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Is Africa ready for the Red Hot Chili Peppers and Metallica? Flea says “yes” (AFK)

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Along with a solid infrastructure, stable financial system, public education and vibrant political system, add the ability to host the tour of a rock and roll band to the list of signs that an economy has reached an advanced level of development.

In an article in The Wall Street Journal , "Overweight in Metal, This Band Tried to Play the Forex Market: Metallica, Other Rockers Go Hardcore To Master Currency Moves; 'a U.S. Export," Neil Shah detailed the financial planning, including foreign exchange movements, that goes into a band touring abroad.

Flea, the bassist for the Red Hot Chili Peppers, wants to tour in Africa. The band's trek in South America in September was profitable and included surfing off the coast of Brazil. At the time, the soaring value of the real, the currency in Brazil, made the trip even more rewarding.

Flea now wants to try the waves on the other side of the Atlantic and tour in Africa. But according to The Wall Street Journal , Cliff Burnstein, the manager of the Red Chot Chili Peppers and Metallica, does not think Africa has the infrastructure for an economically viable tour.

As the Wall Street Journal notes, "Flea wants to play Africa, but the puckish Mr. Burnstein has pushed back, saying the continent's infrastructure and profit potential -- excluding South Africa -- isn't there yet."

As reported on www.emergingmoney.com in previous articles, companies such as Kraft ( KFT , quote ) and Procter & Gamble ( PG , quote ) are expanding in Africa, but an economy apparently cannot be considered truly emerging until Flea riffs into "Under the Bridge" or "Californication."

In the meantime, look to diversified funds like AFK ( quote ) for broad African exposure.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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