Africa Brief: African cities, Zimbabwean economy, Shell pollution, and more
Accra, Lusaka, Luanda Africa’s top growth cities
Accra, Lusaka and Luanda have been identified as the African cities with the highest potential for growth over the next 5 years. The growth rates were developed taking into account historical and projected future data.
These factors include economic data, governance levels, infrastructure and ease of doing business. Accra’s high growth rate is a result of its growth in gross domestic product per capita and growth in household consumption, ease of doing business and strong regulatory environment.
Johannesburg was determined to have a lower growth rate due to lower growth expectations. The main discussion in the World Economic Forum this year related to how the global economic growth is going to recover this year or if a new recession will hit. Global economic growth is predicted at 1.5 % for developed countries and 3.5% for developing countries this year.
Growth in the African economy is projected at 5% this year.
For the full story, read Accra, Lusaka, Luanda Africa’s top growth cities by SAPA, published in The New Age on 30/01/2013.
Minister calls on SA companies to invest in Zimbabwe
Zimbabwe is battling to turn the economy around after years of hyperinflation and negative investor sentiment. The Zimbabwean government has since put policies in place to help grow the economy.
An indigenisation policy has been introduced recently forcing foreign-owned companies to cede 51% of the shares to locals. A free and fair national election will be held later this year.
For the full story, read Minister calls on SA companies to invest in Zimbabwe by Khulekani Magubane, published in Business Day on 31/01/2013.
Shell liable for some Nigeria pollution, court rules
A Dutch court ruled that Royal Dutch, a Nigerian subsidiary of Shell was responsible for oil pollution resulting in contamination of land and waterways in the Nigeria Delta region. The court backed Shell’s argument that the oil spills were caused by sabotage and not poor maintenance.
The court said Shell could and should prevent the sabotage causing the oil spills. Shell is continuing to face legal action in the UK on behalf of 11 000 members of the Nigeria Delta community.
For the full story, read Shell liable for some Nigeria pollution, court rules by Ivana Sekularac and Anthony Deutsch, published in Business Day on 31/01/2013.
Sanlam’s Kenya subsidiary gains
The shares of Pan Africa Insurance Holdings, a subsidiary of Sanlam in Kenya, increased by 1.8% yesterday, the most since the 4th of January.
For the full story, read Sanlam’s Kenya subsidiary gains by Bloomberg, published in Business Day on 31/01/2013.
Nigeria: Villagers lose Shell spill case
One of the four villagers who took Shell to court accusing Royal Dutch, Shell’s subsidiary, of oil pollution won his case. The remainder of the cases were acquitted stating that the oil spill was from sabotage not from poor maintenance.
For the full story, read Nigeria: Villagers lose Shell spill case by Reuters, published in The Star, Business Report on 31/01/2013.
Zimbabwe: Plan to double output of gems
Zimbabwe sold almost $685 million worth of diamonds in 2012 and is planning to more than double this output in 2013.
For the full story, read Zimbabwe: Plan to double output of gems by SAPA-AFP, published in The Star, Business Report on 31/01/2013.
Mauritius: Fisheries to lift growth to 3.7%
Mauritius’s economy would grow 3.7% in 2013 compared to 3.3% in 2012 due to growth in fisheries, financial services and information and communication technology sectors.
For the full story, read Mauritius: Fisheries to lift growth to 3.7% by Reuters, published in The Star, Business Report on 31/01/2013.