The next three months, we take a  fabulous look at private equity and the glorious  statistics: private equity deals on the continent reached three billion dollars.

By editor · February 14th, 2012 · Top Stories

Private equity investors closed $3billion worth of deals in 2011, with South Africa and Nigeria attracting the most capital, according to Preqin data.

Deal making was bolstered by a number of last minute closures in December, including the $70million investment in South Africa’s Umcebo Mining led by US-based investors Black Rock and First Reserve Corporation.

China-based Hanhong Private Equity also closed a $16.9 million transaction in the month, backing Stonewall Mining.  Part of the financing went into the bolt-on acquisition of Transvaal Gold Mining Estates in South Africa.

South Africa continued to account for the bulk of the deal making in 2011, with investors closing $1.86billion worth of transactions in the country. Nigeria came in second with about $1billion, lifted by  the $750 million investment in Union Bank by a consortium led by Africa Capital Alliance (ACA). The deal is the largest private equity transaction across Africa in 2011.

Interestingly, the year saw a buzz of deal making from US-based private equity houses that are traditionally not focused on Africa. In addition to Black Rock and First Reserve closing the Umcebo transaction, Bayside Capital sealed a number of deals including an undisclosed investment in GDP and GDP Tech Tunisia, alongside its parent company HIG Capital. Bayside additionally seized opportunity to close a restaurant deal in October, backing Hooters of South Africa.

ACA’s Union Bank deal also drew in a number of US-based investors, including The Keffi Group, which invested through Keffi Group VIII, a vehicle backed by global private equity giant JC Flowers. Discovery Group, a US-based hedge fund manager,  also backed the Union Bank deal. Compass Capital was also in the market, backing Egypt’s 10th of Ramadan for Pharmaceutical & Diagnostic Reagents Company in January.

Africa also saw some interesting deals from China-based private equity players including the China Investment Corporation which bought Shanduka from Investec et al. Hony Capital was also active in the market,  reportedly agreeing to commit up to $100 million to Madagascar-based iron ore mining company Wisco Guangxin Kam Wah Resources in February.

· Tagged: ACA, Bayside Capital, Black Rock, First Reserve, Hanhong, HIG Capital, JC Flowers, Keffi Group,

(Date Published: 2012)

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Editorial

Demanding an End to World Hunger

The events of 2011 may well go down in history as constituting the most significant turning point of modern times. Beginning with the Arab Spring, we have witnessed massive student rallies in Chile, a momentous protest movement in Israel, extensive mobilisations across Europe and the unprecedented ‘occupy’ camps that have sprung up in New York and around the world. The authorities may have done their best to prevent or forcibly suppress these unauthorised demonstrations, but scores of encampments remain across North America and Western Europe and continue to uphold a spirit of global collectiveness, non-violent resistance and direct democracy.

Many commentators have marvelled at the sudden shift in political discourse that has resulted from this unleashing of popular protest. Under the banner of the 99%, national conversations have focussed to an unusual degree on the unequal distribution of wealth between the top 1% and all remaining citizens, as well as the unjust government policies that are causing austerity measures for the majority whilst CEOs and the wealthiest citizens continue to dodge taxes, reap record profits and rake in huge bonuses. The heady days of ‘turbo-capitalism’ are at an end: as world leaders scramble to preserve the crumbling economic architecture, even many traditional economists now agree that a system based on endless growth and consumption is facing a terminal crisis.

The pressing global issues are perhaps clearer to the world’s people than they have ever been before. Public anger is unanimously directed at the financial and corporate elites who are largely responsible for causing the global economic turmoil; high-profile debates focus on the limitations of pursuing Gross Domestic Product in relation to human well-being and sustainability; and awareness of looming planetary boundaries is increasingly reflected in discussions surrounding climate change, biodiversity loss, peak oil production and other resource constraints. Countless people around the world are searching for a new vision of social progress that is no longer based on the empty creed of individualism, competition and blind material abundance.

Central to all these concerns is the rising call for economic sharing and global justice. As STWR’s founder Mohammed Mesbahi reasons in an article titled A Dialogue on Protest, Sharing and Justice, it is time for the awakening voice of world public opinion to focus on the issue of life-threatening deprivation as one of its foremost concerns. This will require a massive outpouring of public support in favour of an international emergency redistribution programme, initiated under the aegis of the United Nations, to prevent needless deaths arising from poverty-related causes in all countries.

Such a strategy may appear impractical or unrealistic in the context of a worsening economic crisis, but Mesbahi states that the power of peaceful mass protest recently demonstrated in the Middle East reveals the untapped potential of public opinion to influence government choices. Now that it is obvious that our social, economic and political systems need to be dramatically restructured, he argues that a major responsibility of governments is to redesign these systems specifically so that no-one dies of hunger.

The inspiring ‘occupy’ camps are loudly calling for wealth, resources and power to be shared more equally both within and between countries. Shortly in the New Year, STWR will publish a report detailing how there is more than enough money available for governments to immediately reduce poverty, provide essential public services and fund urgent climate change adaption and mitigation programs. These basic demands for national and global forms of redistribution will only begin to effect real change when they are backed up by the force of a united world public opinion – which is now a definite possibility as we approach 2012.

Our Top Picks of the Week Friday, December 16, 2011 | Volume II, Newsletter XXV

Africa’s Surging Population: Miracle or Malthus? Source: The Economist As Anniversary Looms, Johannesburg Rises Again Source: The Associated Press Congo President Kabila Denies Reports of Election Fraud Source: The New York Times

JSE to Open London-Based Trading Hub Source: Financial Times Nigerian Exports Hit $10 Billion a Year Source: Sun News Online (Nigeria) South Africa’s Big Four Banks are “Banking” on Mobile Source: Business Day (South Africa) Africa’s Sahel Region Braces for Oncoming Food Crisis Source: Voice of America On the Heels of Natural Gas Discovery, SA Forges Bond with Mozambique Source: Mail and Guardian (South Africa) China Executes South African Woman for Drug Trafficking Source: BBC Vivian Cheruiyot Voted Kenya’s Sports Personality of the Year Source: The Daily Nation (Kenya) FEATURED BLOG POSTS Hip-Hop and Africa: Baloji, the Congo, and Conflict Minerals The Jetsetters′ Holiday Fiesta: A Holiday Party for a Cause

Standard Bank still supports Zambian copperbelt

Brad Breetzke, head of mining, energy and infrastructure finance at Standard Bank said, “The funding to KCM is the single largest injection into the Zambian copperbelt ever by a bank. The investment made by Standard Bank is an illustration of our commitment to KCM and the broader copper region in Zambia. Standard Bank has full confidence in KCM management’s ability to drive the company’s growth towards becoming one of the world’s leading copper producers. We are proud to be KCM’s and its parent Vedanta’s financial partner in this process.”

Investments in infrastructure will see KCM produce in excess of 400 000 metric tonnes of copper per year. The production target, aimed to be achieved in 2014, will rank KCM as the largest copper producer in Zambia and one of the top ten globally. This transaction reflects our confidence in the future of the mining industry in Zambia as well as Zambia’s future growth prospects.

“In the last five years, real GDP in Zambia has expanded by an average of 6% per annum. Even during the global downturn in 2009 the economy managed to expand by 6.3%, and we expect this trend of robust growth to continue over the next five years. Copper mining is integral to the Zambian economy. Although more than 75% of the labour force works in agriculture, it is copper mining that drives growth. In 2009, 83% of exports were accounted for by copper and cobalt, equating to almost 30% of total GDP, an increase from 77% in 2006,” added Breetzke.

Standard Bank has been providing funding and investment support to the mining area of Central Africa for the past decade. Notable transactions in Zambia include acting as Lead Arranger for funding the development of the Kansanshi copper mine in 2003 as well as for the Lumwana copper mine in 2007.

Rajat Kohli, global head of mining and metals at Standard Bank, added, “This landmark financing event further demonstrates our commitment to natural resources and to Africa. With an outstanding track record of success, we are positioned to continue acting as the financial institution of choice to the sector on the continent.”

ACBNEWS Article

A Dialogue on Protest, Sharing and Justice
As the economic crisis worsens, the correct responsibility of governments is to redesign our political and economic systems so that no-one dies of hunger. But this will never happen without an unparalleled uprising of public support, says Mohammed Mesbahi. Edited from an interview by Adam Parsons.

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After two weeks of negotiations in Durban, governments at the COP17 talks agreed to work towards a new legally binding treaty to enter into force by 2020. But with the window to act to contain catastrophic climate change closing, this outcome could prove devastating for the planet and its poorest inhabitants.

This Changes Everything
The Occupy movement and its predecessors in Europe and the Arab world represent a fundamental shift in public opinion. Around the world, people are waking up to the fact that the current system of free-market capitalism simply doesn’t work and are demanding systemic change.

What We Are For
For people who care about ecological integrity, a sustainable economy, and the health of nature and people, there is plenty to oppose. But the real power of the environmental movement lies in what we are for, writes Richard Heinberg.

The Solutions Generation
It is up to the next generation to bring about major transitions in order to build a more sustainable future. The central challenge is to create new political and economic systems that can create shared prosperity without growing demands on a finite environment, says Robert Costanza.

The 2050 Challenge to Our Global Food System
The challenge of feeding 9 billion people by 2050 has as much to do with how our global agricultural markets are constructed as it does with increasing production. Policymakers must recognise food not just as a tradable commodity but as a basic necessity for survival, says Jim Harkness

Calling the Corporations to Account
Since the 1990s, the power and economic might of multinational corporations has rapidly expanded and nothing effective has been done to limit their reach. Rio+20 offers a golden opportunity to broker an agreement to regulate corporate activity at international level, says Helena Paul.

Featured Reports

The Cost of Tax Abuse
Tax evasion costs countries around the world more than US$3.1 trillion annually. By tackling tax havens, governments can avoid painful austerity measures and invest in essential public goods like healthcare and education, says a new report by the Tax Justice Network.

America Is Not Broke
By taxing wealth and financial transactions and cutting spending on the military and harmful subsidies, the American government could raise an extra $824 billion in revenue. These reforms would not only address the deficit, they would create a more equitable, green, and secure nation, says a report by the Institute for Policy Studies.

Social Protection Floor for a Fair and Inclusive Globalization
Economic growth in recent years has not generated sufficient jobs and has significantly increased inequality. A social protection floor to ensure income security and universal access to essential services would provide the foundation for a healthier economy, says a report by the Social Protection Advisory Group.

Food Sovereignty: Reclaiming the Food System
The root cause of the global food crisis is to be found in a system designed to sustain corporate profits rather than meeting people’s needs. Governments should work to promote ‘food sovereignty’ through support for small-scale producers and local markets, says a report by War on Want. 

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The World Is Revolting Against the US Economic and Business Model: A Call to Action
The study of business and economics remains largely disconnected from moral, social and spiritual considerations. Alongside leading thinkers from civil society, STWR has endorsed a statement calling for a new economy based on shared ethics and values.

KENYA ANNOUNCES 16% GROWTH IN TOURISM ARRIVALS

(Date Published: 29 Dec 2011)

The tourism sector is once again celebrating news of another increment in tourist’s arrivals for the period ending October 2011. Announcing the results of the 16% growth at Utalii House , tourism minister Najib Balala attributed the growth in the arrivals to the sector’s efforts of diversification of source markets and ventures into emerging economies. The new results indicate that for the period January- October 2011, arrivals closed at 1,039,852 compared to 896,228 for the same period in 2010 accounting for 16% growth.

“This growth is higher than the global and regional rate of 4.5% and 4% respectively and if this trend continues, we expect this year to close at about 1.3 million arrivals by air and sea compared to last year’s 1.1 million”. Said Hon Balala

Consequently, the estimated tourism receipts for the period ending October 2011 closed at Kshs. 81.96 Billion compared to Kshs 56.72 Billion in the similar period last year.This was an increase of 44.4% compared to the same period last year.

Minister Balala says if this trend is sustained and taking into account the depreciation of the Kenya Shilling that the country has been experiencing, it then means that the country can be able to hit the Kshs 100 billion by the end of the year in terms of tourism earnings.

The Minister noted that tourism performance in 2011 has shown positive growth from all source markets with growth from traditional markets experiencing less growth than expected. This, the minister attributed it to the Euro Zone crisis Coming at a time when the country is dealing with its boarder securities, the minister said emerging markets were the driver of the total growth with most of them recording above 40% growth: The markets he noted include UAE (46.8%), Poland (62.9%), Russia (46.6%), Czech Republic (51.6%) and Hungary (42.1%). This the minister observed was a clear indicator that the market diversification efforts were bearing fruit.

The regional markets have also shown tremendous growth, Uganda has maintained its lead in the arrivals from the African region, recording 36,030 inbound visitors, 36.5% growth compared to the same period in 2010. Following closely, is South Africa that recorded 31,355 arrivals a 13.5% growth compared to the same period in 2010. Tanzania came in third place, with 28,435 arrivals, a 11.3% growth from the same period in 2010.

Prospects for 2012

Despite 2012 being an election year, the minister expressed his optimism that he expects the positive tourism growth to continue buoyed by the arrival of new chartered and scheduled airlines especially from the new markets. The airlines he noted include Novair (Sweden) and Pegas Touristik (Russia) which have already operating regular flights to Mombasa. Others that have committed themselves to start flying into Kenya from early next year include Air Korea, Southern China Airlines, Jordanian Airlines and Etihad.

INSURANCE COMPANY OF EAST AFRICA LIMITED (ICEA) AND LION OF KENYA MERGE INTO ICEALION

INSURANCE COMPANY OF EAST AFRICA LIMITED (ICEA) AND LION OF KENYA INSURANCE COMPANY LIMITED MERGE INTO ICEA LION GROUPNairobi, 8th December 2011… Two well known leading insurance companies – Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited are pleased to announce their merger effective 1stJanuary, 2012.The new name of the combined business is ICEA LION Group. The two companies are among the market leaders in insurance and financial services in Kenya and the wider East Africa region. The merger has resulted in the creation of one of the largest insurance groups in the region, with insurance operations in Kenya, Uganda and Tanzania as well as leading subsidiaries in fund management and corporate trusteeship.A key element of this consolidation has been the establishment of separate life and non-life insurance companies.  ICEA LION Life Assurance Company will be a dedicated life assurer while ICEA LION General Insurance Company will be a general insurance company, both operating as subsidiaries of ICEA LION Group.This separation will enable the two AA rated companies to have complete focus on their core business, for enhanced customer service, specialization, internal efficiency and competitiveness. The specialisation is consistent with the Government’s declared intention to encourage movement in this direction.The insurance subsidiaries in Uganda and Tanzania, previously controlled separately by ICEA and Lion of Kenya respectively, will also form part of the ICEA LION Group, as will ICEA’s asset management subsidiaries in Kenya and Uganda. All clients, intermediaries and business partners are assured that the ICEA LION Group is committed to continue building on the proud history, culture of innovation and excellence established over the years by ICEA and Lion of Kenya. Lion economies of Kenya, Uganda and Tanzania will grow fastest in the world Share Bookmark Print Email Email this article to a friendFriend’s Email Address Your Email Message Submit Cancel Rating Consumer goods manufacturing is big in the region and caters for all economic classes. Picture: File By Dimitri Stoelinga and Sachin Gathani  (email the author) Email this article to a friendFriend’s Email Address Your Email Message Submit Cancel Posted  Sunday, December 18  2011 at  00:00 According to a new and innovative approach to estimating the future growth potential of countries — designed by professors at Harvard and Massachusetts Institute of Technology (MIT) — East Africa could become the fastest growing region in the world between now and 2020. Uganda, at an estimated average annual gross domestic product growth rate of 6.41 per cent would have the highest growth potential in the world, followed closely by Kenya at 6.1 per cent, and Tanzania at 6.07 per cent. Other economies in the broader East African region also top the list: Madagascar is 5th at 5.85 per cent, Malawi 7th at 5.6 per cent, Zambia 10th at 5.25 per cent, Ethiopia 23rd at 4.52 per cent, and Mozambique 31st at 4.26 per cent. Rwanda unfortunately was not included in this study, due to the reliability of available data, but is already amongst the world’s 10 fastest growing economies since the early 2000s. Note that on a GDP per capita basis, China and India are still projected to be the fastest growing economies in the world; East Africa though tops the list in terms of GDP growth. Why is this the case? The reason East African economies could have such a high growth potential is because the current “complexity” of their economies is higher than what would be expected given their current level of income. The way complexity is measured is not easy to grasp, but it is essentially a function of how diverse and unique the capabilities of a country are. In other words, the more diverse a country’s capabilities (measured by the number of different products that it exports with a comparative advantage) and the more unique (ie measured by the number of different countries that export similar products with a comparative advantage), the higher a country’s complexity. As professors Hidalgo and Hausmann argue in their recent publication, “The Atlas of Economic Complexity: Mapping Paths to Prosperity,” countries tend to move to income levels that are compatible with the complexity of their economies. They also show that the difference between a country’s complexity and its expected complexity given its GDP per capita is predictive of future economic growth. According to the authors, this method has a 10 times greater predictive power than leading alternative indexes, such as the World Economic Forum’s Global Competitiveness Index. Surprising? Not really. For us living in the region, the idea that the complexity of East African economies is greater than expected could come as somewhat of a surprise, given perennial structural problems, in particular: (i) weak manufacturing sectors, which in a country like Kenya only accounts for about 11per cent of GDP; and (ii) large trade deficits. Yet when you take a minute and think about it, East African economies do produce a whole range of products: processed food products (brands that come to mind are Azam, Brown’s, Brookside, Pembe, Inyange, Madhvani Group, Masaka Farms, Mukwano Industries etc), beverages (EA Breweries, Bralirwa, Nile Breweries, Del Monte, Inyange, etc), consumer goods (Azam/Bakhresa Group, Bidco, Chemi&Cotex, Mukwano, Sulfo industries), batteries (Eveready East Africa), plastics (KenPoly, RotoMoulders), paper (PanAfrican Paper Mills, Kenya Paper Mills, Supa Paper Works, etc), cement (Bamburi Cement, East African Portland Cement Company), tobacco (British American Tobacco, etc), paints (DuraCoat, Robillac Paints), cables (EA Cables), steel (Uganda Baati, Devki Steel, Mabati Rolling Mills, etc) … and the list goes on. This diversity in the region’s production capabilities is what drives the complexity that Hausmann and Hidalgo capture in their index. Political uncertainty Moreover, Hidalgo and Hausmann’s growth predictions are not surprising in that they are very much in line with current trends. It is impossible to ascertain how precise these estimates of the region’s growth potential are; but early indications show that they might not be too far off. These are the average growth rates of countries in Eastern Africa between 2005-2010 according to World Bank estimates: Ethiopia (10.64 per cent), Rwanda (7.8 per cent), Uganda (7.8 per cent), Tanzania (6.95 per cent), Kenya (4.8 per cent), and Burundi (3.6 per cent). Share This Story 42Share What are the main risks to the region’s growth? According to our internal research at Laterite Ltd, the biggest domestic threat to this great growth potential in the region remains political uncertainty. We substantiate this claim based on an analysis of Kenya’s 2007 election crisis, which we show has cost the country at least 3.5per cent of GDP and an estimated $4 billion to date (or about $100 per Kenyan). If current World Bank/International Monetary Funds predictions of future growth in Kenya hold, we expect Kenya to only have recovered the lost ground due to the 2007 election in 2013 — in other words, only in 2013 will Kenya’s economy be back on track as if the election violence had never occurred. That is a full five years after the fact — basically, an entire election cycle. This means that the current administration’s main achievement, economically speaking, will have been to reverse the effects of the election that brought it into power in the first place. But how did we come up with these estimates? To estimate the cost of Kenya’s 2007 election, it is necessary to estimate what would have happened in Kenya had the election not occurred. We have developed a methodology called Proximity Controls which enables us to do just that. The idea is very simple: we find that countries with similar capabilities to a country of interest (in this case Kenya) are very good predictors of economic growth in that country over a long period of time. Additionally, we show that it is possible to create a linear combination of such countries that almost perfectly predicts economic growth in the country of interest. To summarise, Hausmann and Hidalgo’s research reveals that — just like China and Taiwan 25 years ago — East Africa’s productive structure has the potential to quickly diversify and increasingly move towards more sophisticated products, thereby stimulating growth. Also, just like China and Taiwan, East African countries are not really “poor” from a capabilities perspective. 25 years ago China and Taiwan already had the capabilities to develop the diverse range of products that they produce today; it is in large part these same capabilities that have led them to their current income levels. It’s just that 25 years ago, “the cheque was in the mail.” East African countries have a similar potential today, but as we have shown using Kenya’s 2007 election crisis, political uncertainty could still spoil the party and mean the cheque is never really cashed. As can be seen in the graph, using this approach we can perfectly predict Kenya’s economic performance during the 2002-2007 period. However, our predictions and Kenya’s actual performance diverge dramatically in 2007-2008, indicating that something major happened during that period that threw economic growth in Kenya off track. This event was the December 2007 election.

A delegation of United Kingdom (UK) based private equity investors are set to tour Kenya early next week to evaluate long term trade, development and investment opportunities in the local market.

Undeterred by the prevailing economic climate, senior executives from Britain’s DVK Group, which manage an Africa investment fund, are expected in the country early Monday for a series of high level exploratory meetings with top government officials as the organizations sets its eyes on Kenyan and surrounding countries opportunities.

Speaking in Nairobi, DVK Group Tour Co-ordinator, and also a Technical Co-operation Adviser with the Commonwealth Secretariat, Julius Ndungu Kaberere confirmed that DVK Group’s Chairman Deepak Kuntawala, former British Trade and Industry Minister and House of Commons Deputy Leader Dr. Nigel Griffiths and DVK Group’s Africa Fund Advisor Cllr Marianne Alapini would be in the country to formally express the organizations trade interest at the proposed Konza Technopolis and other strategic partnerships.

During the visit, the DVK Group delegation will also hold exploratory meetings with leading private sector and business leaders alongside key players in the local Information Communication Technologies (ICT); agricultural sectors. The Group is involved in a major broadband project headed by Dr. Segan Thomas of TGT, which aims at rolling out Broad Band throughout Africa.

The DVK Group has been invited by Vice President Kalonzo Musyoka who recently invited the group to visit Kenya during his recent working trip to the UK and Cyprus. They will also meet a number of Ministers and key Government officials.

“The DVK Group through Funds under management is considering trade/ investment opportunities at Konza Technolopolis, various Agricultural/ Infrastructural projects among other options as part of its commitment to pursue sustainable strategic partnerships in Africa,” Kaberere said.

Kaberere added: “Vice President Kalonzo Musyoka’s recent visit to London could not have come at a better time as it was highly instrumental in marketing and placing Kenya high on the DVK Group’s strategic geographic region target.”

With trading interests spread across China, South Africa, Ghana, Switzerland and the United Arab Emirates, the DVK Group is boutique finance house focused on private equity, structured trade/commodity finance products, commodity trading, international hedge funds, among other specialist finance solutions.

In Kenya, the DVK Group is setting its sights on public private partnership styled investment opportunities focusing on Vision 2030 delivery projects.

During the four-day tour of Kenya, the DVK Group delegation will also seek to identify suitable partners and stakeholders as part of its bid to set up an operations hub in East Africa.

Securex ups security operation and kit,on terrorism threat.“While Securex is always striving to improve its services, the current security threat and increased concern by our clients motivated us to go step further and do a complete upgrade of our systems to cater for these growing needs,” said Tony Sahni, Managing Director of Securex Agencies.Securex has imported state-of-the-art Under Car Surveillance Systems that capture clear colour images of the undercarriage of a car within 3 seconds of the vehicle arriving at an entrance. “The System we have is one of the best in Under Vehicle Surveillance Technology in the world,” said Mr Sahni.

The system is activated as soon as a vehicle drives to the entrance: it has a licence plate recognition camera, which feeds the computer with vehicle registration details, as the undercarriage is scanned. “After the scan, the image is stored in our database for future records,” said Mr Sahni.

The UVSS captures images of the entire undercarriage, including the most vulnerable areas, unlike manual mirror testing, and is also faster, shortening queues and waiting time into large organisations, shopping malls, hotels and government buildings.

World wide the device has been installed in airports, military bases, government buildings, ports and United Nations offices, including the Office of Narcotics Control Board in Bangkok, Thailand, as well as the Attorney General’s Office in Jakarta, Indonesia, and the Sheriff Office Building in California, USA.

“In our rebranding, which has seen us increase our leadership in security technology, we have concentrated in ensuring East Africa is supplied with state-of-the-art technology, across x-ray arches, scanners, under-car scanners, metal detectors, CCTV and all other technologies. We have also designed new uniforms to make Securex guards clearly distinguishable, and adopted the slogan ‘empowering success’ to underline the fact that homes, businesses and public spaces secured by Securex can flourish in the knowledge all security risks are being addressed,” said Mr Sahni.

Securex supplies most of the security technology used by the East African security industry.

As part of its rebranding, Securex has also taken its guards for refresher courses, and upgraded its internal systems in line with emerging security issues and technology.  “The guards have all been trained on bomb detection and how to respond during bomb attacks,” said Mr Sahni

The moves by Securex come as Kenya has stepped up the fight against terrorism, with government calling upon citizens to be more vigilant at this point in time.

Thursday, December 08, 2011The Millenium Development Goals: An Interview with John McArthurby Wilmot AllenJohn McArthur was the deputy director and manager of the United Nations’ Millennium Project from 2002 to 2006. Until recently, he was C.E.O. of Millennium Promise, the leading international non-governmental organization dedicated to supporting the achievement of the Millennium Development Goals.
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Category: Social Enterprise & Philanthropy

Wednesday, December 07, 2011Gay Rights in Africaby Ambassador John Campbell , Ralph Bunche Senior Fellow for Africa Policy Studies at the Council on Foreign RelationsOriginally published on the website of the Council on Foreign Relations, former ambassador to Nigeria, John Campbell, recounts the latest news on gay rights in Africa and how the United States might get involved.
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Category: Current Events

Wednesday, December 07, 2011Once Upon a Time in West Africa, Part V: West Point, Monroviaby Arielle Sklar, Independent Communications SpecialistThe road to West Point, the largest slum in Liberia’s capital of Monrovia, is a shrieking gridlock of cars, motorcycles, and merchants. I cling to Gus, our driver, as he navigates.
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Category: Social Enterprise & Philanthropy

Tuesday, December 06, 2011Discover Rural Tourism in Morocco: Part Iby Andrea Papitto, NYU Preston Robert Tisch Center for Hospitality, Tourism, and Sports ManagementThis is a 6-part series on rural tourism in Southern Morocco, told through members of the newly formed rural tourism association, Réseau de Développement Touristique Rural (RDTR), located in the Souss Massa Draa Region in Southern Morocco.
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Category: Travel

Tuesday, December 06, 2011Africa.comDEALS: 32% OFF Baskets by Indego Africa!by Africa.com Editorial Staff After the incredible success of our deals with Arik Air and HeritageLink Brands wines, we’re proud to offer our third deal: gorgeous baskets hand-woven in Rwanda at 32 percent off the retail price!
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Category: Arts & Culture

Monday, December 05, 2011TONIGHT—Be Inspired: Fundraiser for the African Leadership Academyby Friends of the ALAOn behalf of the African Leadership Academy, Friends of ALA, Harvard Law School Recent Graduates Council, and the 2011 Host Committee, it is our pleasure to invite you to join us for an evening of dancing and drinks for the African Leadership Academy.
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Category: Events

Friday, December 02, 2011David Adjaye Wins Designer of the Year at Design Miamiby Design Miami Design Miami/, the global forum for design, is pleased to announce that David Adjaye, OBE, Principal Architect of Adjaye Associates, has been selected as this year’s recipient of the Designer of the Year Award.
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Category: Arts & Culture

Friday, December 02, 2011Wrap-Up: Art for Africa Auction at Sotheby′s in New Yorkby Africa.com Editorial Staff Africa Foundation notched another successful mark in its belt at the conclusion of its successful auction collaboration with Art for Africa at Sotheby’s in New York on Thursday, November 17th.
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Category: Arts & Culture

Friday, December 02, 2011This Week: Africa.com′s Top 10by Africa.com Editorial Staff This week, we’re reading the Economist’s cover story on Africa’s future. Mozambique is up for some potentially historical changes as a huge natural gas reserve has been found on the country’s east coast, and a new chief prosecutor at the Hague talks about her passion for defending victims in Africa.
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Category: Current Events

Friday, December 02, 2011Cocktails and Conversation Spice Up Dry African Dating Scene and Afua Entsuah, BandekaIn the past month, exclusive mixers have been held for young African professionals in London, Boston, Chicago, New York, and D.C. These social events have served as launch parties for Bandeka.com, the first invite-only online community for well-educated Africans.
]]> http://acbnews.wordpress.com/2011/12/09/securex-improves-tremendously-to-curb-terrorism-threats/feed/ 0 acbnews facebook Twitter facebook Twitter facebook Twitter facebook Twitter facebook Twitter facebook Twitter facebook Twitter facebook Twitter facebook Twitter http://acbnews.wordpress.com/2011/11/28/saudi-maaden-inks-1bn-finance-deal/ http://acbnews.wordpress.com/2011/11/28/saudi-maaden-inks-1bn-finance-deal/#comments Mon, 28 Nov 2011 17:45:21 +0000 acbnews http://acbnews.wordpress.com/?p=508 ]]> By Luvaha Charles Luvaga ,Riyadh: 1 hour and 16 minutes ago

Saudi Arabian Mining Company (Maaden) said its subsidiary Bauxite and Alumina Company has signed a SR 3.75 billion ($1 billion) financing agreement with the Public Investment Fund (PIF) for the second phase of its aluminium project.

The second phase of the project, comprising a bauxite mine at Al Ba’itha and an alumina refinery at Ras Al Khair, will cost $3.58 billion.

The PIF loan will be repaid over a period of 16 years starting in 2017.

The project, a joint venture between Ma’aden (74.9 per cent) and Alcoa (25.1 per cent) is being built in two phases, both of which are now under construction.

The first phase consists of an aluminium smelter and rolling mill, both situated at Ras Al Khair which will begin operating in 2013. The mine and refinery are due to come on stream in 2014.

“The Public Investment Fund concentrates on the development of different economic sectors to achieve the government’s strategic objectives of expanding the Kingdom’s industrial base, diversifying income and creating jobs for Saudi people.” said Mansour Al Mayman, secretary general of the PIF.

“This financing clearly shows the Public Investment Fund’s commitment to supporting sustainable industrial projects in Saudi Arabia,” he noted.

“The signing of the financing agreement with the Public Investment Fund clearly shows the Government’s commitment to building Saudi Arabia’s mining industry and bringing new technologies and industries to the Kingdom,” commented Engr.

Ma’aden president and CEO Khalid Al Mudaifer said the impact of this new industry will be highly significant in terms of job creation, regional development and economic diversification.

‘The project team has made excellent progress to date and are dedicated to ensuring the highest standards are applied to every aspect of their work from day to day site safety to long term sustainability considerations,’ he added.

Ma’aden’s aluminium project is the only one in the Middle East with an integral supply of alumina and its rolling mill will be one of the most technologically advanced in the world and the only one in the region capable of producing food grade can sheet.

The euro zone’s debt crisis has become the biggest threat to the global economy and a break up of the currency zone can no longer be ruled out, the OECD said on Monday, slashing its forecasts and urging the ECB to play a bigger role in defusing the crisis.

The euro zone has already entered a mild recession but much worse could follow unless policy makers take decisive action to get ahead of the market, the Organisation for Economic Cooperation and Development said in a stark warning.

‘There is a risk to the euro, let’s not deny that,’ OECD chief economist Pier Carlo Padoan told Reuters in an interview. ‘But I would like also to say that there is a possibility of avoiding that risk.’

A worst case scenario of continued inaction in the euro zone and the failure of US lawmakers to agree a spending-reduction plan would usher in a devastating downturn for the world economy, the Paris-based OECD said.

In the absence of decisive action from euro zone leaders, the European Central Bank (ECB) alone has the power to contain the bloc’s crisis, the OECD said. In the United States, however, the Federal Reserve had little ammunition left.

‘We are still seeing policy behind the curve,’ Padoan told a news conference. ‘This cannot be accepted any more.’

‘Time is running out and every time we lose the occasion to act effectively the price or cost for having positive outcomes goes up,’ he added.

Padoan said that the absence of credible action from policymakers was sapping households and companies’ confidence as well as fueling damaging volatility on financial markets.

While solid growth in big emerging economies would provide a boost, slumping global trade would drag on Chinese output, the OECD said.

Its twice-yearly Economic Outlook forecast that world growth would slow to 3.4 percent in 2012 from 3.8 percent this year. That marks a sharp fall from its previous outlook in May, when the OECD estimated the world economy would grow 4.2 percent this year and 4.6 percent in 2012.

Separately forecasting global growth of 3.5 percent in 2012, Morgan Stanley warned in a report that, in a worst case scenario, policymakers’ inaction in both Europe and the United States could lead to much lower growth of 1.9 percent, with recessions in many major economies.

Struggling to contain an unprecedented debt crisis, the euro zone has already entered a recession and will eke out growth of only 0.2 percent in 2012, the OECD said, slashing its forecast from 2.0 percent in May.

‘The euro area crisis represents the key risk to the world economy at present, with concerns about sovereign debt sustainability having become increasingly widespread,’ the OECD report said.

If major economic shocks such as the default of a euro zone member or the collapse of a big bank were avoided, then the global recovery would likely resume over the course of 2012.

The OECD said many key questions about the euro zone’s response to the debt crisis remain unresolved, raising doubts about even the bloc’s most solid economies, as demonstrated by Germany’s difficulties placing bonds with investors last week.

‘What we see now is contagion rising and hitting probably Germany as well,’ Padoan told Reuters in an interview. ‘So the first thing, the absolute priority, is to stop that and in the immediate the only actor that can do that is the ECB,’ he added, urging the central bank to commit to a creating a cap on government bond yields as a way of calming the crisis.

With the Federal Reserve already flooding the financial system with liquidity, the US central bank has even less room to act if the world’s biggest economy hits a downturn. That prospect was made all the more real by the failure of Congress to agree a deficit-reduction plan, without which deep spending cuts would be triggered.

‘The resulting fiscal tightening, which would come automatically, would in our view likely generate a recession in the United States,’ Padoan said.

Provided that the Congress does reach an agreement, then the US economy is set to grow 1.7 percent in 2011 and 2.0 percent in 2012, down from May forecasts of 2.6 percent and 3.1 percent respectively.

With world trade growth projected to slow to 4.8 percent in 2012 from 6.7 percent this year, even China would not be spared a sharp slowdown, the OECD said.

It forecast that growth in the emerging Asian economic power would slow to 8.5 percent in 2012 from 9.3 percent in 2011. Slower global trade and confidence knocked by the euro zone’s debt crisis could trip up Germany, which the OECD estimated would grow only 0.6 percent in 2012 after a 3.0 percent expansion in 2011. Europe’s biggest economy has probably entered a shallow recession at the end of the year, the OECD said.

In a rare bright spot, the Japanese economy was seen rebounding sharply after this year’s earthquake and tsunami to achieve growth of 2.0 percent in 2012 following a contraction of 0.3 percent in 2011.

The Islamist sect, Boko Haram is intent on ridding northern Nigeria of Western education through violent means. Yet one school in Maiduguri refuses to be intimidated.

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by luvaha luvaga

At least 200 senior government officials, policy makers, health professionals and researchers, academics from the East, Central and Southern Africa countries will from November 21^st and 25^th, 2011 meet in Mombasa to discuss public health reforms within the region during the high level East, Central and Southern Africa (ECSA) Health Ministers’ Conference.

The 54^th ECSA conference which is being jointly organized by the  Ministry of Public Health and Sanitation in collaboration with the Ministry of Medical Services and the Arusha based ECSA Health Community Secretariat will be attended by 10 Ministers of Health and their Permanent Secretaries from Kenya, Lesotho, Malawi, Mauritius, Seychelles, Swaziland, United Republic of Tanzania, Uganda, Zambia and Zimbabwe .

The theme for this year’s conference is, “Consolidating the gains: Addressing High Impact Interventions for Improved Health Outcomes.”

The conference will be officially opened by the Vice President of Kenya and the Minister for Home Affairs, Hon Kalonzo Musyoka EGH, MP on 24^th November 2011 at 10.00 AM. He will be accompanied by the Minster for Public Health and Sanitation Hon Beth Mugo EGH, MP, Minister for Medical Services Hon Prof. Anyang’ Nyong’o, EGH, MP, and the ECSA Director General Dr. Josephine Kibaru-Mbae.

In stressing the importance of the regional health body the Minister for Public Health and sanitation, Beth Mugo said that ‘ ECSA-HC’s strategies will play a critical role in boosting efforts of member states to meet United Nations Millennium Development Goals 4, 5, 6 and 7 on health before the 2015 deadline. The Minister underscored successful implementation of ECSA’s policies and agenda arguing that this will ‘augment the national policies embedded in Kenya’s vision 2030.’

Health programme experts including managers; external advisors; professional associates and consultants from the region will also attend the conference to share their diverse wealth of knowledge and experience. ECSA-HC is charged with the mandate of reviewing policy matters, national health strategies and defining regional health priorities and agenda.

ECSA-HC is a regional inter-governmental organization that fosters and promotes regional cooperation in health among member states. Member states of the ECSA Health Community include Kenya, Lesotho, Malawi, Mauritius, Seychelles, Swaziland, United Republic of Tanzania, Uganda, Zambia and Zimbabwe. Its headquarter is in Arusha, Tanzania.

• The mandate of ECSA-HC is to promote and encourage efficiency and relevance in the provision of health services in the region.

• Kenya has been an active member of the ECSA Health Community, having joined the organization as one of the nine founding members in 1974. Kenya has hosted the ECSA Conference of Health Ministers (the highest policy making organ of the ECSA Health Community) in 1975, 1991 and 2006. It has also held the chairmanship of the ECSA Advisory Committee in the years 1982, 1989, 2000, 2001, and 2006. The current Director General of its Arusha, Tanzania based secretariat is a Kenyan Dr. Josephine Kibaru-Mbae.

• The ECSA Health Community works with countries and partners to raise the standard of health for the people of the ECSA region by promoting efficiency and effectiveness of health services through cooperation, collaboration, research, capacity building, policy development  and advocacy.

• ECSA originally consisted of nine countries at its inception in 1974. Later the number grew to fourteen member countries namely Botswana, Kenya, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe. Currently ECSA has ten active member states.

• ECSA-HC, formerly known as the Commonwealth Regional Health Community for East, Central and Southern Africa (CRHC ECSA), was established in 1974 under the auspices of the Commonwealth Secretariat in London. It seeks to foster and strengthen regional cooperation and capacity in order to address the health needs of member states.