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Africa this Morning

ETHIOPIA

  • Ethiopia has announced that it will introduce a nationwide cement roadmap to enhance domestic capability and meet the country’s cement demand. (Read full article here)
  • Ethiopia and Japan have signed three grant agreements worth USD 51 million. (Read full article here)
  • The Nile Basin Commission, that will help contribute to fair and equitable utilization of Nile River, will be established when three additional Nile Basin countries approve the Cooperative Framework Agreement, Eastern Nile Technical Regional Office said. (Read full article here)
  • Ethiopian Airline is making a conscious effort to lure Nigerians connecting flights to other locations from Ethiopia to stop over and see attractive and historical locations in the country. (Read full article here)
KENYA

  • The Capital Markets Authority is reviewing the tax framework for venture capital firms ten years after operating rules were implemented. (Read full article here)
  • A new Danish investor-backed private sector fund with an initial financial war chest of USD 550 million has been launched, with an eye on mega infrastructure deals in Kenya and Africa. (Read full article here)
  • Local mineral producer, Base Titanium, is headed for a good run as ilmenite and rutile witness an upsurge in prices overseas. (Read full article here)
  • The Capital Markets Authority has given approval for Securities Kenya to start brokerage operations. The new unit is part of the stockbroking and financial services firm, Securities Africa Group. (Read full article here)
  • The American Government is scouting for renewable energy projects in Kenya and across Africa that it can invest in, signalling President Donald Trump is keen to hold onto a legacy programme started by his predecessor, Barack Obama. (Read full article here)
  • Winning a second disputed election may have been the easy part for Kenyan President, Uhuru Kenyatta. Now he needs to tackle daunting economic challenges ranging from slackening growth and runaway Government spending to an unemployment rate that tops 40 percent. (Read full article here)
  • Kenyan opposition leader, Raila Odinga, told his supporters not to report for work on Monday to protest the East African nation’s disputed election in which President Uhuru Kenyatta won a second term. (Read full article here)

RWANDA

  • The Rwandan Government has been allocated another 40 hectares of land in Djibouti, although plans for development of the first 20 hectares, gifted in 2013 are yet to be determined. Read full article here)
  • Pan African lender, Ecobank, has recapitalised its loss making units in Tanzania and Rwanda even as the business environment in East Africa becomes increasingly tougher. Read full article here)
  • Egyptian President, Abdel Fattah el-Sisi, is expected in Kigali tomorrow on an official visit which is expected to further foster ties between the two nations. (Read full article here) 
  • Amahoro Tours opened a sales office in the United States marking a first for the country’s nascent tourism industry. (Read full article here)
  • The City of Kigali has urged owners of commercial buildings to create parking space while those with old buildings that do not fit into the city master plan ought to revise their plans accordingly. (Read full article here)

TANZANIA

  • Hurt by slower-than-expected performance of construction, transport, agriculture and the financial services sectors, Tanzanian growth has slowed to 5.7 percent in the first quarter of this year. (Read full article here)
  • Trade between the Tanzania and Kenya continues to fall. In the first five months of the year, exports from Nairobi to Tanzania dropped by 34 percent, while exports to Tanzania dropped to USD 77.6 million from USD 118.8 million in the same period last year. (Read full article here)
  • Although Tanzania can wholly produce edible oils for its consumption, it spends USD 294 million annually on importing palm oil from Asia, a new study shows. (Read full article here)
  • Tanzania and China trade volume is hovering around USD 4.6 billion annually, as both countries pledge to keep their trade and investment doors open. (Read full article here)
  • Tanzania has repossessed 10 privatised industries after they had been dormant for 20 years. (Read full article here)
  • Excellent Guides Tanzania, the only East African safari tour company that is fully owned and operated by local Tanzanian guides, has opened its doors to the U.S. Travel Market. (Read full article here)

UGANDA

  • Ugandan business transactions with Kenya have been held in abeyance, with most bus companies suspending services or reducing the frequency. (Read full article here)
  •  Uganda Railways Corporation, the company which operated rail transport in the country until the Government passed its operations to a concessionaire in 2006 is set to return in September. (Read full article here)
  • Bank of Uganda has kept the Central Bank rate at 10 percent for the next three months citing stability in inflation and positive economic activity going forward. (Read full article here)

EGYPT

  • Minister of Trade and Industry, Tarek Kabil, said that his Ministry managed to reduce the time of obtaining industrial licenses to less than seven days for the category of licensing on notification down from 600 days and to under 30 days for licensing related to high risk activities on health, security, and environment. (Read full article here)
  • The Egyptian Electricity Transmission Company contracted with the German Siemens to establish transformer substations in Sammanoud and Abu al-Matamir to transfer the energy produced from Borollos power plant in Kafr Al-Sheikh. (Read full article here)
  • Egypt’s first Government-owned takaful insurance company is expected to commence operations within six months, Egyptian Minister of Public Sector Affairs, Ashraf El-Sharkawy, said on Sunday. (Read full article here)
  • Egypt has issued a new law aiming at facilitating measures to issue permits for establishing industrial facilities and attract more industrial investments. (Read full article here)
  • Egypt is planning to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that began in July, Petroleum Minister, Tarek El Molla, told Reuters on Sunday, down from the 118 cargoes imported last year. (Read full article here)
  • Head of Egyptian Transport Association, Mohammed Shehata, said on Sunday that China can be a main player in developing Egypt’s railway system. (Read full article here)

MOROCCO

  • The city of Marrakech is undertaking a pioneering experience at the national level by introducing electrical buses to replace diesel ones in a bid to reduce pollution, noise and enhance urban transportation. (Read full article here)
  • One year after it lifted visa requirements for Chinese nationals, Morocco is steadily tapping into the Chinese tourist market with arrivals by July 2017 rising to 50,000 compared to 10,000 in the whole  of 2015. (Read full article here)

SUDAN

  • Medicine prices have risen by at least 20 to 30 per cent in the capital city of Sudan, while specific drugs are scarce in pharmacies. (Read full article here)
  • The Governor of Khartoum State, Gen. Abdul-Rahim Mohamed Hussein, has underlined the State’s resolve to raise production, achieve food security, substitute imports and increase exports.(Read full article here)
  • Ethiopia’s Prime Minister, Hailemariam Desalegn, on Tuesday will head a high-level delegation on a three-day official visit to Khartoum, said the Sudanese Presidency. (Read full article here)

BOTSWANA

  • Botswana’s financial sector is sound and stable and has the potential to be developed into a regional financial hub that can facilitate foreign direct investments, the International Monetary Fund reckons. (Read full article here)
  • Investors in the Botswana Building Society will towards the end of the year share a USD 7.3 million windfall of free shares worth USD 0.10 each when the society converts into a public limited company as part of the demutualisation process. (Read full article here)
  • The International Monetary Fund is breathing heavily on the neck of the Botswana Government to have it pass into law and implement the new Tax Administration Act. (Read full article here)
  • The fight against the obliteration of the wheat levy by Botswana Millers Association appears to be advancing in its argument but doing so however at the face of a seemingly unbending Government decision. (Read full article here)
  • A second quarter economic bulletin by local stock broking firm, Motswedi Securities, has suggested that a newly introduced levy, targeted at tourists could impair small local tourism enterprises. (Read full article here)

MALAWI

  • Minister of Finance, Economic Planning and Development, Goodall Gondwe, has expressed the Government’s optimism of raising enough domestic for its recurrent expenditure for the 2017/18 fiscal year. (Read full article here)
  • State owned, National Oil Company of Malawi says it awaits a set of guidelines, which are being formulated, to direct it on fuel selling method from its reserves. (Read full article here)
  • NBS Bank, which is listed on the Malawi Stock Exchange, is said to have registered the highest number of shares traded since July 2017. (Read full article here)

SOUTH AFRICA

  • South Africa could escape a further slide to junk status on Friday in the same way the nation’s leader, Jacob Zuma, defeated a parliamentary rebellion and clung onto power, comfortably but not without some sweating. (Read full article here)
  • KPMG’s South African office suspended its lead audit-engagement partner and relieved two others pending the result of its investigation of the work that the firm did for companies linked to the Gupta family, whose members are friends with President Jacob Zuma. )Read full article here(
  • South African President, Jacob Zuma, indicated that ruling party lawmakers who backed an opposition attempt to oust him should face disciplinary action and said he may consider firing his higher education Minister, who has criticized his leadership. Read full article here)
  • According to Johannesburg Stock Exchange data, black stockbroking firms collectively make up less than 2 percent of the value traded on the stock exchange, Sibongiseni Mbatha, the president of the Association of Black Securities and Investment Professionals, said recently. Read full article here)
  • Agricultural Business Chamber head, Agricultural Economist, Wandile Sihlobo, said on Friday that the price of chicken has climbed to USD 3.32 per kilogram at the end of June. Read full article here)

MOZAMBIQUE

  • Mozambique’s foreign reserves increased to USD 2.446 billion on 9 August, an amount sufficient to cover 6.1 months of imports, excluding those associated to major projects, the Bank of Mozambique has announced. (Read full article here)
  • The Monetary Policy Committee of Banco de Moçambique has reduced by 25 basis points the country’s three reference interest rates, among them the MIMO rate, which fell to 21.50 percent.(Read full article here)

ZAMBIA

  • Copperbelt Energy Corp, Zambia’s main supplier of power for its mines, confirmed on Sunday that it has restricted the amount of electricity it supplies to Glencore unit, Mopani Copper Mines, because of a dispute over tariffs. (Read full article here)
  • British company, Tullow Oil, on Friday started exploring for oil and gas in Zambia, Africa’s No.2 copper producer, as the country pushes to diversify its economy and reduce its reliance on the industrial metal. (Read full article here)
  • Zambia’s real estate sector is geared for a boom as it leverages off opportunities in the steadily growing economy, Africa Property Investment Events has said. (Read full article here)
  • A Russian delegation is expected in the country this week to conduct feasibility studies for the construction of a USD 300 million industrial and scientific research reactor. (Read full article here)
  • Farmers in various parts of the country have resolved to hold onto to their maize and seek alternative markets. (Read full article here)

NIGERIA

  • Nigeria’s economy probably expanded in the second quarter as factory and farming output improved, helping it recover from the first annual contraction in 25 years, Statistician-General Yemi Kale said. (Read full article here)
  • The nation’s insurance sector may be far from meeting the local content objectives of the Federal Government as it is currently losing about 90 per cent of the big risks in the economy to foreign underwriters. (Read full article here)
  • A global leader in insurance and asset management, AXA Mansard Insurance, has resumed the sale of annuities business nationwide in line with the joint guidelines released by the National Insurance Commission, and the National Pension Commission. (Read full article here)
  • Stakeholders in the oil and gas sector have advocated the involvement of microfinance banks in the distribution of kerosene to address the scarcity of the product. (Read full article here)
  • Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country. (Read full article here)
  • The move by the police and other paramilitary organisations to exit the Contributory Pension Scheme may cause a major setback to investments of the Federal Government. (Read full article here)

GHANA

  • Latest figures have shown that revenue from Ghana’s oil production increased by 67 percent for the first half of 2017 compared to the same period in 2016. (Read full article here)
  • The Governor of Bank of Ghana, Ernest Addison, has disclosed that the planned increase in capital requirement for banks would be announced in the first week of September. (Read full article here)
  • Players in the local airline industry are asking the Government to limit foreign airlines’ ability to lift passengers from Ghana to other countries in the West African sub-region while on transit. (Read full article here)
  • The Management of Seven Seas Salt, the Producers of Adina Salt, in The Ketu South Municipality has disclosed that the recent riot by some youth from Adina and Kpedzakope caused the Company to lose over USD 1.5 Million. (Read full article here)
  • FanaBC
  • Business Day Online
  • Business Daily, Africa
  • The EastAfrican
  • New Times of Rwanda
  • Daily News, Tanzania
  • Daily Monitor, Uganda
  • Independent, Uganda
  • The Citizen, Tanzania
  • Morocco World News
  • Xhinuanet
  • Daily News, Egypt
  • Sudan Tribune
  • Zawya
  • Hellenic Shipping News Worldwide
  • Mmegi Online
  • Sunday Standard, Botswana
  • Sudan Commerce News
  • Nation, Malawi
  • Times, Malawi
  • Daily Mail, Zambia
  • Lusaka Times, Zambia
  • The Punch
  • Guardian, Nigeria
  • Ghana Web
  • Club of Mozambique
  • Macau Hub
  • Independent Online
  • Reuters
  • Bloomberg
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