Millennium, Portugal’s largest privately-owned bank, said on Wednesday after the closing bell it had agreed to sell the stake for 164 million euros ($235.8 million) to Santoro Financial Holdings, which is owned by the daughter of Angola’s president. [Forexpros]
George Ayittey has an excellent talk on TED (transcript here) where he splits Africa’s recent history in two generations: cheetahs and hippos. While cheetahs are the younger generation more willing to change things and less tolerant to issues such as corruption, hippos, the older generation, are the ruling elite with their mindset still attached to colonialism and imperialism, in a way the only thing they’ve done was replacing the European rulers by their inner circle.
Despite Isabel dos Santos, President’s daughter and shareholder in most of the companies operating in Angola, being a young woman, hardly anyone would identify her as part of the cheetah generation that’s trying to change things in Africa.