Wednesday, November 20African Digital Business Magazine

Tag: USA

United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area
African News, Main

United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area

By Virusha Subban, Partner Specialising in Customs and Trade, and Head of the Tax Practice, Baker McKenzie Johannesburg There was more good news for the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement in December 2022, when a Memorandum of Understanding (MoU) was signed between the United States (US) Trade Representative and the AfCFTA Secretariat at the US-Africa Leaders' Summit (Summit) in Washington DC. The MoU covers expanded engagement between the two regions and intends to "promote equitable, sustainable, and inclusive trade; boost competitiveness; and attract investment to the continent." It was also announced at the Summit that US intended to invest USD 55 billion in Africa over the next three years, and that USD 15 billion would be deploye...
Benin News, Business, Egypt News, Libya News, Main

The growing US dollar weighs down on African economies

By Pitamber Kaushik As the Federal Reserve, the central bank of the United States, continues to hike its lending rates aggressively in order to rein in persistent inflation, the stress exerted by the bulking US Dollar continues to send ripples throughout the world. Being the predominant medium of international exchange, serving as the world’s principal reserve currency, and being the official or de facto primary currency in some 16 countries, the American dollar wields sizable influence on the global economy. Most African countries are still reeling from the effects of the pandemic and some are going through its aftershocks. High inflation pervades the continent. Sub-Saharan Africa, in particular, is experiencing severe inflationary pressure given its overwhelming reliance on imports fo...
Ethiopia News, Guinea News, Main, Mali News

African Growth and Opportunity Act eligibility requirements under review in three African countries

By Virusha Subban, Partner and Head of Indirect Tax, Baker McKenzie Johannesburg On 2 November 2021, US President Joe Biden announced that three African countries would be terminated from the African Growth and Opportunity Act (AGOA) trade preference program, unless they took urgent action to meet statutory eligibility criteria by 1 January 2022. The three countries listed were Guinea, Mali and Ethiopia. The US administration cited unconstitutional changes in governments in Guinea and Mali and human rights violations in Ethiopia, due to conflict in the country, as reasons for the termination. The statement announced the intention to provide all three countries with a clear benchmark and pathway towards reinstatement so that valued trading partnerships could be resumed. AGOA eligibility c...
Business, South Africa News

Entrepreneurs need to better understand risk and fail better by failing fast and forward

Are entrepreneurs risk takers at heart or calculated visionaries?  According to serial entrepreneur and Ukheshe Technologies CEO, Clayton Hayward, many entrepreneurs don’t truly understand the nature of risk, which has a direct impact on the success of their business idea. He says that to be a successful entrepreneur you need to be willing to take risks with a greater vision in mind – and become comfortable with the possibility of failure. Hayward, who has started more than 26 businesses since graduating in the early 90s, says that globally, managing risk is probably one of the biggest entrepreneurship obstacles: “It is important not to overthink, over strategise or over plan the launch of a business. Understand the nature of the risks involved and go for it. Too many entrepreneurs let ...
Medicine

Remote Medical International Launches RMI Access™ Telemedicine and Case Management For Industrial Environment Across the United States

Remote Medical International (RMI), a global leader in workplace health and safety services for Fortune 100 corporations and government services prime contractors, announced the launch of two new services RMI Access™ Telemedicine and Case Management to address health and safety challenges found in demanding industrial environments. These new services provide direct anytime, anywhere access to licensed medical providers trained in industrial injury management in all 50 states. They are ideal for construction, film/TV, manufacturing, oil and gas, renewables, and other industries with worksites in remote locations. “The pandemic demonstrated that telemedicine is now an essential part of an overall health and safety program for industrial businesses throughout the United States,” said Wayne W...
Energy, Events, Main

African Energy Chamber calls for more US-Africa Energy investments with series about unjustified risk perceptions on Africa

Following President Biden's Interim National Security Strategic Guidance signalling for continued growth in partnerships with African economies, at the African Energy Chamber ("AEC"), we believe it is vital to engage U.S. companies and investors to counter the often-wrong preconceptions about investing in the continent, as Africa has some of the fastest-growing economies globally and possesses significant investment and development opportunities for U.S. firms. U.S. companies stand to play a significant role in the road to a lower-carbon future in the continent., and to continue leading some of the most important markets in the energy industry. From majors like Chevron, ExxonMobil and Kosmos Energy making significant discoveries and operating in multiple countries like Angola, Mozambique,...
Energy, Main

What the U.S. Political Transition Might Mean for Africa Generally and Its Oil and Gas Sector in Particular

2021 could be the beginning of a much needed reset for US relations with Africa and its various countries and regions. To date, most African governments have responded positively to the results of the recent U.S. presidential election, with many African leaders offering their congratulations to Joe Biden. That is no surprise: Donald Trump’s presidency has been, at best, a mixed bag for Africa and Africans. President Trump’s Africa Legacy Unfortunately for Donald Trump, his widely reported use of profane and vile language in a closed door meeting to describe African and other developing countries is now viewed by many, including most Africans, as clear evidence that he is uninterested in any meaningful or supportive relationship with Africa. While I accept it as fact that such derogation ...
The US approach to Africa under Biden
Main

The US approach to Africa under Biden

By Virusha Subban, Partner specialising in Customs and Trade at Baker McKenzie in Johannesburg The United States (US) President Elect Joe Biden and his new administration are expected to take a multilateral approach to foreign policy, easing tensions and increasing engagement with allies. Trade issues are also expected to be a top priority for the Biden administration and under Biden, US engagement with African countries will likely focus on strengthening relationships in a strategic, co-operative way. Biden is also likely to continue with successful bipartisan programmes implemented by his predecessors, as well as encourage US trade and investment in the continent. This bodes well for US-Africa trade and the US position as a key trading partnership for African countries. During his electi...
Main

Will a future Biden Presidency be better than Trump for Africa?

As America is voting for its next President, all African countries are contemplating their future engagement with either incumbent President Donald Trump or an incoming new President Joseph (Joe) Biden. Indeed, whoever gets in the White House this coming November 4th will re-define America's relationship with Africa. Contrary to his immediate predecessors, over the last four years, President Trump has not set foot once in Africa. In addition, he not only made derogatory comments about African countries, but he also took actions to cut aid to African countries as well as prevent African nationals from coming to America. Despite all these, President Trump still enjoys a relatively positive image in Africa with an average approval rating of 52% among Africans, much higher than the global aver...
Why is America involved in the Mozambique “tuna scandal”?
Main, Mozambique News

Why is America involved in the Mozambique “tuna scandal”?

If you do business globally as a multinational company, employee or consultant, you might wish to follow the convoluted U.S. legal case against Lebanese ship salesman Jean Boustani. Boustani was the chief sales executive of a global shipbuilding company, Privinvest, based in the Middle East with operating shipyards in France, Germany and elsewhere. Privinvest has built vessels and systems for about 40 navies to protect their waters. In 2012, when the Mozambique government launched a series of maritime projects to build a tuna fishing fleet, shipyard facilities and a coastal navy to protect its waters, Boustani helped Privinvest win the contracts. But after Privinvest delivered the vessels and systems, Mozambique abandoned the projects, defaulted on $2 billion in debt financing and was accu...