Tag: American Businesses in Africa

Health

Johnson & Johnson Announces Landmark Agreement to Enable its COVID-19 Vaccine to be Manufactured and Made Available by an African Company for People Living in Africa

By Johnson & Johnson

Johnson & Johnson has announced the completion of a landmark agreement between Janssen Pharmaceuticals, Inc., and manufacturer Aspen SA Operations (Pty) Ltd, based in South Africa, to enable the first COVID-19 vaccine to be manufactured and made available by an African company for people living in Africa, with the goal of increasing COVID-19 vaccination rates across the continent.

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Africa

Amazon’s going to Nollywood — and its deals with studios could shake up one of the world’s most prolific filmmaking hubs

By Thomas Page | CNN

In its hunt for content, Amazon Prime Video has turned to Nigeria, where it has secured key deals with studios that could shake up business in Africa’s most prolific filmmaking hub.

In recent months, the US giant has signed exclusive streaming agreements with Inkblot Productions and Anthill Studios — which say the deals will fundamentally change the way they operate.

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American firm Moderna To Build A State Of The Art MRNA Facility In Kenya

By APO

President Uhuru Kenyatta in State House, Nairobi witnessed the signing of a memorandum of understanding between Kenya and Moderna to establish the first mRNA manufacturing facility in Africa.

The state-of-the-art mRNA facility in Africa is expected to produce up to 500 million doses of vaccines each year.

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Boeing, Ethiopian Airlines sign deal for new 777-8 freighter

By James Anyanzwa | The East African

Boeing and Ethiopian Airlines have signed a memorandum of understanding (MoU) for the supply of 777-8 Freighters. Under the deal, the New York Stock Exchange (NYSE)-listed American aerospace company will supply its long standing partner with five 777-8 Freighters, the industry’s’ newest aircraft believed to be the most capable and most fuel-efficient twin-engine freighter.

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Nigerian fintech, Sudo Africa raises $3.7 million pre-seed from San Francisco based venture capitalist firm.

By Michelle Ezenduka | nairametrics

Nigerian fintech, Sudo Africa has raised $3.7 million in pre-seed funding round led by Global Founders Capital a San Francisco based venture capitalist firm.

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American investors propel Flutterwave to being Africa’s most valuable startup with $3B valuation

By Gillian Tan | Bloomberg

Flutterwave Inc., an Africa and emerging markets-focused payments firm, more than tripled its valuation in less than a year to over $3 billion following its latest fund-raising. B Capital Group led the $250 million round, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital, Flutterwave said in an emailed statement on Wednesday. The investment has enabled the company to become the “highest valued” African startup, it said.

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Africa

U.S. Business Delegation Concludes Visit to Namibia

By US Embassy Namibia

A U.S. business delegation wrapped up today a visit to Namibia during which they met with Namibian Vice President His Excellency Nangolo Mbumba, other government leaders, and Namibian businesses.  The two-days of senior-level meetings introduced the U.S. firms to decision makers, potential partners, and future opportunities in the construction, energy, and health industries.

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Bank of America invests $5billion in Agri-Business Capital Fund to support small holders farmers in Sub-Saharan Africa

By Laura Joffre | Pioneer Post

Bank of America last week announced it invested $5m in the Agri-Business Capital Fund (ABC Fund), an impact fund that invests in smallholder farmers and rural agri-businesses to support sustainable and inclusive agriculture in developing countries.

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Africa

Africa is the Place to Invest, visiting US Congressional Delegation acknowledges to African Development Bank Chief

By African Development Bank

United States Congressman Gregory Meeks has warned that the United States will only be part of the future if it invests in Africa now. The congressman from New York and Chairman of the US House Foreign Affairs Committee was speaking during a visit to the African Development Bank Group on Saturday, as he and a team of congressional colleagues concluded a tour of three West African countries. African Development Bank Group President Dr. Akinwumi A. Adesina and several senior Bank officials welcomed the group to the Bank’s headquarters in Abidjan.

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American firm Stripe acquires Nigeria’s Paystack for $200M+

By Ingrid Lunden | Techcrunch

Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API.

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United Airlines Is Launching 3 New Nonstop Routes to Africa

BY JESSICA PUCKETT | Condé Nast Traveler

As air travel continues to slowly pick up amid the ongoing pandemic, many airlines are completely reimagining their route networks. For United Airlines, that means announcing seven new long-haul routes, including three new destinations in Africa. United says it’s adding international flights where there’s existing demand, especially tapping into traffic from travelers from the African diaspora visiting their friends and families.

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Nespresso reinvigorates Congolese coffee economy with new organic offering

 by Benjamin Ferrer | Food Ingredients First

Nespresso’s first organic coffee within its philanthropic Reviving Origins range has hit the US market. Kahawa ya Congo is sourced from rain-rich volcanic soils along the shore of Lake Kivu in the Democratic Republic of the Congo. The coffee giant aims to provide improved access to clean water and health services to growers of the crop, while also helping guide farmers through sustainable practices.

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Google apologises for Ghanaian cedi mistake

Google has apologised to Ghana’s finance ministry and central bank for displaying a wrong exchange rate for the Ghanaian currency, the cedi, on its currency converter.

On Friday, Google’s currency converter said it took 22 cedis to buy one US dollar, when the correct rate was four times less.

Google said in a letter to the ministry and bank that the error occurred because of a “minor glitch” but was “quickly fixed”.

Nigeria also suffered a similar fate last month.

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Can Ethiopia’s Long Love Affair With Boeing Survive the 737 Max Crash?

By Selam Gebrekidan

Last week, a brand-new Boeing 737 Max 8 crashed shortly after takeoff in Ethiopia. Five months earlier, an identical Boeing model crashed in Indonesia. With investigators looking into the possibility that a design flaw played a role in both disasters, the company is in a harsh spotlight.

Like Boeing, Ethiopian Airlines has long been held in high regard. It maintains a young fleet, and it operates a respected aviation school.

The airline has been intertwined with Boeing for six decades. It was the first African airline to buy its jets, with a loan from the American government. And over the years, it has maintained such close ties with Boeing that it did not purchase planes from rival Airbus until three years ago.

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Burger King restaurants keep losing money in South Africa – but a whole lot more are due to open anyway

By Phillip de Wet , Business Insider SA

Burger King outlets are losing it an increasing amount of money, the chain’s South African parent company Grand Parade Investments (GPI) said on Monday morning – but it is not backing down on plans to roll out a lot more of them.

A month ago GPI announced that it will liquidate Dunkin Donuts and the American ice cream brand Baskin Robbins in South Africa, after it could not make them profitable nor find a buyer interested in taking them over.

But things will be very different with Burger King. In interim results for the last half of 2018, GPI said it will roll out 15 new Burger King outlets every year for the next three years, which will increase its footprint by exactly half, to 135 stores.

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