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Jumia makes history on New York Stock Exchange

The stock traded 34 percent higher at $19.22 as of 10:43 am local time on Friday, valuing the company at about $1.5 billion.

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Jumia Technologies is now formally listed on the New York Stock Exchange (NYSE) making it the first African Tech Start-up to list on the Exchange- a move that could pave the way for other tech start-ups around the continent.

Shares in what has been called “Africa’s Amazon” started trading today. The company was set to list up to 18% of its shares in an initial public offer (IPO) giving it “unicorn” status – a technology start-up worth $1 billion –plus.

Jumia’s price range is set between $13 and $16 with its updated S1 filing showing the company will offer 13.5 million shares for purchase. Jumia’s share could rise as much as $216 million if it goes on sale at the highest point of range.

The stock traded 34 percent higher at $19.22 as of 10:43 am local time on Friday, valuing the company at about $1.5 billion.

The listing caps seven years of growth for Jumia which was founded in 2012. The company has more than 4 million customers across 14 African countries. While the retail platform is not profitable, sales jumped by almost 40 percent last year to 130.6 million euros( $147.3 million)

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Zambia rejects donor aid amid its worst drought

The government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import

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Zambia declines donor aid amid its worst drought
(File photo)

Zambia is experiencing its worst drought since 1981, but its government insists that a state of national emergency will not be declared.

Neither will donor assistance be accepted. A Southern Africa Development Community report last month, forecast 2.3 million Zambians will be food-insecure by March after large parts of the southern and western areas of the country received the lowest rainfall since 1981.

Over the same period, the report forecast Zambia will experience an 888,000-ton cereal deficit.

The Zambian government says it has enough corn, the country’s staple food, to last until the next season and won’t need to import.

Retail prices for the cornflour that Zambians consume mostly are already the highest since at least, 2003, according to data from the national statistics agency.

In July, prices were 41 per cent higher than the same time last year, helping to push inflation to 8.8 per cent, the highest since November 2016.

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Total South Africa to buy Anadarko’s Africa assets

The project is estimated to cost as much as $23 billion to develop and will be Africa’s biggest single investment for the French firm

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Total South Africa to buy Anadarko's Africa assets
(File photo)

Total South Africa has affirmed its commitment to developing Mozambique’s natural gas project.

This venture will begin after take-over from Anadarko Petroleum Corporation, which forms part of its expansion in Africa.

The Chief Executive Officer, Patrick Pouyanné, adds that the project has been estimated to cost as much as $23 billion to develop and will be Africa’s biggest single investment for the French firm.

Mozambique needs resources to adapt to extreme weather after two powerful cyclones in the same season this year.

Total is set to buy all of Anadarko’s assets in Africa including oil and gas projects in Ghana and Algeria.

In Uganda, Total is in talks with the government on a deal to purchase part of Tullow oil Plc’s stake in the Lake Albert oil project.

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Banks react to South Africa’s new debt relief laws

The bill was opposed by the banking industry, clothing retailers who provide credit and the opposition, Democratic Alliance

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Banks react to South Africa’s new debt relief laws

South Africa’s banks are concerned that some of their customers will get away with not having to repay their debt.

President Cyril Ramaphosa last week, signed the National Credit Amendment Bill into law, setting the groundwork for over-indebted consumers to have payments suspended, in part or full, for as many as 24 months, or even scrapped if their financial situation has been found to have worsened.

The bill was opposed by the banking industry, clothing retailers who provide credit and the opposition, Democratic Alliance as it would drive up the cost of loans for low-income earners, restrict lending and encourage bad behaviour from borrowers.

Following an economic impact assessment and engagement with the country’s Department of Trade and Industry, which is spearheading the bill, it was found that banks will either have to price in higher risks or avoid lending to low-income customers altogether.

South Africa’s National Treasury estimates that the debt-relief proposals could result in the write-off of R13.2 billion to R20 billion of debt under provisions of the bill.

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