Africa

Re: Africa

Postby winston » Sat Mar 13, 2010 7:31 am

East Africa: The emerging global Oil power

East Africa is emerging as the next oil boom following a big strike in Uganda's Lake Albert Basin. Other oil and natural gas reserves have been found in Tanzania and Mozambique and exploration is under way in Ethiopia and even war-torn Somalia.

The region, until recently largely ignored by the energy industry, is "the last real high-potential area in the world that hasn't been fully explored," says Richard Schmitt, chief executive officer of Dubai's Black Marlin Energy, which is prospecting in East Africa.

The discovery at Lake Albert, in the center of Africa between Uganda and the Democratic Republic of Congo, is estimated to contain the equivalent of several billion barrels of oil. It is likely to be the biggest onshore field found south of the Sahara Desert in two decades.

http://www.commodityonline.com/news/Eas ... 4-3-1.html
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Re: Africa

Postby winston » Fri Oct 22, 2010 7:38 am

SocGen: Here's The Number One Emerging Market You're Ignoring Right Now

Investors worldwide are in pursuit of yield, and are willing to go anywhere to get it. And while China, India, and others may already seem tapped-out, investors may be able to get ahead of the curve on one emerging continent.

Africa, according to Societe Generale, can no longer be ignored by investors looking for additional exposure amid weak Western growth.

It isn't without risks, but major Western companies are now paying attention to the continent, including Wal-Mart, which is desperate to get in on their 1 billion consumers.


http://www.businessinsider.com/socgen-a ... t-2010-10##ixzz132W3gMJ3
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Re: Africa

Postby LenaHuat » Tue Dec 21, 2010 9:26 pm

One of my neighbors along the row is Indian. The sons travel alot for biz. This morning I met the youngest son who told me that he had just returned from Kenya and Nigeria. With Wilmar and Olam investing in Africa, looks like some Singaporeans are finding opportunities in Africa.
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Re: Africa

Postby winston » Fri Jan 07, 2011 11:09 am

Africa: One Of The World’s Fastest-Growing Regions By Mark Perry

From The Economist:

“Much has been written about the rise of the BRICs and Asia’s impressive economic performance. But an analysis by The Economist finds that over the ten years to 2010, six of the world’s ten fastest-growing economies were in sub-Saharan Africa.

The IMF forecasts that Africa will grab seven of the top ten places over the next five years (our ranking excludes countries with a population of less than 10 million as well as Iraq and Afghanistan, which could both rebound strongly in the years ahead).

Over the past decade the simple unweighted average of countries’ growth rates was virtually identical in Africa and Asia.

Over the next five years Africa is likely to take the lead. In other words, the average African economy will outpace its Asian counterpart.”


http://www.dailymarkets.com/economy/201 ... g-regions/
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Middle East

Postby winston » Sun Jan 30, 2011 9:26 pm

Ok, monkey see, monkey do. Africa / Middle East Contagion starting ?

Sudanese police clash with students in Khartoum

KHARTOUM (Reuters) - Sudanese police beat and arrested students on Sunday as protests broke out throughout Khartoum demanding the government resign, inspired by a popular uprising in neighboring Egypt.

Hundreds of armed riot police broke up groups of young Sudanese demonstrating in central Khartoum and surrounded the entrances of four universities in the capital, firing teargas and beating students at three of them.

Police beat students with batons as they chanted anti-government slogans such as "we are ready to die for Sudan" and "revolution, revolution until victory."

Groups have emerged on social networking sites calling themselves "Youth for Change" and "The Spark," since the uprisings in nearby Tunisia and close ally Egypt this month.

"Youth for Change" has attracted more than 15,000 members.

"The people of Sudan will not remain silent anymore," its Facebook page said. "It is about time we demand our rights and take what's ours in a peaceful demonstration that will not involve any acts of sabotage."

The pro-democracy group Girifna ("We're fed up") said nine members were detained the night before the protest and opposition party officials listed almost 40 names of protesters arrested on Sunday. Five were injured, they added.

Sudan has a close affinity with Egypt -- the two countries were united under British colonial rule. The unprecedented scenes there inspired calls for similar action in Sudan, where protests without permission, which is rarely given, are illegal.

Before Tunisia's popular revolt, Sudan was the last Arab country to overthrow a leader with popular protests, ousting Jaafar Nimeiri in 1985.

Opposition leader Mubarak al-Fadil told Reuters two of his sons were arrested on their way to the central protest.

Editor-in-chief of the al-Wan daily paper Hussein Khogali said his daughter had been detained by security forces since 8 a.m. (0500 GMT) accused of organizing the Facebook-led protest.

Pro-government newspapers carried front page warnings against protests which they said would cause chaos and turmoil.

The Sudan Vision daily's editorial blamed the opposition.

"Our message to those opposition dinosaurs is to unite their ideas and objectives for the benefit of the citizens if they are really looking for the welfare of the Sudanese people," it read.

Sudan is in deep economic crisis which analysts blame on government overspending and misguided policies. A bloated import bill caused foreign currency shortages and forced an effective devaluation of the Sudanese pound last year, sparking soaring inflation.

Early this month the government cut subsidies on petroleum products and key commodity sugar, triggering smaller protests throughout the north.

Sunday's protests coincided with the first official announcement of results for a referendum on the oil-producing south's secession from the north showing an overwhelming vote for independence, which many in the north oppose.

Source: Reuters US Online Report World News
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Re: Africa

Postby winston » Sat Feb 05, 2011 10:23 am

3 REAL Emerging Markets to Invest In

Africa, Vietnam, Russia may be where the true potential lies By Robert Hsu


Emerging Market #1 – Africa

The Egyptian turmoil caused a sell-off in another ETF that holds great promise — the Market Vectors Africa Index ETF (NYSE: AFK). Egyptian companies comprise 20.5% of that ETF, the second-heaviest weighting after South Africa (28.9%).

Other well-represented countries are Nigeria at 16.5% and Morocco at 1.1%. The best thing about this ETF is that it offers access to companies and markets in Africa that otherwise will be very difficult to reach for individual investors.

Most African markets — save for Egypt and South Africa — are referred to as frontier markets. Frontier is a term that signifies an earlier level of development than most emerging markets.

The best way to play Africa for many years was via South African companies as they dominate the region, have the best funding and are domiciled in the most advanced economy in the continent. But a more direct play would be this AFK ETF, which is similar to investing in an African Index fund.

Considering that GDP per capita is very low in most African countries and is growing rapidly from a small base, I expect that this ETF will do well over time.


http://www.investorplace.com/30118/emer ... potential/
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Re: Africa

Postby winston » Sat May 28, 2011 12:17 pm

Hopefully, some of the money will reach the intended recipient instead of being leaked away ...

US offers $14.5 million for Somalia food aid

The United States said Friday it is offering nearly $15 million for food for Somalis hit by drought and political unrest.

"The United States has approved a $14.5 million contribution to the World Food Programme to benefit Somalis in need of food assistance," Mark Toner, a State Department spokesman, told reporters.

"The United States is also staging approximately 19,000 metric tons of food aid and it's prepositioning sites worldwide in order to be prepared for additional emergency food assistance in the weeks and the months to come," he added.

He said the United States has already provided around $15 million in food assistance, $23 million in non-food humanitarian aid, and $27 million in development assistance since 2010.

"The United States has been the largest overall donor of humanitarian and food aid to Somalia. Since 1991 the US has provided more than $1 billion in humanitarian assistance to Somalia," he said.

In February, UN official Valerie Amos said drought in Somalia is threatening two million people, the vast majority living in zones controlled by radical Islamist insurgents where it is impossible to send aid.

Source: AFP American Edition
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Re: Africa

Postby winston » Sat Jun 11, 2011 9:23 am

US 'concerned' about China business practices in Africa by Lachlan Carmichael

US Secretary of State Hillary Clinton urged African countries to lift trade barriers with the United States here Friday and voiced concern about China's aid and investment practices in Africa.

The first US chief diplomat to visit Zambia since 1976, Clinton attended annual talks over a US preferential trade deal at a time when China has overtaken the United States as Africa's top trading partner.

"China's presence in Africa reflects the reality that it has important and growing interests here on the continent," Clinton said during a press conference with Zambian President Rupiah Banda.

"The United States does not see these interests inherently incompatible with our own interests. We do not see China's rise as a zero-sum game. We hope that it will become succesful in its economic efforts," she said.

"We are, however concerned that China's foreign assistance and investment practicies in Africa have not always been consistent with generally accepted international norms of transparency and good governance," she added.

She said the United States has begun a dialogue with China on its activities in Africa.

Some African nations have leaned toward China because Beijing makes no demands on human rights or democracy.

"Generally speaking, I think the Chinese have been more aggressive in terms of trade into the region," said Mupelwa Sichilima, of Trade and Industrial Policy Strategies, a South African think-tank.

But Sichilima said that in practice, other restrictions hinder African trade with both the United States and China -- mainly practical considerations like safety standards for food products.

"China is just an alternative market that has come on board, but it doesn't mean it will swallow everything from Africa."

China-African trade soared more than 40 percent last year to $126.9 billion.

During his press conference with Clinton, Banda said Zambia has been dealing with China since even before independence in 1964 and was "fortunate" that China continued to buy Zambian copper during the global financial crisis.

But he said Zambia makes sure that foreign countries doing business here treat Zambians well and follow the nation's laws.

Clinton and Zambia spoke after attending the ministerial forum of the African Growth and Opportunity Act (AGOA), an 11-year-old deal that gives African exports duty-free status on the US market.

Despite a significant increase in trade, "we cannot ignore the signs that not all countries have made the most of AGOA," Clinton told the forum, which drew 1,600 delegates from 31 countries.

"African countries export only a handful of the 6,500 products that are eligible for duty-free shipping. The most common export is still a barrel of oil," she said.

"So we have the potential to do more. The question is: Will we?"

She said an answer to the question is important as the AGOA comes up for renewal in Congress in 2015.

The secretary also sought to promote closer US-African business links so each side knows what the other wants, called for more African women entrepreneurs and stressed US help for Africans wanting to launch or build businesses.

Clinton also encouraged ministers to lift trade barriers between their countries, cut red tape, fight corruption as well as invest more in roads, ports and electricity grids.

"Ultimately, it is up to the leaders of this region to decide if you want economic integration," she said.

"It does mean you will have to take on entrenched interests and respond to concerns about new competition" while demonstrating how their peoples will benefit from expanded regional trade, she said.

"Expanding trade within Africa is one of the best ways to promote growth," she said.

That issue will come under the spotlight Sunday, when 26 African nations will launch negotiations in Johannesburg to pull down barriers in countries stretching from the Cape to Cairo.

Clinton's visit here is another sign of growing interest in African economies, which the International Monetary Fund expects to grow faster than the global average in the coming years.

Six of the world's 10 fastest-growing economies were in Africa last year, and the African Development Bank has signalled the rise of a middle class of more than 300 million people on the continent.

The AGOA law grants 37 African nations duty-free access to the US market, with a handful of countries like Somalia, Sudan and Zimbabwe excluded because of conflicts, coups or political turmoil.

Last year, AGOA-eligible countries sent $44 billion worth of exports to the US market, but only $4 billion dollars of that was in non-oil products.

One provision of the law, which allows many countries to export clothing made from imported fabrics, has ironically helped the growth of Chinese-owned factories in countries like Swaziland.

Source: AFP Global Edition
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Re: Africa

Postby winston » Sat Sep 24, 2011 2:42 pm

Rwandan president rents luxury hotel room in New York for $20,000 a night by Megha Chaturvedi

A president spending $20,664.50 for a stay in a presidential suite in a lavish hotel is not a big deal, but it becomes a big issue when the president belongs to Rwanda, one of the struggling countries.

Yes, Rwanda’s President Paul Kagame stayed in a Mandarin Oriental’s hotel’s presidential suite in New York while attending the UN General Assembly.

The president faced disparagement as the average people in his country will have to spend 18 years of hard work to earn $20,664 that he simply spent on his lavish stay.

http://groups.yahoo.com/group/Umusoto/m ... 6227?var=1
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Re: Africa

Postby winston » Mon May 28, 2012 7:33 pm

African economy to grow 4.5% in 2012: report

The African economy should grow 4.5 percent this year after recovering from the impact of the 2009 global economic crisis and the 2011 North African revolts, experts predicted in a report Monday.

"Africa's economy should see a rebound in 2012 after popular uprisings and political unrest brought overall economic growth to 3.4% in 2011," the report read, made public at the start of the AfDb annual meeting in Tanzania.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281
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