South Africa-based Steinhoff, the second-largest furniture retailer in the world, was in the midst of a takeover bid for U.K. retailer Poundland when the Brexit referendum results announced a split from the E.U.
The day after the referendum, Steinhoff said Poundland had rejected an offer, which most likely came as a relief, BusinessDayLive reported. But Steinhoff already owns 23 percent of in the firm, which in rand terms is worth 10 percent less post referendum.
A family trust belonging to Christo Wiese, South Africa’s second-richest man, is the largest shareholder in Steinhoff, Forbes reported. Steinhoff owns U.K. retailers Harvey’s and Bensons for Beds, which don’t account for much in its large portfolio of retail and manufacturing businesses. Investors cut 5.4 percent from its share price on Friday.
Brexit will tarnish the U.K.’s appeal for Steinhoff, which failed to buy Home Retail Group (the owner of Argos) in March, AcquisitionsDaily reported. It is possible Steinhoff will make a higher offer for Poundland before July 13. The fall in sterling presents opportunities to take advantages of currency moves.
Brait
Fashion retailers are at risk from a Brexit fallout as they buy significant volumes of goods overseas and pay in dollars, Telegraph reported. They’ll be hammered by increased import costs from the falling value of the pound.
Wiese also controls Brait, another South African firm heavily exposed by Brexit. The company has been buying retailers aggressively in the U.K. including Virgin Health Clubs and fashion chain New Look. Those now account for the majority of its portfolio. Brait share price lost 5 percent on Friday.
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‘This Is Not A Lehman-Like Moment’: How Will Brexit Affect African Mergers, Trade Relations?
South Africa-based Steinhoff, the second-largest furniture retailer in the world, was in the midst of a takeover bid for U.K. retailer Poundland when the Brexit referendum results announced a split from the E.U.
The day after the referendum, Steinhoff said Poundland had rejected an offer, which most likely came as a relief, BusinessDayLive reported. But Steinhoff already owns 23 percent of in the firm, which in rand terms is worth 10 percent less post referendum.
A family trust belonging to Christo Wiese, South Africa’s second-richest man, is the largest shareholder in Steinhoff, Forbes reported. Steinhoff owns U.K. retailers Harvey’s and Bensons for Beds, which don’t account for much in its large portfolio of retail and manufacturing businesses. Investors cut 5.4 percent from its share price on Friday.
Brexit will tarnish the U.K.’s appeal for Steinhoff, which failed to buy Home Retail Group (the owner of Argos) in March, AcquisitionsDaily reported. It is possible Steinhoff will make a higher offer for Poundland before July 13. The fall in sterling presents opportunities to take advantages of currency moves.
Fashion retailers are at risk from a Brexit fallout as they buy significant volumes of goods overseas and pay in dollars, Telegraph reported. They’ll be hammered by increased import costs from the falling value of the pound.
Wiese also controls Brait, another South African firm heavily exposed by Brexit. The company has been buying retailers aggressively in the U.K. including Virgin Health Clubs and fashion chain New Look. Those now account for the majority of its portfolio. Brait share price lost 5 percent on Friday.
Source
15 Natural Attractions In Kenya You Need To Add To Your Bucket List NOW
Kenya’s reputation as one of the top nature destinations in the world is well-deserved: it’s got a mind-blowing array of lakes, mountains, islands and wilderness areas that are almost too stunning to be believed. Here are some of the world-famous — and lesser known — natural attractions in Kenya that you need to add to your bucket list NOW.
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Tanzania: 80 Percent of Tanzania Labour Force ‘Unskilled’
Dar es Salaam — The government has revealed that 80 per cent of Tanzania’s labour force is unskilled, a situation that pose an obstacle to moving into a middle income economy.
Delivering a speech on behalf of the Permanent Secretary in the Prime Minister’s Office, the deputy director for employment Mr Joseph Nganga said that 80 per cent of 20 million working population in the country is unskilled.
That means 16 million Tanzanians are unskilled.
“The government is aware about this problem. We need to upgrade the current composition of unskilled labour. We have to move from 80 per cent to 54 per cent of unskilled working population,” said Mr Nganga.
He was speaking at the occasion of completion of one year programme for graduate internship sponsored by the United Nations Industrial Organisation (UNIDO).
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Africa: Addressing Skills Gaps for Africa’s Sustainable Growth
Harare — A strategic plan has been created to address gaps in skills capacity required to help Africa implement the first ten years of Agenda 2063.
The plan was described in a new report titled Africa’s critical technical skills, a key capacity dimension needed for the first ten years implementation of agenda 2063 developed by the Zimbabwe-headquartered African Capacity Building Foundation (ACBF).
According to the report, Africa needs 1.6 million agricultural scientists and has a gap of 2.8 million water and sanitation engineers. It adds that the continent accounts for less than 1.5 per cent of international scientific journals publications and percentage has been declining steeply in recent decades.
The report was presented at the third Pan-African Capacity Development Forum in Harare last month (3-5 May), which was organised by ACBF to mark its 25th Anniversary since its establishment.
About 900 people from 40 African countries including Botswana, Burkina Faso, Democratic Republic of Congo, Ethiopia, Ghana and Kenya attended the forum.
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