Growing African businesses looking to sell their products and services beyond the continent present a growth opportunity for Standard Chartered, the bank’s chairman said on Friday.
The group has operations in 16 African nations, including Kenya, and offers services via correspondent banks in 22 more markets in Africa, where sliding commodities prices have put the brakes on previously strong growth.
Rival Barclays has responded by reducing its exposure to Africa, but Standard Chartered takes an alternative view.
“We see Africa as an opportunity to invest rather than exit or divest,” its chairman John Peace told Reuters in Nairobi, adding that the internet and other technology is linking more African companies to global trade.
“You can run a business, not just a large corporation but a medium-size business, here in Kenya and be connected to the world,” he said. “Banks, therefore, have a duty to be able to support that connectivity and that is what we are trying to do.”
The World Bank cut its 2016 growth forecast for sub-Saharan Africa this week to 3.3%, from a previous estimate of 4.4 percent, citing the drop in commodities prices.
Commodity exporter SA and oil producer Nigeria have been hit hard. But Kenya, an oil importer now enjoying cheaper crude prices, has kept annual growth around 6%. Peace said that Standard Chartered’s wealth-management products were finding customers in nations such as Kenya.
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South Africa Target More Indian Tourists With Four New Visa Application Centers
South Africa is set to open four new Visa application centers in India by the end of 2016, as it steps up efforts to boost its tourism numbers from the Asian nation.
According to the Financial Express, the move is part of various government-led efforts to help stabilize the Gross Domestic Product and lift fortunes of its national currency, the rand, that has taken a beating since late 2015.
‘The number of visa applications from India is increasing and to cater for them, we are opening four new visa application centers in India by the end of this year,” Derek Hanekom, Minister of Tourism said.
He added that the government is dedicating a lot of attention to visa processing, which is one of the country’s biggest challenges.
The four new centers will increase South Africa’s Visa application centers in India to thirteen.
The government also plans to reduce the load of visa applications by allowing business travelers from India to get a 10-year visa by applying just once. Other frequent travelers will get three-year visas.
The plans include visa exemptions to Indians who hold valid United States and United Kingdom visas or any other nation that has strict visa processes.
It is also considering introduction of e-visas that will do away with the requirement of physical presentation for those applying for visas.
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Standard Chartered: Africa Is An Opportunity To Invest Rather Than Exit
Growing African businesses looking to sell their products and services beyond the continent present a growth opportunity for Standard Chartered, the bank’s chairman said on Friday.
The group has operations in 16 African nations, including Kenya, and offers services via correspondent banks in 22 more markets in Africa, where sliding commodities prices have put the brakes on previously strong growth.
Rival Barclays has responded by reducing its exposure to Africa, but Standard Chartered takes an alternative view.
“We see Africa as an opportunity to invest rather than exit or divest,” its chairman John Peace told Reuters in Nairobi, adding that the internet and other technology is linking more African companies to global trade.
“You can run a business, not just a large corporation but a medium-size business, here in Kenya and be connected to the world,” he said. “Banks, therefore, have a duty to be able to support that connectivity and that is what we are trying to do.”
The World Bank cut its 2016 growth forecast for sub-Saharan Africa this week to 3.3%, from a previous estimate of 4.4 percent, citing the drop in commodities prices.
Commodity exporter SA and oil producer Nigeria have been hit hard. But Kenya, an oil importer now enjoying cheaper crude prices, has kept annual growth around 6%. Peace said that Standard Chartered’s wealth-management products were finding customers in nations such as Kenya.
Source
Serviced apartments in Africa
Source: from the Global Serviced Apartments Industry Report 2016-17
Using Contractors Overseas – Understand the Risks
Multinational companies may find it enticing to test a new market by using contractors overseas. These firms believe that they can avoid the hurdles of setting up a legal entity, which is needed to hire an in-country employee, by simply working with a local representative to perform consulting work. As wonderful and easy as this sounds, it’s actually inaccurate and presents many risks, especially if you’re using an American or domestic originated agreement to hire contractors overseas.
Independent contractor status is touchy in international markets. In regions spanning from Europe to Latin America to Asia, contractor agreements constantly end up in court and multinationals end up with big ticket bills due to their “safe” consultants. Protect yourself from a nasty legal battle and make sure you understand the risks of using contractors overseas before hiring one.
Risks with Contractor Agreements
You may have a solid agreement with your contractor, but in other countries, the courts typically rule on the side of the employee. Basically, if your independent contractor decides to fight their employment status in court, your agreement will likely be thrown out. There are many risks involved in these cases, which we describe below:
Using a US Independent Contractor Agreement
If you’re using a US-based agreement, it’s most likely due to the fact that you do not have an entity set up in the country where your contractor performs their work. This presents many problems if your contractor decides to battle their job status in court. Risks include:
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