African Business Gets A Boost
Mon, 28 May 2007
One of NEPAD's ideals is to halt the marginalisation of Africa in the globalisation process and enhance its full and beneficial integration into the global economy. Encouraging and promoting African business is one of the cornerstones of this ideal, and new entrant into the business news market, CNBC Africa, is planning to do just that.
On 1 June 2007 this first 24-hour, live international business channel in sub-Saharan Africa, will begin broadcasting from Johannesburg, South Africa – a first for the region.
Owned and operated by Africa Business News under a licensing and affiliation agreement with CNBC, the channel will focus on business, economics and markets news across sub-Saharan Africa. “We will also feature live crossings from CNBC Europe, the US, the Middle East, Dubai, India, Pakistan and other CNBC affiliates across the world,” says Trevor Ormerod, Chief Operating Officer of CNBC Africa. “We will broadcast local content from our studio in Johannesburg, and will take feeds from our bureaux in Lagos, Abuja, Nairobi and Cape Town.”
CNBC Africa will serve only the African continent, and issues around foreign direct investment will therefore be dealt with on the basis on inter-African trade and investment. Traditionally, inter-African trade has been fairly low, and until various challenges are dealt with, the growth there will remain slow.
“One of these issues is that Africa continues to experience legislative constraints with regards to trade with other countries in Africa,” explains Peter Ndoro, Head of Corporate Communications for the channel. “Regional blocks and customs unions have been put into place, but their effectiveness is still a challenge. Also, Africa is still predominantly an exporter of raw materials and importer of manufactured or finished goods. Until the continent starts manufacturing more finished goods, there will be little to import from each other.”
CNBC Africa’s role in looking at some of these questions will be to put the issues into full view. Policy makers, influential players and business leaders will have a platform to debate and address these issues and perhaps even become more accountable to the viewing public.
“CNBC Africa will also highlight the investment opportunities that exist on the continent and the various vehicles that investors can use to do business here,” says Ormerod. “Stock markets are great ways to raise much-needed capital and bringing Africa’s financial markets to the continent can only bring much-needed awareness to them and increase their activities. With information and analysis, key investment decisions can be made by the continent’s businessmen, investors and entrepreneurs. CNBC Africa will be dedicated to delivering that business news and information.”
At a press conference announcing CNBC Africa's entry into the country, Premier of Gauteng, Mbhazima Shilowa said that CNBC Africa's entry into the region is a watershed event, and that it highlights the importance of our country on the global stage. He pointed out that CNBC will provide valuable economic information that will help South Africa build an image of economic prosperity, and that the Gauteng Provincial Government is keen to support the channel in its efforts to bring quality broadcast news content to the region.
Zafar Siddiqi, Chairman of CNBC Africa, added that he believes the launch of the channel will be a milestone in African television broadcasting, and that it will fill a gap in the information needs of audiences.
CNBC Africa represents a US$25-million investment into the country, and is the result of a partnership between Africa Business News Limited, a Dubai-based group of investors led by Siddiqi, and the Industrial Development Corporation of South Africa (IDC), with Africa Business News Limited owning 70% of the franchise.
The IDC purchased the balance through its Media and Motion Pictures strategic business unit, acquiring the stake for R144-million. The IDC is a respected development finance institution, not only in South Africa, but across the continent, and has as its primary mandate leadership in development through the creation of jobs. CNBC Africa plans to create at least 130 new jobs in the media industry, with this number growing as more bureaux are introduced.
CNBC Africa will air on DStv channel 54, and will feature 9 hours daily of local content, combined with international content and regular live updates sourced from CNBC affiliates in Europe, Asia and the US. Regional programming will include in-depth analyses of regional and major international stock exchanges and currency markets, regular business and political updates, interactive talk shows that encourage debate and lifestyle programming tailored for the channel's audience.
“Several African economies, including South Africa's, are showing real growth and development,” concludes Ormerod. “The rest of the African continent certainly shows promising potential, and we are excited to be a part of developing it.”| Issued By | Alison Gregg Public Relations | |
| Ali Gregg | ||
| Telephone : | + 27 (011) 880-1701/2 | |
| Fax : | + 27 (011) 880-1816 |
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| Cellular : | + 27 (082) 652-1510 |
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| Email : | ||
| Website: | www.alisongreggpr.com | |
| On Behalf Of | CNBC Africa | |
| Peter Ndoro – Director Corporate
Communications |
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| Telephone: | + 27 (011) 384-0300 |
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| Fax: | To be advised | |
| Cellular: | + 27 (082) 459-1743 | |
| Email: | peter.ndoro@cbncafrica.com | |
| Website: | www.cnbcafrica.com | |
| Date | May 2007 / June 2007 | |
| Word Count | 859 |
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