations can be found in how we grow, harvest, process, store, transport, package, sell and consume food. Together with the pioneers of Africa’s next generation, we want to seize these opportunities. Generation Africa will help youth entrepreneurs launch, grow and mature agri-food businesses that will drive job creation, inclusive growth, and better food supply,” says Svein Tore Holsether, President and CEO of Yara.

  • Ghana & Ethiopia Airlines to create National Ghana Airlines:

Africa’s largest airline, Ethiopian Airlines, and the government of Ghana have signed a strategic partnership agreement to set up a new national carrier in Accra, Ghana. Ethiopian and the Ghanaian government signed a Memorandum of Understanding (MOU) last December. The proposed airline will be a home based airline that would be established by Ethiopian Airlines in collaboration with the government of Ghana and the private sector. The government of Ghana and the private sector will have a minimum of 51 percent stake in the proposed airline while Ethiopian will hold up to 49 percent interest in the new national airline. Ethiopian Airlines Group CEO Tewolde Gebremariam told The Reporter that the final agreement was signed with the government of Ghana last week. “It is still at an initial stage and we don’t have any timeline yet,” Tewolde said.

  • First South African Innovation wins the Africa prize for Engineering Innovation:

A 31-year-old South African electrical engineer has won the Royal Academy of Engineering’s 2019 Africa Prize for Engineering Innovation. Neo Hutiri is the first South African to win the prestigious Africa Prize. Hutiri and his team developed Pele box, a smart locker system designed to dispense medicine to patients with chronic conditions. Pele box is used at public healthcare facilities in South Africa, cutting down on long queues and easing pressure on the healthcare system. Pele box is a simple wall of lockers, controlled by a digital system. Healthcare workers stock the lockers with prescription refills, log the medicine on the system, and secure each locker. Pele box then sends patients a one-time PIN, which they use to open their locker and access their medicine. Hutiri wins the first prize of £25,000 (463,000 ZAR). Four finalists from across sub-Saharan Africa delivered presentations at an awards ceremony in Kampala, Uganda, on 4 June 2019, with the Africa Prize judges and a live audience voting for the most promising engineering innovation.

  • Corporate Council on Africa set to host 1000+ Business & Govt leaders at its 12th U.S Africa Business Summit in Maputo, Mozambique this June:

Corporate Council on Africa (CCA) will co-host with the Government of Mozambique the 12th U.S.-Africa Business Summit on June 18-21, 2019 at the Joaquim Chissano International Conference Center, in Maputo, Mozambique. The Summit will bring together more than 1,000 U.S. and African private sector executives, international investors, senior government officials and multilateral stakeholders. Since its inception in 1997, the U.S.-Africa Business Summit has been considered an essential conference for anyone doing business in Africa. Leveraging over twenty years of expertise, CCA has designed its upcoming U.S.-Africa Business Summit to address the rapidly evolving models for business and investment on the continent by providing a platform for value-driven engagement, solutions-driven dialogue and mutually beneficial partnerships. Specifically, the Summit will serve as a platform for delegates to hear from leading U.S and African industry experts on best practices in sectors including agribusiness, energy, health, infrastructure, ICT, finance, housing, security and more; explore new business opportunities, meet potential business partners and obtain real-time leads; and advocate to shape effective U.S.-Africa trade and investment policies. 

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Good News from Africa

  1. Wandile Sihlobo: From Land reform to job creation, here’s how we should boost SA’s small towns:

SA’s small towns hold great economic potential, and agribusiness could help unlock it, says Wandile Sihlobo. Drawing from conversations with farmers in the region, these are among the factors that keep some farmers up at night: climate change, biosecurity, water regulations and – last but not least – land reform. Fortunately, most of these matters are within the regulators’ or government’s control – and I hope the above-mentioned parties will continue to have close cooperation with organized agriculture groups while pursuing the necessary transformation objectives.

  • Hilton Hotels to open first upscale African Canopy in Cape Town:

Western Cape farmers have built Africa’s first commercial floating solar park – that now let’s them tackle load shedding and drought. They say it’s a better investment than a new orchard. Hilton Hotels has announced the signing of a management agreement with Growth point Properties, South Africa’s largest real estate investment trust (REIT), to open a hotel under its lifestyle Canopy by Hilton brand. The 150 guestroom Canopy by Hilton Cape Town Long Kloof is expected to open in 2021 and will be the brand’s debut property in Africa. It will be located at Long Kloof Studios on the corner of Park Road and Kloof Street.

  • Safaricom, Vodacom plan $13 million M-Pesa deal:

Kenya’s Safaricom will start a joint venture worth $13 million with South Africa’s Vodacom to acquire the intellectual property rights of M-Pesa from Britain’s Vodafone, Safaricom’s CEO said on Thursday. The two mobile phone operators will acquire the intellectual property rights to the financial services platform M-Pesa, from Britain’s Vodafone. Safaricom chief executive Bob Collymore said the deal would be used to expand M-Pesa services to more African markets, and to develop new products.

  • MTN’s Nigeria listing: View from the stock exchange floor in Lagos:

At exactly 2.30pm, when the stock market closed on Thursday, MTN Nigeria’s chairperson Pascal Dozie and Ferdi Moolman, MTN Nigeria’s CEO, excitedly clanged metal sticks on a gong on the crowded trade floor at the Nigerian Stock Exchange (NSE) building. The room, filled with brokers in their maroon jackets, erupted in celebration. It is April 16 and South African telecoms giant, MTN has just made history as the first mobile telephone company to trade on the NSE. The new MTN Nigeria Plc. is putting up 20.33-billion shares valued at ?90 (R3.56) per share. The listing will see the groups’ largest unit valued at $5-billion, putting it high on the list of firms trading on Nigerian markets. Trade brokers in the Lagos exchange yelled their congratulations at each other. Yellow balloons flew on the trading floor, symbolizing the company’s yellow colors. “There’s cause to celebrate,” one NSE broker said.

  • New shots fired in banking wars:

The battle of the banks continued this week when African Bank launched its zero monthly fee account, becoming the third bank to do so. The new banks entering the market with competitive banking fees and interest rates — Tyme Bank, Bank Zero and Discovery Bank — have sparked a banking war, with consumers reaping the benefits. African Bank’s new digital product offers low fees and competitive interest rates in an increasing cutthroat climate that is set to improve South Africans’ access to quality services. The bank was in tatters five years ago, but has recovered to become one of the trendsetters of 2019.African Bank’s offering of interest of 5.5% a year on money in a transactional account is the highest, and clients will receive 6.5% interest from the savings account. The transactional account is current; the savings account requires one month’s notice. Until this year Capital was South Africa’s low-fee king, not only offering a low banking tariff, but also a high interest rate. Capital clients could earn 5% on money in a transactional account and up to 5.6% on savings that are not fixed. Tyme Bank, however, promises the best interest rate on savings at 10% a year, with conditions. African Bank’s no-fee offering comes after Tyme Bank introduced its “no fee” account at its launch at the end of February. 
At that time Tyme Bank, with its cheap banking fees, ruled the roost, according to trade union Solidarity’s Bank Charges report, released in October.

  • Adjusted Ayo, financial statements being audited, PIC inquiry hears:

Accounting adjustments were made to reflect higher profits in AYO Technology Solutions’ interim financial statements, the Public Investment Corporation commission of inquiry heard. Ayo former chief investment officer (CIO) Abdul Malick Salie provided his testimony to the commission which is investigating allegations of wrongdoing at the PIC, which manages R2.2-trillion in investments on behalf of public servants. Salie was subpoenaed to take the stand after he resigned from his position as CIO last week due to pressures he was facing following reports on governance issues at Ayo. The ICT company is a subsidiary of African Equity Empowerment Investments (AEEI).The PIC invested R4.3-billion in Ayo when it listed on the JSE in late 2017. There are allegations that the value of Ayo was misstated at the time of its listing. Salie responded to these allegations in his testimony. The inquiry, chaired by Justice Lex Mpati has also previously heard from Ayo’s former chief executive Kevin Hardy that the group’s interim financials were tampered with. Ayo has denied wrongdoing, but the JSE has ordered an audit of the financial statements.

  • Habebe resigns from Eskom citing ill health:

Eskom has lost yet another chief executive, as the utility announced on Friday evening that Phakamani Hadebe would be stepping down at the end of July, due to health reasons. Hadebe had been in the role for a little over a year. After taking the helm on an interim basis last January, Hadebe was permanently appointed in May 2018.In a statement Hadebe said: “It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interest of Eskom and my family, I have therefore decided to step down.” Eskom board chairperson Jabu Mabuza, said that the Hadebe had been “instrumental in driving stability at Eskom during a very challenging period at the organization”. “Appreciating the toll that this takes on an individual, we have had to, with regret, accept his decision,” said Mabuza. Since 2010, Eskom has had no less than eight chief executives and acting chief executive, including the likes of Brian Molefe, Matshela Koko and Sean Maritz all of whom left under a cloud. High hopes accompanied Hadebe’s appointment. His experience at treasury, and time spent overhauling the Land Bank, another embattled state owned entity, as well as his work in corporate finance at Absa, meant he was cast in the role of Mr. Fixit.

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Corporate Good News From Africa

  1. Wimmer Financial in talks to finance lithium mine in Zimbabwe:

The demand for certain natural resources found in Africa play a key role in electric products. For example, lithium is a much sought after commodity found in many parts of southern Africa’s Zimbabwe. A jump in global demand for electric cars and batteries has driven demand for mined minerals such as lithium, graphite, cobalt and copper, a key component in electric car batteries. “We see investment opportunities across Africa in mining, oil and gas, green energy as well as real estate. We are currently doing a deal in the lithium space. Lithium is what you need for batteries and electric cars,” says Per Wimmer, a former Goldman Sachs banker and the founder of Wimmer Financial LLP, a London-based corporate advisory firm. As the demand for electric cars and batteries increases, so does demand for what goes into a battery, which is lithium, graphite, cobalt and copper, Wimmer explains. These elements are vital for new technology advancements and products, and are therefore shaping demand and supply on a global scale.

  • North Africa- Egyptian companies score biggest increase in rankings:

Market capitalization for the region is down to $98bn or 13% of the total, with the bulk of the market capital supplied by the Bourse de Casablanca in Morocco and the Egyptian Exchange. Both the Egyptian Exchange EGX30 and Morocco’s MASI Free Float indices are down by about 16% in local currency over the year to March 2019. The outlook for Egypt is particularly positive, with stockbroker Exotic forecasting higher economic growth (GDP) than in 2018, and lower inflation, interest rates and deficit in the current account. According to the International Monetary Fund (IMF), the prospects for Egypt’s economy are good with real GDP growth of 5.5% forecast this year, rising to 6% by 2024. Egypt scored the biggest increase with its share of the top 250 ranking rising from 34 companies in 2018 to 39 this year. Moroccan companies though accounted for a bigger share by market capitalization. The new entrants include healthcare (Cleopatra Hospital at #161), building materials (Samcrete #184), banks and capital markets companies, distributors MM Group (#244) and Egypt Chemical Industries (#248).Many Egyptian companies scaled the rankings including hotels, banks, food, real estate, capital markets and telecoms. The number of Tunisian companies in the ranking has shrunk from seven to five. However leading beverages firm Society and industrial conglomerate Poulina – whose iconic founder passed away earlier this year – soared up the Top 250.

  • West Africa- Region holds many star performers:

Many of the star economies for 2019 and future years are in the region, with growth set to benefit from relative political stability, improving prices for oil and other commodities, and ever closer links between the economies. Top real GDP growth in 2019 is forecast for Ghana (8.8%), Côte d’Ivoire (7.5%), Senegal (6.9%), Benin (6.5%), Burkina Faso (6%) and Niger (6.5%). Nigeria’s election in February, won by the incumbent Muhammadu Buhari, has not brought stock market cheer and the NGSE Main Index has slid steadily since. In April the IMF forecast 2.1% real GDP growth, rising to 2.6% by 2024. It will be boosted by recovering oil production and rising private demand. Excitement about economic growth in the Francophone economies is not reflected in the market capitalizations and the stock exchange indices, with the BRVM-Composite Index on the regional exchange down 28% from March 2018.The high growth economies are linked by a shared currency, with value pegged to the euro, a shared central bank and regulator, and a dynamic regional stock exchange shared by eight markets. Growth in Ghana is forecast to slow by 2024, meanwhile the Ghana Stock Exchange Composite Index shows that investors are already cautious as it is down by 28% in the year to March, after peaking in late April 2018.

  • African Women build businesses:

Across sub-Saharan Africa, ambitious women are unleashing their potential by starting businesses. Tanzeel Akhtar talks to successful female entrepreneurs from Nigeria and South Africa to find out about their achievements and discover what motivates them. Female entrepreneurship in sub-Saharan Africa is rising rapidly, with a number of ambitious women defying the odds, going solo and unleashing their potential. In an increasingly interconnected world, the rise in technology-based businesses is playing a crucial role in narrowing the gender gap and pushing female entrepreneurship forward. As national economies face stiff competition for specialist market skills and resources, a number of startups are drawing international interest. There are also a number of global initiatives supporting and propelling female-run businesses on the continent. Speaking in March at a dinner held by She Means Business, an initiative designed to empower female entrepreneurs across Nigeria, Facebook’s policy programmers head in Africa, Sherry Dzinoreva, said that the company would be intensifying its female entrepreneurship training. But despite the launch of such initiatives there are still a number of challenges women need to overcome. Across Africa, women are prevented from pursuing a career in business through overt and hidden discriminatory practices. In sub-Saharan Africa, at least 40% of the labour force is female, according to the Pew Research Centre. However, 74% of women’s non-agricultural employment is informal, in contrast with 61% for men. In the private sector, African women hold 23% of positions at executive committee level and just 5% of CEO-level jobs, according to McKinsey. Access to capital and exclusion from male dominated business networks constrain women’s participation in business. 

  • Indian Ocean oil & gas: Africa’s next energy frontier:

There have been substantial discoveries of oil and gas in East Africa and the Indian Ocean in the last decade, but the full potential of the region has yet to be realized, asTom Collins reports. When, in February, Somalia’s ambassador to Kenya found himself bundled aboard a direct flight to Mogadishu after hasty instruction from the Kenyan government, it was clear that the long-standing Indian Ocean border dispute between Kenyan and Somalia had reached a new low. With both sides laying claim to a 100,000sq km triangle containing potential offshore oil and gas, the long-standing row – which was taken to the International Court of Justice (ICJ) in 2014 – was triggered once more after Kenya accused Somalia of auctioning off four contested blocks to bidders during a conference in London earlier this year. While the Mogadishu government strongly denies this claim, Kenya’s foreign affairs principal secretary, Macharia Kamau, hit back by saying. “This unparalleled affront and illegal grab at the resources of Kenya will not go unanswered and is tantamount to an act of aggression against the people of Kenya and their resources. ”As diplomats and ministers continue to trade blows, accusing one another of undermining national sovereignty and threatening regional stability, the standoff reminds the region of its lucrative hydrocarbon reserves and the high stakes involved in their exploitation. Substantial discoveries made over the past decade have drawn the focus of large international oil companies (IOCs) – some of whom are beginning to produce at established sites along east Africa’s India Ocean seaboard – and have triggered the interest of a flurry of smaller exploration companies and eager parastatals looking to pioneer the next big find. Africa’s Indian Ocean sits directly opposite the energy-hungry Asian markets of India, Southeast Asia and China.

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