Category: Africa
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Kenya takes lion’s share of Japanese funding in region
Relations between Nairobi and Tokyo date back to 1963 when Kenya attained independence from British colonial rule. Japan, known as ‘Land of the Rising Sun’, opened her diplomatic mission in Nairobi in 1964. Kenya in turn set up an embassy in Tokyo in 1979. Over time, Kenya – Japan bilateral ties have grown and now…
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Tullow raises Kenya’s oil export hopes with March 2017 production date
British oil firm Tullow on Wednesday raised Kenya’s hopes of becoming an oil exporting country after it officially announced plans to start producing oil from Turkana in March next year. Tullow Oil chief operating officer Paul McDade told President Uhuru Kenyatta at State House Nairobi that it will initially produce 2,000 barrels of crude oil…
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South African assets plunge after finance minister is summoned by police
South African assets slumped on Wednesday after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue spy unit in the tax service, fuelling speculation that there was a plot to oust him. Gordhan and other former officials at the South African Revenue Service (SARS) must report to the…
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Rise of Kenyan-born economist to India central bank top job stokes controversy
The recent appointment of Kenyan-born Urjit Patel as the governor of the Reserve Bank of India (RBI) has stoked controversy over his roots even as those who know him celebrated in Nairobi. Some have criticised him for being ‘less Indian’ than his predecessor Raghuram Rajan whose term ends on September 4. “Patel, perhaps, is far…
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Nigeria gets tough with marauding “Sons of the Soil” in search of land to seize
A year before his wedding, Jude Egharevba was overjoyed when he bought a plot of land to build a house for him and his fiancee on the outskirts of Lagos, Nigeria’s commercial capital. But his joy was short-lived, after a group of young men stormed his land and demanded cash to leave peacefully. The same…
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Zimbabwe abolishes 8,000 jobs in agriculture ministry to cut wages
Zimbabwe’s government plans to abolish about half the jobs in the agriculture department, a government official said on Wednesday, as President Robert Mugabe’s administration struggles to pay public service wages. The southern African nation is facing a biting shortage of cash, its worst since 2009 when it dumped its hyperinflation-wrecked currency in favour of the…
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Egypt, Russia Agree On Roadmap for Resumption of Flights – Minister
Egypt and Russia agreed on a roadmap for the resumption of Russian flights and tourism to Egypt, Civil Aviation Minister Sherif Fathy said on Monday. Fathy said in a press conference that the roadmap includes the arrival of a number of delegations to inspect resorts, hotels and airports’ security. A Russian delegation is expected to…
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Kenya:Pamoja Capital-led investors get Genghis takeover approval
A consortium of investors led by the regional corporate advisory firm Pamoja Capital Ltd has received regulatory approval to take over investment bank Genghis Capital Ltd at an undisclosed price. The shares will be sold by Zafrullah Khan, the former chairman of the troubled lender Chase Bank, and his co-owners. The new investors will acquire the entire…
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Nigeria central bank suspends nine banks from FX market – source
Nigeria’s central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, banking sources told Reuters on Tuesday. The suspension comes after the central bank tightened restrictions on the flow of dollars to domestic lenders in March. That has forced the banks to delay hard-currency loan…
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Zambians feel pinch as election row delays moves to revive economy
With their country in post-election disarray over allegations of vote rigging and the economy in a tailspin, Zambians like pensioner Memory Musonda are struggling to cope and fear that help will not come soon. Depressed global commodity prices have slashed Zambia’s receipts for copper, its top export, and in turn have caused a 9 percent…