Connect with us

VenturesNow

Seeking quality entrepreneurial location? Tunisia ranks 1st in Africa

According to the recently released Global Entrepreneurship Index 2018, which measures the health of the entrepreneurship ecosystems in each of the 137 countries it studies – Tunisia is ranked 1st in Africa, in terms of the quality of the entrepreneurial environment

Published

on

According to the recently released Global Entrepreneurship Index 2018, which measures the health of the entrepreneurship ecosystems in each of the 137 countries it studies – Tunisia is ranked 1st in Africa, in terms of the quality of the entrepreneurial environment.

This index is based on the analysis of 14 areas considered as key in the quality of the entrepreneurial environment.

The North African country owes its overall score (42.4 / 100) to the availability of private and public capital (venture capital) which is credited with a score of 70/100.

The ability to develop new products and to integrate new technologies is also a major asset for the land of Jasmine. The GEI 2018 reports that, the quality of human capital both in business and STEM (science, technology, engineering and mathematics) in Tunisia exceeds the average of 50/100.

However, reveals the document, Tunisian entrepreneurs have a strong risk aversion. This lack of risk is mainly fueled by political instability. In the box of counter-performance factors that undermine the quality of the entrepreneurial initiative in Tunisia, competitiveness and the ability of the private sector to compete with the international market, hold a preponderant place.

In the Global ranking, Tunisia is 40th, followed by Botswana (52nd with 34.9 out of 100), the second in Africa’s ranking.

See the Top Ten (10) Africa Ranking, according to the quality of the entrepreneurial environment.

  1. Tunisia (42.4 out of 100)
  2. Botswana (34.9 out of 100)
  3. South Africa (32.9 out of 100)
  4. Namibia (31.1 out of 100)
  5. Morocco (29.2 out of 100)
  6. Egypt (25.9 out of 100)
  7. Algeria (24.7 out of 100)
  8. Rwanda (21.5 out of 100)
  9. Ghana (21 out of 100)
  10. Nigeria (19.7 out of 100)

VenturesNow

Binance in talks with Nigerian govt over executive’s detention

Published

on

Following the arrest of Binance’s head of financial crime compliance by Nigerian authorities last month, the company’s CEO said Thursday that the company was working very closely with Nigerian officials.

The trial against Tigran Gambaryan, the executive, and another Binance employee, who are accused of moving more than $35 million, had been put off until May 2 in Nigeria, the country’s anti-corruption body said on April 8.

“What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter,” CEO Richard Teng said, speaking about Gambaryan’s case during the Token2049 crypto conference in Dubai.

Former executive, Nadeem Anjarwalla, a British Kenyan who works as a regional manager for Africa, escaped detention in Nigeria last month. While in Nigeria, Anjarwalla and Gambaryan were arrested by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), after arriving on February 26, after which the country banned several websites that traded cryptocurrencies.

Before they were arrested, the head of Nigeria’s central bank said that Binance was being investigated in Nigeria because of “suspicious flows” of cash through Binance Nigeria in 2023. The Securities and Trade Commission of the United States and other government agencies have susbsisting restrictions on bitcoin trade.

Besides the case brought by the EFCC, the Federal Inland Revenue Service (FIRS), Nigeria’s tax office, has also charged Binance and the executives with tax evasion.

Sacheendran declined to comment on the charges against the company but stressed that “This was a one-off. It’s never happened to us before”. The Binance head of regional markets told Reuters on the sidelines of the Dubai conference when asked about the detentions.

Additionally, Binance revealed on Thursday that it had obtained a license from VARA, Dubai’s regulatory body. This will enable the world’s largest cryptocurrency exchange to target regular people in addition to qualified and institutional ones.

Bloomberg reported earlier Thursday, citing sources, that parts of VARA’s process to give the license included Changpeng Zhao, the founder and former CEO of Binance, giving up vote control of the Dubai unit.

“That’s pure speculation. Again, we don’t comment on media speculation… Our relationship, our dealings with regulators are confidential,” Teng told journalists.

Continue Reading

VenturesNow

IMF says South Africa needs to do more to cut spending, lower debt-to-GDP ratio

Published

on

A top official from the International Monetary Fund has revealed that South Africa needs to do more to cut spending and lower its debt-to-gross domestic product ratio. The multilateral body stressed that the ratio is expected to rise from 74% in 2022 to almost 86% by 2029.

Era Dabla-Norris, deputy head of Fiscal Affairs, said that the government could cut back on transfers to state-owned businesses, make cuts to subsidies that don’t help specific companies, and make big changes to the way the economy works to boost growth.

She told a news conference that South Africa’s energy and logistics problems had to be fixed right away.

A Statista study shows that between 2023 and 2028, the South African national debt was expected to keep going up by a total of 163.3 billion U.S. dollars, or 59.99%.

The national debt is expected to hit a new high point of 435.46 billion U.S. dollars in 2028, after going up for ten years in a row. Notably, the national debt has steadily risen over the past few years.

The IMF says that the general government’s gross debt is made up of all its debts that need to be paid back with interest and/or capital at some point in the future.

Continue Reading

EDITOR’S PICK

Tech8 hours ago

Kenya’s agri-tech startup Pula raises $20m funding for farmers’ insurance

Kenyan agri-tech and insurance startup, Pula, has announced raising $20 million Series B funding round which will be used to...

Sports8 hours ago

Kenya’s Peres Jepchirchir fulfils promise of breaking world record at London Marathon

Kenyan Olympic champion, Peres Jepchirchir, on Sunday, lived up to her promise of breaking compatriot Mary Keitany’s women’s-only world record...

Culture11 hours ago

Ghana’s Elmina Fishing Harbour welcomes first-ever cruise liner SH Vega

The Ghanaian tourism industry got a big boost when the legendary Elmina Fishing Harbour welcomed its first ever cruise liner,...

Metro11 hours ago

Zambian agency issues flood alert around Lake Tanganyika areas, advises relocation

The Zambian Water Resources Management Authority (WARMA) has issued a flood alert on areas surrounding Lake Tanganyika in Northern Province,...

Metro14 hours ago

Yoruba secessionist group seeks exit from Nigeria, writes open letter to Tinubu

A secessionist group known as the Yoruba Self-Determination Movement (YSDM) has written an open letter to Nigeria’s President Bola Tinubu...

VenturesNow1 day ago

Binance in talks with Nigerian govt over executive’s detention

Following the arrest of Binance’s head of financial crime compliance by Nigerian authorities last month, the company’s CEO said Thursday...

Metro2 days ago

South African police arrest 8 Nigerians following attacks on officers

The South African Police Service (SAPS) have confirmed the arrest of eight Nigerians for allegedly attacking police officers in Kimberley,...

Tech2 days ago

Africa’s largest tech hub AfriLabs welcomes 16 new additions

The largest network technology hub in Africa, AfriLabs, has announced the admission of 16 new hubs into its fold, thereby...

Culture2 days ago

Wife of Zambian music star Yo Maps sues businessman over alleged cyberbullying

The wife of Zambian music sensation, Elton Mulenga, popularly known as Yo Maps, Kidist Kifle, has sued a Lusaka-based businessman...

Metro2 days ago

IMF gives reasons why it advised Nigeria to remove fuel subsidy

The International Monetary Fund (IMF) has given reasons why it advised Nigeria to end the fuel subsidy regime which it...

Trending