Bloomberg – Sector.Africa

The US and China Want a Divorce, but Neither Can Afford One

June 1, 2020June 1, 2020 Sector.Africa AdministratorAirport, Amer, Apple, Bloomberg, Business, China, Companies, Coronavirus, Countries, Economy, Europe, Government, Infrastructure, iPhone, Manufacturing, Medical equipment, Money, national affairs, Pandemic, president, Smartphone, smartphones, Sport, Transport, transportation, Trump, Trump administration, Wealth, who, World0 comment

Three months into the global coronavirus pandemic, there are growing signs that the long marriage between China and the US—indeed between China and the developed world—is coming apart. The virus shut Chinese factories in January and February; then it exposed how dependent the US and Europe had become on China for everything from drugs to medical equipment. That’s prompted “a rethink of how much any country wants to be reliant on any other country,” in the words of Elizabeth Economy of the Council on Foreign Relations. As another commentator put…

Texas official suggests elderly willing to die for economy

March 25, 2020February 18, 2021 Sector.Africa AdministratorAdrianna Rodriguez, America, Associated Press, Bloomberg, Center for Health Security, Dallas, Dan Patrick, Director, fox news, Governor, Italy, Johns Hopkins Bloomberg School of Public Health, Lt. Gov., Official, president, San Antonio, Texas, Tom Inglesby, Twitter, United States0 comment

The lieutenant governor of Texas argued in an interview on Fox News Monday night that the United States should go back to work, saying grandparents like him don’t want to sacrifice the country’s economy during the coronavirus crisis. Republican Lt. Gov. Dan Patrick, 69, made the comments on Fox News’ “Tucker Carlson Tonight” after President Donald Trump said he wanted to reopen the country for business in weeks, not months. Patrick also said the elderly population, who the Centers for Disease Control and Prevention said are more at risk for COVID-19, can take care of…

Covid19 North America

Why Congress considered a digital dollar in its coronavirus response

March 25, 2020February 19, 2021 Sector.Africa AdministratorBloomberg, Congress, Cornell University, Financial services, France, law professor, mainstream media attention, Maxine Waters, payment network, postal bank, postal banking, Richard Crone, Robert Hockett, U . S . DIGITAL, U.S. government, U.S. Postal Service, United States, US Federal Reserve, VENMO, vice president at Mercator Advisory Service0 comment

The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra. The $2.5 billion House coronavirus package proposal from Democrats initially included a “digital dollar” to distribute the government payments designed to support small businesses and their workers. Rep. Maxine Waters, D-Calif., proposed legislation that would use the U.S. Postal Service to help…

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Makers of Indomie, Tolaram Group to Venture into Digital Banking in Nigeria

February 25, 2020 Sector.Africa AdministratorAfrica, Bank, Bank account, Banking, Bloomberg, Business, Egypt, Financial services, Fintech, Food and drink, Foods, Ghana, Indo, Indomie, Leverage, Money, Nigeria, South Africa0 comment

Tolaram Group makers of popular noodle, Indomie is planning to leverage its African distribution network to launch into Digital Banking. Founded by a Singaporean family, the Tolaram Group has grown to become a $1.8 billion empire through the production of fast moving consumer goods (FMCG) like Indomie noodles, Power Oil, Power Pasta, Hypo Bleach, and Dano Milk. The group is now looking towards the burgeoning fintech market in Africa. According to Bloomberg, the group is looking at markets in Nigeria, Ghana, South Africa, and Egypt. Growing digital banking in Africa…

Mining

Gold Fields shuns South Africa exit following South Deep turnaround

February 25, 2020 Sector.Africa AdministratorAfrica, Amer, AngloGold Ashanti, Bloomberg, Economy, Gold mining, Goldfield, Harmony Gold, Johannesburg, Largest gold companies, Mines, Mining, South Africa, TauTona Mine, World0 comment

Gold Fields won’t be rushing to join AngloGold Ashanti in exiting South Africa, after its last mine returned to profit. The South Deep operation generated $15mn of net cash in 2019, after a decade of losses, reports Reuters. Profitability will improve this year as output climbs at the mine that sits on the world’s second-biggest known body of gold-bearing ore. For Chief Executive Officer Nick Holland, the mine has the potential to be a “shining light” for a South African gold industry in terminal decline. “We have a responsibility to…