Biz Hub Africa

    Standard Bank, Africa’s largest lender by assets, and General Electric on Tuesday reaffirmed their commitment to Africa at a power financing roundtable held in Washington DC. The partnership sees both parties aiming to bridge the power financing gap in Africa and forms part of the US Africa Leaders’ Summit, the largest gathering of African heads of state and government as well as key stakeholders to visit Washington on any one occasion. The strategic partnership has already seen both companies commit to a $350 million financing agreement aimed at improving access to power infrastructure in Africa. Africa needs to add an extra 300 gigawatts (GW) of power generating capacity over the next 15 years in order to meet demand which is expected to grow at an average annual rate of 3 percent over the next two decades. According to the International Energy Agency, sub-Saharan Africa requires more than $300 billion in investment to achieve universal elect...

U.S. manufacturing giants General Electric Co. (GE) and Ford Motor Co. (F) see Africa emerging as the world’s next big growth market and are rushing to expand there. “Everything is pointing toward a surge in the African economy,” Jim Benintende, Ford’s head of operations in the Middle East and Africa, said in an interview yesterday on the eve of the U.S. Africa-Business Forum in Washington . “We’re really focused on this region like never before.” Ford is looking to expand its manufacturing plants in Africa, as it introduces new models like the Mustang sports car and forecasts industrywide auto sales will grow 40 percent by 2020. GE yesterday announced plans to invest $2 billion in the region by 2018 and double its workforce on the continent. “Africa is one of the most important growth areas, purely from an economic standpoint,” GE Chief Executive Officer Jeffrey Immelt said at a media event for the start of the U.S.- Africa Leaders Summit in Washington being hosted by ...

Congratulations to President Obama for hosting the Africa Leaders Summit. The summit is historic, measured not only by the number of African leaders it assembles but also by the depth and breadth of the issues it brings to the table. Similar summits have been hosted by China, Europe, India, and Japan, sparking competition for Africa’s raw materials as well as for trade and investment opportunities. Such summits signify a paradigm shift, from an aid-centred “donor-recipient” mindset to a partnership that is grounded in common interests and mutual respect. The shift in paradigm is driven mainly by the growing economy in Africa. With the change in Africa’s economy has come a shift in the world’s opinion of the continent. This is best reflected in the seismic shift in the editorial opinion of the Economist magazine whose cover page metamorphosed from “Africa the Hopeless Continent”...

By Stanley Okombo General Electric has pledged to invest $2 billion (KShs175 billion) in Africa by 2018 to boost infrastructure, skills and access to energy. The Monday announcement was timed to coincide with a United States summit meeting of nearly 50 African leaders. US companies still have opportunities to catch up to China, Europe and Japan, who have made bigger strides in investing in the fast-growing continent, GE Chief Executive Officer Jeffrey Immelt said. "The growth is real. I think, for American companies, this is an opportunity to seize upon," Immelt told reporters at a summit-related event in Washington. "This is a good catalyst for growth and a big opportunity for the company." Immelt said Africa's rich natural resources and potential swell in local demand for electricity primed the region for investment. "What you have is h...

ON, Reuters Posted  Monday, August 4   2014 at  10:39 In Summary The United States will announce nearly $1 billion (about KShs88 billion) in business deals for Africa. An announcement by a large US beverage company is expected to boost purchases from farmers. US officials said the August 4-6 summit in Washington hopes to showcase their interest in the region. The United States will announce nearly $1 billion (about KShs88 billion) in business deals for Africa during a summit this week, US and development officials say. It will also increase funding for peacekeeping and commit billions of dollars to expanding food and power programmes in the continent. US officials said the August 4-6 summit in Washington of nearly 50 African leaders hopes to showcase the country’s interest in the fast-growing region through a series of g...

By Stanley Okombo The Nedbank group delivered positive performance for the 12 months ended 31 December 2013 but anticipates a tough 2014. A Nedbank ATM. PHOTO: Sandton City Headline earnings increased 15.9 per cent to 8.6 million rand from 2012: 7.4 million rand in 2012, and diluted headline earnings per share were also up 15 per cent to 1,829 cents from 1,590 cents in the previous year. “Nedbank's growing franchise, together with the progress made with our strategic focus areas,  has enabled the group once again to meet its target for growth in diluted headline earnings per share,”  Nedbank 0.49%   said in a statement. “In a challenging environment the group delivered a strong performance across a broad front, which resulted in improvements in both returns on assets and returns on equity....