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Low data on Kenya mineral deposits keeps investors away- Analysts

kenya mine

Lack of extensive data on mineral deposits has curtailed investment in Kenya and other Common Market for East and Southern Africa (Comesa) countries targeting to grow their wealth from mining, analysts said. Dr Tim Griffin, deputy director-general in the Western Australian department of Mines and Petroleum, said uncertainty over the accurate mineral capacity has kept off some potential investors. “Geological ...

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Cement production hits 6.3m tonnes on rising demand

Kenya cement

Cement production last year crossed the six million tonne mark for the first time as manufacturers upped capacity to capture demand from a construction boom driven by infrastructure projects and real estate. Data from the Kenya National Bureau of Statistics shows that cement manufacturers produced 6.3 million tonnes, up from 5.8 million tonnes produced in 2014. Real estate has continued ...

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Barclays exit of Africa to do with regulations – Bob Diamond

Barclays-Bank-014-620x330

Barclays’ re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara. “Barclays is in a difficult position. This has absolutely nothing to do with their vision of ...

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SA’s January trade balance swings to deficit

SA

SA’s trade balance swung from a surplus in December to a steep deficit in January, with the rand bucking the trend and closing stronger at the release of the data. While the large R17.9 billion trade deficit in January — in contrast to December’s surplus of R7.6 billion — would have been expected to cause rand weakness, markets seemed to ...

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Nigerians are moving towards having their businesses on their phones

The mobile internet is rapidly transforming the way Nigeria is doing business. This is being made possible with the use of cheaper smartphones. Magnus Nmonwu, Regional Director, Sage West Africa told CNBC Africa that the country was also seeing the change in the nature of business due to rapid improvements in telecoms infrastructure, and the availability of affordable cloud applications. ...

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Kenya’s diaspora remittance sees an 8.4 percent surge

Remittances to Kenya rose to 1.54 billion US dollars in 2015 up from 1.43 billion US dollars in 2014. PHOTO Wikipedia

East Africa’s economic giant, Kenya, has seen an 8.4 per cent surge in diaspora remittances. Diaspora remittances to Kenya rose to 1.54 billion US dollars in 2015 up from 1.43 billion US dollars in 2014. North America accounted for 49.6 per cent of total inflows in December 2015 and recording growth of 10.1 per cent. Inflow from Europe increased by ...

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Uganda Shilling gains slightly, seen easing due to importer demand

Uganda Shilling gains slightly, seen easing due to importer demand

Uganda’s shilling gained slight ground on Monday and traders said it was seen easing in coming days due to an expectation of increased importer dollar demand after last week’s presidential election. At 0803 GMT, commercial banks quoted the shilling at 3,435/3,445 to the dollar, compared with Friday’s close of 3,443/3,453. “If there is to be a bias, then we will ...

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Investors told to target Africa’s mega-cities, including Accra

City of Accra

Investors who wish to do business in Africa have been advised to re-strategize and target big and growing cities on the continent such as Accra, Lagos, Nairobi, Kinshasa and Johannesburg. This means that instead of taking a view on the continent as a whole, or choosing one country over another, they can seize opportunities city by city. In cities such ...

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SA’s rand firms on risk appetite but gains seen limited

SA’s rand firms on risk appetite but gains seen limited

South Africa’s rand strengthened against the U.S. dollar in early trade on Monday on renewed appetite for riskier assets as Chinese investors returned to markets after the Lunar New Year holiday. At 0645 GMT, the rand traded at 15.7900 versus the dollar, 0.54 percent firmer from Friday’s New York at 15.8750. “This morning initial indications are that the markets are ...

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Nigeria in talks with oil majors to repay debt, invest in refineries

Nigeria in talks with oil majors to repay debt, invest in refineries

Nigeria is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has accumulated over years of mismanagement, the firm’s head told Reuters. Emmanuel Ibe Kachikwu, who is also the minister of state for petroleum, said he wanted to increase output to up ...

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