Lindiwe Zulu Condemns Acts of Violence Against Small Business in Eastern Cape

Posted on April 18th, 2017
Tech

Today's Top Entrepreneurship and Business Stories (18 April)

 

Small Business Development Minister Lindiwe Zulu has strongly condemned acts of violence and destruction of property that took place in the early hours of Saturday morning and resulted in the death of an Ethiopian businessman in Nokhala Village, Kwelera, outside East London.

In a strongly worded Statement, Zulu reiterated that all forms of violence against small businesses, small business-owners and their employees are strongly condemned by government, the police and society in general.

“Informed by the principled stance and efforts of the government of South Africa, I reiterate that all forms of violence against small businesses, small business-owners and their employees are acts of violence against the fabric, values and integrity of our democratic society and collective endeavours to build an inclusive and sustainable economy,” she said.

She said the criminal acts that were carried out pursuant of the death of the Ethiopian national businessman, and the destruction of the property he operated in, only served to undermine government’s gains and ongoing efforts that are targeted at nurturing an entrepreneurial society.

“We are confident that our law-enforcement agencies will timeously deploy the necessary resources towards effecting justice. Meanwhile, we urge these agencies to continue asserting the rule of law, calm and stability in Nokhala Village,” said Zulu. (via African News Agency)

Startup Open 2017 Applications Now Open

Applications for the 2017 Startup Open competition are now live. Through Startup Open, GEN recognizes promising young businesses that have yet to raise any outside capital from angel investors, venture capital firms or other formal sources of seed funding.

Entrepreneurs will have the opportunity to showcase their businesses and innovative concepts on a global stage, as well as receive one-on-one mentoring from a pool of international experts.

The winner of the competition will receive free airfare and accommodations to appear on the main stage at the Global Entrepreneurship Congress in Istanbul, Turkey, held April 16-19, 2018.

Those interested must submit their completed applications prior to September 30.

The Leading Destinations for Fortune 500 Companies Establishing International Headquarters in the Middle East and Africa

The Middle East Africa (MEA) region has become increasingly important for the majority of global Fortune 500 companies, according to a new report released by Infomineo, a global business research company specialising in Africa and the Middle East.

The report focuses on multinationals looking at entering, or already present, in the Middle East and Africa region. Overall, there was a 17% increase in the number of Fortune 500 companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa.

The Infomineo analysis includes the regional footprint of multinationals in the MEA region, the most commonly chosen cities, and the factors which influence the selection of a region, country and city – each element revealing the dynamic growth patterns within the region and a clear trend of Fortune 500 companies establishing presence in MEA.

In 2016, 196 Fortune 500 companies had established a dedicated regional headquarters in the MEA region. In the Middle-East, Dubai is the most popular choice with 138 companies establishing a dedicated entity in the city. There has also been a marked uptick in companies deciding to cover MEA from outside of the region – 38 companies up from 22 have established a regional headquarters in areas such as London, Brussels and Paris.

The leading regional destinations on the Fortune 500 list include Dubai, Johannesburg, Casablanca, Nairobi, Lagos, and Cairo. Egypt remains behind the leaders due to political instability, however, it has seen a 250% increase in Fortune 500 investment since 2015. Germany and France are leading in terms of coverage rate while China has the lowest presence in the region.

Industry type plays a pivotal role in the selection of city and country. Financial services are more likely to base MEA coverage from London, while technology companies are more inclined towards Casablanca or Lagos. The latter city is also the premier location for organisations looking to manage their operations across Western Africa with 12 Fortune 500 companies already established in the city. Automotive and Healthcare tend to have a presence in both Africa and the Middle East, while Technology is more inclined to having a presence from the outside.

Nairobi, in Kenya, is the leading destination for the FMCG companies and tends to be the top choice for organisations looking to service Eastern Africa. Dubai and Johannesburg are the most popular hubs overall, but both Casablanca and Nairobi are rapidly gaining traction and international awareness. Casablanca has the highest growth rate overall, while Dubai has the highest count. The same can be said for London, which has tripled its number of regional HQs serving the region, acting as an MEA hub. Given the geographical proximity and the talent pool present in the city, it could be that London is playing the role of a first step into the MEA region, especially for Japanese and North American companies. (via APO)