Are Chief Diversity Officers Losing the Good Fight?

By Fredrick Lee

  • 20% of Fortune 500 companies have diversity officers

  • More-diverse corporations outperform less-diverse competitors by 35%

CBx Vibe:Fragile” Tech N9ne Feat. Kendrick Lamar

Diversity and inclusion is a profitable avenue for corporations not to ignore.  However, recent bad press from corporations like Gucci and Prada raise questions about their commitment to diversity. Many chief diversity officers lack leadership support, resources and training. Perhaps this makes promoting diversity a harder commitment and sets these executives up for failure.

Why This Matters:  Only 20% of Fortune 500 companies employ chief diversity officers. In many cases corporate leaders listed diversity at the bottom of the top eight business strategies for their corporations. It’s easy to see why more than half of surveyed chief diversity officers in a 2018 McKinsey study, feels there is little or no support from corporate leaders for their work.

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African Unicorn Jumia Heads to Wall Street

African Unicorn Jumia Heads to Wall Street

By CultureBanx Team

  • Jumia set to IPO on the NYSE

  • The e-commerce platform raised about $770M and is valued at $1.2B

African e-commerce platform Jumia filed with the SEC to raise up to $100 million in an initial public offering. The tech unicorn has grown quickly but is burning through an equally high amount of cash in its quest to become the Amazon (AMZN +1.55%) and Alibaba (BABA +0.34%) of Africa.

Why This Matters: Some analysts think listing Jumia shares on the NYSE makes sense, but investor appetite is questionable considering the company's persistent financial losses in its core markets. Jumia has raised about $770 million from investors and is valued at $1.2 billion. However, at the end of 2018 the e-commerce firm loss $977 million.

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The NBA Shoots Its Shot at Africa With A New League

The NBA Shoots Its Shot at Africa With A New League

By CultureBanx Team

  • The Basketball Africa League will begin to play next year in January 2020

  • 13 players who were born in Africa play in the NBA

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The NBA announced the coming of a pro league team in Africa in partnership with FIBA, the governing body of the sport called the Basketball Africa League. Even our forever President Barack Obama is using his affection for basketball to help the sport in the continent of Africa. The Basketball Africa League is set to be a 12-team league and will begin to play next year in January 2020.

Why This Matters: On opening night NBA rosters this season included 13 players who were born in Africa and the league hopes to cultivate even more talent in the region. In order to set up various teams qualification tournaments will be held later this year. Contenders from Angola, Egypt, Kenya, Morocco, Nigeria, Rwanda, Senegal, South Africa and Tunisia are expected to be among those taking part. Each club can only have a maximum of two teams in the league.

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Cannabis Craze Pressures Metal Mining in Africa

Cannabis Craze Pressures Metal Mining in Africa

By CultureBanx Team

  • Cannabis investors are siphoning away capital from African mining companies

  • The top 3 listed cannabis companies have a combined market value of $30B

CBx Vibe:Canadian Drip” Hex

A boom in cannabis investment along with Canada’s legalization of the product is siphoning capital away from mining companies in Africa. Other jurisdictions are following suit or liberalizing their laws on medical or health use, creating an industry that has lured a breed of high-risk, high-return investors.

Why This Matters: In Africa cannabis companies are setting up projects in Lesotho, while other countries, including Zimbabwe and South Africa, plan to issue licenses. The rise of cannabis comes at a time when investors were already turning away from mining. The mining companies operating in Africa are already viewed by many investors as a particularly risky bet and have been doubly hit, according to Reuters.

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Andela Bags $100 Million for Connecting African Software Developers

Andela Bags $100 Million for Connecting African Software Developers

By CultureBanx Team

  • In its series D round Andela raised $100M

  • Andela receives anywhere from $50,000 to $120,000 per developer

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African outsourcing startup Andela has just received a major injection of capital on its quest to continue connecting developers on the continent with tech companies around the world. They have raised $100 million and puts the valuation of the company at somewhere between $600 million and $700 million.

Why This Matters: If you’re wondering, what exactly does Andela do? They train developers across Africa for contract work with U.S. employers. Andela now operates in Kenya, Uganda, and Rwanda, and has about 1,100 developers on staff working for more than 200 companies, nearly 90% of which are located in the U.S.

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