Tag: American Businesses in Africa

Business

Nigerian ‘unicorn’ Interswitch sells stake to Visa

By Libby George, Alexis Akwagyiram

(Reuters) – Visa Inc (V.N) will buy a significant minority stake in Nigerian payments platform Interswitch, creating “an instant acceptance network across Africa” that will help drive expansion, both companies said in a statement on Tuesday.

Interswitch and Visa did not provide financial details but a source confirmed media reports that Visa would buy a 20% stake for $200 million.

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Business

You’ll Soon Finally Be Able to Fly Directly From Philly to Africa

By Fabiola Cineas

American Airlines, the world’s largest carrier, will finally fly to Africa. Its first-ever route to the continent will launch on June 4, 2020 and fly to Casablanca, Morocco from the Philadelphia International Airport (PHL). The flight is PHL’s first scheduled service to Africa and makes American the only U.S. carrier with a direct flight to Casablanca.

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Education

Top American universities are doubling down on their presence across Africa

By Abdi Latif Dahir

Amid the rolling hills on the outskirts of Rwanda’s capital Kigali, the Carnegie Mellon University Africa’s new campus is a prominent feature on the lush landscape. The 6,000 square meters property is located within the Kigali Innovation City, a public-private partnership aimed at positioning Rwanda as a globally competitive and knowledge-based economy.

Since it’s establishment in 2011, CMU Africa has grown from a small graduate program attracting local applicants to becoming the only American research university with a full-time faculty and operations in Africa.

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Business

Hip-hop stars Akon and Enow join forces to promote power projects in Africa

By PK Semler

Aliaune “Akon” Thiam and Stanley Enow –the Senegalese-American and Cameroonian hip-hop stars – are joining forces to promote major African energy projects such as a 350 MW hydroelectric power plant in the strategically vital West-Central African nation of Cameroon.

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Events

12 African Leaders Set To Attend US-AFRICA Summit

By Olumide Oyekunle

Corporate Council on Africa, in conjunction with the government of Mozambique, will host the 12th US-Africa Business Summit this year in Maputo with at least 12 African presidents expected to grace the event. The event will take place from June 18 to 21.

Organizers hope to bring more than 1,000 American and African private sector executives, international investors, senior government officials, and multilateral stakeholders.

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Business, Visit to Africa

Houston-based Artist Designs Sustainable Furniture With Rare African Woods

From Malawi With Love: Local Artist Designs Custom Furniture That Gives Back

By Susie Tommaney

People come into our lives for a reason. Sometimes they’re just agents of change, reminding us of dormant potential; others keep us focused on our path and goals; some will guide and teach; and then there are those difference-makers who share our mission and remain in our hearts and lives forever.

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Business, News

Kenya Airways inks deal with Delta Air Lines to expand operations in U.S.

Kenya’s flag carrier airline Kenya Airways said Friday it has reached an agreement with American airline Delta Air Lines to activate its codeshare with Delta in the United States and Canada.

Kenya Airways chief executive officer Sebastian Mikosz said the partnership will enable both the business and leisure travelers to enjoy greater connectivity and efficiency in 11 U.S. cities and four Canadian cities.

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Business

Tunisia’s AfricInvest partners with Cathay Innovation launch $170 million fund to invest in African startups

By Zubair Naeem Paracha

Tunisian private equity firm AfricInvest that has $1.5 billion in assets under its management, is partnering with San Francisco-based Cathay Innovation, a global VC fund created by French PE firm Cathay Capital, to launch Cathay AfricInvest Innovation Fund, the two organization announced in a joint statement earlier this week.

The fund, with a projected size of about $170 million (€150 million) which could make it one of the largest VC funds in Africa, will invest in technology startups all across Africa.

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News

Kenyan families of Ethiopian Airline crash to sue Boeing

A U.S.-based attorney says eight Kenyan families of people who died in an Ethiopian Airlines crash last month will sue Boeing, the manufacturer of the plane, and the airline for compensation.

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Business, Movies

Netflix appoints Kenyan as manager International Originals
By Ivy Nyayieka

Global streaming giant Netflix has appointed Kenyan award-winning TV producer and Spielworks Media chief executive Dorothy Ghettuba as its manager for International Originals.

The move comes after global streaming giant Netflix announced last year that it would commission original shows from Africa by 2019.

This could increase demand for the platform among viewers from the region and eventually reduce the cost of access.

“Telling our African stories. Onwards and Upwards,” said Ms Ghettuba in an Instagram post announcing her appointment.

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News

Rwandan kids sue Boeing over death of parent in Ethiopian Airlines crash

A lawsuit against Boeing Co has been filed in a U.S. federal court in what appeared to be the first suit over a March 10 Ethiopian Airlines 737 MAX crash that killed 157 people.

The lawsuit was filed in Chicago federal court by the family of Jackson Musoni, a citizen of Rwanda, and alleges that Boeing, which manufactures the 737 MAX, had defectively designed the automated flight control system.

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Business, News

American company claims to have obtained license to grow marijuana in Kenya

An American company based in New York claims that it has obtained a license to cultivate marijuana in Kenya.

The company indicates that it intends to cultivate the product in large scale on a 500 acres piece of land.

Currently, marijuana remains an illegal product in the Kenya. GoIP Global Inc, however, communicated to its shareholders via a notice that it had secured a permit to grow the stimulant on a 500-acre plot in Kenya.

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Business

US firm partners with Ooni of Ife to bring water treatment solutions to Africa

US firm, AXEON Water Technologies, a world-leader in the engineering and manufacturing of water treatment solutions, has announced the appointment of ADEKHA, a firm co-owned by the Ooni of Ife, as an authorized distributor and strategic partner for the Middle East and African regions.

AXEON and ADEKHA will help provide economical solutions for solving the growing water quality challenges in the Middle East and Africa and alleviate the shortage of potable water through the latest membrane and filtration technologies.

His Imperial Majesty Ooni Adeyeye Enitan Babatunde Ogunwusi, Ojaja II, Ooni of Ife

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News

Ethiopian Airlines Hits Back at Washington Post over report

Ethiopian Airlines has hit back at the Washington Post, for stating that the pilot of the ill-fated flight had not practiced on a new simulator for the Boeing 737 MAX 8 that killed 157 people, among them 36 Kenyans.

“Ethiopian airline strongly refutes all the baseless and the factually incorrect allegations written by the Washington Post on March 21, 2019” part of the statement read.

Read the statement below

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Business, News

Bank of America Merrill Lynch warns of recession in South Africa over Eskom

By Colin McClelland

South Africa will face another recession by year’s end if the Eskom load shedding debacle isn’t remedied, according to forecasts by Bank of America Merrill Lynch.

GDP growth will plummet by year’s end and signal a recession, which is two quarters of sub-zero growth, Michael Jacks, head of equity research in Johannesburg at Bank of America Merrill Lynch, told reporters on March 20 in the city’s Rosebank area.

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