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| Africa | | Nepali conglomerate bets on African hospitality | Nepali multinational conglomerate CG Corp Global soon hopes to welcome you to Addis Ababa and other African destinations. Headquartered in Kathmandu, CG Corp boasts ownership of more than 160 companies in 35 countries worldwide, and is planning to invest in hotels across Africa. This plan is part of a recent uptick in global interest in Africa’s hospitality sector. Trevor Ward, managing director of Nigerian consultancy W Hospitality Group, told OZY by email that new investment in hotels across the continent will trigger considerable job creation, providing employment opportunities for skilled and unskilled workers. Ward also noted that most African countries are “under-hotelled,” with existing accommodations deteriorating amid “massive” opportunities for renovation and new construction. |
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| Angola votes today. Is the election rigged? | Angola’s incumbent President João Lourenço, of the long-ruling People’s Movement for the Liberation of Angola, will face off in today’s presidential election against Adalberto Costa Júnior, leader of the National Union for the Total Independence of Angola (UNITA). Júnior is widely popular among young people and has recently gained followers among older generations as well, despite UNITA’s former alliance with South Africa’s apartheid regime. Yet many think the outcome of today’s election has already been decided. “The ruling party is expected to rig its way to victory,” says The Economist. |
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| Americas
| | New from Amazon Prime: Healthcare? | Amazon is competing with CVS Health Corp. in an auction for the healthcare firm Signify Health, which provides technology and analytics for in-home healthcare. Amazon’s bid is its latest foray into the health sector, following last month’s announcement that it had agreed to buy 1Life Healthcare, Inc. in a deal worth $3.9 billion — pocket change for Amazon, the sixth-largest company on earth according to Forbes, whose market capitalization, or the total value of its shares, exceeds $1.4 trillion. 1Life Healthcare, also known as One Medical, is a primary care service that is membership-based, providing both online and in-person services. (Sources: The Wall Street Journal, Reuters) |
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| Tesla hikes self-driving cost by $3,000 | America’s largest electric vehicle manufacturer will hike the price of its full self-driving system by $3,000 starting Sept. 5, a move that will boost Tesla’s revenue with an assist from the Inflation Reduction Act, which offers tax credits and incentives for electric vehicles. The announcement of the increase was made on Sunday by Tesla CEO Elon Musk in a post on Twitter. Meanwhile, the self-driving system is facing probes from federal regulators over possible defects. (Source: Bloomberg) |
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| Brazil plans world’s largest urban garden | By 2024, Rio de Janeiro will be home to an urban garden the size of about 15 soccer fields. The city is working with local communities to build the urban garden as part of the initiative “Hortas Cariocas, ” which aims to increase food security in Rio de Janeiro. Once completed, Hortas Cariocas is expected to feed 100,000 families on a monthly basis. “The result of our production is to see how many plates of food we [are] able to serve,” said Julio Cesar Barros, the director of Rio de Janeiro’s city council environmental agency and founder of Hortas Cariocas. Since the initiative began in 2006, 56 community gardens have been created, benefiting a combined 50,000 families. In addition to food production and improved urban landscapes, urban gardening benefits communities by creating jobs in food production, packaging, distribution and sales. (Source: Bloomberg) |
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| | Asia | | US to release billions trapped in Afghan assets | The administration of U.S. President Joe Biden is in discussions with Afghan officials to release billions of dollars in frozen assets, as over half the 40 million Afghan population faces acute hunger, Reuters reports. According to a statement by Human Rights Watch, the country’s economic collapse stems from a confluence of factors in the international community as well as “the U.S. and the Taliban’s failure to reach agreements to avert the humanitarian impacts of the change in governance in August 2021.” Seeking to prevent funds from flowing to the Taliban, the U.S. froze $7 billion of Afghan assets at the New York Federal Reserve, ceased flying foreign currencies into Afghanistan, and led donor nations to block $2 billion in international assistance through the World Bank. This devastated the nation, as foreign aid accounts for at least 70% of Afghanistan’s budget, according to Reuters. (Source: Reuters) |
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| Laotian coffee farmers reap premium price | Coffee farmers and producers in Laos are commanding premium prices for their beans ever since launching the nation’s first-ever coffee auctions earlier this month. Since the auctions commenced, the International Trade Centre has reported that Laotian Gesha coffee won the highest bid ($37.6 per kilogram), while the Arabica coffee from the country’s north hit $9.9 per kilogram — prices far higher than the current international commodity price of $4.76 per kilogram. Espresso Academy Thailand, a coffee education school, is one of the big bidders for Laotian coffee. “The unique terroir that makes great quality coffee in many regions in Lao PDR [People’s Democratic Republic], along with the development of the specialty coffee community, indeed gives the country’s coffee a bright future in the specialty coffee market,” said Natt Muangsiri, managing director at Espresso Academy Thailand. The higher prices also signal a bright future for farmers. (Source: International Trade Centre) |
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| Europe
| | Vodafone ditches Hungary | British telecom giant Vodafone announced on Monday that it will sell its Hungary subsidiary for $1.8 billion to Hungarian firms 4iG and state-owned Corvinus Zrt. According to Bloomberg, the sale is consistent with Hungarian Prime Minister Viktor Orban’s agenda to move more business assets under control of state-friendly companies, while also expanding government ownership. (Sources: Bloomberg, Reuters) |
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| | ABOUT OZY OZY is a diverse, global and forward-looking media and entertainment company focused on “the New and the Next.” OZY creates space for fresh perspectives, and offers new takes on everything from news and culture to technology, business, learning and entertainment. Curiosity. Enthusiasm. Action. That’s OZY! | |
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