AMAZON PLANS TO BUY PILLPCK AN ONLINE PHARMACY SO AS TO EXPAND ITS SERVICES INTO ONLINE HEALTHCARE

Amazon has said it is buying online pharmacy PillPack, sending shares in rival healthcare firms tumbling over fears of competition from the online retail giant.

Shares in pharmacy chains CVS Health and Walgreens Boots Alliance plunged more than 8% in early trade.The announcement confirmed earlier speculation that Amazon was interested in expanding into healthcare.Amazon did not say how much it was paying for PillPack.It expects to complete the deal in the second half of the year.

PillPack, which was founded in 2013, is available in every US state except Hawaii and last year said it expected to make $100m in revenue.It has raised about $120m from investors, according to its website.The company's services are aimed at people who take multiple medications, delivering drugs in pre-sorted dose packages. The firm also helps to co-ordinate refills and renewals.

TJ Parker, PillPack's co-founder and chief executive, said: "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the US who can benefit from a better pharmacy experience."Amazon declined to answer questions about how PillPack would be incorporated into its business and whether there are plans for international expansion.

Last year, the firm sent shudders through healthcare stocks after it was reported that it had won approval from some state regulators for drug distribution.The online retail giant also announced a joint venture with JPMorgan Chase and Berkshire Hathaway aimed at lowering health costs for the companies' US employees.

Amazon, which has become a retail behemoth since its start as an online bookseller in 1994, is known for its willingness to forego profit, while slashing prices to win customers.

Its entry into drug distribution is "a warning shot in what is about to become a major battle within the pharmacy space", said Neil Saunders, managing director of GlobalData Retail.

"In our view, this is only the first play in what will be an increasingly aggressive strategy by Amazon to develop a much more significant presence in the pharmacy market," he said.

"This is incredibly bad news for traditional players, like Walgreens and CVS, who stand to lose the most from Amazon's determination to grow its share."

Those companies increasingly rely on medications to bring customers into their stores. They will also be under pressure to spend more to try to match Amazon's offerings, he said.

BRITISH DEFENCE GIANT BAE WINS MULTI-MILLION POUNDS AUSTRALIAN WARSHIP CONTRACT

British defence giant BAE Systems has won a multi-million pound contract from the Australian government to build nine new warships, marking a significant victory for British military exports.

BAE beat Italian and Spanish rivals to win a large slice of the £20bn spending programme.The ships will be built in Australia, but are based on the Type 26 design BAE is building for the Royal Navy.Theresa May said the deal was "an enormous boost" for the UK economy.

It is the first export of a British design for new-build frigates since the 1970s, the government said.The prime minister said the deal reflected the government's strategy to "build on our close relationships with allies like Australia" as the UK prepares to leave the EU.

Australian jobs

The "Hunter class" ships, which are anti-submarine warfare frigates, will be built in Adelaide by government-owned ASC Shipbuilding, creating up to 4,000 jobs there, as part of a 30 to 35-year investment programme.

"The Hunter class will provide the Australian Defence Force with the highest levels of lethality and deterrence our major surface combatants need in periods of global uncertainty," the Australian government said.

The ships will be fitted with long-range anti-missile defence systems.

Image caption
The Type 26 currently being built for the Royal Navy forms the basis of the design sold to the Australian government

While the overall budget is £20bn (35bn Australian dollars), only a part of that will come to BAE Systems for the design and build of the frigates.

BAE Systems chief executive Charles Woodburn said: "I am proud that our world class anti-submarine warfare design and our approach to transferring technology and skills to the nations in which we work is expected to contribute to the development of an enduring world-class naval shipbuilding industry in Australia."

Italy's Fincantieri SpA and Spain's Navantia also bid for the contract.

'Deal of the century'

 In the frigates will be built in Australia, BAE's shipyards on the Clyde in Glasgow are unlikely to see a significant boost to jobs.Nevertheless, defence analysts said the deal represented a significant success for British naval exports."It is the deal of the century," said Francis Tusa, editor of industry newsletter Defence Analysis.

The UK has had an "abysmal" export record for warship sales for the past five decades, he said. But this represented "a massive sea-change".Canada, which is also planning to order warships later this year, might be influenced by Australia's decision, he added.Selling the design overseas will help spread the costs of design and production of many elements of the frigate, potentially bringing down the cost of the Type 26 to the Royal Navy significantly, according to Mr Tusa.

However, it was not only BAE Systems who would benefit from the deal, he said.Small and medium-sized UK companies would be likely to win orders for some of the technology required on the Australian ships.Firms that are already supplying the UK government's order of the Type 26 would be in a strong position to also supply Australian orders.

Analysis: 

The design success of the Global Combat Ship, otherwise known as theKO Type 26, is a breakthrough for BAE Systems. Over several decades, it has struggled to turn the Royal Navy's requirements into a design that other countries want to buy, or are willing to pay for.

Orders from other navies used to mean manufacturing at UK yards.

But now, other countries want to get the economic benefit of their military spending, so they insist on building themselves.

The hull can be the relatively cheap bit of building a complex warship, so there may be benefits to British arms exporters in selling weapons systems that fit into the Australian frigates.

However, this looks like a design which was heavily subsidised by the UK taxpayer, being sold overseas, and wholly to the benefit of BAE Systems. It appears that the UK taxpayer sees none of the direct payback or royalties from that investment.

Innovative design

Independent defence analyst Paul Beaver said the appeal of the Type 26 design is that it is modular. "We are supplying the technology behind the hull, other nations will put their engines, their weapons systems into it. It's designed in a way that it can cope with that. "You don't have to buy a certain type of missile or gun. You can buy a raft of different ones which will be very attractive."

He said the believed the agreement would turn out to be part of a wider deal on defence procurement between the UK and Australia.

AFRICA OIL WEEK TO WELCOME NINE AFRICAN MINISTERS.

Nine Energy and Petroleum Ministers have confirmed to attend Africa Oil Week 2018 which will take place in Cape Town, South Africa on the 5-9 November 2018. With 88 upcoming oil and gas fields to receive more than US$180Bn by 2025, having such strong government representation of nine Ministers attending to deliver bidding rounds and investment opportunities reinforces the unique value of Africa Oil Week as the annual transaction platform for Africa.Over the course of the week, leading nations will take meetings and present proprietary information regarding up-and-coming projects exclusively at Africa Oil Week. From shallow water licencing in Congo Brazzaville, to billion-dollar tenders in critical infrastructure, there is a growing anticipation from the global petroleum companies that Africa Oil Week 2018 is the most compelling opportunity to originate and win licences, farm down partnerships and finance within the African Oil and Gas sector.

With over 26 per cent of the investment being given to Nigeria, it is noteworthy that Hon Minister Dr Emmanuel Ibe Kachikwu the Minister of State for Petroleum Resources from the Federal Republic of Nigeria is attending Africa Oil Week to showcase and promote the most significant transformation projects in Nigeria.

“Attracting inward investment for upstream activities and field development is critical if Africa is to realise its full energy potential.” Added Paul Sinclair, Conference Director for Africa Oil Week. It is in this context that Africa Oil Week will deliver a transactional based event that will see multi-billion-dollar deals agreed to which will advance national objectives across the continent.

The following African Ministers will be present to advance the African Hydrocarbon sector, broker new partnerships and to raise capital for priority opportunities from Cape Town to Cairo:

• Hon Minister Mr Jeff Radebe, Minister of Energy, Republic of South Africa
• Hon Minister Dr Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources, Federal Republic of Nigeria
• Hon Minister Boakye Agyarko, Minister of Energy, Republic of Ghana
• Hon Minister Jean-Marc Thystère Tchicaya, Minister of Hydrocarbons, Republic of the Congo
• Hon Minister Pr Tiémoko Sangaré, Minister of Mines & Petroleum, Republic of Mali
• Hon Minister Foumakoye Gado, Minister of Petroleum, Republic of Niger
• Hon Minister Irene Nafuna Muloni, Minister of Energy and Mineral Development, Republic of Uganda
• Hon Minister Fafa Sanyang, Minister of Petroleum and Energy, Republic of The Gambia
• Hon Minister Thierry Tanoh, Minister of Energy, Ivory Coast

“We are truly honoured by the attendance of so many Government Ministers. In my view, this demonstrates that Africa Oil Week is the premier meeting point for the African Oil and Gas sector. It not only gathers the most senior community of Ministers and National Oil Companies, it remains the only true world class deal making event for the global private sector. The importance that global partnerships are now playing in developing Africa’s energy resources only underlines the need for Africa Oil Week. With 54 highly competitive countries looking to develop their vast resources we are delighted to be hosting 17 National Oil Companies who will also be undertaking their role to promote their petroleum sector within roadshows and bidding rounds. The role of Africa Oil Week as a catalyst for deal making sets itself apart from talkshops, we are expecting unprecedented levels of investment and finance to be deployed into the African upstream as a result of the 2018 Africa Oil Week.” said Paul Sinclair, Conference Director, Africa Oil Week.

The event provides a platform for African nations and those operators to present deals, farm in opportunities, data rooms and basin insights in some of the most compelling basins across the continent. Attendees value the opportunity to get face time with Ministers, CEOs, Banks and operators at what is still regarded as the must attend event for the Africa hydrocarbon sector.

THE US PRESIDENT HAS THREATENED TO IMPOSE ADDITIONAL $200BN TARIFFS ON CHINA

Image copyrightAFP

US President Donald Trump has threatened to impose tariffs on an additional $200bn (£151bn) of Chinese goods in a growing trade row.

Mr Trump said the 10% tariffs would come into effect if China "refuses to change its practices".

The move would be a major escalation of the dispute. World stock markets have suffered sharp falls as a result.

China responded by accusing the US of "blackmail", raising fears of a full-blown trade war.

Mr Trump insists that China has been unfairly benefitting from a trade imbalance with the US for years.

During the 2016 election campaign, he promised to use tariffs to cut the US trade deficits.

But many economists have warned that tariffs are likely to make products more expensive for US consumers and hurt some of the businesses the administration is trying to protect, which depend on China for parts or assembly.

Asian markets sank on Tuesday in response to the latest news. Global shares had already fallen on Monday

How did the latest spat unfold?

Last week, Mr Trump announced the US would impose 25% tariffs on $50bn worth of Chinese goods.

Beijing responded by saying it would hit 659 US products worth $50bn - including agricultural products, cars and marine products - with a similar tax.

Late on Monday, the US president condemned China's "unfair practices related to the acquisition of American intellectual property and technology".

He added: "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong."

Mr Trump added that new tariffs would "go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods."

China's commerce ministry reacted swiftly, saying: "If the US acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures."

The US tariffs previously announced affect more than 800 Chinese products worth $34bn in annual trade. They are due to come into effect on 6 July.

The product lines range from aircraft tyres to turbines and commercial dishwashers.

In his latest statement, Mr Trump said that he had asked his advisers to identify additional Chinese products on which to impose new tariffs.

The Trump administration says China encourages transfer of intellectual property - design and product ideas - to Chinese companies, through measures such as requiring that foreign firms share ownership with local partners to access the Chinese market.

The US announced plans for tariffs in April, after an investigation into China's intellectual property practices.

On 1 June, the Trump administration separately imposed a 25% tariff on steel imports and 10% on aluminium imports, citing security reasons.

GOOGLE TO OPEN AN ARTIFICIAL INTELLIGENCE RESEARCH CENTRE IN GHANA AND SOME OTHER NATIONS IN AFRICA

Source: Google’s next A.I. research center will be in Africa

• Google will open an artificial intelligence (AI) research center in Accra, Ghana, later this year, its first on the African continent.
• Other African cities including Addis Ababa, Kigali and Lagos have also been pushing their credentials as tech hubs.
• Ghana likely appealed to Google because of its high quality education system and political stability, an expert in the region told CNBC.

GOOGLE has announced that it will open an artificial intelligence (AI) research center in Africa, its first on the continent.

The Silicon Valley giant said that the new research hub will open in Accra, Ghana, later this year, announcing the move in a blog post published on Wednesday.

“We’re committed to collaborating with local universities and research centers, as well as working with policy makers on the potential uses of AI in Africa,” Google’s blog post said.

Accra, located in the west of Africa, joins cities including Paris, New York and Tokyo, as well as Google’s Mountain View headquarters, in hosting an AI research center.

While the decision is the first of its kind for Google in Africa, the company has had offices on the continent for the past decade. It already operates a digital skills training program that it believes can ultimately benefit 10 million Africans. In addition, Google runs a separate initiative called Launchpad Accelerator Africa that it says supports 100,000 developers and over 60 technology startups in Africa.

But, Accra isn’t the only city in Africa positing itself as a tech hub. Ethiopian capital Addis Ababa and Rwandan capital Kigali are both known for their credentials in tech development, for example. Meanwhile,
Kenya has been singled out
by Microsoft founder Bill Gates for its “pioneering” innovation of digital payments platform M-Pesa.

Ghana likely appealed to Google because of the quality of its education system and other feeder institutions, Lucy James, associate consultant with Control Risks’ Africa team, told CNBC via telephone on Thursday. The search company is focussed on “drawing in local talent and there’s no shortage of that in Ghana,” she said.

Ghana also enjoys relative political stability, James explained. Meanwhile, it’s neighbor Nigeria — the continent’s largest economy which also promotes business center Lagos as a burgeoning tech hub – is more prone to civil unrest.

Nonetheless, the choice may seem unusual given that Ghana ranks 12th for Sub-Saharan Africa in the World Bank’s latest Ease of Doing Business index. Rwanda, Kenya and South Africa – another of the continent’s big economies – all come in the top five by comparison.

But, Ghana’s pro-business government and entrepreneurial society may have contributed to its selection. People in Ghana share the “sense that you can disrupt something and make a difference,” James said.

ECOBANKS WINS MAJOR AWARDS AT AFRICAN BANKER'S PRESTIGIOUS CEREMONY

Ecobank Named Africa’s Best & Most Innovative Retail Bank

Posted by Malawizzy

Ecobank has won two major awards at the African Banker’s prestigious ceremony held at the Paradise Hotel in Busan, South Korea.

The bank was named Best Retail Bank in Africa after impressing judges with the strides it has made to leverage digital financial services and an enhanced service model, to be the retail bank of choice.

The ever improving feature set of the truly revolutionary Ecobank Mobile App, which has now been downloaded by more than 5 million people, took the prize for Innovation in Banking, thanks to the way it has redefined borderless and inclusive banking, along with several other transformative innovations designed to deliver financial services to all.

Commenting on the double award win, Omar Ben Yedder, Publisher of African Banker said: “Ecobank has had a game changing year in so many ways and their approach to embracing technology and putting it at the centre of their growth strategy has obviously paid dividends.”

Ade Ayeyemi, Group CEO of Ecobank said: “It gives all of us at Ecobank great pride to be recognised as not only the Best Retail Bank in Africa, but also the Most Innovative.

This is further proof that we are on the right track in our quest to be the bank of choice for middle Africa. We will continue to ensure that we are at the forefront of harnessing state-of-the-art technology to provide our customers with accessible and affordable banking services.”

Ecobank is committed to providing the range of financial products and services that meet the day-to-day banking, transactional and investment needs of all Africans.

Ecobank enjoyed a 40% increase in customer numbers during 2017 and the bank aims to serve 100 million customers by the end of 2020.

The Ecobank Mobile App aims to deliver real convenience to customers and with its removal of barriers to entry, at affordable price points, is an integral part of Ecobank’s strategy.

It is the first unified banking application across 33 countries and enables customers to do their banking activities where and when they want, 24/7 and 365 days a year, conveniently on their mobile phones.

It allows transactions in 18 different currencies and in four languages (English, French, Portuguese and Spanish).

The app includes the multi-featured digital payment solution, Ecobank Pay, which enables customers of any bank to pay for goods or services.

It unifies all of Ecobank’s digital payment offerings for internet payments, paying bills and airtime top-ups by mobile.

Patrick Akinwuntan, Group Executive, Consumer Banking said: “Ecobank represents more possibilities for every African.

Our Ecobank Mobile App, Xpress Account, Ecobank Pay, Xpress Points and Rapidtransfer are fast becoming top-of- mind consumer banking brands that represent convenience, affordability and instant fulfillment to our customers across Africa and in the diaspora.”

YOUNG AFRICAN ENTREPRENEURS

10 Young African Entrepreneurs to Watch

By Aniekan

This is the best time in history to be young and African. We live in an era characterised by an abundance of opportunities and young people starting sustainable businesses across the continent. The conversation about Africa is gradually shifting from that of poverty to one about creativity, business, and investment.

“Entrepreneurship is having a transformative effect across the continent as more and more young people are starting their own businesses rather than waiting to be employed by someone,” notes Marcello Schermer, Regional Manager for Africa at Seedstars World, a global startup competition. “Many governments, corporates, investors and ecosystem builders have understood that, which is why you’re seeing co-working spaces, accelerators and all kinds of startup programmes pip up everywhere from Morocco to Mali, to Ethiopia and Mozambique, and anywhere in between.”

Countries like Côte d’Ivoire, the Democratic Republic of Congo, Tanzania, Ethiopia, and many others have taken centre stage as some of the fastest growing economies in the world. Contributing to the continent’s economic growth is a vastly growing number of hungry young entrepreneurs doing wonders across various sectors. Let’s get to know some of them:

Olatorera Oniru

Olatorera Oniru is fast becoming one of the prominent names in Nigeria’s booming e-commerce sector. The 29-year-old is the founder of Dressmeoutlet.com, a Lagos-based online fashion retailer. Equipped with a Bachelor of Science degree in Business Administration and Management, and a Master’s in Business Administration, Olatorera has worked for a series of top global companies including Ericsson, Bank of America Merrill Lynch and General Electric.

Motivated by the endless opportunities in Africa, Olatorera decided to put her gleaming career with multinational firms on hold and delve into entrepreneurship. While she continues to fund her business from personal savings, offers have reportedly already started coming in from investors, including prominent Nigerian billionaire Tony Elumelu.

Mike Chilewe Jr.

Mike Chilewe Jr comes from a family of entrepreneurs. The 26-year-old business owner is the son of Malawian business magnate, Mike Chilewe. Learning from his father, the younger Mike is making enviable strides as a media entrepreneur. In 2015, he acquired Lilongwe-based Star FM, a struggling radio station that he’s slowly turning into a fruitful venture.

Mike Jr, whose Twitter bio describes him as a “Young African entrepreneur on the road to building an African empire,” also owns Lala Limited, a Malawian holding company that invests in a variety of sectors such as manufacturing, agriculture, transport, and energy. When he’s not busy expanding his empire, Mike takes part in the non-profit organisation Global Business Roundtable, where he gives motivational talks to young aspiring entrepreneurs.

Barclay Okari

Barclay Okari, 24, is the founder of Impact Industries, a company that manufactures affordable, reusable sanitary pads. He started the company when he was only 19, as a way to solve a particular problem besetting many girls in Kenya’s rural communities.

He volunteered for a teaching job at a girls’ school in Narok, a small town in south-western Kenya. While at the school, he observed that a great number of the girls were missing classes. He discovered that most of them were missing school due to their monthly periods as they could not afford sanitary pads. That’s when it dawned on Barclay that there was a market for an affordable product that can greatly benefit girls and women in rural Kenya.

Taking a loan of $1,500 from his parents, and combining it with his own savings, Barclay set out to develop Safi Pads, an affordable, washable and reusable sanitary towel. Today, his company has sold these pads to hundreds of thousands of women in Kenya and Uganda.

Vanessa Zommi

Vanessa Zommi, 21, is one of Cameroon’s brightest young minds. She was just 17 when she started her venture Emerald Moringa Tea, a product aimed at fighting diabetes by reducing blood sugar levels. After her mother was diagnosed with the disease, Vanessa set out to find an inexpensive but effective remedy, and she discovered it in the Moringa tree. This remarkable tree is known for its medicinal benefits, with its leaf containing antioxidants that enable it to treat various types of diabetes and boost the immune system.

Vanessa started processing the leaf and packaging it in the form of tea for easier and enjoyable consumption. What motivates her to expand her business is that her product keeps her community healthy, and tackles her country’s chronic diabetes problem.

Nkosana Mazibisa

At 27, Nkosana Mazibisa is one of Zimbabwe’s most promising young entrepreneurs. The idea to start his own business was planted in his mind during a high school debate about his country’s collapsing economy. He started in mining, where things didn’t work out. But he never gave up. “I realised that I didn’t fail, instead it was a learning process for me. I’ve learnt patience, consistency, and courage,” he says.

Indeed, it is this consistency and courage that saw Nkosana move on to better things. He established Mazibisa Inc, a thriving brand consultancy firm, as well as Swad Taste of India, a fast food outlet based in Bulawayo, Zimbabwe’s second largest city.

Nour Drissi

Nour Drissi is the founder of online car rental platform Loue1Voiture.com, the first company in Morocco that allows users to compare car rental prices and reserve a car.

The 28-year-old entrepreneur got the idea to start her venture while working as a campaign marketing manager for a car hire company. During that time, she discovered that most car hire companies in the North African country usually suffered from a poor online presence and an absence of online booking and payment options. This realisation spurred her to start Loue1Voiture.com, with the aim to make hiring a car in Morocco a breeze. Nour’s company also gives more visibility to independent and lesser known rental agencies in the country.

Mogau Seshoene

As the world increasingly becomes modernised, people tend to lose some aspects of their culture and traditions, including making those traditional dishes that define them. Mogau Seshoene, 27, realised that while most people she met knew how to whip up some Western cuisine, many didn’t know how to make South African dishes. So she started The Lazy Makoti, a cooking startup that teaches its clients how to make local meals.

It all started in 2014 when she taught a friend how to make a traditional meal. The impressed friend went around gushing about Mogau’s services, leading other people to contact Mogau for lessons. As more enquiries started trickling in, she decided to register the business and turn her cooking skills into a livelihood, doing house calls and cooking lessons for small groups as well as selling branded kitchen accessories online and through popup stores.

Not long after opening the business, and with demand for her services increasing, Mogau quit her job in the finance sector to invest her energy into The Lazy Makoti.

Mubarak Muyika

Most people would do anything for a chance to study at Harvard University, but not Mubarak Muyika. The 22-year-old entrepreneur turned down a fully paid scholarship to the esteemed university, opting to pursue his entrepreneurial dream.

At 16, he founded Hypecentury Technologies, a web hosting company. As the company grew, established businesses began approaching the young CEO with offers to buy a stake in Hypecentury Technologies. Mubarak eventually sold the business to Wemps Telecoms, a company owned by Kenyan Entrepreneur Elvis Wakwoma.

Mubarak’s new venture, Zagace, is a cloud software that helps businesses manage inventory such as accounting, payroll, stock management, and marketing – all neatly organised into a simple and easy-to-use format called Zag apps.

Verone Mankou

At 30, Vérone Mankou has made significant strides as an entrepreneur and holds major achievements under his belt. Not only is he the founder of one of Congo’s most successful tech startups, VMK, but the Pointe-Noire-born inventor is also the creator of the first African-made tablet (the Way-C) and smartphone (the Elikia) – feats he achieved when he was still in his twenties.

Today, he has sold thousands of smartphones and tablets to his Congolese customers, and as his company grows, Verone is starting to explore new markets. He has set up a store in Abidjan, Cote d’Ivoire. In 2015, he opened a $2 million factory in the capital Brazzaville, vowing to empower local talent with opportunities.

Dina Dash

She was only 21 when she ventured into business, and now Dina Dash, 22, is already shaking up Cairo’s PR and marketing scene. After working for a PR agency for a short while, the American University in Cairo graduate decided to set up her own company. DASH Management does everything from campaigns to product and store launches, to photo shoots and social media management.

Through her company, Dina organised Egypt’s first beauty conference in 2015, Dash Beauty Con, bringing together models, online influencers, celebrities, and fashion lovers in one place.