Maize Streak Virus Strain in Africa

Published on 26th August 2008
Maize in Africa has recently been damaged by a more virulent strain of maize streak virus (MSV), according to a report published in the Journal of General Virology. A team of researchers from the University Of Cape Town, South Africa, led by Darren Martin revealed that this new strain is a recombination product of two relatively harmless wild grass infecting viruses. The new strain can now adapt to extreme conditions including cold winters and can infect many different host species.
 
Noting that maize is one of the most important food crops in Africa, Martin said  that millions of lives are at stake given the fragility of African agriculture and perpetual famine risks since MSV is actually one of the most important plant pathogens worldwide. 
 
The group is currently testing various resistance strategies like stacking resistance genes and targeting different virus components that can be simultaneously exchanged by recombination. 

ICBC buys stakes in South Africa

Industrial & Commercial Bank of China (ICBC) has bought stakes in South Africa's Standard Bank Group and Macau's Seng Heng Bank. It has also announced plans to open branches in Sydney and New York. The announcement comes when the bank has made 64.5bn yuan (US$9.4bn; £5bn) in the first six months of 2008 reporting a 57% jump in half-year profits. As ICBC aims to be the leading international financial institution, it has outstripped its rivals worldwide.Its results surpass the $7.7bn net profit announced by HSBC - down from $10.9bn in the first half of 2007.State-controlled ICBC is the world's largest bank by market capitalisation, with assets as of 9.4 trillion Yuan as of 30 June.

Ecobank announces share issue

Africa’s largest rights issue by African regional banking group Ecobank has been announced and is expected to raise $2.5bn (£1.35bn) to help fund its expansion. New investors in Ghana, Nigeria, and Ivory Coast will be offered shares on stock exchanges. The bank said it was the first African rights issue to be run in more than one stock market simultaneously.
 
The capital raised is expected to strengthen Ecobank Group's accelerated growth to expand its network of branches in the 23 countries it currently operates in after expanding from its base in West Africa. Existing shareholders will be offered additional shares at 27 cents each in the rights issue. A public offering will allow new investors to buy into the banking group at 29 cents per share.

Inflation in Zimbabwe skyrockets

Zimbabwe has revalued its currency this month in an effort to curb hyper inflation. However, Central Statistical Office (CSO) indicates that by June 2008, the inflation rate was at over 11,250,000%.With unemployment at almost 80%, most manufacturing companies are at a halt and basic foods in short supply, Zimbabwe is in the midst of a dire economic crisis.
 
High money supplies have also been fuelling hyperinflation and critics have accused President Robert Mugabe's government of printing money to finance his election campaign and prop up the economy. Zimbabwe, once one of the richest countries in Africa, has descended into economic chaos largely blamed on the policies of President Mugabe.
 
Earlier this month, Zimbabwe's central bank chief called for a six-month freeze on prices and wages in a bid to rein in spiraling inflation. "Zimbabweans must realise that the country is in a practically binding state of socio-economic emergency," Reserve Bank governor Gideon Gono said.

Big Growth for Kenya's ICT Sector
 
The introduction of market segments by industry regulator, the Communications Commission of Kenya (CCK) has increased competition in the Kenya ICT sector registering substantial growth. Kenya has one national operator, two regional telecommunications operators, 51 Internet service providers, two Internet exchange points, 20 public data network operators, 8 Internet backbone gateway operators, 6 VSAT hub/commercial VSAT operators, 19 local loop operators and two mobile operators. The operators and service providers represent a significant investment in the economy, a big employer of ICT staff and a major contribution to national development.


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