SA takes Africa investment lead

first_img7 May 2013 South Africa, rated the most attractive country in Africa for investors, itself invested in more projects in the rest of the continent than any other country in 2012, acccording to Ernst & Young’s third Africa Attractiveness Survey. The report, released on Monday, combines an analysis of international investment into Africa over the past five years with a 2013 survey of over 500 global business leaders about their views on the potential of the African market. A large majority of respondents viewed South Africa as the most attractive African country in which to do business, with 41% of all respondents putting South Africa in first place and 61% including the country in their top three. “The primary reasons for South Africa’s popularity appear to be its relatively well developed infrastructure, a stable political environment and a relatively large domestic market,” Ernst & Young said in a statement. Hot on South Africa’s heels were Morocco (20% of respondents placing it in the top three, 8% putting it first), Nigeria (20% top three, 6% first place), Egypt (15% top three, 5% first place) and Kenya (15% top three, 4% first place).SA ‘at forefront of Africa growth’ According to the report, Africa’s global share of foreign direct investment (FDI) grew from 3.2% in 2007 to 5.6% in 2012, driven in particular by growth in investments coming in from emerging markets: while investment from developed markets only grew at 8% over the five-year period, the rate of FDI projects from emerging markets into Africa grew at a compound rate of over 21%. Between 2007 and 2012, the top emerging market investors in Africa were India (237 FDI projects), South Africa (235), the United Arab Emirates (210), China (152), Kenya (113), Nigeria (78), Saudi Arabia (56) and South Korea (57), all of whom were among the top 20 investors over that period. The report singled out South Africa – the single largest investor in Africa by number of FDI projects in 2012 – as being at the forefront of growth in intra-African trade and broader emerging market investment. Business Day newspaper pointed out that China and the European Union remained the biggest investors in the continent in value terms, but that South Africa, through the expansion of its multinational corporations across the continent, was playing a strategic role, particularly in the diversification of investment sectors. The Ernst & Young report found that the continent’s trend towards growing diversification was continuing, with an increasing emphasis on services, manufacturing and infrastructure-related activities – a positive sign given the volatile nature of commodity prices and the growth risks associated with over-dependency on a few key sectors. Ernst & Young’s Africa business centre director, Michael Lalor, told Business Day that “the longer-term story is the contribution that South Africa is making to the development of services sectors across the continent, which is helping to reduce dependence on natural resources”.Sub-Saharan Africa on the rise Ajen Sita, Ernst & Young’s Africa managing partner, said there was “a growing confidence and optimism among Africans themselves about the continent’s progress and future”. Kenya and Nigeria had also invested heavily in the continent in recent years, and others, such as Angola, were expected to become increasingly prominent investors across the continent over the next few years. The survey also revealed a shift in emphasis in terms of African FDI destinations, with investment into North Africa largely stagnating since 2007 while FDI projects into sub-Saharan Africa grew at a compound rate of 22%. Among the star performers attracting growing numbers of projects were Ghana, Nigeria, South Africa, Kenya, Tanzania, Zambia, Mozambique and Mauritius. The report noted that, despite the impact of the ongoing global economic situation, the size of the African economy had more than tripled since 2000. It added that the continent’s growth outlook appeared positive, with African gross domestic product (GDP) as a whole expected to grow by 4% in 2013 and 4.6% in 2014, and a number of African economies predicted to remain among the fastest growing in the world for the foreseeable future. Mark Otty, Ernst & Young’s managing partner for Europe, the Middle East, India and Africa, said the platform for this growth had been provided by “a process of democratization that has taken root across much of the continent, ongoing improvements to the business environment, exponential growth in trade and investment, and substantial improvements in the quality of human life”. Sita said Ernst & Young was confident that the continent was on a sustainable upward trajectory. “A critical mass of African economies will continue on this journey,” Sita said, adding that there was “a strong probability that a number of these economies will follow the same development paths that some of the Asian and other rapid-growth markets have over the past 30 years. “By the 2040s, we have no doubt that the likes of Nigeria, Ghana, Angola, Egypt, Kenya, Ethiopia and South Africa will be considered among the growth powerhouses of the global economy.” SAinfo reporterlast_img read more

FIRs against former Manipur CM

first_imgImphal Police on Friday registered FIRs (First Information Reports) against the former Congress Chief Minister Okram Ibobi Singh (from 2002 to March 2017), three former Manipur Chief Secretaries D.S. Poonia, O. Nabakishore and P.C. Lawmkawna, and two officials Yambem Ningthem and S. Rojit, in connection with the Central Bureau of Investigation’s (CBI) probe into the alleged misuse of ₹179 crore pertaining to the Manipur Development Society (MDS) for providing water sports infrastructure at the Loktak lake.It was alleged that “officials and staff of the MDS had not observed prescribed procedures, establishment’s norms and extant rules” including “measurement books, detailed project reports and utilisation certification.”Manipur Pradesh Congress Committee spokesperson K.Ranjit said the Congress, ““welcomes the investigation process”, adding, ���It will help find the out the truth. However, it is too early to say who is guilty and who is not.”Exposing the alleged corruption in the MDS was one of the Bharatiya Janata Party’s (BJP) election promises. Chief Minister N. Biren Singh said, “The cabinet approved the proposal to lodge the FIRs.” The government on Friday also suspended two police officers in connection with the controversial purchase of belts for police and paramilitary personnel. The officers are Superintendent of Police (SP) of the Senapati district P. Goulin and Additional Superintendent of Police of the Imphal East district M. Kumarjit . Retired IPS officer S. Manglemjao’s pension was suspended. The belts were purchased during their tenure. During a press conference, Chief Minister N. Biren Singh tore the belt with his hands. This was to show that the substandard belt was made mostly with paper. (Inputs from PTI)last_img read more

Injured Kyrgios pulls out of Wimbledon opener

first_imgAustralia’s Nick Kyrgios walks through Wimbledon tennis club wearing a newly released Tottenham Hotspur T-Shirt in southwest London on July 1, 2017, prior to the start of the tennis tournament on July 3. (Photo by ADRIAN DENNIS / AFP)LONDON, United Kingdom — Nick Kyrgios suffered more injury woe as the Australian was forced to retire from his Wimbledon first round match against Pierre-Hugues Herbert on Monday.Kyrgios admitted last week he would go into Wimbledon only “60-65 percent” fit as he struggled to recover from the left hip injury that forced him to pull out of Queen’s Club last month.ADVERTISEMENT Lacson: SEA Games fund put in foundation like ‘Napoles case’ MOST READ Sports Related Videospowered by AdSparcRead Next Cayetano to unmask people behind ‘smear campaign’ vs him, SEA Games Palace: Up to MTRCB, DFA chief to pull out ‘Abominable’ from cinemas PLAY LIST 00:54Palace: Up to MTRCB, DFA chief to pull out ‘Abominable’ from cinemas00:50Trending Articles00:50Trending Articles02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Don’t miss out on the latest news and information. Madison Keys wins opening match at Wimbledon LATEST STORIES Another vape smoker nabbed in Lucenacenter_img A Kyrgios double fault in the eighth game gave Herbert the break that gifted him the opening set.Kyrgios, then ranked 144th, burst onto the scene at Wimbledon in 2014 when he defeated then world number one Rafael Nadal en route to the quarter-finals.With the injury impeding his movement, there was no sign of that brilliance against Herbert and when the 70th-ranked Frenchman took the second set, Kyrgios called for treatment.He spent several minutes speaking to the doctor before telling Herbert he was going to have to retire.ADVERTISEMENT The 22-year-old had reached at least the fourth round in all three of his previous Wimbledon appearances.But after losing in the second round at both the Australian and French Opens this year, Kyrgios’s miserable 2017 continued as the world number 20 lost the first two sets 6-3, 6-4 against Herbert before deciding to call it quits due to the nagging injury.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsHerbert will face France’s Benoit Paire or Brazilian Rogerio Dutra Silva in the second round.From the moment he stepped onto Court Three wearing long white leggings under his shorts, Kyrgios didn’t look comfortable and he spent most of the first set trying to flex and stretch his leg. Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ View comments Pagasa: Kammuri now a typhoon, may enter PAR by weekend China furious as Trump signs bills in support of Hong Kong LOOK: Jane De Leon meets fellow ‘Darna’ Marian Rivera What ‘missteps’?last_img read more