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Developing World’s Share of Global Investment to Triple by 2030, Says New World Bank Report

Posted on 18 May 2013 by Africa Business

Seventeen years from now, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the latest edition of the World Bank’s Global Development Horizons (GDH) report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Developing countries’ share in global investment is projected to triple by 2030 to three-fifths, from one-fifth in 2000, says the report, titled ‘Capital for the Future: Saving and Investment in an Interdependent World’. With world population set to rise from 7 billion in 2010 to 8.5 billion 2030 and rapid aging in the advanced countries, demographic changes will profoundly influence these structural shifts.

“GDH is one of the finest efforts at peering into the distant future. It does this by marshaling an amazing amount of statistical information,” said Kaushik Basu, the World Bank’s Senior Vice President and Chief Economist. “We know from the experience of countries as diverse as South Korea, Indonesia, Brazil, Turkey and South Africa the pivotal role investment plays in driving long-term growth. In less than a generation, global investment will be dominated by the developing countries. And among the developing countries, China and India are expected to be the largest investors, with the two countries together accounting for 38 percent of the global gross investment in 2030. All this will change the landscape of the global economy, and GDH analyzes how.”

Productivity catch-up, increasing integration into global markets, sound macroeconomic policies, and improved education and health are helping speed growth and create massive investment opportunities, which, in turn, are spurring a shift in global economic weight to developing countries. A further boost is being provided by the youth bulge. With developing countries on course to add more than 1.4 billion people to their combined population between now and 2030, the full benefit of the demographic dividend has yet to be reaped, particularly in the relatively younger regions of Sub-Saharan Africa and South Asia.

The good news is that, unlike in the past, developing countries will likely have the resources needed to finance these massive future investments for infrastructure and services, including in education and health care. Strong saving rates in developing countries are expected to peak at 34 percent of national income in 2014 and will average 32 percent annually until 2030. In aggregate terms, the developing world will account for 62-64 percent of global saving of $25-27 trillion by 2030, up from 45 percent in 2010.

“Despite strong saving levels to finance their massive investment needs in the future, developing countries will need to significantly improve their currently limited participation in international financial markets if they are to reap the benefits of the tectonic shifts taking place,” said Hans Timmer, Director of the Bank’s Development Prospects Group.

GDH paints two scenarios, based on the speed of convergence between the developed and developing worlds in per capita income levels, and the pace of structural transformations (such as financial development and improvements in institutional quality) in the two groups. Scenario one entails a gradual convergence between the developed and developing world while a much more rapid scenario is envisioned in the second.

The gradual and rapid scenarios predict average world economic growth of 2.6 percent and 3 percent per year, respectively, during the next two decades; the developing world’s growth will average an annual rate of 4.8 percent in the gradual convergence scenario and 5.5 percent in the rapid one.

In both scenarios, developing countries’ employment in services will account for more than 60 percent of their total employment by 2030 and they will account for more than 50 percent of global trade. This shift will occur alongside demographic changes that will increase demand for infrastructural services. Indeed, the report estimates the developing world’s infrastructure financing needs at $14.6 trillion between now and 2030.

The report also points to aging populations in East Asia, Eastern Europe and Central Asia, which will see the largest reductions in saving rates. Demographic change will test the sustainability of public finances and complex policy challenges will arise from efforts to reduce the burden of health care and pensions without imposing severe hardships on the old. In contrast, Sub-Saharan Africa, with its relatively young and rapidly growing population as well as robust economic growth, will be the only region not experiencing a decline in its saving rate.

In absolute terms, however, saving will continue to be dominated by Asia and the Middle East. In the gradual convergence scenario, in 2030, China will save far more than any other developing country — $9 trillion in 2010 dollars — with India a distant second with $1.7 trillion, surpassing the levels of Japan and the United States in the 2020s.

As a result, under the gradual convergence scenario, China will account for 30 percent of global investment in 2030, with Brazil, India and Russia together accounting for another 13 percent. In terms of volumes, investment in the developing world will reach $15 trillion (in 2010 dollars), versus $10 trillion in high-income economies. China and India will account for almost half of all global manufacturing investment.

“GDH clearly highlights the increasing role developing countries will play in the global economy. This is undoubtedly a significant achievement. However, even if wealth will be more evenly distributed across countries, this does not mean that, within countries, everyone will equally benefit,” said Maurizio Bussolo, Lead Economist and lead author of the report.

The report finds that the least educated groups in a country have low or no saving, suggesting an inability to improve their earning capacity and, for the poorest, to escape a poverty trap.

“Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor,” concluded Bussolo.

Regional Highlights:

East Asia and the Pacific will see its saving rate fall and its investment rate will drop by even more, though they will still be high by international standards. Despite these lower rates, the region’s shares of global investment and saving will rise through 2030 due to robust economic growth. The region is experiencing a big demographic dividend, with fewer than 4 non-working age people for every 10 working age people, the lowest dependency ratio in the world. This dividend will end after reaching its peak in 2015. Labor force growth will slow, and by 2040 the region may have one of the highest dependency ratios of all developing regions (with more than 5.5 non-working age people for every 10 working age people). China, a big regional driver, is expected to continue to run substantial current account surpluses, due to large declines in its investment rate as it transitions to a lower level of public involvement in investment.

Eastern Europe and Central Asia is the furthest along in its demographic transition, and will be the only developing region to reach zero population growth by 2030. Aging is expected to moderate economic growth in the region, and also has the potential to bring down the saving rate more than any developing region, apart from East Asia. The region’s saving rate may decline more than its investment rate, in which case countries in the region will have to finance investment by attracting more capital flows. The region will also face significant fiscal pressure from aging. Turkey, for example, would see its public pension spending increase by more than 50 percent by 2030 under the current pension scheme. Several other countries in the region will also face large increases in pension and health care expenditures.

Latin America and the Caribbean, a historically low-saving region, may become the lowest-saving region by 2030. Although demographics will play a positive role, as dependency ratios are projected to fall through 2025, financial market development (which reduces precautionary saving) and a moderation in economic growth will play a counterbalancing role. Similarly, the rising and then falling impact of demography on labor force growth means that the investment rate is expected to rise in the short run, and then gradually fall. However, the relationship between inequality and saving in the region suggests an alternative scenario. As in other regions, poorer households tend to save much less; thus, improvements in earning capacity, rising incomes, and reduced inequality have the potential not only to boost national saving but, more importantly, to break poverty traps perpetuated by low saving by poor households.

The Middle East and North Africa has significant scope for financial market development, which has the potential to sustain investment but also, along with aging, to reduce saving. Thus, current account surpluses may also decline moderately up to 2030, depending on the pace of financial market development. The region is in a relatively early phase of its demographic transition: characterized by a still fast growing population and labor force, but also a rising share of elderly. Changes in household structure may also impact saving patterns, with a transition from intergenerational households and family-based old age support to smaller households and greater reliance on asset income in old age. The region has the lowest use of formal financial institutions for saving by low-income households, and scope for financial markets to play a significantly greater role in household saving.

South Asia will remain one of the highest saving and highest investing regions until 2030. However, with the scope for rapid economic growth and financial development, results for saving, investment, and capital flows will vary significantly: in a scenario of more rapid economic growth and financial market development, high investment rates will be sustained while saving falls significantly, implying large current account deficits. South Asia is a young region, and by about 2035 is likely to have the highest ratio of working- to nonworking-age people of any region in the world. The general shift in investment away from agriculture towards manufacturing and service sectors is likely to be especially pronounced in South Asia, with the region’s share of total investment in manufacturing expected to nearly double, and investment in the service sector to increase by more than 8 percentage points, to over two-thirds of total investment.

Sub-Saharan Africa’s investment rate will be steady due to robust labor force growth. It will be the only region to not see a decrease in its saving rate in a scenario of moderate financial market development, since aging will not be a significant factor. In a scenario of faster growth, poorer African countries will experience deeper financial market development, and foreign investors will become increasingly willing to finance investment in the region. Sub-Saharan Africa is currently the youngest of all regions, with the highest dependency ratio. This ratio will steadily decrease throughout the time horizon of this report and beyond, bringing a long lasting demographic dividend. The region will have the greatest infrastructure investment needs over the next two decades (relative to GDP). At the same time, there will likely be a shift in infrastructure investment financing toward greater participation by the private sector, and substantial increases in private capital inflows, particularly from other developing regions.

Source: WorldBank.org

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Developing countries to dominate global saving and investment, but the poor will not necessarily share the benefits, says report

Posted on 18 May 2013 by Africa Business

STORY HIGHLIGHTS
  • Developing world’s share of global investment to triple by 2030
  • China, India will be developing world’s largest investors
  • Boost to education needed so poor can improve their well-being

In less than a generation, global saving and investment will be dominated by the developing world, says the just-released Global Development Horizons (GDH) report.

By 2030, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Titled ‘Capital for the Future: Saving and Investment in an Interdependent World’, GDH projects developing countries’ share in global investment to triple by 2030 to three-fifths, from one-fifth in 2000.

Productivity catch-up, increasing integration into global markets, sound macroeconomic policies, and improved education and health are helping speed growth and create massive investment opportunities, which, in turn, are spurring a shift in global economic weight to developing countries.

A further boost is being provided by the youth bulge. By 2020, less than 7 years from now, growth in world’s working-age population will be exclusively determined by developing countries. With developing countries on course to add more than 1.4 billion people to their combined population between now and 2030, the full benefit of the demographic dividend has yet to be reaped, particularly in the relatively younger regions of Sub-Saharan Africa and South Asia.

GDH paints two scenarios, based on the speed of convergence between the developed and developing worlds in per capita income levels, and the pace of structural transformations (such as financial development and improvements in institutional quality) in the two groups. Scenario one entails a gradual convergence between the developed and developing world while a much more rapid one is envisioned in the second.

In both scenarios, developing countries’ employment in services will account for more than 60 percent of their total employment by 2030 and they will account for more than 50 percent of global trade. This shift will occur alongside demographic changes that will increase demand for infrastructural services. Indeed, the report estimates the developing world’s infrastructure financing needs at $14.6 trillion between now and 2030.

The report also points to aging populations in East Asia, Eastern Europe and Central Asia, which will see the largest reductions in private saving rates. Demographic change will test the sustainability of public finances and complex policy challenges will arise from efforts to reduce the burden of health care and pensions without imposing severe hardships on the old. In contrast, Sub-Saharan Africa, with its relatively young and rapidly growing population as well as robust economic growth, will be the only region not experiencing a decline in its saving rate.

Open Quotes

Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor. Close Quotes

Maurizio Bussolo
Lead Author, Global Development Horizons 2013

In absolute terms, however, saving will continue to be dominated by Asia and the Middle East. In the gradual convergence scenario, in 2030, China will save far more than any other developing country — $9 trillion in 2010 dollars — with India a distant second with $1.7 trillion, surpassing the levels of Japan and the United States in the 2020s.

As a result, under the gradual convergence scenario, China will account for 30 percent of global investment in 2030, with Brazil, India and Russia together accounting for another 13 percent. In terms of volumes, investment in the developing world will reach $15 trillion (in 2010 dollars), versus $10 trillion in high-income economies. Again, China and India will be the largest investors among developing countries, with the two countries combined representing 38 percent of the global gross investment in 2030, and they will account for almost half of all global manufacturing investment.

“GDH clearly highlights the increasing role developing countries will play in the global economy. This is undoubtedly a significant achievement. However, even if wealth will be more evenly distributed across countries, this does not mean that, within countries, everyone will equally benefit,” said Maurizio Bussolo, Lead Economist and lead author of the report.

The report finds that the least educated groups in a country have low or no saving, suggesting an inability to improve their earning capacity and, for the poorest, to escape a poverty trap.

“Policy makers in developing countries have a central role to play in boosting private saving through policies that raise human capital, especially for the poor,” concluded Bussolo.

Regional Highlights:

East Asia and the Pacific will see its saving rate fall and its investment rate will drop by even more, though they will still be high by international standards. Despite these lower rates, the region’s shares of global investment and saving will rise through 2030 due to robust economic growth. The region is experiencing a big demographic dividend, with fewer than 4 non-working age people for every 10 working age people, the lowest dependency ratio in the world. This dividend will end after reaching its peak in 2015. Labor force growth will slow, and by 2040 the region may have one of the highest dependency ratios of all developing regions (with more than 5.5 non-working age people for every 10 working age people). China, a big regional driver, is expected to continue to run substantial current account surpluses, due to large declines in its investment rate as it transitions to a lower level of public involvement in investment.

Eastern Europe and Central Asia is the furthest along in its demographic transition, and will be the only developing region to reach zero population growth by 2030. Aging is expected to moderate economic growth in the region, and also has the potential to bring down the saving rate more than any developing region, apart from East Asia. The region’s saving rate may decline more than its investment rate, in which case countries in the region will have to finance investment by attracting more capital flows. The region will also face significant fiscal pressure from aging. Turkey, for example, would see its public pension spending increase by more than 50 percent by 2030 under the current pension scheme. Several other countries in the region will also face large increases in pension and health care expenditures.

Latin America and the Caribbean, a historically low-saving region, may become the lowest-saving region by 2030. Although demographics will play a positive role, as dependency ratios are projected to fall through 2025, financial market development (which reduces precautionary saving) and a moderation in economic growth will play a counterbalancing role. Similarly, the rising and then falling impact of demography on labor force growth means that the investment rate is expected to rise in the short run, and then gradually fall. However, the relationship between inequality and saving in the region suggests an alternative scenario. As in other regions, poorer households tend to save much less; thus, improvements in earning capacity, rising incomes, and reduced inequality have the potential not only to boost national saving but, more importantly, to break poverty traps perpetuated by low saving by poor households.

The Middle East and North Africa has significant scope for financial market development, which has the potential to sustain investment but also, along with aging, to reduce saving. Thus, current account surpluses may also decline moderately up to 2030, depending on the pace of financial market development. The region is in a relatively early phase of its demographic transition: characterized by a still fast growing population and labor force, but also a rising share of elderly. Changes in household structure may also impact saving patterns, with a transition from intergenerational households and family-based old age support to smaller households and greater reliance on asset income in old age. The region has the lowest use of formal financial institutions for saving by low-income households, and scope for financial markets to play a significantly greater role in household saving.

South Asia will remain one of the highest saving and highest investing regions until 2030. However, with the scope for rapid economic growth and financial development, results for saving, investment, and capital flows will vary significantly: in a scenario of more rapid economic growth and financial market development, high investment rates will be sustained while saving falls significantly, implying large current account deficits. South Asia is a young region, and by about 2035 is likely to have the highest ratio of working- to nonworking-age people of any region in the world. The general shift in investment away from agriculture towards manufacturing and service sectors is likely to be especially pronounced in South Asia, with the region’s share of total investment in manufacturing expected to nearly double, and investment in the service sector to increase by more than 8 percentage points, to over two-thirds of total investment.

Sub-Saharan Africa’s investment rate will be steady due to robust labor force growth. It will be the only region to not see a decrease in its saving rate in a scenario of moderate financial market development, since aging will not be a significant factor. In a scenario of faster growth, poorer African countries will experience deeper financial market development, and foreign investors will become increasingly willing to finance investment in the region. Sub-Saharan Africa is currently the youngest of all regions, with the highest dependency ratio. This ratio will steadily decrease throughout the time horizon of this report and beyond, bringing a long lasting demographic dividend. The region will have the greatest infrastructure investment needs over the next two decades (relative to GDP). At the same time, there will likely be a shift in infrastructure investment financing toward greater participation by the private sector, and substantial increases in private capital inflows, particularly from other developing regions.

 

Source: WorldBank.org

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Unreliable Power Supply Creates Huge Demand for Non-renewable Inverters, Finds Frost & Sullivan

Posted on 18 May 2013 by Africa Business

Cost competitiveness vital to expand in developing markets

MOUNTAIN VIEW, Calif. /PRNewswire/ — The global non-renewable inverter market grew steadily on the back of rising demand for reliable power and the lack of stable power infrastructure in many regions of the world. Higher disposable incomes and greater affordability in developing regions such as Latin America, as well as parts of Africa and South Asia, encourage the adoption of power inverters, especially in residential markets.

New analysis from Frost & Sullivan’s (http://www.powersupplies.frost.com) Analysis of the Global Non-renewable Inverter Market research finds the market earned revenue of approximately $1.94 billion in 2012 and estimates this to reach $2.34 billion in 2018.

For more information on this research, please email Britni Myers , Corporate Communications, at britni.myers@frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.

“The need for power reliability stimulates demand for power inverter and inverter/chargers, as they are employed as part of a back-up power system involving a battery,” said Frost & Sullivan Energy and Environment Senior Industry Analyst Anu Elizabeth Cherian. “The manufacturing and commercial sectors’ increased awareness and proactive protective measures such as employing adequate back-up resources to manage business more efficiently gives a significant boost to the market’s prospects.”

The market will also gain from the escalating use of electronic equipment in boats, cars, trucks, ambulances and recreational vehicles. Power inverters and inverter chargers can meet business travelers’ or vacationers’ demand for connectivity on the go as well.

While power inverters are establishing a foothold in the power industry, the gradual pace of economic recovery and restrained spending environment are stymieing inverter manufacturers’ efforts to expand. Further, the slowdown in infrastructural build-outs in telecommunications and investments makes customers cautious about investing in inverters.

“Inverter manufacturers could attempt to offset the price issue by offering enhanced features for the premium products or lowering prices,” noted Cherian. “We know that without a solid solution, power quality issues will continue to persist.  This improved awareness of the need to be well prepared for power outages bolsters the power inverter market.”

Analysis of the Global Non-renewable Inverter Market is part of the Energy and Environment Growth Partnership Service program. Frost & Sullivan’s related research services include: Analysis of the Mexican Distributed Power Generation Market, Asia-Pacific Rental Power Market, Bangladesh Uninterruptible Power Supply Market, and Critical Energy Infrastructure Protection in Europe. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

Connect with Frost & Sullivan on social media, including Twitter, Facebook, SlideShare, and LinkedIn, for the latest news and updates.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
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For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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Analysis of the Global Non-renewable Inverter Market
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SOURCE Frost & Sullivan

 

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South Africa’s Professor Jonathan Jansen To Be Honored At Awards Gala In New York City, June 3, 2013

Posted on 18 May 2013 by Africa Business

NEW YORK /PRNewswire/ — Professor Jonathan Jansen , the Vice-Chancellor and Rector of the University of the Free State in South Africa who helped turn the university away from its apartheid legacy into an institution that is truly representative of what South Africa stands for, is set to receive the Education Africa Lifetime Achievement Award for Africa at a gala by the same name on Monday, June 3, 2013, at the Mandarin Oriental Hotel in New York City.

South Africa's Professor Jonathan Jansen To Be Honored At Awards Gala In New York City, June 3, 2013. (PRNewsFoto/Education Africa)

Jansen is being recognized for the great strides he has taken in ensuring integration at a university that once threatened to implode with racial tension and for his continued work towards the transformation of education in South Africa. In 2010, just two short years after Jansen joined the institution as its Vice-Chancellor, it was awarded the World Universities Forum Award for Best Practice in Higher Education for the racial integration and harmonisation of the student community.

Oprah Winfrey , who was awarded an honorary doctorate by the university in 2011, said at the time: “What has happened here at Free State in terms of racial reconciliation, of peace, of harmony, of one heart understanding and opening itself to another heart is nothing short of a miracle. It is truly what the new South Africa is all about.”

South Africa's Professor Jonathan Jansen To Be Honored At Awards Gala In New York City, June 3, 2013. (PRNewsFoto/Education Africa)

Grammy Award winning Roberta Flack , who is best known for a string of hits like Killing Me Softly With His Song; Set the Night to Music and The First Time Ever I Saw Your Face, inter alia, will give a special live performance at the event.

The awards are being hosted by Education Africa and Brand South Africa . Education Africa is a 501 (c) (3) non-profit tax exempt organization which is headquartered in Johannesburg, South Africa and has registered offices in the USA, Austria and the UK. Brand South Africa is a publicly funded trust with trustees appointed by South Africa’s president. It works with partners in and out of government to see that South Africa’s value proposition as a place to do business, invest in and visit – and from which to source products, ideas and inspiration – is fully appreciated.

For more information on this event and sponsorship opportunities, please visit:  http://www.educationafrica.org/documents/DIGITAL_INVITE_2013_June.pdf

SOURCE Education Africa

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2013 Pick n Pay Knysna Oyster Festival Programme full of New Highlights

Posted on 18 May 2013 by Africa Business

The programme for the 2013 Pick n Pay Knysna Oyster Festival is growing, with new and exciting events joining the stable of old favourites. “Last year’s programme sported more than 100 events,” said Festival Manager Nicci Rousseau-Schmidt. “And it is already clear that we’ll top that number this year.”

The Pick n Pay Women’s Walk will take place on Sunday 7 July. The Women’s Walk is a popular event that takes place across South Africa. Bronwen Rohland Marketing Director Pick n Pay said, “This 5km event raises funds for PinkDrive, an organisation that provides free breast cancer screening and health education for women who cannot afford it.”

The Young Oyster Festival is gaining in popularity each year, providing an environment for kids to have a blast. Aside from the regular events such as cooking lessons, arts and crafts, movie screenings, sport clinics, and exciting competitions, this year will see a dedicated Kids Zone complete with popcorn, candy floss and all things necessary for exciting and entertaining kids.

“Older kids will enjoy an all-new fun fair as well as obstacle courses and exciting events and competitions at The Yard, our local skate park,” Rousseau-Schmidt said. “This age group and their parents will also enjoy an all new 10-day local food and craft market at the main venue on Waterfront Drive and details of how to enter the Miss Knysna Oyster Festival will be available soon.”

“Of course we wouldn’t have a festival if it weren’t for our oysters. This year’s Pick n Pay Flavours of Knysna will truly showcase Knysna’s restaurants as they once again prepare oysters according to their own, unique recipes, with other delectable treats prepared by Pick n Pay also available on the evening.

“The oyster shucking and oyster eating competitions are always very entertaining and well attended, and this year we will combine these two fun events to both take place at the main venue on Waterfront Drive,” Rousseau-Schmidt said.

The festival has a longstanding relationship with the South African Navy, especially the local Sea Cadet unit from the Training Ship Knysna. “The Admiral’s Ball is a firm favourite on the festival’s calendar with music provided by the incredibly talented SA Navy Dance Band. Presented in co-operation with the Knysna Featherbed Company, the 2013 ball promises to be an event not to be missed,” said Rousseau-Schmidt “We are hoping to welcome two naval ships through the Knysna Heads this year – weather permitting,” she said. “The Navy also presents other fantastic events on the festival calendar, including the Right of Entry Parade which incorporates precision drilling and music from the marching band, displays by the Knysna Sea Cadets and the ever popular concert by the SA Navy Band which unofficially closes the festival.”

“This year the Knysna Forest Marathon and Half Marathon have already sold out, and we anticipate that Knysna will be buzzing with excitement,” said Rohland, “the festival is a great opportunity for us to meet our customers and be part of an event that showcases the best the region has to offer.”

“We are looking forward to old favourites such the Pick n Pay Weekend Argus Rotary Knysna Cycle Tour and the Pick n Pay Cape Times Knysna Forest Marathon and Half Marathon, but we have many exciting developments on the programme to look forward to,” Rousseau-Schmidt concluded. “And what you’ve read about here is only a taste of what the 2013 Pick n Pay Knysna Oyster Festival has on offer. Knysna is truly the place to be during the school holidays. So come along – I can guarantee that you’ll have the best ten days of your winter.”

Keep an eye on www.pnpoysterfestival.co.za for regular updates to the programme, or contact Knysna Tourism on 044 382 5510 for more information.

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ACT hosted visionary leadership

Posted on 18 May 2013 by Thandisizwe Mgudlwa

Thandisizwe Mgudlwa

“It is only through collaboration between education, innovation and business that we will be able to take our country forward and make Cape Town a global African city of inspiration and innovation.”

So said Chris Whelan, CEO of business think-tank Accelerate Cape Town, at Friday’s Accelerate Cape Town Member’s Meeting sponsored by Deloitte. Whelan, who heads up the business organisation that counts more than 45 of South Africa’s largest corporates among its members, added that it is critical that innovation is approached as a collaborative effort. “Whether we’re developing a new product or building a future society, the key to unlocking our success as a city and country is innovation and partnership.”

According to the AC, TWhelan was joined by Dr Vincent Maphai, a business leader  and former Chairman of BHP Billiton Southern Africa. Maphai who also acts as the Education Commissioner on the National Planning Commission, detailed the key requirements for growing talent in the country in terms of what inspired the thinking of the NPC.

Maphai said that in democracies, the government is a reflection of its society. “If we are unhappy about our government’s actions, we must remember that we as civil society elected them to their positions of power. For us to succeed as a nation and be able to become the shapers of our future, we need to step up and start taking our role in the country very seriously.”

He added that active citizenry should be combined with strong leadership in order to create a government that is able to take decisions that they can also implement. “Madiba is a perfect example. His views were not based on scoring political points or promoting his own interests, but rather on what is best for the country as a whole.” Challenge of job creation and lack of education.

Maphai said that the NPC is faced with a massive dual challenge of creating jobs while also overcoming the struggling education system. He stated that while he’s in favour of the current Outcome Based Education system, the country is in dire need of well-trained, committed teachers.

“We don’t have enough skilled workers in the country, and the skills that are available come with a hefty price tag. Until we attend to the mess in education, we can forget about dealing with the issues of inequality that the unions keep talking about.”

According to Maphai, there are ways in which to bring positive change to the country. “If you’re a major company like SAB, you are fortunate enough to have a strong supply chain that enables you to train people and empower them to come and work for you. This is one contribution to addressing the disaster we are facing of a shrinking tax base and growing social grants handouts. But we should also look at requiring the individuals who receive social grants to run the gardens and bake bread in schools and then utilise the money allocated to school feeding on more important items.

“In this country, we don’t need more money or resources, of which we have more than enough. Instead, we need greater resourcefulness, especially in the form of political and social innovation.”

Maphai was joined by Dr Julius Akinyemi, head of the MIT Media Laboratory and chief adjudicator of the Innovation Prize for Africa. Akinyemi said that the mission for schools is to educate students and create new capabilities, but added that most schools fail woefully on the latter aspect. “Innovation is the enabler for creating new capabilities, allowing you to make a social impact by improving efficiencies in the environment or the lives of individuals. This focus on innovation creates an entrepreneurial environment that is very nurturing and empowering to people, leading the creation of businesses, jobs and an environment that enables us to move forward.”

He said that, in terms of the state of innovation in Africa, the problem lies not with a lack of innovation but rather in creating a nurturing environment that allows innovators to be productive. “Businesses have an important role to play. Joint innovative development, for example, creates an opportunity for the research and development team to collaborate and work side by side with businesses, incubators and venture funds in a highly productive environment. A perfect example of this model in action is Workshop 17, the University of Cape Town Graduate School of Business innovation hub based at the V&A Waterfront.”

Akinyemi added that innovation should not stop after the first positive result has been achieved. “Through constant innovation you are able to find out more about your company – what works and what doesn’t. This re-innovation process creates jobs as well as a nurturing environment and better profitability.”

In conclusionACT and Whelan said that determining the strategy, plan and call to action around fostering a culture of innovation in Cape Town will be a key point on his organisation’s agenda going forward. “We need an active citizenry and a strong government and business sector driven by innovation and partnership to further progress this city and truly achieve our objective of making Cape Town a world class destination for talented people to work and live in.”

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Oando Energy Resources Announces Additional 2,500 bopd Production Capacity From Ebendo Field

Posted on 16 May 2013 by Africa Business

About Oando Energy Resources Inc. (OER)

OER currently has a broad suite of producing, development and exploration properties in the Gulf of Guinea (predominantly in Nigeria) with current production of approximately 5,205 bopd from the Abo Field in OML 125 and the Ebendo Field. OER has been specifically structured to take advantage of current opportunities for indigenous companies in Nigeria, which currently has the largest population in Africa, and one of the largest oil and gas resources in Africa.

 

Oando Energy Resources Inc. (“OER” or the “Company“) (TSX: OER), a company focused on oil exploration and production in Nigeria, today announced results from the successful completion and testing of the Ebendo 5 well. The completion and testing of the Ebendo 5 well, which is expected to contribute an additional 2,500 barrels of oil per day (“bopd”) gross (1,069 bopd net to OER), follows the successful resumption of 3,200 bopd gross (1,368 bopd net to OER) production on the Ebendo field, as was announced on April 24, 2013.

“We’re extremely pleased to announce the successful completion of the Ebendo 5 well drilling programme, increasing our net capacity by 1,069 bopd,” said Pade Durotoye , CEO of OER. “Ebendo currently has a total production capacity of up to 7,000 bopd, but is currently subject to takeaway capacity restrictions as a result of the Kwale-Akri pipeline. In light of this, we are increasing our efforts to establish our alternative evacuation pipeline, the 53 Kilometer, 45kboepd Umugini pipeline, that will further support the development of this field and reduce our dependence on one evacuation pipeline.”

The Ebendo 5 well was spudded as a deviated appraisal/development well on October 12, 2012, mainly to appraise the intermediate reservoirs encountered by the earlier Ebendo 4 well. The Ebendo 5 well was drilled to a total vertical depth (TVD) of 11,513ft and encountered eight hydrocarbon bearing sands. A drill stem test was successfully completed on two of these sands (XVIIIc and XVIIId). Sand XVIIId flowed for 18 hours and 30 minutes during the final flow test on four choke sizes. On average, it flowed on choke 28/64″ for 3 hours and 30 minutes, with an average oil and gas rate of 1,592 bopd and 2.45 mmscf/day, respectively. Sand XVIIIc flowed for 15 hours and 50 minutes during the final flow test on three choke sizes. On average, it flowed on choke 24/64″ for 8 hours and 23 minutes, with an average oil and gas rate of 840 bopd and 4.62 mmscf/day, respectively. Oil with API gravities of 47.2 degrees and 46.4 degrees were recovered from levels XVIIIc and XVIIId, respectively. Testing of sand XV is planned to occur during production, as there was a mechanical failure during testing of this sand after the completion of the well. However, from Modular Formation Dynamic Testing (MDT) pressure sampling, the fluid gradient in level XV was 0.272 pressure per foot (psi/ft), which is indicative of oil, there was no appreciable steady decline in the pressures during the Test.

The Ebendo 5 well was dually completed and sand XV will be produced through the short string while sands XVIIIc and XVIIId will be produced through the long string via a sliding sleeve. The Acme Rig-5 was released on April 17, 2013 from the Ebendo 5 well site.

The Company further announced that a new rig, the Deutag T-26, has been mobilised and a sixth well (the Ebendo 6 well) was spudded on April 18, 2013. TVD for the Ebendo 6 well is planned to be at 10,680 ft. To date, the Ebendo 6 well has been drilled to a total vertical depth of 6,231 ft. The results from this drilling programme will enable further appraisal of the shallow reservoirs encountered in the last two wells.

As pressure transient analysis or well-test interpretation has not been carried out, all results disclosed in this press release should be regarded as preliminary and are not necessarily indicative of long-term performance or ultimate recovery. The results will be updated when additional data becomes available.

 

SOURCE Oando Energy Resources Inc.

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GSMA Establishes Office In Nairobi To Support Burgeoning African Telecoms Market

Posted on 15 May 2013 by Africa Business

Mobile Connections in Sub-Saharan Africa Increase 20 Per Cent to 500 Million in 2013 and Are Expected to Increase by an Additional 50 Per Cent by 2018

iHub is Nairobi‘s Innovation Hub for the technology community, which is an open space for the technologists, investors, tech companies and hackers in the area. This space is a tech community facility with a focus on young entrepreneurs, web and mobile phone programmers, designers and researchers. It is part open community workspace (co-working), part vector for investors and VCs and part incubator. More information can be found here: http://www.ihub.co.ke/about

About the GSMA
The GSMA represents the interests of mobile operators worldwide. Spanning more than 220 countries, the GSMA unites nearly 800 of the world’s mobile operators with more than 230 companies in the broader mobile ecosystem, including handset makers, software companies, equipment providers and Internet companies, as well as organisations in industry sectors such as financial services, healthcare, media, transport and utilities. The GSMA also produces industry-leading events such as the Mobile World Congress and Mobile Asia Expo.


NAIROBI, Kenya, May 15, 2013 /PRNewswire/ — The GSMA today announced that it has opened a permanent office in Nairobi, Kenya. The office will be based in the heart of Nairobi‘s Innovation Hub (iHub) for the technology community and will enable the GSMA to work even more closely with its members and other industry stakeholders to extend the reach and socio-economic benefits of mobile throughout Africa.

“It is an exciting time to launch our new office in Africa, as the region is an increasingly vibrant and critical market for the mobile industry, representing over 10 per cent of the global market,” said Anne Bouverot , Director General, GSMA. “The rapid pace of mobile adoption has delivered an explosion of innovation and huge economic benefits in the region, directly contributing US$ 32 billion to the Sub-Saharan African economy, or 4.4 per cent of GDP. With necessary spectrum allocations and transparent regulation, the mobile industry could also fuel the creation of 14.9 million new jobs in the region between 2015 and 2020.”

According to the latest GSMA’s Wireless Intelligence data, total mobile connections in Sub-Saharan Africa passed the 500 million mark in Q1 2013, increasing by about 20 per cent year-on-year. Connections are expected to grow by a further 50 per cent, or 250 million connections, over the next five years which requires greater regulatory certainty to foster investment and release of additional harmonised spectrum for mobile.

The region currently accounts for about two-thirds of connections in Africa but the amount of spectrum allocated to mobile services in Africa is among the lowest worldwide. Governments in Sub-Saharan Africa risk undermining their broadband and development goals unless more spectrum is made available. In particular, the release of the Digital Dividend spectrum – which has the ideal characteristics for delivering mobile broadband, particularly to rural populations – should be a priority.

The region also has some of the highest levels of mobile internet usage globally. In Zimbabwe and Nigeria, mobile accounts for over half of all web traffic at 58.1 per cent and 57.9 per cent respectively, compared to a 10 per cent global average. 3G penetration levels are forecast to reach a quarter of the population in Sub-Saharan Africa by 2017 (from six per cent in 2012) as the use of mobile-specific services develops.

However, despite the high number of connections, rapid growth and mobile internet usage, mobile penetration among individuals remains relatively low. Fewer than 250 million people had subscribed to a mobile service in the region, putting unique subscriber penetration at 30 per cent, meaning that more than two-thirds of the population have yet to acquire their first mobile phone. Clearly, there is an important opportunity for the mobile industry to bring connectivity, access to information and services to the people in this region.

The mobile industry contributes approximately 3.5 million full-time jobs in the region. This has also spurred a wave of technology and content innovation with more than 50 ‘innovation hubs’ created to develop local skills and content in the field of ICT services, including the Limbe Labs in Cameroon, the iHub in Kenya and Hive Colab in Uganda.

Of particular note is the role of Kenya as the global leader in mobile money transfer services via M-PESA, a service launched by the country’s largest mobile operator Safaricom in 2007. What started as a simple way to extend banking services to the unbanked citizens of Kenya has now evolved into a mobile payment system based on accounts held by the operator, with transactions authorised and recorded in real time using secure SMS. Since its launch, M-PESA has grown to reach 15 million registered users and contributes 18 per cent of Safaricom’s total revenue.

To support this huge increase in innovation, the mobile industry has invested around US$ 16.5 billion over the past five years (US$ 2.8 billion in 2011 alone) across the five key countries in the region, mainly directed towards the expansion of network capacity. At the same time, given the exponential growth, Sub-Saharan Africa faces a looming ‘capacity and coverage crunch’ in terms of available mobile spectrum and the GSMA is working with operators and governments to address this critical issue.

GSMA research has found that by releasing the Digital Dividend and 2.6GHz spectrum by 2015, the governments of Sub-Saharan Africa could increase annual GDP by US$82 billion by 2025 and annual government tax revenues by US$18 billion and add up to 27 million jobs by 2025. In many Sub-Saharan African countries, mobile broadband is the only possible route to deliver the Internet to citizens and the current spectrum allocations across the region generally lag behind those of other countries.

“A positive and supportive regulatory environment and sufficient spectrum allocation is critical to the further growth of mobile in Africa,” continued Ms. Bouverot. “I am confident that now that we have a physical presence in Africa, we will be able to work together with our members to put the conditions in place that will facilitate the expansion of mobile, bringing important connectivity and services to all in the region.”

For more information, please visit the GSMA corporate website at www.gsma.com or Mobile World Live, the online portal for the mobile communications industry, at www.mobileworldlive.com.

SOURCE GSMA

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Canadian Solar’s Partner Romano Wins Eskom Rooftop Project in Johannesburg

Posted on 15 May 2013 by Africa Business

About Eskom

Eskom generates approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa. Eskom generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential customers and redistributors. Additional power stations and major power lines are being built to meet rising electricity demand in South Africa. Eskom will continue to focus on improving and strengthening its core business of electricity generation, transmission, trading and distribution.  For more information, please visit www.eskom.co.za.

About Romano Group

The Romano Group is a multi-skilled provider of a broad range of sustainable solutions, to clients who are typically large commercial, industrial or retail property owners and tenants spread throughout Africa. Romano’s value-added offer includes the design, manufacture and installation of high-quality Solar PV, ECO-Lighting, Modular Construction and Signage & Print solutions, all of which are delivered on-time at a competitive price. The company celebrated its 60th birthday in 2012 and employs 150 people. For more information, please visit www.romano.co.za.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 4GW of premium quality solar modules to customers in over 50 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com

 

JOHANNESBURG, May 15, 2013 /PRNewswire-FirstCall/ — Canadian Solar Inc. (NASDAQ: CSIQ) (the “Company” or “Canadian Solar”), one of the world’s largest solar companies, today announced the successful expansion of its partner Romano Sustainable Solutions in Africa. Romano, a pioneer company in the South African photovoltaic (PV) industry, was recently awarded the engineering, procurement and construction (EPC) contract for a 360 kW PV solar system installation. The roof top installation will be on the Johannesburg headquarters of Eskom, the largest producer of electricity in Africa.

As one of the most experienced solar PV systems integrators in Africa, Romano designs, manufactures and installs solar PV systems to commercial clients spread throughout Africa. Most of Romano’s solar PV systems are grid-tied systems. When connected to the client side of the on-site electrical sub-station, the electricity generated is used on the site by the client. When connected to the utility side the electricity generated is exported to the national or municipal electricity grid.

“We are very proud to be involved with this prestigious project for Eskom, which we understand was awarded on the basis of our technical capability and track record, as well as the cost effectiveness of our offer,” said Alexi Romano , CEO of Romano.

“The solar energy market in Africa continues to develop and has considerable potential for growth. We are positioned to benefit through our relationships with experienced partners like Romano. We look forward to supporting their growth in this important market, including the high profile Eskom project,” said Dr. Shawn Qu , Chairman and CEO of Canadian Solar.”

 

SOURCE Canadian Solar

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Baird Furthers Canada’s Interests and Values in Kenya

Posted on 15 May 2013 by Africa Business

OTTAWA, Canada, May 15, 2013/African Press Organization (APO)/ Foreign Affairs Minister John Baird today signalled Canada’s interest in growing trade and investment with Kenya and our intent to meaningfully engage when it comes to shared values.

Canada looks forward to both countries beginning exploratory discussions regarding a foreign investment promotion and protection agreement to help create a safer, more stable environment for investors and economic opportunities for both countries.

“Our government is focused on creating jobs, growth and long-term prosperity,” said Baird. “When it comes to African markets, Kenya is a major player, and increasing trade ties will benefit both countries.”

The potential for increased Canadian investment in Kenya is important and Canada is keen to explore opportunities for freer trade generally with Kenya and the East African Community, especially for Canadian natural resource companies, which are becoming leaders in the Kenyan mining and oil and gas industries.

Baird highlighted that greater commercial engagement and people-to-people ties come with the opportunity and responsibility to engage on protecting and promoting Canadian values.

To that end, Baird held a round-table meeting with defenders of the rights of sexual minorities in East Africa.

“In too many places, people are branded as criminals or made victims of violence because of their sexuality,” said Baird. “Canada is a leading defender of human rights for all, and I applaud the courage and conviction of those advocates working on the ground to improve the lives of sexual minorities.”

Baird also encouraged Kenya’s newly elected government to continue its engagement with the International Criminal Court.

 

SOURCE

Canada – Ministry of Foreign Affairs

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