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Showing posts from August 27, 2014

Business in Nigeria : Africa’s testing ground

To make it big in Africa, a business must succeed in Nigeria, the continent’s largest market. No one said it would be easy

Aug 23rd 2014 | LAGOS | From the print edition

IN 2001 MTN, a fledgling telecoms company from South Africa, paid $285m for one of four mobile licences sold at auction by the government of Nigeria. 

Observers thought its board was bonkers. 

Nigeria had spent most of the previous four decades under military rule. The country was rich in oil reserves but otherwise desperately poor. Its infrastructure was crumbling. The state phone company had taken a century to amass a few hundred thousand customers from a population of 120m. The business climate was scarcely stable.

MTN took a punt anyway. The firm’s boss called up colleagues from his old days in pay-television and found they had 10m Nigerian customers. He reasoned that if they could afford pay-TV they could stump up for a mobile phone. Within five years MTN had 32m customers. The company now operates across Africa and t…

Square Is Raising $200 Million At A $6 Billion Valuation


AUG. 27, 2014, 4:42 AM


Square CEO Jack Dorsey

Mobile payments app Square is reported to be raising new investment at a valuation of $6 billion.

CNBC reports that the Jack Dorsey-led company is seeking to gain around $200 million in funding, with part of that amount coming from the Government of Singapore Investment Corporation. 

A recent valuation of $5 billion was reported earlier this year after investors bought shares from employees.

The fundraising round will come as welcome news for Square, which has found itself the subject of negative attention from the press recently.

The Wall Street Journal published a story in April claiming that Square's losses were so high that the company was scrambling to find a buyer. Despite denying these reports, Square's reputation was still dented, especially following the closure of its flagship Wallet app in May. 

In a move that attempted to address the negative press attention, earlier this month Square published a blog post detail…

Japan receives Pakistani mangoes

Irfan SiddiquiWednesday, August 27, 2014

TOKYO: Japan has received the maiden mango consignment from Pakistan, The News learnt on Tuesday.

A few Pakistan’s mango importers conditioned the import of country’s tropical fruit with their vapour heat treatment.

Japan had given the Pakistani government a VHT plant with small-scale capacity after lifting the ban on Pakistani mangoes after three years this season.

The plant imported by Trade Development Authority of Pakistan could not start commercial operation. The exporting mangoes were treated in this plant.

A source said the quantity of mangoes imported by Japan was around six tons. According to details, Fauji Foundation was the exporter and AEON group, which is a largest retailer in Japan, was the importer of mangoes.

The first import didn’t go unheeded; rather, AEON Group celebrated this event with much fanfare. Along with group’s chairman and other employees, Ambassador of Pakistan to Japan Farukh Amil also attended the ceremony.

It is a mom…