South Africans shocked Starbucks. They trooped out to buy the offerings of the luxury coffee chain, making founder and chief executive of Starbucks Howard Schultz say that the luxury brand would open up to 150 stores in South Africa. The initial plan, according to him was to invest about $9 million to open 12-15 stores in the country. This has changed.
Ivory Coast President wants to open up power sector to competition but it will be impossible for now. “We must end the monopoly of CIE and SODECI,” President Alassane Ouattara had said, but the Eurasia Group says “Renegotiations of contracts with Eranove would set a negative precedent and undermine the administration’s credibility”. CIE is a unit of Eranove SA.
Gupta time is over! South Africa’s most powerful family is gradually becoming the most isolated.
People will remain hungry till October in some parts of Ethiopia. Some eastern areas of Ethiopia will suffer severe hunger and increased deaths through at least September after a drought last year resulted in two harvests being missed, the Famine Early Warning Systems Network said.
Too many African countries have widening fiscal deficits. Sub-Saharan African nations need to contain their fiscal deficits to avoid becoming more vulnerable to external events, the International Monetary Fund said.
SWIFT is giving out $30,000 to three fintech startups. Twelve made it to the final but only three will win cash prizes in the Innotribe Startup Challenge for Africa.
Nigeria’s President Muhammadu Buhari finally signs the 2016 Budget. But a professor of Economics in the country is not as enthusiastic as other Nigerians.
Zimbabwe prints new ‘Zombie’ currencies. The central bank of Zimbabwe prints new monies to add to the various currencies the South African nation is using, but critics are frowning.
Lagos, Nigeria pumps first oil. Nigeria increases its crude production as Lagos, the nerve center of the West African nation produces it first oil via indigenous firm Yinka Folawiyo Petroleum Company Limited (YFP), operator of the Oil Mining Licence (OML) 113 offshore Lagos.
Nigerians in the Panama Papers. A new set of names have been released by International Consortium of Investigative Journalists (ICIJ) and it contains more than 100 Nigeria names that owns at least one offshore company in tax havens.