Connecting Africa’s Skilled Professionals
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The NatWest Everywoman Awards are open to any UK female business owner whether they operate as a limited company, sole trader or in partnership with others. The awards reward not only businesswomen who have achieved significant success, but also women who have overcome adversities such as financial constraints, social disadvantages or skills gaps. The 2015 categories are as follows: The Artemis Award - this Award will go to the most inspirational woman running a business which has been trading for a minimum of 18 months up to three years; The Demeter Award - this Award will go to the most inspirational woman running a business which has been trading between three and six years (inclusive); The Athena Award - this Award will go to the most inspirational woman running a business which has been trading between seven and 11 years (inclusive); The Hera Award - this Award will go to the most inspirational woman running a business which has been trading for 12 years or more; The Iris Award - This special Award is given to the most inspirational and successful female entrepreneur who runs a business that uses technology in an innovative and disruptive way; The Aphrodite 'Mumpreneur' Award (new for 2015) - This special Award will go to a woman who founded her business whilst raising a child/children aged 12 or under. Entrants for the Aphrodite Mumpreneur Award will also be automatically considered in the appropriate main award category. The deadline for receipt of nominations is 6 July 2015. See the website for more details.
The Wasafiri New Writing Prize rewards authors from around the world in three categories: Poetry, Fiction and Life Writing. The winners in each category will receive funding and publication in Wasafiri Magazine. Entries for Fiction and Life Writing should be no longer than 3,000 words, and Poetry submissions should comprise of no more than five poems. £300 will be awarded to the winner of each category and their work will be published in Wasafiri. The competition is open to anyone from across the world who has not published a complete book in their chosen category. Entries may come from people of any nationality and any age group. Fees for entering are as follows: £6 - one category; £10 - two categories; £15 - three categories. This year's judges are: Toby Litt, Yasmin Alibhai Brown and Roger Robinson. The 2015 deadline for entries is Friday 24 July 2015. See the website for more details.
Three-quarters of women felt workplaces were still too inflexible for them to return to after they had taken an extended career break, to have children for example, a study has found. This is despite “lots of noise and activity going on” around helping women back into the workforce, said Lisa Unwin, founder of She’s Back a new organisation set up to connect women returners and employers. Further findings from the study, conducted with more than 1,000 women by She’s Back, showed that the impact of cultural barriers were wide-reaching. The vast majority of women (84 per cent) who have taken a break from work are keen to re-enter the jobs market, results showed. The most popular reason for leaving careers, given by 70 per cent of the survey respondents, was a family-related issue. And a number of respondents told researchers that their workplace was so inflexible that they had decided to leave their jobs in preparation for having children. A culture of understanding among managers was highlighted as critical for a successful re-entry into the workplace, the study found. Eighty-eight per cent of respondents said a manager who wanted them to succeed was the most important reason for them to come back to work.
The latest round of Generating Ideas grants has opened to UK registered small and diaspora-led organisations working in sub-Saharan Africa. Organisations with an annual income of less than £1 million, and Diaspora organisations with a majority African Diaspora representation on their Board, are eligible to apply for funding. For 2015, Comic Relief is particularly interested in receiving applications for projects in Ebola-affected countries in West Africa. Generating Ideas grants have a maximum value of £10,000 and, in most cases, are usually for no more than six months. Grants are available for planning, consultation and putting together ideas. Applicants should note that small, pilot projects are no longer eligible for funding. Comic Relief has identified seven goals that it believes are crucial to creating a world free from poverty. Applicants can select up to three when applying: Women aged 15 to 49 years and children under five have improved health. Disadvantaged children and adults gain access to, and attain, a good quality of education. Women and girls are equal and respected members of society. Slum dwellers have an improved quality of life. Children and young people at risk are safer, with greater opportunities to increase their skills and life prospects. People affected by HIV have an improved quality of life. Poor people can improve their income through trade, enterprises and employment. Funding is available for work that will contribute to the following outcomes: Better Futures - enabling some of the world’s poorest people to gain access to vital services such as health and education. Healthier finances - tackling financial poverty and enabling economic resilience in families and communities, as well as supporting enterprise and employment. Safer lives - reducing violence, abuse and exploitation. Stronger communities - empowering people, organisations and networks to play an effective role in their communities and society, as well as nurturing talent and leadership. Fairer society - helping people overcome inequality and have a say in decisions that affect their lives, whoever and wherever they are. Proposals for Generating Ideas are now being accepted with a deadline of 22 July 2015 (midday). Further information is available from the Comic Relief website.
The majority of workers worldwide face insecure employment conditions as the use of temporary or short-term contracts and informal job arrangements are widespread, according to a report from the International Labour Organization (ILO). The report showed that three quarters of people around the globe work under this type of agreement, while only 25 per cent have a permanent job. More than 60 per cent of all workers globally did not have any kind of employment contract. The majority of this group are engaged in own-account work - which is a self-employed person with one or more partners - or contribute to unpaid family-work in the developing world. However, the ILO said, even among wage and salaried workers, less than half (42 per cent) worked on a permanent contract. In the report, The Changing Nature of Jobs, further data revealed that while wage and salaried work has grown worldwide, it still only accounts for half of global employment, with wide variations across regions. For example, in the developed economies and Central and South-Eastern Europe, about eight out of 10 workers are employees, whereas in South Asia and Sub-Saharan Africa the figure is nearer to two out of 10. The rise in part-time employment worldwide, especially among women, outpaced increases in full-time jobs between 2009 and 2013, in the majority of countries with available information. The ILO report showed that global level employment growth has stalled at a rate of around 1.4 per cent annually since 2011. And in the developed economies and European Union, employment growth since 2008 has averaged just 0.1 per cent annually, compared with 0.9 per cent between 2000 and 2007.
89% of hiring managers from SA’s leading companies polled in a recent survey say that perceived job-hopping will hurt a candidate’s chances of landing a position, despite the fact that loyalty to a company has changed dramatically over the past decade.
The survey by top SA search firm Jack Hammer Executive Headhunters, found that almost 90% of HR managers also said candidates would have to provide a very good explanation for repeated instances of short tenure at the companies they worked for. Respondents in the Tenure and Perceptions Survey were also asked what they considered to be too short a period of time with a previous company without a good explanation for moving. 55% of them considered less than a year to be problematic, with 45% considering a stay of between one and two years too short. Although everyone allowed for the possibility that there could be one instance of short tenure on a candidate’s CV, 45% of respondents said they drew the line at two such stints and another 45% said 3 repetitions would be unacceptable. Asked what their perceptions would be of a candidate who appeared to be moving often from one company to another, several managers said it was an indication of poor judgment, and 20% considered it to be an indication of poor performance. Other respondents said it indicated a lack of resilience, or was a sign that individuals had not given companies or positions a fair chance, and probably had not delivered either. On the positive side for those candidates with question marks hanging over their past experience, 67% of respondents said that this would not necessarily influence their ultimate decision to hire or not. However, candidates should be able to give good reasons for their movements or be able to provide trusted references who can provide additional insights, they said.
African individuals with 30 million US dollars in assets is set to more than double over the next decade, this is according to The Wealth Report 2015.The Wealth Report 2015 compiled by Knight Frank with support from Standard Bank Wealth and Investment, said the number of ultra-high-net-worth individuals is set to surge 59 per cent over the next 10 years, stronger than the 34 per cent projected global growth. According to the report, it will be a case of Mexico, Indonesia, Nigeria and Turkey (MINT) trumping Brazil, Russia, India, China and South Africa (BRICS). The average expected uplift for MINT countries is 76 per cent over the next decade, which narrowly defeats the 72 per cent for BRICS nations, according to research which includes the Global Cities and Global Attitudes annual surveys. The global average is just 34 per cent and the average increase expected across the G8 developed nations is 28 per cent. Positive future growth will come in key African countries like Nigeria, which as one of the strongest forecast growth rates in high-net-worth individuals over the coming decade. The African countries mentioned in this report have built credibility among foreign investors and economic activity in the region is growing at a faster pace than anywhere else in the world. According to the report, Johannesburg stands out as the most important African city after ranking as the 28th most important city for ultra-high-net-worth individuals and Cape Town, the 36th.
The IMF Executive Board has approved a $918 million loan to Ghana to support a reform program aimed at faster growth and job creation while protecting social spending. The financing package extends over three years under the IMF’s Extended Credit Facility, backing a plan that was agreed by an IMF staff team in February. The reform program seeks to boost growth and help cut poverty by restoring macroeconomic stability through tighter fiscal discipline, strengthened public finances, and slowing inflation. The reform measures are expected to dampen non-oil growth initially in 2015 ahead of a projected growth rebound in subsequent years. Ghana is one of Africa’s frontier emerging markets, having entered the global capital market for the first time in September 2007. Its past wealth lay in gold and cocoa―commodities that have remained in high demand, and which have helped the country weather the recent global recession. Ghana’s economic growth rate topped 9 percent in 2011, but three difficult years followed that were characterized by slowing activity, accelerating inflation, and rising debt levels and financial vulnerabilities. Growth decelerated markedly in 2014, to an estimated 4.2 percent, driven by a sharp contraction in the industrial and service sectors. This was due to the negative impact of the currency depreciation on input costs, declining domestic demand, and increasing power outages. To alleviate the potential adverse impact of the strong fiscal adjustment on the most vulnerable in society, the government is committed to use part of the resulting fiscal space to safeguard social and other priority spending under the program, including expanding the targeted social safety nets.
New financing, from the World Bank's highly-concessional lending agency, the International Development Association, will further boost the development potential of Ethiopia's agriculture industry which accounts for 45 percent of the country's total output and occupies nearly 80 percent of the nation's labour force. It is also a major contributor to export earnings. According to the World Bank's 2014 Poverty Assessment for Ethiopia, agricultural growth was a key driver of the impressive rate of poverty reduction over the past decade. The Second Agricultural Growth Project (AGP2) will operate in 157 woredas (districts) in Amhara, Oromia, SNNPR, Tigray, Benishangul-Gumuz, Gambella and Harari regional states as well as Dire Dawa city administration. The project will directly benefit 1.6 million smallholder farmers, who live in areas with the highest potential for agricultural growth. The project builds upon the impact of an on-going AGP1 project by increasing its geographical coverage and incorporating the lessons from the original project. AGP1 has benefited communities in 96 woredas including through the construction of irrigation, feeder roads, footbridges and market centers, the establishment and support to farmer groups, strengthening public agricultural services, and improving smallholder farmers' access to markets. AGP2 will support the Government in increasing productivity and commercial opportunities for smallholder farmers by increasing access to agricultural public support services; increasing the supply of agricultural technologies through support to agricultural research; increasing access to and efficient use of irrigated water; better connecting smallholder farmers to markets, and improving project management, capacity building, and monitoring and evaluation. The World Bank Group's support to AGP2 is expected to leverage additional support from other development partners to create well-coordinated donor support for Ethiopian agriculture.
Rwanda's economy is expected to grow by 6.5 percent this year from 7.0 percent in 2014, while inflation will remain contained, says the International Monetary Fund. Rwanda's government has said last year's economic growth was buoyed by robust expansion in farming, services and industrial sectors, rising from 4.6 percent in the previous year. The east African nation's 2013 growth suffered from cuts in budgetary support by donors, after United Nations monitors accused it of backing rebels in the neighbouring Democratic Republic of Congo. Rwanda rejected the claims. The IMF however said Rwanda's revenue collection and exports remained below the government's target. Rwanda has said inflation is not expected to exceed 3.5 percent by the end of 2015. Urban inflation, the main rate the bank watches for monetary policy purposes, stood at 0.7 percent in February from 1.4 percent in the previous month. Rwanda is among the economies in the region that investors have hailed for solid fundamentals, including low debt and inflation.
Vodafone Group Plc will work with MTN Group Ltd., Africa’s largest wireless operator, to ease mobile-banking services in parts of the continent’s sub-Saharan region. The partnership will enable customers of Vodafone’s M-Pesa and MTN’s Mobile Money divisions to make low-cost transfers to users of either service among seven African countries, the companies have said in a joint statement. Mobile-money transfers allow people to to pay for services, such as satellite television and electricity, without cash as well as obtain loans and savings accounts in parts of the continent where banks are scarce. Wireless operators are developing financial services to generate sales in Africa as revenue from voice calls declines. Vodafone, based in Newbury, England, has 7.6 million M-Pesa users in Africa through its Vodacom Group Ltd. unit, and more than 20 million Kenyan subscribers through Safaricom Ltd., in which it has a 40 percent stake. Johannesburg-based MTN has more than 22 million mobile-money users. Johannesburg-based Vodacom, which is 65 percent owned by Vodafone, is working with MTN and regulators on the development of mobile-money services in South Africa, the continent’s most industrialized economy. The countries where the interconnected M-Pesa and MTN Mobile Money service will be available include Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Uganda, Rwanda and Zambia
Mobile money remittances in sub-Saharan Africa are projected to reach $33 billion in 2015 as the services are growing above 6% in more than three countries with increasing mobile connectivity, WorldRemit has said. WorldRemit is a United Kingdom-based online service company that lets people send money to friends and family in other countries. Many mobile phone companies in Africa have in the last couple of years entered the financial services sector through launch of mobile money transfer companies — notably Mpesa in Kenya and Ecocash in Zimbabwe. Other local mobile money transfer companies are NetOne’s OneWallet and Telecel’s Textacash. WorldRemit said there would be stagnation in the sector this year, but strong surge in three big countries would offset the drop. According to WorldRemit, stagnation in remittances to Nigeria was offset by strong growth in Kenya (10,7%), South Africa (7,1%), and Uganda (6,8%). Nigeria, which received $21 billion in 2014, accounts for two-thirds of remittances to the region. It noted that mobile money transfers in the region still remained relatively high as the services grow. WorldRemit said worldwide mobile money usage was exploding with 261 mobile money services now live across 89 countries with 103 million active users as of December 2014. More than half of these services currently in operation are in Sub-Saharan Africa.
Wyndham Hotel Group, the world’s largest hotel company based on number of hotels and one of three hospitality business units of Wyndham Worldwide (NYSE: WYN), has announced the opening of the 139-room Ramada® Resort Dar es Salaam in Tanzania. Complementing Wyndham Hotel Group’s existing portfolio of franchised properties in Morocco, Ghana, Nigeria and Tunisia, the hotel marks not only the company’s expansion into Eastern Africa, but is the first property within the greater continent to be operated via the company’s growing management division. Ramada Resort Dar es Salaam offers 139 rooms and suites including 117 superior rooms with a choice of ocean or garden views, 21 executive suites, and one presidential suite. All rooms have an interactive flat screen TV with satellite channels, free Wi-Fi, mini bar, tea and coffee making facilities, private bathrooms with complimentary toiletries and walk-in shower or bathtub. Tinga-tinga artwork adds local flavour and a sense of East African spirit. Throughout the construction of the hotel, which began in 2009, significant emphasis has been placed on sustainability. Key initiatives include treating and reusing 100 per cent of all waste water, solar-powered water heating, innovative LED lighting systems and beach protection measures to prevent erosion of the hotel’s private beach. In addition, the hotel plans to produce compost from food waste, which will be used to grow vegetables for the hotel’s restaurants in a roof top vegetable garden.
The International Finance Corporation, an arm of the World Bank Group, has signed an agreement with MasterCard Incorporated to establish a risk-sharing facility, which is expected to provide millions of people in emerging markets access to electronic payments. A statement by MasterCard described the agreement as a crucial step in the organisations’ ongoing collaboration to increase universal financial access by 2020. “Electronic payments lower the cost and increase the security of transactions, benefitting small businesses and consumers; financial institutions in developing countries are keen to expand services but are often held back by collateral requirements necessary to cover settlement risks,” the statement added. To address these constraints, the IFC and MasterCard are setting up a $250m risk-sharing facility that will provide the alternative coverage and share the settlement risk of participating among emerging market financial institutions, according to the United States-based payment company. It said the agreement would make new financial institutions to join MasterCard’s network and for the existing ones to grow their payment service offerings and reach a wider segment of customers.
Women move half of global remittances and send a greater percentage of their wages than men, says Western Union. Western Union has shared statistics revealing the economic impact that international migrant women have on the global economy as well as the economies of their home countries. The global money transfer company states that nearly 51 percent of its customers sending cross-border money transfers are women. Additionally, women — who comprise nearly 50 percent of international migrants — are responsible for half of the World Bank’s estimated $582 billion in global remittances. Having analyzed global trends, Western Union has determined that while women and men send the same amounts of money to their home countries, women send a larger percentage of their wages. The study also shows that both men and women primarily send to women, who constitute about two-thirds of global remittance; this, according to Western Union, illustrates that women are predominately at the center of home financial management. In addition to sending a higher portion of their income despite generally earning lower wages than men, the International Organization of Migration (IOM), as relayed by Western Union, reports that women usually send money more regularly and for longer periods of time than do their male counterparts.
Kosmos Energy has made a significant gas discovery offshore Mauritania, driving its shares higher and raising its hopes for further finds in the region. Recent drilling success and relatively low costs have boosted interest in the stretch of waters off the northern coast of West Africa, known as the "Transform Margin", analysts and executives say. New York-listed Kosmos said the discovery of a gas pool in the Tortue 1 exploration well, part of its Greater Tortue Complex which extends southwards to northern Senegal, confirmed the commercial potential of the prospect. An official at Mauritania's state oil company, a minority stakeholder in the asset, said further drilling was planned to confirm the scope of the discovery. A unit of Chevron Corp has the option to take a 30 percent stake in the Tortue prospect, subject to paying a share of the costs, the Kosmos statement said. Mauritania pumps less than 5,000 barrels of oil per day, according to International Monetary Fund figures, but Senegal has no production. Fresh discoveries could transform the fortunes of countries ranked as lower-middle income by the World Bank.
South Africa is the most competitive country in the Africa’s tourism sector, according to a report released by the World Economic Forum (WEF). With a score of 4.08 points South Africa (48th globally) is followed by Seychelles (54th, with a score of 4.0) and Mauritius (56th, 3.90). The report assesses competitiveness in the field of tourism and travel for 141 economies, including 37 African countries. In Africa, Morocco is 1st, at the 4th spot (62nd in the world rankings with a score of 3.81), followed by Namibia and Kenya (70th), Tunisia (79th) Egypt (83rd), Cape Verde (86th) and Botswana (88th). Tanzania occupies the 11th position for the African ranking. It is followed closely by Rwanda (98th), Zambia (107th) and Swaziland (108th). Gambia, at the 109th rank closes the Top 15 of the most competitive African countries in the tourism sector. The 5th edition of the “Travel & Tourism Competitiveness Report 2015″ by the WEF surveyed figures provided by international organizations including the United Nations and multilateral donors such as the World Bank. The criteria taken into account in establishing the average score for each country includes security, the degree of openness of the country, price competitiveness, quality of the environment and infrastructure and natural and cultural resources. Africa’s Top 15 most competitive countries in the tourism sector include: South Africa, Seychelles, Mauritius, Morocco, Namibia, Kenya, Tunisia, Egypt, Cape Verde, Botswana, Tanzania, Rwanda, Zambia, Swaziland and the Gambia.
Dangote Group, the West African industrial conglomerate owned by Africa's richest man Aliko Dangote, has inaugurated the biggest cement plant in East Africa in Ethiopia's Mugher district, located about 85km away from the capital, Addis Ababa. The new factory, commissioned by the Dangote Group at a cost of $480million, has a production capacity of 2.5 million tonnes of cement per annum. The new plant will raise Ethiopia's annual cement production to 8 million tonnes from the current 5.4 million. And it will also bring Dangote Group nearer to attaining a total production capacity of 40 million tonnes per annum globally, before the end of the year, according to the company. The 480 million worth cement plant has seen the Dangote Group becoming the single largest investment by an African corporate in Ethiopia. A statement from the Dangote Group said the project will improve local economic prospects. The Dangote cement plant is now the fifth in the series of the offshore plants by the company that has rolled out cement production firms within the last year on the continent. The other four are located in Senegal, Cameroon, South Africa and Zambia.
The World Bank has granted a $200 million loan to facilitate the construction of a West African regional power transmission network. The interstate system will cross Gambia, Guinea, Guinea-Bissau and Senegal. With the total project valued at $711 million, it will be co-financed by the French Development Agency (AFD), the Islamic Development Bank (IDB), the West African Development Bank (BOAD), the European Investment Bank (EIB), the Kuwait Fund and the German government (KfW). The four countries will also participate to the tune of $16 million. According to the World Bank, this project to interconnect the countries of the Organization for the Development of the Gambia River (OMVG) will reduce their high dependence on expensive oil-based thermal generation by connecting them to the Guinean hydroelectric plant with a 6,000 MW capacity. The regional electricity trade is very important in West Africa. By consolidating the energy demand of the four countries,“Regional power trade is critical in West Africa. By grouping together the energy demands of the four countries, the OMVG Interconnection Project transmission lines will enable larger and more efficient generation of electricity, which is essential to economic development” said Colin Bruce, regional director of integration for Africa at the World Bank.
The government of Cameroon has launched a special telecommunication fund totalling 400 million CFA francs ($691,000) in an attempt to modernize the digital infrastructure in public universities as reported by Investing in Cameroon report. Housed at the Ministry of Higher Education, the fund will allow for the acquisition of bandwidth to democratize the use of the internet in Cameroonian universities. Due to high bandwidth costs, the rate of Internet penetration is still very low in the country, including in universities. According to the Ministry of Posts and Telecommunications, in Cameroon only about 400,000 people are connected to the Internet, representing about 5% of the population, against an African average of 18%.
The World Bank Group has approved a $500 million International Development Association (IDA) credit for Nigeria. The IDA is the window of the World Bank which offers grants and low- to zero-interest loans for projects and programmes that boost economic growth, reduce poverty, and improve standard of living. The facility granted Nigeria was designed to bring about significant improvements in maternal, child, and nutrition health services for women and children in the country. The rationale for the initiative was that in Nigeria, an estimated one million mothers and children die each year from preventable causes. As a result, the Federal Ministry of Health decided to set new goals to improve quality healthcare from 2013 and save the lives of Nigerian mothers and children. The healthcare challenges the $500 million credit is supposed to help address are enormous. Nigeria accounts for 14% of all annual maternal deaths worldwide, second only to India at 17%. Similarly, the country accounts for 13% of all global deaths of children under the age of five years, again second only to India at 21%. To address the challenge of estimated annual 900,000 maternal and child deaths, SOML focuses on increasing the use of high-impact reproductive and child health and nutrition interventions, and improving the quality of these services; strengthening monitoring and evaluation systems and measurement data; encouraging private sector innovation; and increasing transparency in management and budgeting for Primary Health Care (PHC) in the country. The World Bank Group says it is expected that the new health operation will start implementation on August 1, 2015 and run till December 2019.
The Africa Business Champions for Science is a new group of influential figures from industry with a passion for science, technology and innovation on the continent. Alongside Dr Álvaro Sobrinho of Angola, Lionel Zinsou of Benin (CEO and Chairman of PAI Partners) and Justin Chinyanta of Zambia (CEO and Chairman of Loita Capital Partners), have both been appointed members. The Africa Business Champions for Science group was formally outlined in a Call to Action at the ‘Partnership for Skills in Applied Sciences, Engineering and Technology (PASET)’ Regional Forum in 2014, in Dakar, Senegal. The World Bank is facilitating the PASET initiative, which seeks to help meet Africa’s skills needs in Applied Sciences, Engineering and Technology (ASET) fields for the socio-economic transformation of Africa. PASET serves as the platform for public-private partnerships; engaging in related advocacy, analytical and technical streams of work; and supporting African governments to mobilize funding to support country and regional level ASET initiatives. The Africa Business Champions for Science group will work alongside African governments, the PASET Steering Committee (comprising of three African Ministers from the Education sector - Ethiopia, Rwanda and Senegal and the World Bank); and a high-level Consultative Advisory Group (comprising of scientists and academics).
China Railway Construction Corp Ltd (CRCC) has won two contracts with a combined value of $5.5 billion to build a railway in Nigeria and a residential complex in Zimbabwe, as reported by Chinese news agency Xinhua. China Civil Engineering Construction Corporation (CCECC), a subsidiary of CRCC, will build a railway line in Nigeria, Ogun State (South West) for $3.5 billion, Xinhua added, citing the governor of that State, Ibikunle Amosun. CRCC has also signed a $1.93 billion contract for the construction of a large residential complex in Zimbabwe, the source said. The Chairman of the CRCC Board of Directors, Fengchao Meng, said that the two contracts represent “an important step in the internationalization process” of the Chinese group.
The city of Durban has seen the fastest growth of millionaires – high net worth individuals (HNWIs) with assets of US$1m or more – in South Africa, according to New World Wealth’s latest report. Since 2000, Durban’s number of millionaires has grown by 200%, compared with a national average of 135%. Johannesburg holds the highest concentration of HNWIs in South Africa, some 50% (about 23,400) of the country’s estimated 46,800 dollar millionaires. The north coast of Kwazulu Natal (above Durban) is also becoming increasingly popular for the super-rich, especially in the second home market. Specifically, areas such as Ballito and Zinkwazi are new hotspots for investment. As of the end of 2014, around 2,700 HNWIs lived in Durban, making it the third largest city for dollar millionaires in South Africa. Johannesburg remains in first position with 50% (about 23,400) of the country’s estimated 46,800 millionaires. Cape Town comes in second with around 8,900. HNWIs in South Africa are recorded as having a combined wealth of $184bn, which equates to roughly 31% of South Africa’s total individual wealth. Of the 46,800 millionaires living in South Africa, 2,060 are said to be “multi-millionaires” (individuals with net assets of $10m or more). The country has the highest number of millionaires on the continent and over the next three years, this number is forecast to grow by 19%, reaching an estimated 55,500 by 2017. The report states that growth is constrained by a number of factors, including the current electricity crisis, increasing trade union involvement and a rising level of government regulation. Cash and bonds are the largest asset class for millionaires in South Africa (30% of total HNWI assets), followed by equities (28%), real estate (20%), business interests (16%) and alternatives (6%). Cash and bonds also recorded the strongest growth between 2000 and 2014, followed by business interests. Real estate is expected to become the top performing asset by 2017, followed by equities. The research also notes that by the end of 2014, millionaires in South Africa held 19% of their wealth abroad – compared to 20% in 2007 – with the bulk of this being held in the UK, the Channel Islands and Switzerland.
Orange is launching the call for applications for the 5th edition of the Orange African Social Venture Prize. This initiative aims to encourage innovative start-up projects which help to accelerate development on the African continent. The prize will recognize three projects with grants of 10,000, 15,000 and 25,000 euros, along with six months of support from Orange experts. The first prize will also be offered a patent registration in the country of the project’s deployment. Internet users are also invited to vote online for their favourite project on Orange's entertainment portal in Africa, StarAfrica.com. The winner of the “Favourite Project” will have its project submitted directly to the jury along with the other project finalists. The Orange African Social Venture Prize showcases entrepreneurs offering innovative products or services that meet the needs of Africans in fields such as health, agriculture, education, energy, industry or trade. Over the past four years, 2,000 projects have been submitted for the Orange African Social Venture Prize, reflecting the dynamism of African entrepreneurs and the potential of the telecommunications sector in Africa. Operating in 19 countries in Africa and the Middle East, Orange serves more than 100 million customers in the region. Any entrepreneur (aged 21 or over) or legal entity that has been in existence for fewer than three years may participate at no cost and with no restriction on nationality. Submitted projects must be designed to be deployed in at least one of the 17 African countries in which Orange operates and must use information and communications technology in an innovative way to help improve the living conditions of the populations in these countries. Applications are accepted from 21 May to 18 September 2015 on Orange’s pan-African web portal, www.starafrica.com.
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