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The Fraught Four: China’s Economic Crash Has Serious Consequences for Four Southern African Nations

Comments (0) Africa, Business, Featured

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By Enu Afolayan, Contributor

China is a superpower. If there was any lingering doubt as to this, it should have been erased as the widespread fall-out from China’s recent economic crash became evident. For Sub-Saharan Africa in particular, the impact of the crash was particularly harsh.

The stock market crash on August 24th had several immediate consequences: the yuan was devalued, there was a huge injection of capital into the Chinese economy to support financial markets and the risk of a decrease in Chinese tourism worried many nations.

China is the number one trading partner for most African countries. It has more than $20billion USD in investments in addition to billions in development aid. China is one of the biggest customers for Africa’s robust resource-selling market, particularly for mined minerals and crude oil. The devaluation of the yuan against the dollar will likely result in less demand for African goods as the purchasing power of the yuan plummets, thus increasing the relative price for Chinese consumers. For South Africa, Angola, Zambia and Sierra Leone in particular, China’s economic troubles may be manifested in crippling ways.

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Tentative Optimism as Cote D’Ivoire Heads Into First Election Since 2010 Violence

Comments (0) Africa, Featured, Politics

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By Sheldon Mayer, Managing Editor

In the first step towards their landmark election, nine candidates have formally announced that they will run in the October election against incumbent Alassane Ouattara.

While the official campaign season does not begin until October 11th, just two weeks before the election on October 25th, the announcement by the Constitutional Council is an unofficial green light for candidates to begin their campaigning.

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Ibe Emmanuel Kachikwu Takes on Corruption at Nigeria’s State Oil Company

Comments (0) Africa, Featured, Latest Updates from Reuters, Politics

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by Enu Afolayan, Contributor

The President of Nigeria, Muhammadu Buhari, is committed to fighting corruption in his country. On June 26th, immediately after being elected, he ordered the dissolution of the board of the Nigerian petroleum company NNPC. Nigeria extracts two million barrels of crude every day, which makes it the largest producer of black gold in Africa. By attacking the petroleum sector, Buhari made a brave attempt to solve the country’s most serious mismanagement and corruption problem.

In 1970s, Buhari was the Minister of Oil and oversaw the birth of the NNPC. Corruption began to spread in the corporation as early as 1978, when it failed to repay the Treasury of Nigeria. Now, the “Father of the NNPC” is determined to put an end to the widespread corruption. He appointed Ibe Kachikwu as the new head of the petroleum corporation to take on this challenge.

Kachikwu arrived at the helm of NNPC right after the publication of an independent analysis by the Resource Governance Institute (NRGI). The analysis unveiled that over $32 billion in oil revenue was lost by Nigeria due to money laundering at the NNPC.

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Philippe de Moerloose : “The Key to Successful Development in Africa is Mechanization”

Comments (1) Africa, Featured, Latest Updates from Reuters

by Sheldon Mayer, Managing Editor

Philippe de Moerloose is a Belgian businessman and the CEO of Consortium SDA-SDAI, a group that specializes in automobile distribution and is a top provider of agricultural machinery in Africa. Along with CBA Trading and SDIAG, SDA-SDAI’s affiliates are heavily involved in the distribution of vehicles, Philippe de Moerloose seeks to advance the dynamic process of mechanization of African agriculture. SDIAG, the official John Deere distributor for DRC, Rwanda and Burundi, cooperated with the Agricultural Mechanization Initiative issued by Kinshasa’s government which de Moerloose not only supports, but also wants to expand to bring African agriculture into the next era.

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World Economic Forum Reveals Morocco as North Africa’s Most Competitive Country

Comments (0) Business, Featured

Preparations Ahead Of The Davos World Economic Forum 2015

According to the latest report by the World Economic Forum (WEF), at 72nd Morocco is the most competitive country in Northern Africa (an improvement from the previous report), and ranked 4th in all of Africa. Above are Mauritius, South Africa and Rwanda at 39th, 56th and 62nd respectively. Morocco is making a transition toward lower, and eventually, elimination of subsidized government spending through collaboration with international lenders, and more toward innovation, education, and free trade leading to overall economic amelioration.

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China’s Development of Ethiopia : Investment in a Country, or in an Industry ?

Comments (0) Business, Featured

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Ethiopia, a country of about 90 million people, covers just 1,127,127km2—less than 10% of the territory of China. Despite its comparably tiny size, Ethiopia is proving to be a massively important resource for China’s demand for essential minerals necessary in its insatiable demand for technological goods.

Some experts, British-born Ethiopia specialist Richard Pankhurst, believe that trade between the two countries could date back more than 1400 years. Though China’s demand on Ethiopia has evolved from exotic animals and jewelry to minerals and leather, their trade partnership has an unbroken past.

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Bosch registers sales growth in the Middle East

Comments (0) Business, Featured

Bosch

The Middle East is proving to be a lucrative market for Bosch, a German multinational company with expertise in engineering and electronics. The company closed the 2014 fiscal year with AED 945 million (approximately USD 257 million) in consolidated sales across 15 countries in the region, representing an increase of seven per cent over the previous year.

Since the opening of its regional office in Dubai a little over ten years ago, Bosch has experienced continued expansion and sales growth in the Middle East. The UAE now accounts for the highest sales in region, with the largest percentage of growth coming from power tools business.

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From the Bottom(ish) Up: Aliko Dangote, Africa’s Richest Man

Comments (0) Featured, Leaders

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Aliko Dangote is Africa’s richest man. Valued at $17.4billion, this Nigerian magnate is the 67th richest billionaire in the world, one of an elite circle of fabulously wealthy individuals who have made their fortunes in the poorest region of the world. Thirty years ago, Dangote received a loan from his uncle, which he used to break into commodity trading. In the intervening decades, 54-year-old Dangote has managed to build a multinational trading empire.

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Bernard Dunn – the new President of Boeing Middle East

Comments (0) Featured, Leaders

Bernard Dunn

On May 20, 2015 The Boeing Company named Bernard Dunn the new president of Middle East Division. He succeeded Jeff Johnson who moved to the US in March 2015 to become a vice president of business development at Boeing Military Aircraft.

Dunn is now in charge for fulfilment of Boeing’s strategy towards Middle East and the company’s business development in Middle East region. He is responsible for GR, partnership development, expanding Boeing presence and improving company relationships with customers and shareholders. He will cooperate with the President of Boeing Saudi Arabia Ahmed Jazzaar.

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