CNBC to launch business channel in Africa

CNBC plans to launch Africa’s first business TV channel next year as rising investment on the continent buoys demand for news that goes beyond the media’s diet of war and disease.

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By  Vijaya Cherian Published  December 2, 2006

CNBC plans to launch Africa’s first business TV channel next year as rising investment on the continent buoys demand for news that goes beyond the media’s diet of war and disease. CNBC Africa will launch in May 2007, employing 40 journalists in four countries to cover financial markets. “Africa offers enormous opportunities,” says Dubai-based CNBC Africa chairman, Zafar Siddiqi. “We are coming into a new era of transparency, of democratic and economic reform, and it’s very exciting.” CNBC Africa will be headquartered in Johannesburg. A consortium of Middle Eastern investors will provide 70% of the US $21 million start-up costs and South Africa’s Industrial Development Corporation will fund the rest. Siddiqi said he hoped to employ as many Africans as possible. The channel will feature eight hours of local content a day with programmes from CNBC in Europe, the US and Asia as well.

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