African Business articles from July 2006

African Business archives from July 2006

Single currency for Africa: the case for economic unity.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... While I read Moin Siddiqi's finance story with great interest (A Single African currency in our time? African Business May 2006 issue), by the time I reached the end of this excellent article I was left with the distinct impression that...

Tourism is vital: a call to policy-makers.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... I work within the tourism sector and I am an avid reader of your magazine, but I am surprised at how sporadic your coverage of the African tourism industry has become. While you dedicate regular pages to the energy sector, discuss financial...

Globalisation's blind spot: everything except labour.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... Your report on migration (World on the Move, African Business May 2006 issue) was highly revealing but also illuminated a great truth that is like the proverbial 'elephant in the room' that nobody sees. It is that the theory of globalisation so...

Venture Capital survey: Francophone and Anglophone versions.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... Your readers might be interested to learn that the African Venture Capital Association (Avca) has conducted its second survey of the private equity industry in Africa. Avca contacted over 140 institutions and received a high response rate. ...

Funding the future: investment for our children.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... As your article in the last issue of your magazine makes abundantly clear, (Where does all the oil money go? African Business, June issue), there is a real need for a clear policy to be arrived at in order to ensure that Africa's oil and gas...

Marshalling the troops: manpower initiatives.(THIS MONTH'S PRIZE LETTER)(Letter to the editor)
July 1, 2006... Reports regarding the SA-UK Forum held in London last May indicate that the two countries' defence ministers, namely Mosiuoa Lekota and Des Browne respectively, had reached an agreement on assistance being provided by the British army in the...

Prize letter: win a free annual subscription!
July 1, 2006... African Business will award a free one year subscription to the reader whose letter is chosen as the Prize Letter for that month. (Existing subscribers will receive a free annual renewal). Your views on Africa and matters affecting Africa are...

Economics: new meaning for 'Mr Moneybags'.(business briefs)(Brief article)
July 1, 2006... The Zimbabwe Central Bank has issued a new Z$1,000 bank note in the wake of inflation nearing 1,100% at mid-year. The bank note, in the form of a bearer cheque, was worth, at the time of issue on 1 June, about 90 US cents at the official rate...

Power: SA electricity no longer the cheapest.(South Africa)(Brief article)
July 1, 2006... Electricity in South Africa might soon lose its distinction of being amongst the world's cheapest as demand on the ageing infrastructure forces Eskom, the state-owned power provider, to embark upon an expensive and extensive makeover. The...

Finance: strong capital flows to the south.(Brief article)
July 1, 2006... Net private capital flows to developing countries reached a record high of $491bn in 2005, driven by privatisations, mergers and acquisitions, external debt refinancing, as well as strong investor interest in local-currency bond markets in Asia...

S Africa World Cup: company registration landslide.(South Africa)(Brief article)
July 1, 2006... South Africa's 2010 soccer World Cup has triggered a mini landslide in the number of trademark registrations as local and foreign companies--and some enterprising individuals--queue up to lodge their rights to names and ideas that they hope...

Enterprise: IFC's boost for Africa's entrepreneurs.(International Finance Corporation)(Investment Climate Facility)(Brief article)
July 1, 2006... The International Finance Corporation (IFC) has approved a $30m grant to the Investment Climate Facility for Africa to help do away with the red tape that stifles business on the continent. The facility, a new public-private partnership for...

Telecoms: talk is cheaper.(digital divide, separating Africa and Europe via the Eastern Africa Submarine Cable System helps to reduce the rates )(Brief article)
July 1, 2006... Africa could soon have a cheaper telecommunications system, enabling callers from the continent to communicate or link with European countries at reduced rates. A declaration of intent by African Information and Communications Technology (ICT)...

Health: Lagos to be hub of HIV/Aids management.(Human Immunodeficiency Virus)(African Centre for HIV/Aids Management)(Brief article)
July 1, 2006... The African Centre for HIV/Aids Management has been located in Lagos, Nigeria, to provide leadership and direction in the continent's fight against the disease. Opening the centre, President Olusegun Obasanjo said it was expected to...

Stop HIV/Aids "terrible velocity".(Human Immunodeficiency Virus)(Brief article)
July 1, 2006... Southern Africa's HIV/Aids epidemic "is still moving with terrible velocity" with some 5.5m people infected with the disease in South Africa alone, according to Mark Stirling, regional director for UNAIDS, the United Nations agency. Citing...

AB guide to African currencies.(African Business)(Statistical table)
July 1, 2006... AB Guide to African Currencies Country Currency [pounds sterling]STG Algeria (Dinar) 135.57 Angola (New Kwanza) 148.69 Benin (CFA) ...

Africa's World Cup.(Editorial)
July 1, 2006... By the time you read this, the World Cup in Germany will be nearing its conclusion. At the time of writing, Africa's representatives, Cote D'Ivoire, Ghana, Togo and Tunisia were struggling to make the second round. But while the focus of...

China's march into Africa.
July 1, 2006... Over the past year alone, African Business has been invited to participate in eight international conferences on China's role in Africa; to our knowledge, there have been at least 32 such conferences over the past year. The meetings have been...

Commodity markets on a knife-edge: over the last month, high volatility has hit the global financial markets with stocks, bonds, currencies and commodities all plunging in value. This has sent an ugly chill through institutional and retail investors alike.(view from the market)
July 1, 2006... The cost of everything from metals, minerals and precious group metals (PGMs) to commodities such as sugar, as well as crude oil, rocketed in the first half of 2006. The exponential rise in commodity assets took the financial industry experts,...

Kenya to build on KenGen flotation success: huge public demand for shares in Kenya's power generating giant KenGen underscores the country's bid to increase its generating capacity rapidly to cater for an expected demand surge over the next few years.(ENERGY)(Kenya Electricity Generating Company)
July 1, 2006... Another major step was taken towards the reform of the Kenyan power sector in May with the successful flotation of a 30% stake in the country's main generator, Kenya Electricity Generating Company (KenGen). [ILLUSTRATION OMITTED] ...

African winners of WB innovation competition.(product and processes)(World Bank)
July 1, 2006... Every 12 to 18 months, the World Bank runs a worldwide competition to find innovative ways of tackling pressing problems in emerging countries. The ideas submitted have to be practical and able to be replicated. Tom Nevin presents a selection...

Seven secrets for business success: success in business, as in life, depends on avoiding the seven deadly sins and applying their opposites, the seven cardinal virtues. Marion McDonald, a consultant at the business and information technology consultancy Charteris explains how to turn your business into a great one.(business skill)
July 1, 2006... One of the curious facts of being in business is that we tend to pay more attention to winning new customers than to looking after them and keeping them loyal once we have won them. Some people might regard this as an inexplicable...

Nigeria's mobile free-for-all: Nigeria's huge mobile market often resembles dramatic episodes from television soaps as big and small players battle it out for a bigger share in this ever growing segment. The latest row involves Celtel's controlling acquisition of Vmobile. Report by James Knight and Katrina Manson.(telecommunications)(takeover of Vmobile)
July 1, 2006... Customers, and most shareholders, of the embattled Nigerian phone company Vmobile breathed a sigh of relief at the news in May that one of the continent's leading mobile operators, Celtel, was stepping in to bail out their ailing brand. ...

Africa has irreversibly turned the corner: delegates at this year's World Economic Forum on Africa held in Cape Town in June were in an optimistic mood as they contemplated Africa's recent growth curve. The next move, they said, is to ensure that Africa can consolidate on gains made so far. Tom Nevin attended the conference. Here is his report.(World Economic Forum on Africa)
July 1, 2006... Delegates at the World Economic Forum roll out development action plans The buzz at the World Economic Forum, when it was not about China, centred on Africa's remarkable economic growth over the past couple of years, and around the very...

Softs enjoy firm prices: the price of soft commodities such as tea and coffee has also benefited from the general boom in commodity prices brought about by increased demand and fairly static supply. Moin Siddiqi's annual review follows.(commodities)
July 1, 2006... The run up in commodity prices since 2003, led by energy, metals and minerals, has spilled over into the soft commodities. Beverage prices--which rose by 21% in 2005--remain firmly on an upward trend. This, in turn, reflects low coffee stocks...

The Bushmen saga--nothing more than a divisive factor?(Botswana)
July 1, 2006... Over the past few years, Survival International has carried out a high profile campaign accusing the government of Botswana of removing people from the Kalahari region in order to exploit mineral resources in the area. Botswana has strongly...

Apartheid era crooks exposed: a damning new report exposes instances of deeply entrenched grand corruption involving high ranking politicians and businessmen during the apartheid era. The report gives the lie to perceptions that corruption in South Africa is a post-democracy era phenomenon. Tom Nevin reports.(Apartheid Grand Corruption)
July 1, 2006... The damning report Apartheid Grand Corruption--assessing the scales of crime in South Africa from 1976-1994 is a compilation of investigated cases of corruption during that time. It documents and describes instances of corruption that took...

Oil windfall provides longed for turning point: the Nigerian government's impressive management of its finances has continued in the manner in which the recent oil revenue windfalls have been disbursed. Is this the country's turning point towards a better future? Neil Ford discusses.(Nigeria)
July 1, 2006... While it was easy to be suspicious of upbeat speeches by Nigerian ministers until recently, there is now no doubt that the country's financial position is growing steadily stronger. [GRAPHIC OMITTED] The huge national debt is being...

Chogam spurs hotel construction boom: the Ugandan capital is abuzz with both the proposed and ongoing construction of luxury five star hotels. But the flurry of activity surrounding the numerous projects has come at a price. African Business' Stuart Price in Kampala investigates.(Uganda)
July 1, 2006... There is a new investment trend emerging in Kampala for those with enough financial clout. A plethora of already under construction and approved hotel developments pepper the city centre, and it is perhaps just in time. Towards the end of next...

Make or break elections loom: at the end of this month, DR Congo will stage perhaps its most pivotal event in modern times as the whole country goes to the polls to elect a government. This will be only the second time in the country's history that its people will be able to vote. But challenges abound as Neil Ford explains.(DEMOCRATIC REPUBLIC OF CONGO)
July 1, 2006... The peace process in the Democratic Republic of Congo (DR Congo) faces one of its stiffest tests on 30 July when provinces across the massive country go to the polls. A successful election that is generally regarded as free and fair and which...

A copper-bottomed recovery: the surge in copper prices has provided a welcome boost to Zambia's export earnings. Now the priority is to use the windfalls to diversify and strengthen the country's economy. Stephen Williams reports.(Zambia)
July 1, 2006... Should President Levy Mwanawasa fail to secure a further presidential term when Zambians go to the polls later this year, there is little doubt that the cause will be either ill health or dreadful bad fortune. This is because Zambia's economy...

Will the new bank be a boon or a curse? As is the case with other oil producing countries, Angola has set up a bank into which 5% of oil revenues will be channelled. But critics worry that the money, targeted for development, might be frittered away. Neil Ford reports.(Angola)(Banco de Desenvolvimento)
July 1, 2006... The lack of access to credit has been widely cited as a major cause of the lack of economic growth in Africa in past decades. Moreover, critics of the governments of African oil producing states often blame the misuse of oil revenues for their...

'Green gold' loses its lustre: tobacco has long been a backbone of Malawi's economy. However this year's sales have been suspended with disagreements on prices, posing a real threat to the country's already weak economy. Lameck Masina reports.(MALAWI)
July 1, 2006... Tobacco, or 'green gold' as it is sometimes referred to, accounts for over 60% of Malawi's entire foreign exchange earnings but late in March the government postponed the opening of tobacco sales while it negotiated with buyers on the price to...

A world of truth: economics provide insights.(book review)(Book review)
July 1, 2006... The Undercover Economist By Tim Harford [pounds sterling]17.99 Little Brown ISBN 0-316-732-93-1 Regular readers of the Financial Times will already be familiar with Tim Harford's writings. He is the author of a tongue-in-cheek...

Ancestor Stones.(book review)(Book review)
July 1, 2006... Ancestor Stones [ILLUSTRATION OMITTED] by Aminatta Forna [pounds sterling]14.99 Bloomsbury Publishing ISBN 9780747584728 This is the story of four lives: Asana, Mary, Hawa and Serah Kholifa, born to the different wives of...

Field Notes from a Catastrophe: A Frontline Report on Climate Change.(Book review)
July 1, 2006... Field Notes from a Catastrophe A Frontline Report on Climate Change [ILLUSTRATION OMITTED] By Elizabeth Kolbert [pounds sterling]14.99 Bloomsbury ISBN 9780747583837 This is a brilliant description of the realities of...

House of Stone: The True Story of a Family Divided in War-Torn Zimbabwe.(Book review)
July 1, 2006... House of Stone The True Story of a Family Divided in War-Torn Zimbabwe [ILLUSTRATION OMITTED] By Christina Lamb [pounds sterling]14.99 Harper Press ISBN 0-00-721938-5 Blue mountains, golden fields, gin and tonics on...

A Dirty War in West Africa: The RUF and the Destruction of West Africa.(Book review)
July 1, 2006... A Dirty War in West Africa The RUF and the Destruction of West Africa [ILLUSTRATION OMITTED] By Lansana Gherbie [pounds sterling]16.50 Hurst ISBN 1-85065-742-4 This study of Sierra Leone's decade-long war has been...

Bukina Faso.(Book review)
July 1, 2006... Bukina Faso [ILLUSTRATION OMITTED] By Katrina Manson and James Knight [pounds sterling]14.99 Bradt Guides ISBN 1-84162-154-4 For many people, and even a good number of dedicated Africologists, Burkina Faso is something of...

Hitler's African Victims: The German Army Massacres of Black French Soldiers in 1940.(Book review)
July 1, 2006... Hitler's African Victims The German Army Massacres of Black French Soldiers in 1940 [ILLUSTRATION OMITTED] By Raffael Schek [pounds sterling]35.00 Cambridge University Press ISBN 0-521-85799-6 During its campaign...

An Ordinary Man: The True Story behind Hotel Rwanda.(Book review)
July 1, 2006... An Ordinary Man [ILLUSTRATION OMITTED] The True Story behind Hotel Rwanda By Paul Rusesabagina with Tom Zoellner [pounds sterling]16.99 Bloomsbury ISBN 0-7475-8304-8 This book is the autobiography of the man whose...

Jazz made in Africa: big band goes traditional.(Audiovisual review)
July 1, 2006... The Journey Moreira Chonguica Morestar Cat: MP01 The Moreira Project is led by the Mozambican saxophonist Moreira Chonguica, a graduate of the University of Cape Town in South Africa who obtained an honours degree in...