SA bank stocks outdid Nigerian and Kenyan banks in 2016 – Africa Business Round Up

SA bank stocks outdid Nigerian and Kenyan banks in 2016

South African banking stocks did well (up 25%) in a year when the country faced multiple economic challenges. By comparison, 15 listed Nigerian banks fell 33 percent on average and 11 listed lenders in Kenya slumped 29 percent. Read:

Ethiopia opens Africa’s tallest and most controversial dam

The Gibe III dam has the capacity to double the country’s electricity output at the flick of a switch. Dubbed “the water tower of Africa”, Ethiopia has long sought to harness the power of the rivers that tumble from its highlands. Flagship dam projects were central to the modernisation plans drawn up by the Italian administration of 1936-1941 and by the former emperor, Haile Selassie, in the 1960s. Gibe III is the latest in a series being built along the Omo River by the government, which is also constructing what will be the largest-ever dam in Africa when it opens, in theory, next year: the Grand Ethiopian Renaissance Dam on the Blue Nile. Read: 

Coke to Buy AB InBev’s Stake in African Bottling Business for $3.15 Billion

Coca-Cola Co. has agreed to buy a 54.5% stake in Coca-Cola Beverages Africa, the soft-drink company’s largest African bottling business, from Anheuser-Busch InBev SA for $3.15 billion.

Coke said in October that it planned to exercise a change-of-control clause for the business, which it plans to refranchise to another partner, after AB InBev got control of the stake when it bought SABMiller PLC. Read:

Nigeria leads South Africa, others in online shopping

According to GeoPoll, which conducted the survey on five African countries including Nigeria, South Africa, Uganda, Kenya and Ghana, said though there have been significant growth in online shopping on the continent, but SSA still don’t trust e-commerce sites.

According to the survey, 66 per cent of Nigerians buy items online every few months compared with 60 per cent in South Africa and 45 per cent in Kenya. Read:

Volkswagen moves into Kenya, Rwanda in Africa expansion

Volkswagen on Wednesday opened a new assembly plant in Kenya and launched plans for a ride-sharing service in Rwanda as it seeks to take advantage of surging car demand in Africa.

Officially inaugurated the Volkswagen production line at Kenya Vehicle Manufacturers Limited in Thika. pic.twitter.com/KNKgXKb0Qw

— Uhuru Kenyatta (@UKenyatta) December 21, 2016

The German car manufacturer’s move into East Africa comes just weeks after it signed a deal to build an assembly plant in Algeria.

“Overall car sales in Africa are bound to rise by 40% within the next five years –that is why we are expanding our business,” Volkwagen brand chief executive Herbert Diess said.

“It is fair to say that the whole continent has seen a long period of economic stagnation, but, just like China in the early 1980s, Africa offers great business opportunities “That holds especially true for Kenya.” Read: 

The top 5 carbon and climate stories in 2016 

Temperature and carbon dioxide levels hit record highs this year, underscoring the magnitude of the climate crisis. At the same time, landmark global deals on reducing emissions from the aviation and refrigeration sectors offer some hope. Read: