Tuesday, August 18

Africa

Africa Price for Engineering Innovation entrepreneurs. www.theexchange.africa

The programme will facilitate access to the Royal Academy’s global network of experienced, high-profile and business experts, in addition to access to the alumni network upon completion of the programme.

Moreover, 2022 is the programme’s second consecutive year to render a digital experience, with rigorous support provided through person-to-person and group discussions.

Four finalists will pitch their revised and improved innovations and business plans to the judges in the presence of a live audience.

African governments prioritizing themselves over their people. www.theexchange.africa

The recent leaked Pandora papers have shown how African leaders have directed their investments towards other countries and kept the investments a secret to avoid taxation and hide their wealth.

Leaders exposed by the papers include Presidents Denis Sassou-Nguesso of DRC, Uhuru Kenyatta of Kenya, and Patrick Achi of Cote d’Ivoire, among 46 other politicians.

The papers showed that Sassou owned a company that controlled diamond mines. Seven members of the Kenyatta family were linked to at least seven offshore companies and foundations. Through Union Banque Privée (UBP), the Kenyatta’s set up three foundations to avoid inheritance tax and hide their extensive wealth.

The foundations were suspended after failing to pay annual taxes, law firm Algocal says.

Insurance policies are meant to protect against calamity, not to enrich. www.theexchange.africa

It is highly discouraged to go to a company directly and purchase a cover as in more ways than one you will be short-changed when the time comes to pay the claim. You will find that the requirements for you to get paid a claim can only be handled by an agent or broker as they will go the extra mile to make sure that you are properly sorted out.

These insurance intermediaries will also advise you on the best insurance company to insure with as they have the knowledge which most likely you do not have. I always point out about those insurance clients whom we once saw knocking on the door of an insurance company whose doors had been closed for good, but were pleading to be let in and purchase a motor insurance cover.

That is the tragedy of not trusting your agent or broker as you might find yourself holding onto a useless piece of paper known as a motor insurance sticker.

In 2004, Mittal Steel was founded following the merger of Ispat International and LNM Holdings, and the simultaneous acquisition of International Steel Group, becoming came the world’s leading steel producer.

Shortly after, in 2006, Mittal Steel launched an ambitious bid to merge with Arcelor, creating ArcelorMittal.

Lakshmi Mittal has done very well, and it leaves little doubt in the mind that he has enjoyed a very gratifying career replete with success in business if his personal bank account is anything to go by together with numerous recognitions of his work in philanthropy and his contribution to the steel industry.

African governments are not adequately protecting data from the continent. www.theexchange.africa

The most extensive data centre operators worldwide are racing to buy and build capacity in Africa.

A data centre is an extensive network of computer servers commonly used by organizations for remote processing, storage, or distribution of large data compilations.

Modor Intelligence expects that the data centre services markets, valued at US$48.90 billion in 2020, will rise to over US$105.6 billion by 2026.

Us-China Trade wars are fostering development in Africa. www.theexchange.africa

Africa is home to at least 47 foreign military outposts, with the US controlling the largest number. Djibouti is the only country in the world to host both American and Chinese outposts.

A recent survey by Afrobarometer across 34 countries indicated that 63 per cent of the population see China’s influence in Africa as positive, whilst 60 per cent made similar comments about the US. Are there benefits to be extracted from this searing rivalry?

Africa’s Agenda 2063 on the ‘Africa we want’ set by the African Union, advocates under its first aspiration, a ‘Prosperous Africa based on inclusive growth and sustainable development’ and ‘A Strong, United, Resilient and Influential Global Player and Partner’ under aspiration 7.

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