Konnichiwa,
Victoria from Techpoint here,
Here's what I've got for you today:
- Ethiopia’s new EV factory
- Does LinkedIn’s “Open to Work” tag actually work?
- Access Bank acquires ABC Tanzania
- Canal+ has no plans to change MultiChoice's brands
Ethiopia’s new EV factory
Ethiopia has launched its biggest electric vehicle (EV) factory in Debre Berhan, Amhara region, which is expected to produce around 1,000 cars a year.
Local entrepreneur Belayneh Kinde built the factory for over $52 million.
In 2020, Ethiopian businessman and Olympian Haile Gebreselassie started an EV assembly plant with Hyundai. Unfortunately, that partnership fell through after a year due to foreign currency shortages for importing materials.
What’s more, economic challenges have prompted the Ethiopian government to postpone significant initiatives like the $5 billion Grand Renaissance Dam. This dam is crucial for improving the electricity network needed to support the growing number of EVs.
As part of its 10-year Perspective Development Plan, Ethiopia aims to import 4,800 electric buses and 148,000 electric cars. Last year, they banned non-electric car imports and introduced tax breaks for electric cars to push this green initiative.
The Ministry of Transport recently announced they’ve brought in over 100,000 electric cars and set up 60 charging stations in Addis Ababa, driving the green movement forward.
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Does LinkedIn's “Open to Work” tag actually work?
Ever wondered if that "Open to Work" tag on LinkedIn actually works? Well, according to LinkedIn, over 33 million users have slapped it on their profiles since it dropped during the pandemic in June 2020.
It supposedly helps job seekers snag gigs easier. LinkedIn even claims that having it doubles your chances of getting hit up by recruiters.
But hold your horses! Despite LinkedIn's optimism, there are tonne of think pieces out there not feeling the love for the "Open to Work" tag. Some folks are giving it the side-eye, which makes you wonder, is it really all that?
"Is LinkedIn's Open to Work tag good or bad?" That's a question Googlers are asking, and guess what? There's a mixed bag of opinions out there. While some swear by it, others are throwing shade at its effectiveness.
So, how do you even set up this tag? Turns out, it's a piece of cake. You just hop onto your profile, click on your pic, choose the "Open to Work" frame, and voila! You're in the club. But hey, don't forget to tweak your settings to make sure only the right eyes are seeing it.
Now, the big question: does it actually help you land a job? Well, that's where things get a bit tricky. Some say yes, others not so much. But if you're curious about the ins and outs, Oluwanifemi's got you covered. She’s got all the deets on setting its pros and cons and what the future might hold. Read it here.
Access Bank acquires ABC Tanzania
Access Bank Plc has finalised the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, through a majority equity stake, first announced in July 2023.
Access Bank plans to merge ABCT with the consumer, private, and banking businesses of Standard Chartered Bank Tanzania, which it is also set to acquire.
This merger will create Access Bank Tanzania, focusing on customer satisfaction, financial inclusion, and technological advancement to drive growth in the country.
Following the acquisition, Access Bank Managing Director Roosevelt Ogbonna emphasised that the move aims to build a strong foundation in Tanzania for intra-African trade within East Africa, across Africa, and beyond.
This acquisition is the fourth deal between Access Bank and Atlas Mara, following previous acquisitions in Zambia, Mozambique, Botswana, and Tanzania.
Access Bank has been reinforcing its presence in East Africa since January 2024, including acquiring an 80% stake in Finance Trust Bank in Uganda. In March 2024, it announced plans to fully acquire National Bank of Kenya for approximately $99.6 million.
Canal+ has no plans to change MultiChoice's brands
Canal+ has no plans to shut down or change DStv or Showmax after acquiring MultiChoice. The French media giant’s CEO, Maxime Saada, said there’s no plan to scrap them unless necessary.
Canal+ operates differently from MultiChoice, offering the same content across satellite TV and Internet streaming platforms.
While MultiChoice views Internet streaming as a separate market that requires a different brand (Showmax), Canal+ will use Showmax to address the streaming market after the takeover.
The French media giant has been gradually buying MultiChoice stock since October 2020, reaching a 35% stake at the start of 2024, triggering a mandatory buyout offer. By May, Canal+ had increased its stake to 45.2%.
Canal+ and MultiChoice issued a joint circular in June 2024 outlining the proposed buyout at R125 per share, confirming no further share purchases since May.
Canal+ disclosed that it purchased shares between May 8 and 10, 2024, for a price ranging from R119.44 to R119.68. Since achieving 40% ownership, the company has reported its MultiChoice share purchases to the market weekly.
While some shareholders speculated that Canal+ could exceed 50% ownership, MultiChoice clarified that this would require prior approval from the Competition Tribunal under the Competition Act.
In case you missed it
- Pitfalls to avoid when expanding a startup: Lessons from Paystack, Jetstream, and Lapaire
- Access Bank completes acquisition of ABC Tanzania after 12 months
- Kenyan regulator plans to issue payment licences to fintechs
- Egypt’s healthtech i‘SUPPLY raises pre-Series A funding support expansion plans
What I'm watching
- Why You Wouldn't Survive in Ancient Egypt|
- Evidence That Your Mind is NOT Just In Your Brain
Opportunities
- Pitch Friday is Friday, June 14, 2024. Register to attend here or pitch here.
- Are you a startup founder with at least an MVP? Apply for Founders Clinic, an eight-week mentorship programme connecting early-stage startup founders with experienced professionals. Register here by June 26, 2024.
- Moniepoint is hiring for 63 positions in the United Kingdom and several Nigerian states, including Lagos, Abia, and Anambra. Check them out here to apply.
- Explore this website to find multiple job opportunities in Data that align with your preferences.
- If you are a software engineer, creative designer, product manager, design researcher, or a techie looking for an internship role, please, check out this website.
Have an amazing Wednesday!
Victoria Fakiya for Techpoint Africa.
