Atta Africa Financial Update

Key commercial and political activity in Africa for private equity investors by DCE Partners, UK Private Equity advisors to Atta.

Executive summary: What's fare is fair.

Five hundred Uber drivers in South Africa have joined the South African Transport and Allied Workers’ Union because, they say, they are exploited by the cut price taxi company. They also plan to take the company to the labour court.

There are more than 4,000 Uber drivers operating in South Africa, with 2,500 operating in Gauteng alone amid violence and backlash from drivers.

The e-hailing service’s safety standards were also called into question after its drivers were attacked and intimidated in Johannesburg and Cape Town by a cluster of metered taxi drivers, who fear that Uber is crippling their businesses.

Uber takes a cut from every trip; for Uber X it’s 20 per cent and Uber Black, 25 per cent. Uber will also lease the vehicles to drivers in most cases.

One driver remarked "they take a quarter of what I make every trip. They’re treating us like rubbish. We are not even involved in the running of the business yet we are the so-called ‘driver-partners".

The drivers plan to take Uber to the Commission for Conciliation, Mediation and Arbitration.

Fact: China consumes about 57 million tons of pork annually, which represents about 49 percent of the global total

Shock as Tanzania dumps Economic Partnership Agreement

  • Tanzania has said it will not sign the Economic Partnership Agreement between the East African Community and the European Union following decision by Britain to exit from Union
  • A number of officials at the secretariat were apparently at a loss on Friday after learning of the country’s u-turn as announced in Dar es Salaam by the permanent secretary in the ministry of Foreign Affairs, Dr Aziz Mlima

Atlas Mara appoints former Standard Chartered Bank executive to head Zambia acquisition

  • Atlas Mara has appointed former Standard Chartered Bank Africa chief risk officer Benjamin Dabrah as managing director of its latest acquisition Finance Bank Zambia
  • The London-listed financial services provider said in a statement that FBZ and BancABC Zambia, which it also owns, would eventually be merged into one commercial entity, without giving a time frame