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TOP 7 on Fin24: Banks, fitness gadgets and the overseas ambitions of Africa’s richest man

Cape Town - In case you missed it, here is a roundup of today's top 7 reads on Fin24:

Zuma lauds Brics Bank for local currency loans

President Jacob Zuma has officially declared the African Regional Centre of the New Development Bank (NDB, also known as Brics Bank) open for business.

Speaking at the launch of the first regional centre of the NDB in Johannesburg on Thursday, Zuma said due to the infrastructure gap, Africa was unable to unlock its growth potential and bring prosperity to her people. The bank, founded by the Brics member nations, aims to address these challenges by accelerating infrastructure investment in energy, transport and other productive sectors.

Finance Minister Malusi Gigaba witnesses President Jacob Zuma and NDB President Kundapur Kamath cut the ribbon marking the opening of the African regional Centre of the NDB. (Photo: Wikus de Wet/Netwerk24).

The bank that keeps on giving

In other bank related news Standard Bank posted solid results, Capitec continues to deliver astonishing returns on investment, and companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination.

Powerful fitness tracking from Garmin

The Garmin Fenix 5 is not just a smartwatch, but rather the hardcore fitness junkie’s gym buddy

The Fenix 5 is one of the newest offerings from the GPS manufacturer and encompasses numerous training regimes to give its wearer one of the most elite tracking experiences. 

The Fenix 5 features training modes tailored to sporting disciplines, from trail runs and mountain biking to open water swimming and snowboarding. 

The device also offers its wearer push notifications from their smartphone including text messaging, WhatsApp and email, as well as calendar appointments and incoming calls.

Huawei Watch 2 offers convenience without a smartphone

Chinese manufacturer Huawei has released one of the most functional smartwatches to the market. The Watch 2 could easily be mistaken for a regular watch, but it runs the Android Wear 2 operating system, allowing for more functionality as well as handy apps. 

Calls can be made and received from the smartwatch itself and with a messaging app installed, the user can reply to emails, WhatsApp messages and texts – all from the wrist. 

Africa's richest man to invest up to $50bn in US, Europe

Africa’s richest man, Aliko Dangote, plans to invest $20bn to $50bn in the US and Europe by 2025, in industries including renewable energy and petrochemicals.

The 60-year-old Nigerian cement tycoon aims to move into these territories for the first time in 2020 after completing almost $5bn of agricultural projects and an $11bn oil refinery in his home country, he said in an interview with Bloomberg Markets Magazine this month.

President of Dangote Group, Aliko Dangote. (Pic: F


The billionaire also said his first order of business if he succeeds in buying English Premier League football club Arsenal will be to fire the manager, Arsene Wenger.

Dangote  has coveted the team since becoming a supporter in the mid-1980s, he said in an interview. He’ll consider making an offer once the construction of an $11bn oil refinery in the commercial capital, Lagos, is completed.

“The first thing I would change is the coach,” Dangote said. “He has done a good job, but someone else should also try his luck.”

Wenger is Europe’s longest-serving manager.

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