Africa

South African gold miners strike over ‘slave wages in white man’s economy’

"About 80,000 gold miners in South Africa walked out on strike on Tuesday night, raising fears of renewed violence in the crisis-hit industry and underlining the government’s dwindling authority. The dispute over pay comes a year after 46 people died during unrest in the platinum belt and amid signs that the century-old mining industry model is broken. For years South Africa was the world’s top gold producer, accounting for more than two-thirds of output in 1970, but it has slipped to fifth place with just 6% of global production. The NUM is demanding rises of up to 60% after talks broke down." Continue reading →

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British Somalis dread ban of ‘herbal high’ khat

"When Britain bans the herbal stimulant khat, Mohamod Ahmed Mohamed will lose his livelihood. But he fears most for his small Somali community without the leaf that fuels its social life. 'I can switch to another business but what about the youth, where are they going to go — the street, the mosque, to hard drugs?' he says at his khat warehouse near London’s Heathrow airport. 'You are taking away their freedom. Why target us? You will never find somebody falling over on the street or fighting from khat like they do when they are drunk.' Mohamed supplies khat to many of Britain’s 100,000 Somalis, Ethiopians and Yemenis, for whom chewing the bushy shrub is as normal as going to the pub." Continue reading →

Continue ReadingBritish Somalis dread ban of ‘herbal high’ khat

Competing currencies saved Zimbabwe from hyperinflationary collapse

"'At first covertly, then in openness, and finally with the consent of the government,' Mr. Noko writes, 'foreign currencies – the rand, the euro, the pound, the U.S. dollar, the [Zambian]kwacha – replaced Zimbabwe’s dollar.' Precisely as Mr. Hayek had imagined, Zimbabwe’s inflationary spiral ended. Within weeks, the country’s economy showed dramatic improvement. Businesses began to open. Banks began to function. Unemployment began to fall. GDP began to rise. Private credit began to increase. Foreign investment began to return. The human exodus ended. Thiers’ Law, the opposite principle of Gresham’s Law, does work: Good money, freely circulated, drives out bad." Continue reading →

Continue ReadingCompeting currencies saved Zimbabwe from hyperinflationary collapse

Competing currencies saved Zimbabwe from hyperinflationary collapse

"'At first covertly, then in openness, and finally with the consent of the government,' Mr. Noko writes, 'foreign currencies – the rand, the euro, the pound, the U.S. dollar, the [Zambian]kwacha – replaced Zimbabwe’s dollar.' Precisely as Mr. Hayek had imagined, Zimbabwe’s inflationary spiral ended. Within weeks, the country’s economy showed dramatic improvement. Businesses began to open. Banks began to function. Unemployment began to fall. GDP began to rise. Private credit began to increase. Foreign investment began to return. The human exodus ended. Thiers’ Law, the opposite principle of Gresham’s Law, does work: Good money, freely circulated, drives out bad." Continue reading →

Continue ReadingCompeting currencies saved Zimbabwe from hyperinflationary collapse

Competing currencies saved Zimbabwe from hyperinflationary collapse

"'At first covertly, then in openness, and finally with the consent of the government,' Mr. Noko writes, 'foreign currencies – the rand, the euro, the pound, the U.S. dollar, the [Zambian]kwacha – replaced Zimbabwe’s dollar.' Precisely as Mr. Hayek had imagined, Zimbabwe’s inflationary spiral ended. Within weeks, the country’s economy showed dramatic improvement. Businesses began to open. Banks began to function. Unemployment began to fall. GDP began to rise. Private credit began to increase. Foreign investment began to return. The human exodus ended. Thiers’ Law, the opposite principle of Gresham’s Law, does work: Good money, freely circulated, drives out bad." Continue reading →

Continue ReadingCompeting currencies saved Zimbabwe from hyperinflationary collapse

Competing currencies saved Zimbabwe from hyperinflationary collapse

"'At first covertly, then in openness, and finally with the consent of the government,' Mr. Noko writes, 'foreign currencies – the rand, the euro, the pound, the U.S. dollar, the [Zambian]kwacha – replaced Zimbabwe’s dollar.' Precisely as Mr. Hayek had imagined, Zimbabwe’s inflationary spiral ended. Within weeks, the country’s economy showed dramatic improvement. Businesses began to open. Banks began to function. Unemployment began to fall. GDP began to rise. Private credit began to increase. Foreign investment began to return. The human exodus ended. Thiers’ Law, the opposite principle of Gresham’s Law, does work: Good money, freely circulated, drives out bad." Continue reading →

Continue ReadingCompeting currencies saved Zimbabwe from hyperinflationary collapse

Kenya: Are Bitcoins the Future of Mobile Money?

"Ever since Safaricom, Kenya's largest mobile-network operator, launched the mobile-payment system M-Pesa in 2007, some two-thirds of Kenya's adult population have subscribed, and an astonishing 31% of the country's GDP is now spent through mobile phones. Kenya has been at the forefront of popular technological innovation for the past 5 years, and now there are indications that the country could usher in a new era of mobile banking. On 1 July, a company called Kipochi launched a new 'digital wallet' service that allows Kenyans to not only send and receive money domestically but, using the online peer-to-peer currency Bitcoins, transfer it internationally." Continue reading →

Continue ReadingKenya: Are Bitcoins the Future of Mobile Money?

Zambian Economist Blasts Bill Gates After He Calls Her Book ‘Evil’

"I wrote Dead Aid to contribute to a useful debate on why, over many decades, multi billions of dollars of aid has consistently failed to deliver sustainable economic growth and meaningfully reduce poverty. I also sought to explicitly explain how decades of government to government aid actually undermined economic growth and contributed to worsening living conditions across Africa. More than this, I clearly detailed better ways for African leaders, and governments across the world, to finance economic development. I have been under the impression that Mr. Gates and I want the same thing – for the livelihood of Africans to be meaningfully improved in a sustainable way." Continue reading →

Continue ReadingZambian Economist Blasts Bill Gates After He Calls Her Book ‘Evil’

Petting & Walking With Cheetahs in Africa at Mukuni Big 5 Safaris

"When I first arrived in Zambia and a visit to the Devil’s Pool was unavailable, I immediately wanted to find out about interacting with cheetahs. The well mannered management at JollyBoys Backpackers Lodge in Zambia prompted a visit to the Mukuni Big 5 Safari Park. It wasn’t just walking with a cheetah they offer. It was also walking with lions and elephants as well. The company is on a mission to actively support the dying cheetah population. They have announced a captive breeding program to ensure that the population of cheetahs in the wild continues to grow. After raising the cubs they are released into the wild." Continue reading →

Continue ReadingPetting & Walking With Cheetahs in Africa at Mukuni Big 5 Safaris

Kenya to Introduce Exchange-Traded Funds, Market Regulator Says

"The Nairobi Securities Exchange (NSEASI), Africa’s third-best performing bourse this year, will begin offering exchange-traded funds, the Capital Markets Authority said. The funds will be offered 'in an effort to increase the scope of capital market products available in Kenya,' the Nairobi-based regulator said in an e-mailed statement today. The NSE All-Share Index rallied 23 percent this year. Ghana, Africa’s best performer, gained 47 percent. The Kenyan funds will target individual investors seeking an affordable way to buy into a diverse number of assets, Paul Muthaura, acting chief executive officer of the regulator, said in the statement." Continue reading →

Continue ReadingKenya to Introduce Exchange-Traded Funds, Market Regulator Says