Africa briefs
Mnangagwa says new investment law to open economy
Zimbabwe is working on a new investment law to open up the economy to foreign investors, President Emmerson Mnangagwa said on Wednesday, part of his government’s drive to revive an economy that stagnated under Robert Mugabe last years in power.
While giving the main speech during Zimbabwe’s independence celebrations, the first without Mugabe since 1980, Mnangagwa acknowledged the country had made mistakes and missed on investment opportunities in the recent past.
-Nampa/Reuters
Egypt ports to remain open 24 hours
Egypt will keep its ports running for 24 hours a day, up from 16 currently, in an effort to cut down on “long waiting times” for shipments, transportation minister Hesham Arafat said on Wednesday.
The extended port hours will not come at any added cost for shippers, he said. Arafat did not specify when the new port hours would come in to effect or how long the new policy would remain in place.
-Nampa/Reuters
South Africa's CPI falls to 7-year low
South African consumer price inflation slowed to its lowest rate in seven years on Wednesday as the end of the worst drought in decades helped push down food prices, data showed on Wednesday.
The rand briefly rallied to a session high after the inflation data before easing back above the 12 per dollar mark, with investors doubtful the unexpectedly low reading would be enough to persuade the South African Reserve Bank to cut interest rates more.
-Nampa/Reuters
IMF hints open to Angolan request for non-financial aid
The IMF indicated on Wednesday that it was receptive to a request from Angola for non-financial assistance to help it implement economic reforms.
Africa’s second-largest crude producer continues to suffer from lower oil prices, which have caused a dollar liquidity squeeze that has made it difficult for foreign companies to repatriate profits and discouraged many from investing.
-Nampa/Reuters
Mobile survey firm secures US$3.5m for Africa expansion
mSurvey, a Kenyan start-up that uses mobile phone short-messaging to gather customer feedback for clients, has secured US$3.5 million to fund expansion into Nigeria and South Africa, its chief executive said on Wednesday.
The firm, founded in 2012 with backing from Kenyan telecoms operator Safaricom, collects feedback for Kenyan firms including lender CBA Group and Java, a chain of coffee shops.
-Nampa/Reuters
Zimbabwe is working on a new investment law to open up the economy to foreign investors, President Emmerson Mnangagwa said on Wednesday, part of his government’s drive to revive an economy that stagnated under Robert Mugabe last years in power.
While giving the main speech during Zimbabwe’s independence celebrations, the first without Mugabe since 1980, Mnangagwa acknowledged the country had made mistakes and missed on investment opportunities in the recent past.
-Nampa/Reuters
Egypt ports to remain open 24 hours
Egypt will keep its ports running for 24 hours a day, up from 16 currently, in an effort to cut down on “long waiting times” for shipments, transportation minister Hesham Arafat said on Wednesday.
The extended port hours will not come at any added cost for shippers, he said. Arafat did not specify when the new port hours would come in to effect or how long the new policy would remain in place.
-Nampa/Reuters
South Africa's CPI falls to 7-year low
South African consumer price inflation slowed to its lowest rate in seven years on Wednesday as the end of the worst drought in decades helped push down food prices, data showed on Wednesday.
The rand briefly rallied to a session high after the inflation data before easing back above the 12 per dollar mark, with investors doubtful the unexpectedly low reading would be enough to persuade the South African Reserve Bank to cut interest rates more.
-Nampa/Reuters
IMF hints open to Angolan request for non-financial aid
The IMF indicated on Wednesday that it was receptive to a request from Angola for non-financial assistance to help it implement economic reforms.
Africa’s second-largest crude producer continues to suffer from lower oil prices, which have caused a dollar liquidity squeeze that has made it difficult for foreign companies to repatriate profits and discouraged many from investing.
-Nampa/Reuters
Mobile survey firm secures US$3.5m for Africa expansion
mSurvey, a Kenyan start-up that uses mobile phone short-messaging to gather customer feedback for clients, has secured US$3.5 million to fund expansion into Nigeria and South Africa, its chief executive said on Wednesday.
The firm, founded in 2012 with backing from Kenyan telecoms operator Safaricom, collects feedback for Kenyan firms including lender CBA Group and Java, a chain of coffee shops.
-Nampa/Reuters
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