SA’s Naspers shutters multi-billion dollar Foundry fund for local startup investments
South African company Naspers has closed its locally-focused venture capital fund Naspers Foundry, citing the “global investment environment” as the reason. “We believe that developing South Africa’s early-stage tech ecosystem will have a lasting impact on the broader South African economy,” Fabian Whate, head of Naspers Foundry, told Disrupt Africa in September 2021. So, at Naspers Foundry, our mission is to find, fund and then help grow the next big South African tech companies.”That was then, but barely 18 months later Naspers has shuttered its fund, with no further investments to be made, according to BusinessDay. “The global investment environment, as well as the local South African one, has changed, and we have made clear the need for our business to adapt. “Naspers will continue to support the development of South Africa’s early-stage tech sector, assessing the market and new opportunities in a way that is consistent with our other global markets.”
Source:The North Africa Journal
March 14, 2023 17:59 UTC
Tenable to showcase exposure management platform at GISEC 2023
Maher Jadallah, Senior Director Middle East and North Africa, TenableTenable, an exposure management company, will exhibit at GISEC 2023, taking place at the Dubai World Trade Centre from March 14-16 2023. At the event, Tenable will showcase its Tenable One Exposure Management Platform and Tenable OT Security (formerly known as Tenable.ot). With specialised security tools offering an incomplete picture, security teams can find it impossible to answer the rudimentary question, ‘how secure are we?’. “Tenable has challenged this approach, enabling customers to proactively address, manage and reduce cyber-risk across their entire infrastructure – be it cloud, IoT, OT or other platforms. Our team will be on hand at GISEC to help visitors understand how they can focus their efforts to prevent likely attacks and accurately communicate cyber-risk to their business partners to improve performance cross-functionally.”The Tenable team will be offering demonstrations of its new Tenable One Exposure Management Platform, as well as Tenable Vulnerability Management (formerly known as Tenable.io), Tenable Security Centre (formerly known as Tenable.sc), Tenable OT Security and Tenable Identity Exposure (formerly known as Tenable.ad) from booth A85.
Source:The North Africa Journal
March 14, 2023 17:49 UTC
New DOL Proposal Would Classify More Workers as Employees
In October, the Department of Labor proposed a new rule for employers to follow when determining whether a worker is an employee or independent contractor, replacing the current test introduced in March 2021. If enacted, the new rule could lead to more misclassification lawsuits and more workers being eligible for workers’ compensation benefits and overtime pay. Read Lockton’s new briefing on the proposed rule to learn more about how organizations can manage the implications for workers’ compensation and wage and hour insurance programs and take steps to manage their risk. Download article (opens a new window)
Source:The North Africa Journal
March 14, 2023 14:41 UTC
For the third time in a row! Philadelphia Solar has been awarded as Top Brand PV in MENA 2023 (Middle East & North Africa) and EPC by EUPD Research
Thanks to its brand strength and high-quality products, Philadelphia solar has been awarded in the Middle East and North Africa the “Top PV Brand MENA 2023” seal. This competition is beneficial and important for the entire industry to constantly deliver better products and enhance the quality of solar energy. “Philadelphia Solar is the first photovoltaic (PV) panel manufacturer company in the MENA region, started with an annual PV production capacity of 10 MWp. By extending its production lines, the company now has an annual PV production capacity of 580 MWp to be the largest operating factory in EMEA. Philadelphia Solar recent expansion to the USA market with a 1.2GW factory set to launch in 2024 is testament to our commitment to sustainability.
Source:The North Africa Journal
March 14, 2023 14:12 UTC
MOROCCO : Moroccan data centre leader N+One continues winning streak in Senegal
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Source:The North Africa Journal
March 14, 2023 13:31 UTC
Israel aims to expand gas exports
"We have gas reserves that we are now exporting and we'd like to expedite more gas exports to Europe through Italy," Netanyahu said after meeting Meloni on Friday. The Euronews website noted that Israel began exporting gas after discovering several reservoirs off its coast in the early 2010s. "We are already cooperating in gas with your national company (energy giant ENI) but we want to expand. "Italy aims to become the European gas hub and Israel must be the point of strength for gas production," he said. (We) will address perhaps a dozen areas of mutual cooperation to the benefit of Italy and Israel alike," he said.
Source:The North Africa Journal
March 14, 2023 07:55 UTC
South Africa: Four Ways to Fund Your Solar Power Solution
The government's recent announcement of a solar power tax incentive, coupled with the fact that rolling blackouts are unlikely to end any time soon, is set to propel solar power sales. The banks all agree that there are four ways to fund your solar installation:A personal loanThis is probably the least attractive option given that personal loans carry high interest rates. Under the National Credit Act, the maximum interest rate on personal loans (unsecured credit) is 28.25% a year. The maximum interest rate on home loans is currently 19.25%. These interest rate caps change every time the repo rate changes, and we are currently in a rising interest rate cycle.
Source:The North Africa Journal
March 14, 2023 07:55 UTC
MENA VC Flat6Labs’ new fund to back startups in East, West Africa
Flat6Labs is amongst the most active VCs in Africa, having invested in over a hundred startups to date, across the Middle East and North Africa (MENA) region. And now, after 11 years, the Egypt-based seed-stage accelerator is setting out on a foray into East and West Africa through a $95 million Africa Seed Fund investment vehicle that will mark its first venture outside MENA. “We’re embarking on a new phase for the organization by expanding into sub-Saharan Africa through Africa Seed Fund,” the firm’s CEO Ramez El-Serafy told TechCrunch, adding that the expansion will be gradual, with two-thirds of its allocations still going to enterprises in North Africa. “We are adding Kenya and its neighboring markets in East Africa, and the Anglophone and francophone sides of West Africa, including Nigeria, Senegal, Côte d’Ivoire, Ghana and Cameroon,” said El-Serafy. Flat6Labs $95 million Africa Seed Fund is sector agnosticThe fund is sector agnostic and plans to invest in fintechs, healthtech, logistics, mobility, cleantech, agtech, retail and e-commerce startups.
Source:The North Africa Journal
March 14, 2023 05:48 UTC
UNAF women's U20 tournament set to kick-off
Excitement is building up as the Union of North African Football (Unaf)'s U20 women tournament is set to kick-off in Tunisia on Tuesday. The tournament will take place at the Al-Karm Stadium from 14 to 18 March. The regional tournament for UNAF is designed to give the girls within the zone a lot of playing opportunities including international competition. The opening match of the tournament will be played between hosts Tunisia and Egypt at the Al-Karm Stadium at 11:00 local time (10:00 GMT). The UNAF Women's U20 tournament will witness three matchdays with two games scheduled on each day of the tournament.
Source:The North Africa Journal
March 14, 2023 01:07 UTC
The Cold War in North Africa
Are you concerned about the presence and activity of Russia and now Iran with the support of Algeria in North Africa and the Sahel? Sahelian Africa is one example, West Africa and East Africa is another. We are entering a new Cold War, although there are many people who do not understand this. Moreover, it also coincides with Russia's allies. Economic stability in North Africa is fundamental for Spain and for all countries.
Source:The North Africa Journal
March 14, 2023 00:59 UTC
The Last Days of Soup Season
Recently I simmered a version of my turkey soup with beans and greens, substituting chickpeas for the white beans and lime for the lemon, and it warmed me head to toe. This week, New York Times Cooking has two new and gloriously easy soup recipes. Kay Chun brought us a lemony leek and fish soup with orzo (above), inspired by a Greek avgolemono. This simple soup, from the Amazigh, or Berber, community in North Africa, combines pearl barley with tomatoes, sweet paprika and thyme. The same can be said for Jocelyn Ramirez’s garlicky, cumin-laced sopa de fideo, a Mexican noodle soup that’s perfect for any chilly weeknight.
Source:The North Africa Journal
March 14, 2023 00:49 UTC
Mastercard partners with Infinios to introduce first-ever wholesale travel program in the Middle East and North Africa
Mastercard and Bahrain-based fintech Infinios Financial Services have announced a strategic partnership to advance the digitization of business-to-business travel payments between travel buyers and suppliers through the first Mastercard Wholesale Program launch in region. Infinios will deploy the Mastercard Wholesale Program, a virtual card based B2B payment product, to its travel industry customers using its proprietary technologies to help them secure, streamline, and automate B2B travel transactions. Innovation must play its part in ensuring that travel payments are not only simple and convenient but, even more importantly, flexible and secure. The first-of-its-kind partnership in the region will enhance major B2B travel payment flows and bring the travel ecosystem closer together to accelerate sustainable growth across the travel value chain. As organizations across the ecosystem re-evaluate their payment strategies and operational priorities to drive sales and growth, the Mastercard Wholesale Program leverages proven virtual card technology to deliver multiple benefits.
Source:The North Africa Journal
March 14, 2023 00:42 UTC
Orion Innovation Acquires Banktech Software Services
Acquisition Expands Orion's Digital Solutions and Core Banking Integration Capabilities for Banks and Financial Services ClientsCHENNAI, India, March 13, 2023 /PRNewswire/ -- Orion Innovation ("Orion"), a leading digital transformation and product development services firm, today announced the acquisition of Banktech Software Services Ltd ( "Banktech"), a core banking implementation partner for global financial institutions. Banktech will complement Orion's financial services business by bringing additional industry expertise, open banking solutions, and implementation capabilities to the company. Banktech delivers implementation services in core banking and digital banking for Temenos clients in the UK, Ireland, EMEA, and APAC. Suchen Janjale, CEO of Banktech, will join Orion and work closely with Anoop Gala, Global Head of Financial Services at Orion, to help financial services companies accelerate their digital strategies. Through its delivery centers in North America, EMEA, India and Latin America, Orion serves clients across Hi-Tech, Telecom & Media, Sports & Entertainment, Professional Services, Financial Services, and Healthcare industries.
Source:The North Africa Journal
March 14, 2023 00:34 UTC
Hard Numbers: North Korea goes ballistic about “puppets”, Iran pardons protesters, Lula sacks soldiers, Freddy ravages Southern Africa
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Source:The North Africa Journal
March 14, 2023 00:09 UTC
The Lion, the Land Bridge, and the New World
Cave lions and their larger relatives, American lions, first entered North America during the last ice age, toward the end of the Pleistocene. The maximum size of a male American lion was about 420 kilograms, she says, noting that modern lions only get up to 270 kilograms. The first lions to amble into North America around 165,000 years ago were a lineage of cave lions. For some reason, these cave lions stayed above the ice sheets, remaining separate from American lions that had already dispersed south. Lions reappeared in eastern Beringia’s fossil record about 22,000 years ago when the final wave of cave lions arrived from Asia.
Source:The North Africa Journal
March 14, 2023 00:08 UTC