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NBA to invest millions of dollars in new African league : The Standard

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The NBA will invest millions of dollars in Basketball Africa League, its first professional league outside of North America, and will be hands-on in its operation, a top executive said on Tuesday.

The NBA, in partnership with the International Basketball Federation (FIBA), is launching the Basketball Africa League in January 2020, featuring 12 teams from across the continent.
“This league will be fully operated by the NBA,” Amadou Gallo Fall, the NBA’s vice president for Africa, told Reuters by phone from Johannesburg. “Our expertise and best practices will be on display.”
The NBA generated $8 billion in revenue last season, according to Forbes, and industry players say audience interest in Africa has grown alongside the profile of Africans playing in the world’s top basketball league.

SEE ALSO :Nigeria: The presidency, power and petroleum

Cameroon’s Joel Embiid, a 25-year old center for the Philadelphia 76ers has emerged as a top player in the NBA, signing a five-year contract with the team worth nearly $150 million in 2017.
This season, Embiid and 24-year-old Giannis Antetokounmpo of the Milwaukee Bucks, born in Greece to Nigerian parents, are contenders to become the NBA’s most valuable player.
The NBA established an Africa office nine years ago. It held its first NBA Africa game in 2015. Games in 2017 and 2018 were played in front of sold-out crowds in South Africa.
Basketball Africa League will involve six national champions — from Nigeria, Angola, Morocco, Egypt, Tunisia and Senegal — who will automatically qualify for the competition. The remaining six will come through international qualifiers later this year.
“It’s an opportunity through our partnership with FIBA to continue to strengthen the basketball ecosystem here,” Fall said.

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SEE ALSO :Hello Africa: Kenya’s son Obama bringing basketball home [Photos]

He did not confirm exactly how much the NBA would be investing in the league but said it was millions of dollars.
As the NBA courts African audiences, African players have been conquering the NBA.
There were 13 African-born players on the rosters of NBA teams at the opening of the 2018/19 season, out of the 108 international players. That rises to about 40 if players with African parents are included, Fall said.
“It tremendously impacts the growth in popularity of the NBA,” he added.
The NBA began in March livestreaming on YouTube two games a week for free for viewers in sub-Saharan Africa, in a bid to build a larger fan base on the continent.

SEE ALSO :Kevin Durant bags MVP award in NBA All-Star game

The league opened an elite basketball academy in Senegal in 2017, which along with its Basketball Without Borders Africa programme, has showcased African talent hoping to play for NBA teams or U.S. colleges.
The next step is for an African basketball team to secure an Olympic medal, Fall said.
“That day is coming soon,” he added.

NBABasketballInternational Basketball Federation



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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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