Dubai Caps Worst Month Since 2008 as Real Estate Stocks Tumble

Dubai shares declined, posting the biggest monthly retreat in almost six years, as investors fled property stocks.
The DFM General Index (DFMGI) lost 4.4 percent to 3,942.82 at the close, bringing its monthly loss to 22 percent, the most since November 2008. It entered a bear market last week after the shares plunged 20 percent from their peak in May. Emaar Properties PJSC (EMAAR), the developer with the biggest weighting on the measure, decreased 3.7 percent. Arabtec Holding Co. (ARTC), the United Arab Emirates’ largest listed contractor, fell 10 percent, the most allowed in a day.

Tencent Buys $736 Million Stake in Craigslist-Like Site

Tencent Holdings Ltd. (700), Asia’s largest Internet company, agreed to buy a $736 million stake in a Craigslist-like site to bolster its online content as it seeks to compete with Alibaba Group Holding Ltd.
Tencent will buy a 19.9 percent stake, amounting to 36.8 million Class A and B ordinary shares in Chaoyang, China-based 58.com (WUBA) at $20 each, the company said in a statement distributed through PR Newswire late on June 27.

Shell Offers $51m As Compensation For Oil Spill In Nigeria

VENTURES AFRICA – Royal Dutch Shell has offered to compensate Nigeria’s Bodo community with the sum of £30 million ($51 million) for two oil spills that destroyed the livelihood of Fishermen in 2008.
“Nigeria’s Bodo community should ask their UK Lawyers to stop wasting time pursuing ambiguous claims,” Shell Nigeria’s MD, Mutiu Sunmonu said. “Shell wants to compensate quickly and fairly those who have genuinely been affected and also clean up all affected areas.”

Rothschild Raise $530 million For African Investments

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VENTURES AFRICA – Switzerland–based investment bank, Edmond de Rothschild has raised $530 million for its first Africa-focused private equity fund.
Rothschild would raise dedicated funds for Africa alongside U.S.-based Carlyle Group and Dubai’s Abraaj, Financial Times said.
The fund which will be managed by Amethis Finance – a company which operates from Nairobi and Abidjan. It will target small and medium sized companies on the continent. Edmond de Rothschild holds major shares in Amethis Finance.

East Africa The Cheapest Region To Start A Business – Savannah Fund

  VENTURES AFRICA – Startups can easily get their footing in East Africa as the cost of setting up a business in the region is the lowest in sub-Saharan Africa, a recent research by venture capital (VC) group, Savannah Fund has revealed.
According to the research, infrastructure is cheapest in the region. Administrative costs and human resources also come cheaper than in competing regions including West and Southern Africa. South Africa is seen as the most expensive country in Africa for startups.

Foreign reserves rise marginally to $37.26 billion by June 26

Foreign exchange reserves rose marginally to $37.26 billion on June 26, up 0.18 percent month-on-month, from $37.19 billion in May, data from the Central Bank of Nigeria (CBN) showed on Monday.
But the reserves were down 22.74 percent year-on-year, the data showed. Foreign reserves stood at $48.23 billion on June 26, 2013.
The external reserves which had declined to $36.697 billion on June 4, 2014, the lowest in over two years, rose by 1.61 per cent between June 4 and 26.
The CBN, under the leadership of its new governor, Godwin Emefiele, had highlighted shoring up the external reserves as one of its key targets.

Facebook scores record 1 billion interactions for World Cup

With 1 billion posts, likes and comments in just the first half of the World Cup, the soccer tournament is already the most talked-about event in Facebook Inc’s decade-long history, data obtained by Reuters showed.
The soccer conversation measured between June 12 and June 29 involved 220 million people and 1 billion interactions, the Facebook data showed. And since the ball will be rolling for another two weeks, the tournament is set to break new records as the biggest social media event to date.

Buying Into Paradise – Mauritius Woos Foreign Investors

inShare5  VENTURES AFRICA – High-priced resorts are helping Mauritius to diversify its economy while offering wealthy foreigners a holiday home or a new life in the sun.
Mauritius is one of the most popular countries for foreigners looking to buy a second home. It offers great tax benefits, a good education system and a low crime rate. The excellent climate, beautiful beaches and good flight connections add to the attraction of the island country, while the main languages of English and French make it an easy option for European expats or investors. There’s a well-developed healthcare system too, so foreigners are assured of a high standard of medical treatment in an emergency.

Nestlé Expands: Opens Chocolate Plant In Egypt

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VENTURES AFRICA – Swiss multinational food company, Nestlé, on Monday opened its chocolate plant in Egypt. The plant is its first in Egypt, with a further regional factory to be established in Dubai.
Egypt has been receiving great attention from other food and beverage companies. Companies like Coca-Cola, Pepsi and Saudi Arabia’s Almari have been announcing million-dollar investments in the country.
The new plant is located on the outskirts of Cairo in the 6^th of October City. The plant is worth 65 million-Egyptian-pound ($9million). The company aims to export its produce to other North African markets such as Libya in the coming years.

Kolawole Olajide: Startups Needs Enabling Environment To Grow

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VENTURES AFRICA – As Africa continue to experience a surge in economy and technology development, young techpreneurs are continuously using technology to find answers to impending social problems. Most of these Apps and solutions are developed to help grow the continent socially.
However, like most businesses, an enabling environment becomes imperative for the success and growth of such fantastic idea that are developed to answer the continent’s socio-economic problem.
Although, Africa has moved up from her relegated position on the World Bank’s “Easy place To Do Business List”, many startups still have the challenge of working in an enabling environment that will provide the necessary means and infrastructure that will help their businesses.

Africa’s Established Business Innovators Tell Us What Makes a Successful Entrepreneur

VENTURES AFRICA – Africa has its fair share of successful innovators, entrepreneurs and business people. We singled out three such people to ask what they believe makes a successful entrepreneur.
MAGATTE WADE, CEO Tiossan
Wade is a serial entrepreneur and a formidable advocate of positive change in business, gender roles and Africa. She was named a Young Global Leader by the World Economic Forum at Davos in 2011, and is a TED Global

BET Awards 2014 Highlights: Top 5 Show Moments

Pharrell Williams performs with Missy Elliott at the 2014 BET Awards on Sunday, June 29. Credit: Christopher Polk/BET/Getty Images for BET

We got you! On Sunday, June 29, the 2014 BET Awards aired live from the Nokia Theater in Los Angeles. From host Chris Rock's line-crossing commentary to Missy Elliott's surprise appearance, here were the night's top show moments:
PHOTOS: What the stars wore to the BET Awards
1. Get Ur Freak On! Missy Elliot made a surprise appearance during Pharrell Williams' performance of "Come Get It Bae" and stole the show. The legendary rapper even threw in a "Hey, hey, hey I'm what's happenin'" for old time's sake.
PHOTOS: Hilarious awards show audience reactions

CNBC co-anchor Simon Hobbs accidentally ‘outed’ Apple CEO Tim Cook as gay

The TV reporter was caught up in a discussion about the rarity of openly gay CEOs when he said, ‘I think Tim Cook is open about the fact he’s gay.’

ROBERT GALBRAITH/REUTERS/CNBC Simon Hobbs accidentally ‘outed’ Tim Cook on CNBC's ‘Squawk on the Street.’

Simon Hobbs is likely wishing he could press rewind.
The CNBC co-anchor spoke too soon during a live segment of "Squawk on the Street" Friday when he accidentally outed Apple CEO Tim Cook.
New York Times columnist and CNBC contributor James B. Stewart spoke about his recent column dealing with the "tortured life" former BP chief John Browne led as a closeted gay CEO.

AFC grows balance sheet 13% to $1.9bn

The Africa Finance Corporation (AFC) saw a 13 percent growth in its balance sheet size in 2013, to $1.9 billion from $1.7 billion, according to data from the bank’s annual report.

The Corporation’s underlying comprehensive income also grew by 5 percent to $87.3 million from $82.3 million for the period.

“This was driven by a significant increase in fees and commission income, combined with improved efficiency translating into lower operating expenses,” said Adebayo Ogunlesi, chairman of the AFC, in a statement to shareholders.

Ecobank named best trade bank in Nigeria by London-based media firm

Ecobank has been named the Best Trade Bank in Nigeria by London-based Trade Finance magazine in their 2013 Awards for Excellence.

Their annual survey of the magazine ranks firms based on votes gathered from industry players and members of the magazine’s editorial team. Manufacturers, exporters, importers, traders, government and multilateral agencies were consulted for their input on the survey.

The award comes amid a growing demand for trade finance, as Nigeria continues to implement economic and structural reforms to create a stronger and a more diverse economy.

Hitachi Data Systems launches new technology in Nigeria

Hitachi Data Systems Corporation (HDS), a wholly-owned subsidiary of Hitachi Limited, has unveiled new technology in Nigeria in line with its global launch to accelerate customer success with business defined information technology (IT) – a closer linking of a company’s business and technology objectives that demands a more responsive IT foundation.

The new technology, dubbed ‘Continuous Cloud Infrastructure,’ can drive IT efficiency through a responsive, software-rich architecture that can quickly react to changing needs without continual redesign and disruption, the company says.

Senegal Sukuk Shows Way for South Africa, Nigeria to Debut

Senegal beat South Africa and Nigeria to market with sub-Saharan Africa’s biggest sovereign sukuk, clearing the path for the continent’s biggest economies to follow with debut Islamic bonds.
Senegal opened a sale this week for 100 billion CFA francs ($208 million) of the debt that will close July 18, tapping a global market that may surpass record issuance of $46.5 billion in 2012, according to arrangers. Worldwide offerings rose 27 percent to $24.4 billion in 2014 from a year earlier, data compiled by Bloomberg show. Gambia, which shares a border with Senegal, sells sukuk maturing in less than a year weekly, with yields on 91-day notes falling 117 basis points this year to 14.89 percent.

Hong Kong Accountants Say Protests May Spur Exodus of Companies

The world’s four biggest accounting companies said a planned pro-democracy sit-in protest in Hong Kong’s business district may lead to an exodus of firms, hurting the economy.
Organizers of Occupy Central with Love and Peace, who are against China’s plans to vet candidates for elections in the city, should resolve the differences through negotiations, KPMG LLP, Deloitte LLP, Ernst & Young and PricewaterhouseCoopers said in a joint statement published today in the Hong Kong Economic Journal newspaper.

Venezuelan Zara Binge Gives New Meaning to Fast Fashion

Photographer: Corina Pons/Bloomberg

People wait in line outside a Zara store at the Sambil shopping mall in Caracas.

On the rare day that Zara had clothing to sell in Venezuela, the fast fashion was disappearing even more quickly than usual.
About 300 people lined up at midday outside a Zara store in the Sambil shopping mall in Caracas last week, seeking clothing as the country’s currency controls have emptied stores of imports. Shoppers waited their turn after picking a number under the eye of security guards, who controlled access to the shop.

World Bank Says Emerging-Market Calm May Turn Volatile

Developing economies enjoying “remarkably favorable” financing conditions in recent months remain susceptible to changes in investor sentiment that could crimp capital inflows, a World Bank report said.
“Current market conditions are supportive to developing-country prospects in the short term, but could encourage investors to underprice risk and borrowers to increase leverage,” the Washington-based lender said in a report today. “This might set the ground for sudden spikes in volatility and sharp adjustments to adverse news.”

Marriott sees revenue boost on Africa expansion

Marriott International Inc., the world’s second-largest publicly traded hotel chain, said expansion into new Africa markets and a global economic recovery may boost revenue by as much as 10 percent this year.

“We would see the existing hotels grow their top-line by something between 4 percent and 6 percent and should add another 4 percent to 5 percent new hotels,” CEO Arne Sorenson said, noting “if you combine those two, you get revenue growth for us that are in the 10 percent range.”

Security concerns in Kenya and Nigeria, triggered by a series of deadly bomb attacks by Islamist rebels, won’t deter Marriott from further investment in those countries as the company is planning for the long term, Sorenson said.

Nigeria aims for investment hub as appetite for South Africa wanes

Nigeria is increasingly positioning itself as an investment hub on the African continent as appetite for South Africa, its more developed rival to the south wanes.

 South Africa’s credit-rating outlook was cut to negative from stable by Fitch Ratings last week because of deterioration in the country’s growth prospects.

 South Africa’s economy, the second largest on the continent – after Nigeria leapfrogged it post a rebasing of gross domestic product (GDP) data – is threatened with recession as a 20-week strike over pay shut the world’s biggest platinum mines.

World Bank cuts Kenya growth forecast for 2014

Kenya will grow slower than expected in 2014, the World Bank said on Thursday, citing poor rains and growing insecurity in east Africa’s biggest economy.
The World Bank said Kenya’s economy would expand 4.7 percent this year, shaving 0.5 percentage points off its previous estimate six months ago. The bank projects growth to remain the same in 2015.
The cuts suggest growth in Kenya will lag its east African neighbours. The government earlier this month put Kenya’s growth at 5.8 percent this year and 6.4 percent in 2015.

‘Computer Warehouse Group holds potentials to become next Google’

Austin Okere, founder/CEO, Computer Warehouse Group (CWG) plc, has noted that the company has the potentials to become the next Google, given the business prospects of her new business model, CWG 2.0.

The CWG boss made this point while addressing the company’s shareholders at the ninth annual general meeting (AGM), which held last week in Lagos.

Addressing shareholders, Willie Belonwu, chairman, CWG, noted that “the results which showed strong and positive performances across all financial indices also confirmed the company’s position as the foremost Pan African ICT services provider.”

Nigeria Stock Exchange: market capitalisation depreciates to N13.779 trillion

Investors fortunes at the Nigerian Stock Exchange (NSE), on Thursday, dipped by N85 billion after four days of consecutive rallies.
Investors huge profit takings saw the Market Capitalisation depreciating to N13.779 trillion, compared with the opening capitalisation of N13.864 trillion.
Also, the All-Share Index fell by 257.96 points or 0.61 per cent to close at 41,729.59 points, as against the 41,987.55 points recorded on Wednesday.

Android Is Google's Next Boring Moneymaker

Google's presentation at its big developer event on Wednesday was uninspiring (one reporter is said to have fallen asleep in his chair at the Google I/O conference). Still, the search company is getting serious about developing its non-advertising revenue stream and that means more work on the boring Android products that create it, and less airtime for funky glasses and robotics.

Mercedes Upstages Rolls-Royce With $1 Million S-Class

The Mercedes-Benz S-Class Pullman will have three rows and cost as much as double the top-of-the-line Rolls-Royce, setting it up to become the world’s most expensive sedan when it goes on sale next year.
Priced at about $1 million with armor plating, the vehicle will be reminiscent of past Mercedes models owned by the likes of designer Coco Chanel and former Philippine leader Ferdinand Marcos. The four rear seats will face each other and be separated from a front chauffeur compartment by a partition window to guarantee discretion, according to a person familiar with details of the brand’s strategy.
The Pullman will cap an ongoing expansion of Mercedes’s high-margin flagship into a line of six models, double the number of variants in the past. The plan includes a sporty coupe that goes on sale this fall. By bulking up on elite vehicles, the Daimler AG (DAI) unit is challenging Bayerische Motoren Werke AG (BMW) and Volkswagen AG’s Audi to follow as the three vie for the luxury-car sales lead.

Alibaba Picks New York Stock Exchange for IPO

June 26 (Bloomberg) -- Alibaba Group Holding Ltd. plans to list its shares on the New York Stock Exchange, said a person with knowledge of the matter. (Source: Bloomberg)

Alibaba Group Holding Ltd. plans to list its shares on the New York Stock Exchange, cementing the 222-year-old market’s newfound strength in technology companies.
The decision is a blow to the Nasdaq Stock Market which was competing to become the venue for what could be the largest-ever IPO in the U.S. Alibaba named the exchange in a filing today, saying it plans to use the ticker “BABA.”

Jumia Extend Operations To Northern Nigeria With Kano Launch

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VENTURES AFRICA – Nigeria’s largest online retail store, Jumia Nigeria has extended its reach to Kano, the second largest commercial city in the country.
“This expansion is one of many to come as we already have hub stations in 9 other states,” Co-CEO at Jumia Nigeria, Nicola Martin said.
There has been much scepticism with regards seeking business prospects in the Northern part of Nigeria, which has been sizzled with different violent attacks by terror group, Boko Haram group, but Jumia believes the extension will provide a new set of consumers with a vast array of retail products and alternative payments systems.

Does Ghana’s World Cup Team Request For Cash Payment Indicate A Larger African Problem With Electronic Banking?

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VENTURES AFRICA – The government of Ghana has flown $3 million into Brazil, just in time for the Black Stars’ crucial World Cup game against Portugal.
The Ghanaian players’ frustration since the tournament began is not limited to not having won a game, but also because they have not been paid their appearance fees.

Global cybercrime market worth hits $288bn

 

Taiwo Longe, chief information officer, Central Bank of Nigeria (CBN), says the market value of global cybercrime has reached a whooping sum of $288 billion, an amount that is said to have surpassed global marijuana trade.

Longe made the disclosure while speaking on the topic: “Ensuring Information Security Assurance through policy framework” at the first National Cybersecurity Forum organised by the Office of the National Security Adviser in Lagos.

Glo is preferred destination for porting subscribers – NCC data

National telecommunications operator Globacom led the gainers table in the porting figures for March and April released by the Nigerian Communications Commission (NCC).

According to the Port-Out Activities of Mobile Network Operators’ report made available by the industry regulator, Glo recorded a total of 11,167 subscribers who ported into the network from other operators in the two months.

The figure is made up of 3,212 subscribers who ported into Globacom from other networks in March, while the number of subscribers who switched to Glo platform from other operators in April was 7,955.

Airtel came second with a total gain of 8,565 for the two months. The company gained 5,749 porting subscribers in March, while 2,816 subscribers joined it from other operators in April. Etisalat was next with 3,016 porting subscribers in March, while its April figure was 3,280, making a total of 6,296 new customers from other networks.

 Largest operator, MTN, came fourth as its figure for March was 1,780, while that of April was 552, making a total of 2,332 subscribers who ported into the network from other service providers.

A total of 14,183 telecom users engaged in porting-out activities across the networks in April, as against the 13,383 recorded in March.

 The porting activities showed that telecom users were most comfortable with the services of Globacom, hence, the movement of most subscribers from other networks  to its network.

 Globacom had recently embarked on a massive network expansion and technical network upgrade project which has significantly enhanced the quality of customer experience on the network. The expansion project involves network upgrade and overhaul of infrastructure across the country, as well as expansion and densification projects that will on completion cater for its existing and potential subscribers.

The Mobile Number Portability (MNP) was flagged off on April 22, 2013 by the NCC, with the aim of deepening competition in the industry.

‘Bilateral trade between Nigeria/Britain to exceed £8bn target this year’

The Nigerian-British Chamber of Commerce (NBCC) says it expects bilateral trade between both nations to exceed its targets this year.

Prime Minister David Cameron and President Goodluck Jonathan in 2010 had resolved to double trade between the two countries from £4 billion to £8 billion by 2014.

“By the end of 2012, the figure already stood at £7.2 billion and there is no doubt that the target of £8 billion would have been exceeded well before the end of this target year of 2014,” said Adeyemi Adefulu, president, NBCC, recently in the Chamber’s trade mission to Britain.

Norway’s $880bn SWF to target frontier markets like Nigeria

Norway’s $880 billion sovereign wealth fund, the world’s largest, will expand its scope of investments to target “frontier markets” and add more currencies to generate higher returns.

Frontier markets, also called pre-emerging markets, have equity markets that are less established than in emerging markets.

These include countries such as Nigeria, Argentina, Ukraine and Kazakhstan, according to MSCI Inc.

The MSCI Frontier Market Index is up 16 percent this year compared with a 5 percent gain for the MSCI World Index of developed market shares. Nigerian equities made up 20 percent of the MSCI FM index as of June 2014.

Tech Billionaire Made in France Seeds Paris Entrepreneurs

Photographer: Emmanuel Fradin/Bloomberg Markets

France, Europe’s second-largest economy, is struggling to rebound from 12 straight quarters of stagnation. Paris-based tech billionaire Xavier Niel isdefying the malaise by nurturing a startup culture.

On a spring afternoon, Xavier Niel enters the boardroom of Iliad SA (ILD), the Paris-based telecommunications firm he founded two decades ago. He’s wearing a white dress shirt and jeans, the same outfit he’s sported with Steve Jobs–like regularity for years. With his longish hair and rumpled attire, he looks more like a hacker who’s blundered into the wrong office than a man who’s worth $10.5 billion.

Ghana Sends Plane With $3 Million to Calm World Cup Team

Photographer: Chris Ratcliffe/Bloomberg

Ghana’s President John Dramani Mahama contacted the team and the arrangements for... Read More

Ghana has sent a plane carrying more than $3 million in cash to Brazil to pay the World Cup appearance fees owed to the national soccer team, known as the Black Stars.
“The players insisted that they will want physical cash,” Deputy Sports Minister Joseph Yammin said in comments broadcast by Accra-based Citi FM. “Government had to mobilize the money and a chartered flight to Brazil. The money is in excess of $3 million.”

Japan bets big on making fuel-cell cars a near-future reality

A security guard walks under the logo of Toyota Motor Corp at the company's showroom in Tokyo June 17, 2014.

(Reuters) - Japan's government and top carmakers, including Toyota Motor Corp, are joining forces to bet big that they can speed up the arrival of the fuel cell era: a still costly and complex technology that uses hydrogen as fuel and could virtually end the problem of automotive pollution.

World Bank pledges $4 billion to Kenya over four years

The World Bank will lend Kenya $4 billion over the next four years, most at below commercial rates, to help finance new infrastructure and other areas of the economy to boost growth and cut poverty.
Thomas O’Brien, the Bank’s country co-ordinator for Kenya, Rwanda and Eritrea, said on Monday the bulk of the funds, about $600-$800 million annually, would be in concessionary loans to the government for transport, energy and other projects.

Ex-Millennium Global manager gets 4 years in prison for inflating Nigerian govt warrants

Michael Balboa inflated the value of illiquid warrants tied to Nigerian debt, in an effort to increase the apparent performance of the fund and boost his compensation

A former London-based portfolio manager was sentenced to four years in prison on Monday for inflating his hedge fund’s assets by manipulating the value of Nigerian debt.

Michael Balboa, a former portfolio manager at Millennium Global Investments Ltd, was also ordered by U.S. District Judge Paul Crotty in New York to forfeit $2.2 million prosecutors say he earned in the scheme and pay $390 million in restitution over investor losses.

Fashola explains how Lagos spent $90m World Bank loan

Lagos State Governor,  Babatunde Fashola, on Tuesday explained how his government utilised the $90 million (N13.5 billion) World Bank Education Loan it obtained in 2009.
Speaking during the launching of a book titled “Eko Project: A Legacy of Excellence’’, Fashola said that the loan, which was obtained to fund teaching and learning infrastructure under the State`s Eko Secondary Education Project has significantly improved students’ performance.

South Africa’s Platinum Strike Finally Ends

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VENTURES AFRICA – South Africa’s five-month old platinum wage strike by members of the militant Association of Mineworkers and Construction Union (AMCU) came to an end yesterday and striking workers are expected to return to work on Wednesday this week.
Joseph Mathunjwa, the president of AMCU, broke this news to the media after the miners’ mass meeting at the Royal Bafokeng stadium just outside Rustenburg. Mathunjwa said the new wage deal will be signed today.

Do We Still Need Banks?

VENTURES AFRICA – “We don’t need banks!” was the centre point of a speech by Prateek Shrivastava, Co-founder of Beyond Branches, a UK-based digital financial services company and one of the panelists at the just concluded Africa CEO Round-table & Conference on Sustainability (AR-CSR) held in Calabar, Nigeria, with the theme :‘The intersection: financial inclusion, economic sustainability & social benefit’.
Shrivastava argued that financial inclusion can be improved by understanding the basic wants of consumers, stressing that digital financial services like debit and credit cards and paypal are “disrupters” and can make consumers make transactions conveniently without regular trips to a bank.

Has Africa Lost Lead in Mobile Payments Innovation, Adoption Race?

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VENTURES AFRICA – From the moment M-PESA launched in Kenya in 2007, Africa was heralded as the undisputed leader in the innovation and adoption of mobile payment services. Today, more than 17 million Kenyans use M-PESA, and in 2013 a full quarter of the country’s GDP passed through the service. However, recent data are beginning to pose the question; is Africa still leading the global mobile payments innovation race?

Airtel Zambia Forced to Refund Subscribers

VENTURES AFRICA – Airtel Zambia has revealed it has refunded airtime to over 28,000 subscribers after intervention of the country’s regulatory body Zambia Information and Communications Technology Authority (ZICTA).
ZICTA said about 28,000 Airtel customers had erroneously marked as roaming subscribers and lost airtime amounting to $180 each.

Nigeria’s Capital Market: Africa’s Number One Potential

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VENTURES AFRICA – Only 10 percent of jobs in Africa are in Manufacturing. One of the major bottlenecks is electricity. John Rice President & CEO Global Growth and operations for GE, says that that we cannot have sustainable or inclusive economy without jobs. There is a complex transfer function that leads to inclusive economic growth. It starts with healthcare, electricity and water – leading to precise educational plans.

16 Facts About India That Will Blow Your Mind

REUTERS/Philip Brown

India is one of the world's largest economies and it has the second largest population.

This means things in India tend to be fairly large-scaled — consider its network of roads, consumer spending, or its youth population.

But it also experiences some problems on a large scale like suicides and road accidents.

We pulled together some staggering statistics from the sub-continent.

India's road network is long enough to loop around earth over 117 times.

NASA Goddard Photo and Video/Flickr

India's road network totals 4.7 million kilometers and is the second largest in the world. Earth has a circumference of 40,075 

Source: CIA World FactBook

New Delhi's air is the most polluted in the world.

AP Photo/ Manish Swarup

The World Health Organization found that New Delhi's PM 2.5 — particulate matter that is 2.5 micrometers or less and that is dangerous for lungs — mean was 152 micrograms per cubic meter. This was nearly three times that of Beijing which has an annual mean of 59.

Source: The New York Times

The wettest place in the world is in India and it averages about 40 feet of rain a year.

Wikimedia Commons

While Cherrapunji, India likes to advertise itself as the wettest place in the world, it is argued that a neighboring town, Mawsynram could in fact top it. On average, Mawsynram gets about 467.35 inches of rain per year, while Cherrapunji gets up 463.66 inches. Hawaii's Mount Waialeale receives about 450 inches of rain each year. 

Source: Weather.com

One person died on the road in India every three minutes in 2012.

REUTERS/Mansi Thapliyal

India saw 138,258 people die in road accidents every year in 2012. But in terms of the number of deaths per 100,000, India's accident death rate equaled 18.9 for every 100,00 people, only slightly higher than the global average of 18.

Source: Quartz

India will become the world's youngest country by 2020.

REUTERS/Jim Young

By 2020, the median age in India will be 29. The population in the 15-34 age group is expected to rise from 430 million in 2011 to 464 million in 2021. 

Source: The Hindu

India consumes about half of the world’s whiskey.

REUTERS/Vivek Prakash

India consumed about 1.2 billion liters of whiskey in 2012. While India is the world’s largest whiskey market by volume, on a per capita basis, France takes the top spot.

Source: Quartz

India exports over $415 million worth of hair a year.

REUTERS/Philip Brown

Hindus donate their hair in temples as a spiritual offering, especially those that can’t afford to donate money or jewelry. 40,000 pilgrims are believed to donate their hair every day.

Source: The Economic Times

India's 25 richest people have a combined net worth of $174.8 billion, which is about as much as Ukraine's GDP.

REUTERS/Pascal Lauener

Mukesh Ambani, Chairman and Managing Director of Reliance Industries

Mukesh Ambani is India's richest man and is worth $24.2 billion. Ukraine has a nominal GDP of $176.2 billion, according to the IMF.

Source: Forbes

About 25% of India’s land is turning into desert — that’s the equivalent of three United Kingdoms

REUTERS/Ahmad Masood

A camel trader herds his camels at Pushkar Fair in the desert Indian state of Rajasthan.

Over-use and changing rainfall patterns have led to massive land degradation in India. 81 million hectares (810,000 km2) of land in India face 'desertification.' This has raised concerns about food security.

Source: Reuters

Consumer spending in India is expected to triple by 2020.

REUTERS/Danish Siddiqui

Indian consumer spending is projected to rise to $3.6 trillion in 2020, from $991 billion in 2010.

Source: Boston Consulting Group

India has the world's largest dairy cow population.

AP Photo

There were 44.9 million dairy cows in India in 2011, and about 260 dairy million cows in the world. 17.2% of the world's dairy cows reside in India.

Source: DairyCo

India saw 371 suicides a day in 2012.

Business Insider/Andy Kiersz

135,445 people committed suicide in India in 2012, according to the National Crime Records Bureau (NCRB). Suicide rates were the highest in Puducherry at 36.8 for every 100,000 people. Student suicides are a huge problem as well. 

Source: The Hindu

India's medical tourism industry is set to equal $2 billion by next year — that's about the GDP of Greenland.

Clevver Movies via YouTube

Medical tourism in India is centered on orthopedics and cardiology. "India is the world's medical travel thrift destination with savings of 60-90% on an array of procedures. Harvard-affiliated Wockhardt Hospital has performed more than 20,000 heart procedures, with 98%+ success rates (surpassing US and EU standards).

Source: Medical Tourism Resource Guide/The Economic Times

India has over 275 billion tons of coal reserves, that's the equivalent of 1.37 billion blue whales.

Kevin Frayer/AP Photo

India is expected to pass the U.S. to become the world's second largest coal consumer over the next 20 years. This will primarily be driven by its electric power sector. A blue whale weighs 200 tons.

Source: EIA/Business Standard

India was the fourth most dangerous country for journalists last year.

REUTERS/Utpal Baruah

India saw 13 reporters killed in 2013, according to the International News Safety Institute (INSI). Syria and Iraq, both countries dealing with armed conflict, had the highest number of deaths, followed by the Philippines.

Source: Reuters

The most expensive home in India cost $1 billion to make about the same as Somalia's GDP.

Wikicommons

Indian billionaire Mukesh Ambani's home, Antilla, cost $1 billion to construct, making it the most expensive home in the world. Somalia has a GDP of $1.3 billion.

Source: Business Insider

Want to see some truly staggering statistics out of China instead?

REUTERS/Nir Elias

S