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Old June 3rd, 2019, 06:29 PM   #24841
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WATCH : BP to pay billions for suspicious Senegal gas deal

BP has agreed to pay around $10bn (£8bn) to a businessman involved in a suspicious energy deal.

The energy giant bought Frank Timis' stake in a gas field off the coast of Senegal for $250 million in 2017.

But documents obtained by BBC Panorama and Africa Eye reveal that BP will also pay his company between $9bn and $12bn in royalties.

Both BP and Mr Timis deny any wrongdoing.



https://www.bbc.com/news/av/world-af...negal-gas-deal
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Old June 3rd, 2019, 06:46 PM   #24842
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In Lagos, finding a home to rent is an impossible mission

Housing shortages, a lack of regulation and gender discrimination are at play, so what's the solution?

Lagos, Nigeria - Stephanie Odili knew that finding an apartment to rent in Lagos, Nigeria's commercial centre would be difficult, but she was still unprepared for what came next.

The 22-year-old was met with obstacles at each step - from a real estate agent demanding cash for every viewing, despite it being illegal, to a landlord who asked for 18 months' rent in advance, instead of the standard 12.

"I found a two-bedroom [apartment] for 950,400 naira ($2,640) per annum. The rooms were so tiny they could barely fit three people at once," Odili told Al Jazeera.

Lagos is home to 22 million people and counting, more than double New York and London's tally.

The city's population grows by 77 people every hour as Nigerians from less industrialised regions seek jobs. And as the city grows, so too does demand for housing.

In a country where the minimum wage is about $80 a month and where graduates earn an average of 80,000 naira ($222) a month, renting in Lagos is an expensive exercise.

Odili got lucky. Her employer offered her a housing loan and she was ready to move in with a friend.

But just as she secured a place, she received a call from the agent saying the property had been rented out to someone else.

"After that call, I made up my mind to stop looking."

Gender discrimination is also at play in the search for a home. The odds are stacked against the young, unmarried woman like Odili.

Women living outside their fathers' or husbands' houses is considered inappropriate in some sections of Nigerian society, so single women looking to rent a property are often rejected or subjected to more rigorous screenings.

The housing shortage is also exacerbated by unoccupied luxury apartments in wealthy Lagos suburbs, including Ikoyi and Victoria Island where rent typically begins from $20,000 a year, in a country where almost half of its citizens live on less than $2 daily - a problem which has been acknowledged by Nigeria's Minister for Works, Power and Housing, Babatunde Fashola, a former Lagos state governor.

With little government housing, the onus falls on the private sector.

An estimated two-thirds of people in the Lagos metropolis live in informal accommodation or slums. Some jostle for space in crowded shanties, often built on stilts in water communities where residents live under the threat of eviction or in dilapidated buildings prone to collapse.

...



https://www.aljazeera.com/indepth/fe...102749112.html
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Old June 3rd, 2019, 07:04 PM   #24843
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IMF urges South Africa to speed up reforms to boost growth

JOHANNESBURG (Reuters) - South Africa’s subdued economic growth could be reignited if the implementation of structural reforms, including at troubled state power utility Eskom, is accelerated, the International Monetary Fund said on Monday.

The fund said following President Cyril Ramaphosa’s re-election last month, a focus on policy actions to remove long-standing constraints to growth and accelerate job creation was a must.

Eskom will require bold action to redefine its business model so that it becomes self-sustained and ensures affordable and reliable electricity supply,” the fund said in a statement. “...Postponing the needed adjustment of the entity will only force greater difficulties down the road.



https://af.reuters.com/article/afric...CN1T41UD-OZABS
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Old June 3rd, 2019, 07:13 PM   #24844
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WATCH : BP to pay billions for suspicious Senegal gas deal
One just wonders. How does a random Romanian-Australian businessman get to purchase such a lucrative gas field in Senegal?
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Old June 3rd, 2019, 07:26 PM   #24845
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Growing global demand for natural ingredients and supply insufficiency have caused Madagascar vanilla prices to skyrocket by nearly 500% in the past four and a half years, making it more expensive than silver. https://reut.rs/2MpmhsA



https://graphics.reuters.com/MCCORMI..._medium=Social
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Old June 3rd, 2019, 07:28 PM   #24846
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The ‘Africa Rising’ Narrative Is Dead. Why Is It Being Resurrected?

True To Form, These Same Narrative Setters, Most Of Whom Do Not Even Live In Africa, Are At It Again. Of Late A Slew Of Western Publications, Leading Global Thinktanks, Newspapers Like Forbes And Think Tanks Continue To Perpetuate Similar Motifs Of Africa As Containing The ‘Fastest Growing Economies In The World’ With Possibly Incredible Outcomes For Its People.

There’s a startling phenomenon in Kampala’s real estate market. A spectre of empty apartment buildings with no tenants, essentially white tombs, clog the city’s skyline. Multiple fancy shopping malls, which, in true ‘Ugandan English’ style we refer to simply as ‘arcades,’ are shutting down. Some banks are closing. The cause for this turn in fortunes, while multidimensional in nature, doesn’t need one to have an economics degree from Harvard to figure out: More and more people simply have not enough money in their pockets to spend. The Uganda Bureau of statistics’ latest House Hold Survey that found poverty increasing from 19.7% in 2012 to 27% in 2017, a whopping 8 million people, also found that monthly expenditure portfolio for a household of 4 is a paltry sh400,000 (about $100).

This is not a problem limited to Uganda alone. Poverty levels in many sub-Saharan African countries have of late been spiking.

Towards the end of April I visited Nigeria, Africa’s largest economy and the continent’s biggest oil producer. Talking with ordinary folk on the street brings out the misery of the country’s youth. Although Nigeria has one of the world’s highest economic growth rates averaging 7.4% Poverty remains significant at 33.1%. Nollywood films might glamorize Nigeria as a country of large houses and huge fuel-guzzling SUV’s, and indeed there are very rich Nigerians; but the gap between rich and poor is so great that the combined wealth of Nigeria’s five richest men – $29.9 billion – could end extreme poverty in that country according to a 2017 report published by Oxfam. A country where more than half the population lives in poverty, and 60% of the urban population cannot afford the cheapest house is not a country that is ‘rising’. Six Nigerians fall into chronic poverty every minute, according to the real time poverty tracker World Poverty Clock. In 2018 Nigeria overtook India as the country with the largest number of people living in extreme poverty, with an estimated 87 million Nigerians. If the current trend persists, warns the IMF, more than 120 million Nigerians, or 45 percent of the population, will be living in extreme poverty, that’s less than $1.90 a day, by 2030.

Many countries in Africa aren’t fairing any better, and this is partly evidenced by the flight of some of world’s and region’s biggest brands back to their home origins after their franchises failed to register progress on the continent.

Retail chain Shoprite has been closing stores from Zimbabwe to Uganda since at least 2015. So has Kenyan supermarket giant Nakumatt.

Food giant Nestle significantly scaled down its presence in Africa in 2015, including cutting its workforce in sub-Saharan Africa by 15%. Speaking to the Financial Times then, its Africa head was brunt as to what had led to the company’s decision:

We thought this would be the next Asia, but we have realised the middle class here in the region is extremely small and it is not really growing”. Of late the company has shifted its focus to ‘lower-income consumers’, an admission that having bet its investment on the ‘Africa Rising’ narrative was a big misreading of African economic fortunes.

What better example could explain the hollowness of the ‘Africa Rising’ narrative than the Millions of poor African migrants trekking dangerous routes across deserts and oceans to reach Europe in a naïve, misguided, search for a better life?

Coined around 2000 by The Economist, the ‘Africa Rising’ term described the rapid economic growth in Sub-Saharan Africa then, and the belief that rapid economic development on the continent was inevitably going to transform the continent. Its empirical basis was that over the past decade, six of the world’s 10 fastest growing countries had been from Africa. The world’s economic, aid and humanitarian elite hopped onto this false narrative. Major conferences were held under its banner. Key investment decisions such as Nestle’s above, were made at the back of this premise. African governments were made to believe they were doing so well that some made unwise policy decisions based on this false narrative.

What these forecasters forgot, despite rich lessons from history is, one, Africa is not one country but 54 with different socio-political, economic and cultural contexts; that extraneous factors such as high population growth rates would erase any gains made by economies, that climate change would be devastating to economies of an agrarian continent, that political instabilities, not to mention corruption and a plethora of other governance challenges that can’t be put onto the Richter scale, would upend that narrative.

...



https://panafricanreview.rw/analysis...g-resurrected/
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Old June 3rd, 2019, 08:53 PM   #24847
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Egypt’s new free zone to serve development purposes - LINK



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CAIRO — Egyptian Prime Minister Mustafa Madbouly approved May 13 a decision to set up a free zone in the southwest of the New Aswan city. This comes as part of the government's plan for the development of cities in Upper Egypt to serve investors and create more jobs.

[...]

The Aswan free zone is part of the Ministry of Local Development’s plan to open seven new free zones in New Ismailia, el-Herafien in Giza governorate, Gamasa in Dakahlia governorate, Mutubas in Kafr El Sheikh governorate, Aswan, as well as in the Minya and South Sinai governorates by 2022, with a capital of around $12.1 billion. The plan is designed to meet the ministry’s goal of equal distribution of free zones in all Egyptian governorates in a way to create job opportunities for their inhabitants and bring about development.

[...]


The Egyptian Minister of Investment and International Cooperation, Sahar Nasr, on May 9 revealed details relating to the public free zone in the southwest of New Aswan city. She indicated it will involve "160 projects with up to $2.3 billion in investment and will create nearly 15,000 jobs” for young people. The free zone will be built on a surface area of ​​187 feddans (194 acres), she added.

Nasr said the Aswan free zone is expected to generate an additional $1.1 billion for the country’s gross domestic product (GDP) and increase exports by $675 million a year.

The new free zone involves “the manufacturing of electronic boards, photovoltaic cells and reflector from the 98% silica sand that is found in big quantities there, software and computer applications and their related industries, and jewelry and gemstones that are found in Wadi Allaqi in the southeast of Aswan, the capital,” Nasr noted.

[...]

According to data by the Ministry of Investment and International Cooperation published May 9, there are presently "nine free zones involving 1,090 projects with $12.1 billion in capital and $2.1 billion in foreign direct investment, and an investment cost of nearly $26 billion. Such businesses ensured 192,000 jobs."

In 2018, exports through the free zones amounted to $17.3 billion, and service exports hit $7.6 billion for the first time compared to $6.4 billion in 2017 and $4.9 billion in 2016, according to the same data.
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Old June 3rd, 2019, 09:07 PM   #24848
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I do acknowledge and rebuke the extravagance of almost useless majority of African leaders and public workers



But how large is your family Popa, you seem to always have some uncle/aunt etc at every faucet of life in Ghana doing something that fits almost every major vice and misconception about Africa posted on ssc.


9 ‘proper’ uncle and aunts.

over 100 including their cousins

But Ive probably mentioned 2 of them in all my time on SSC. If you can show otherwise.....

Better luck next time
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Old June 3rd, 2019, 09:32 PM   #24849
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13'000 for 1 bedroom and 38'000 for 4.

For comparison, this shanty house with no water inside and an external "bathroom" (hole in the ground) costs 6'000 usd



The first East African factory making AAC blocks is operational in Rwamagana Industrial Park, that's the technology they're using. Another project using AAC blocks will be built in another medium-low income neighborhood called Masaka.



If Kigali manages to fill up with apartments like these it'll end up looking no different from a high-end Western city (Scandinavia, Canada) because of the quality of roads and security that is already in place.


Yeah its got a good backbone
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Old June 4th, 2019, 04:04 AM   #24850
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Why birds prefer wealthy neighborhoods in South Africa

Money might not buy happiness, but it can buy biodiversity—at least for birds.

Wealthier urban areas across South Africa attract more native bird species than less well-to-do ones, according to a new study. That's because ritzier neighborhoods contain more green spaces, which provide habitat for the animals.

First identified during a 2003 study of plant biodiversity in Phoenix, Arizona, this so-called "luxury effect" has since been discovered in a multitude of species, including insects, bats, and lizards.

Large and highly landscaped yards, vegetation in which to hide and raise young, and an abundance of water are all factors that draw in wildlife and plants.

The problem with past studies, says lead author Dan Chamberlain, an ecologist at Italy’s University of Turin, is that nearly all of them were conducted in relatively affluent countries in North America, Europe, and Australia.

Urbanization and biodiversity loss, however, are more concentrated in parts of South America, Southeast Asia, and Africa.

Now, Chamberlain and colleagues have confirmed the luxury effect exists in South Africa—and they’re calling on urban planners to ensure that everyone has access to nature.

The scientists propose that half of all the world’s urban areas be devoted to parks and other green spaces, for the benefit of people and wildlife alike.

“The wealthy have access to the benefits of green spaces—why should poor people be starved of that?”

A quantitative analysis revealed that the luxury effect kicked in once pavement, dwellings, and other urban cover exceeded 38 percent.

https://www.nationalgeographic.com/a...africa-cities/
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Old June 4th, 2019, 09:13 AM   #24851
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Standard Bank is closing more than 100 branches in South Africa.




On Monday, Standard Bank announced the full list of branch closures - and more branches than expected will close down.

Earlier this year, Standard Bank said it would close 91 of its branches. But this has now been increased to 104 – 17% of all its branches. Gauteng will be worst hit, with 49 branches due to close by as early as this month.Branches in a number of key locations – including Hyde Park, East Rand Mall, the Mbombela branch, Mitchell’s Plain and Hout Bay – will be closed.

Standard Bank initially expected 1,200 of its staff to be affected by the closures, but given the expanded list, more people could lose their jobs.

More

The bank said that this move is aimed at aligning its business and retail banking platforms with the modern way its users bank.While several branches in each province will be closed, Standard Bank said that its digital self-service channels will remain available at all times.The bank has closed numerous branches in each province, with Gauteng being the most heavily-affected followed by the Western Cape.

“We know that the way you bank has changed and we’re changing with you,” Standard Bank said.

“We’re aligning our retail and business banking services so that you can bank at any time, from anywhere. In the process of making these changes, we will be closing several branches.”



More
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Old June 4th, 2019, 09:23 AM   #24852
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This is what I was talking about in both the Global economy and Robots/Automation thread, the changes are going to be faster than people expect and it'll be painful for people who are not ready.1200 jobs is a lot considering that's one company, but that's nothing compared to what's on the way in the next 10 years globally.

IT courses should start being introduced in African schools as early as possible considering that's where the bulk of jobs are going to be in the future.

For those 1200 jobs cut by standard bank, there's several IT jobs created but how many of those laid off would qualify for those jobs? probably not many.Also how many IT jobs will need to be outsourced from outside the country?
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Old June 4th, 2019, 10:21 AM   #24853
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SARS lifts tax return threshold from R350 000 ($24 000) to R500 000 ($34 500)

The SA Revenue Service announced on Tuesday that it has lifted the tax return threshold from R350 000 to R500 000.

This means that only people who earn more than R500 000 per year will need to file tax returns, commissioner Edward Kieswetter said at a media briefing in Pretoria.

"I must warn taxpayers that making false declarations is fraud and has serious implications," added Kieswetter.

Taxpayers who are registered for eFiling or make use of the new SARS MobiApp can file their income tax returns from July 1.

https://www.fin24.com/Companies/Fina...0-000-20190604
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Old June 4th, 2019, 11:37 AM   #24854
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Far, far worse than expected:

Shock 3.2% contraction in SA GDP in first quarter

SA’s economy performed far worse than expected in the first quarter of 2019, contracting 3.2% from the final quarter of 2018

The manufacturing sector contributed most to the contraction, falling 8.8% quarter on quarter, statistician general Risenga Maluleke said on Tuesday.

However, activity fell in almost every sector of the economy.

The rand, which was at R14.46/$ at 11.29am, fell to R14.56 within two minutes of the announcement.

SA’s GDP growth in the first quarter was 0% year on year, far worse than anticipated.

The consensus according to macroeconomics website Trading Economics was for SA’s GDP to contract 1.7% quarter on quarter, but grow 0.7% year on year.

The plunge wiped R56bn off SA’s nominal GDP, putting it at R1.2-trillion at the end of March.

“This is the biggest decline in about a decade, or since the [2008] financial crisis,” Maluleke said.

SA’s mining industry contracted 10.8% from the last three months of 2018, while final household consumption expenditure fell 0.8%.

Government spending picked up 1.3%.



https://www.businesslive.co.za/bd/ec...first-quarter/
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Old June 4th, 2019, 12:15 PM   #24855
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Old June 4th, 2019, 12:28 PM   #24856
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Algeria's forex reserves at 79.88 bln USD in 2018, down 17.4 bln USD in 1 year

ALGIERS, June 3 (Xinhua) -- Algeria's foreign exchange reserve plummetted by more than 17.4 billion U.S. dollars from 2017 to 2018, according to a statement by Bank of Algeria on Monday.

Algeria's reserve decreased to 79.88 billion dollars in 2018 from 97.33 billion dollars in 2017, noted the statement, ascribing the decline to rising imports compared with exports and the deficit registered by the Finance Ministry.

The statement expected the reserve to go down and called for more corrective efforts as far as the state budget is concerned in order to regain stability for the balance of payments.
http://www.xinhuanet.com/english/201..._138114183.htm
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Old June 4th, 2019, 02:37 PM   #24857
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Kigali hosts meeting of French-speaking mayors
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The mayors will be in the country to attend the 89th meeting of the Bureau of the International Association of French-speaking mayors (AIMF), an organisation to which they are members.

Among high-profile mayors to attend the meeting include the Mayor of Paris, Anne Hidalgo, who is the current President of the association.

[...] Mayors attending the meeting in Kigali include those from Abidjan (Ivory Coast), Bordeaux (France), Brazzaville (Congo), Dakar (Senegal), Libreville (Gabon), Liege (Belgium), and Montreal (Canada).

Others will come from Nantes (France), Nouakchott (Mauritania), Ouagadougou (Burkina Faso), Paris (France), Phnom Penh (Cambodia), Pointe-à-Pitre (Guadeloupe), Port-au- Prince (Haiti), Port-Louis (Ile Maurice), Saint Denis (La Réunion),Strasbourg (France), and Ziguinchor (Sénégal).
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Old June 4th, 2019, 03:19 PM   #24858
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Far, far worse than expected:

Shock 3.2% contraction in SA GDP in first quarter

SA’s economy performed far worse than expected in the first quarter of 2019, contracting 3.2% from the final quarter of 2018

The manufacturing sector contributed most to the contraction, falling 8.8% quarter on quarter, statistician general Risenga Maluleke said on Tuesday.

However, activity fell in almost every sector of the economy.

The rand, which was at R14.46/$ at 11.29am, fell to R14.56 within two minutes of the announcement.

SA’s GDP growth in the first quarter was 0% year on year, far worse than anticipated.

The consensus according to macroeconomics website Trading Economics was for SA’s GDP to contract 1.7% quarter on quarter, but grow 0.7% year on year.

The plunge wiped R56bn off SA’s nominal GDP, putting it at R1.2-trillion at the end of March.

“This is the biggest decline in about a decade, or since the [2008] financial crisis,” Maluleke said.

SA’s mining industry contracted 10.8% from the last three months of 2018, while final household consumption expenditure fell 0.8%.

Government spending picked up 1.3%.



https://www.businesslive.co.za/bd/ec...first-quarter/
Absolutely horrendous numbers. Ramaphosa really has his work cut out for him.
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Old June 4th, 2019, 03:57 PM   #24859
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SA is performing really badly. It is frankly a bit demoralizing.
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Old June 4th, 2019, 03:59 PM   #24860
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German government launches €1bn Africa fund



German ambassador to Ghana Christoph Retzlaff earlier today announced that the German government had launched a €1-billion Africa fund.

Retzlaff (pictured above, left with former Ghanaian president John Dramani Mahama) said in a tweet earlier today that the fund will support African startups and small businesses, as well as German and European companies.

It’s not yet clear when the fund will make its first investments or which startup verticals it will target.

Ventureburn sought comment from the German embassy in Ghana on this and other details on the fund but had not received a comment at the time of publication.

The fund is part of the G20 Compact With Africa initiative which was launched under Germany’s G20 presidency in 2017 to promote investment in Africa.

At least 12 African states form part of the initiative. They are Benin, Togo, Ghana, Ivory Coast, Burkina Faso, Guinea, Senegal, Morocco, Tunisia, Egypt, Ethiopia and Rwanda.

https://ventureburn.com/2019/06/germ...n-africa-fund/
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