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24 Hours Across Africa

Tesla closes $2.7 billion mixed offering of shares, debt

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Source: Reuters

Tesla Inc said on Wednesday it closed its $2.7 billion offering of stock and convertible notes and that it was over-subscribed, giving the electric carmaker much needed cash as it ramps up production.

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Tesla sold about $860 million in shares and $1.84 billion in debt, after the underwriters exercised their option to buy 15 percent in each offering.

Shares of the company were down 0.8 percent at $245.20 in trading before the bell.


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24 Hours Across Africa

Kenya: Popular author and gay activist dies.

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Kenyans prolific writer Binyavanga Wainaina, who was born in Nakuru in Rift Valley Province has died after a short illness in Kenya.

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He is popularly known for his debut book, a memoir entitled One Day I Will Write About This Place, was published in 2011.

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In January 2014, in response to a wave of anti-gay laws passed in Africa, Wainaina publicly announced that he was gay, first writing a short story that he described as a “lost chapter” of his 2011 memoir entitled “I am a Homosexual, Mum”, and then tweeting: “I am, for anybody confused or in doubt, a homosexual. Gay, and quite happy.

Prize-winning Kenyan writer Binyavanga Wainaina has died in Nairobi after a short illness at the age of 48.

Wainaina was also named among Time Magazine’s 100 most influential people in 2014 for his gay rights activism.

He “demystified and humanized homosexuality” author Chimamanda Ngozi Adichie wrote at the time.

Wainaina was one of the first high-profile Kenyans to openly declare he was gay and “he felt an obligation to chip away at the shame” that people felt about being gay, Adichie added.

Wainaina challenged Kenyans to rethink their negative stereotypes about homosexuality, Nyabola added.

“Inasmuch as homosexuality is illegal in Kenya, there are people who are very comfortable with their identity… but the public space for acceptance and respect has always been lacking and even characterised by violence,” Nyabola said.

“What he said is ‘look I’m here and I’m still the same person that you know and love and respect ‘… I think it’s incredibly powerful,” she added.

Homosexual relations are currently illegal in Kenya but the Supreme Court is due to rule on Friday whether to overturn the law banning them.


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24 Hours Across Africa

Algerians army Chief shun claims over political ambition.

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Algeria’s army chief of staff said on Wednesday he had no political ambitions in response to democracy activists who say that he intends to copy the authoritarian model of Egypt.

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The armed forces have been a pivotal power center in Algeria for decades and have been managing a transition after mass protests forced President Abdelaziz Bouteflika to resign last month after 20 years in office.

Street demonstrations have continued to press demands for a dismantling of the elite of independence veterans, security commanders and business tycoons that have run the major oil and natural gas producer since independence from France in 1962.

“Everybody should know that we have no political ambitions,” Lieutenant General Ahmed Gaed Salah told state television.

A presidential election has been scheduled for July 4 but an informed source said on Friday it might be postponed.

Algerian activists say they are concerned the army-steered transition toward democracy will prove illusory as in Egypt.

As Egypt’s army chief in 2013, Abdel Fattah al-Sisi toppled freely elected Islamist President Mohamed Mursi, won election himself in 2014 and then suppressed Mursi’s supporters as well as the liberal opposition in a pervasive crackdown on dissent.

In Algeria, analysts the army fears the crisis will continue at a time of worsening disorder in neighboring Libya, where there is factional fighting for control of the capital Tripoli.

Salah also said a fight against corruption and cronyism, among protesters’ main grievances, would continue and that he disagreed with some officials who said this was not a priority.

Earlier this month a military judge placed Bouteflika’s youngest brother and two ex-intelligence chiefs in custody. They joined a string of businessmen and officials under investigation over corruption ahead of the presidential election.

Said Bouteflika, who served as a top adviser to the presidency, acted as Algeria’s de facto ruler after his brother suffered a stroke in 2013 that left him in a wheelchair.

Several businessmen, including Algeria’s richest man, Issad Rebrab, have also been placed in custody pending completion of investigations into corruption allegations.


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