Category: Africa
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Kenya Power says technical fault causes blackout
Kenya Power said on Monday a technical fault at one of its substations in the north of the capital has caused an electricity outage that was affecting Nairobi, Mount Kenya and Coast regions. Kenya Power said its technicians were working to restore the supply as soon as possible. “A technical fault occurred at a Kenya…
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Zimbabwe:No to local Visa card transactions – Zimbabwe’s largest bank
Zimbabwe’s biggest banking group CBZ Holdings has suspended the use of Visa cards for local transactions due to high costs and cash shortages, its chief executive officer said on Monday. The Reserve Bank of Zimbabwe last November introduced a “bond note” currency to ease chronic cash shortages, but long queues have remained at banks, which…
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East Africa: Egyptians in Talks With Several RVR Suitors
Egyptian investment firm Qalaa Holdings has confirmed that it is talking to several local and international investors as it seeks to sell its stake in Rift Valley Railways. The Business Daily on Wednesday reported that a consortium of local firms has made a $133 million bid to buy an 80 per cent interest in the…
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Shell battles Nigerian communities in high-stakes London lawsuit
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria’s oil-rich…
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Egyptian Pound Trades Around 18 Per Dollar in Banks
Egyptian pound remained steady at around 18 per dollar in most banks on Sunday. The dollar was sold at the Al Ahli Bank, Banque du Caire and the Central Bank of Egypt at EGP 18.11, while it was bought at EGP 17.86 in all three banks. The rates at Banque Misr stood at EGP 18.1…
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Zimbabwe: Eskom Relaxes Zesa Power Import Terms
SOUTH African power utility, Eskom has relaxed its position regarding earlier demands for Zesa Holdings to pay for power imports in advance. The power utility imports 50 megawatts from its South African counterpart during peak periods of demand and up to 300MW during off peak periods.This is because demand for power outstrips supply in Zimbabwe…
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Egypt’s Foreign Debt Increase 185 Percent in Three Months
Egypt’s foreign debt jumped 185% from July to September 2016, according to the monthly report of the Central Bank of Egypt (CBE) on Thursday. The debt amount increased to USD 2.46 bn during the past fiscal year, from USD 863 bn in the previous fiscal year. The three months of July to September witnessed an…
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Tanzania’s tourism industry is booming
The number of tourists visiting Tanzania rose 10.4 percent in the 10 months to October compared with the same period last year, the finance and planning ministry said on Friday, despite higher prices for some attractions. Tourism is the main source of foreign currency in Tanzania, best known for its beaches, safaris and Mount Kilimanjaro.…
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Kenya Power says technical fault causes blackout
Kenya Power said on Monday a technical fault at one of its substations in the north of the capital has caused an electricity outage that was affecting Nairobi, Mount Kenya and Coast regions. Kenya Power said its technicians were working to restore the supply as soon as possible. “A technical fault occurred at a Kenya…
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Nigeria: Green Shoots Start to Sprout As External Reserves Hit $26.1bn
The accretion of Nigeria’s foreign exchange (forex) reserves, which started about two months ago, continued in the new year, when figures released yesterday by the Central Bank of Nigeria (CBN) showed that reserves had grown to $26.094 billion, signifying a slow but steady improvement in the country’s current account balance. It was also indicative that…