Africa | - Part 19

Marriott to Nearly Double Workforce in Mideast, Africa

LAGOS, Capital Markets in Africa: Marriott International Inc., which became the world’s largest hotel operator with its $14 billion purchase of Starwood Hotels & Resorts Worldwide Inc., plans to almost double its workforce in the Middle East and Africa over the next three years. The company expects to add 30,000 more people to its regional workforce of 41,000 as new properties are opened, Marriott’s regional president Alex Kyriakidis said on Sunday. About 6,000 of the new jobs…

Denham to Steer Clear of Coal-Fired Power in Africa Expansion

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LAGOS, Capital Markets in Africa: U.S. private-equity firm Denham Capital Management LP will shun coal-fired power as it looks to African energy projects for investment. “We’re not targeting coal for any new investments,” Justin DeAngelis, Denham’s managing director and power-deals team leader, said Wednesday in New York. “Coal power is out of favor for people who want to own power plants.” The stance of Boston-based Denham, with $8.4 billion under management, echoes that of other investors deterred by…

U.S. Companies Lag in Race to Tap Africa’s Growth Potential

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LAGOS, Capital Markets in Africa: That was the warning from political and business leaders who attended the second U.S.-Africa Business Forum in New York on Wednesday and dismissed an economic slowdown in the world’s poorest continent as a temporary blip. They highlighted the potential of its expanding middle class, untapped mineral riches and uncultivated arable land. U.S. President Barack Obama’s administration has reinforced the vision of an Africa on rise, spearheading a program to more than double…

Too Many Satellites Means Sky-High Margins Under Pressure

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LAGOS, Capital Markets in Africa: Satellite operators are launching more high-powered communications rigs into space, with two more set to join about two-dozen already in orbit by the end of the year, crowding the skies and threatening the industry’s fat profit margins. The new orbiters being launched at a cost of as much as $500 million each are forcing established operators to embark on costly upgrades of their fleets at a time when their business…

Obama’s Africa Power Plan Falls Short, Leaving Continent in Dark

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LAGOS, Capital Markets in Africa: President Barack Obama’s signature initiative for Africa — a $9.7 billion plan to double electricity access in the world’s poorest continent — has fallen well short of its goals, so far producing less than 5 percent of the new power generation it promised. Obama announced Power Africa three years ago with an ambitious goal: to add 10,000 megawatts of power and supply electricity to 20 million households within five years. As…

Bob Diamond Says Carlyle Ends Support for Barclays Africa Offer

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JOHANNESBURG, Capital Markets in Africa: Bob Diamond, co-founder of African banking group Atlas Mara Ltd., said Carlyle Group LP has withdrawn support for a potential joint acquisition of Barclays Plc’s African unit. The U.S. buyout firm ended its backing for the potential joint bid for a stake in Barclays Africa Group Ltd. for various reasons, Diamond, 65, said in an interview with Bloomberg Radio in New York on Wednesday. Regulators made it clear that they weren’t keen on an offer…

As Commodity Slump Batters Africa, Investors Turn to Technology

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LAGOS, Capital Markets in Africa: The titans of Silicon Valley are undeterred by the economic slump afflicting much of Africa. Facebook Inc., Google, Oracle Corp. and Uber Technologies Inc. are at the leading edge of turning the world’s frontier markets digital. As the commodity crash buffets the continent’s biggest economies, the interest and investments couldn’t come at a better time. Almost half of foreign direct investment projects in Africa last year were in technology, telecommunications, financial services…

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