Category: INTERNATIONAL
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Uganda to spend $2 bn on power in next five years
Uganda plans to spend at least $2 billion in the next five years to connect more people to its electricity grid and raise connection rates, a senior executive at sole power distributor Umeme Ltd said on Thursday. Ugandan officials say they want to boost electricity supply rapidly to power an industrialisation drive. In recent years…
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Gold refinery to open in Uganda by end of 2016
A Ugandan company backed by a Belgian investor is due to open the East African country’s first gold refinery by the end of this year to process raw gold produced mainly from the region, a senior company official told Reuters. Uganda’s mineral reserves are generally viewed as under exploited. Although there are gold deposits, it…
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S.A launches BRICS Business Council Portal
In an effort to connect and promote regular dialogue between South African individuals and entities with an interest in doing business within the Brazil, Russia, India, China, South Africa (BRICS) trade bloc, the South African chapter of the BRICS Business Council today launched the SA BRICS Business Council Portal. Following the BRICS Business Council’s agenda…
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State invites bids for expansion of Nairobi-Mombasa highway
Planned expansion of the Nairobi-Mombasa road into a six-lane super-highway is expected to begin in the next couple of months with the invitation of bids for the project. Transport and Infrastructure secretary James Macharia said the government planned to build the road through a Public Private Partnership (PPP), but fell short of indicating whether it…
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South Africa:Dip in consumer inflation makes rate hike unlikely
South Africa’s headline consumer inflation dipped below the top end of the central bank’s target in August to its lowest in nine months, data showed on Wednesday, suggesting interest rates would remain unchanged at this week’s monetary policy meeting. Inflation has been trending lower since peaking at 7 percent in February, partly helped by a…
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Nigeria sues ENI, Chevron, other oil companies: firms, official
Nigeria has filed a lawsuit against Italian energy firm ENI, U.S. major Chevron and other international oil firms over some crude exports, ENI, Chevron and a government official said on Tuesday. “The claim dates back to last March and refers to a request to our subsidiary in Nigeria for a payment of about $160 million,”…
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South Africa:Impact of a ratings downgrade on investors
South Africans have been arguably living with a sword over their heads since the beginning of 2016: the imminent downgrade of the country’s sovereign credit rating to non-investment grade levels by global ratings agencies. Andrew Morton, Head of Advice at FNB Financial Advisory says most local investors and prudent advisors have already factored the potential…
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Kenya’s top three oil marketers lose 20 per cent market share
Kenya’s top three oil marketers lost a combined 20.6 per cent share of local petroleum market sales in the second quarter of the year, eroding gains reported the year before. Data from the Petroleum Institute of East Africa (PIEA) shows that Total Kenya, Vivo (Shell) and KenolKobil had a market share of 51.3 per cent…
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CBK warns banks against charging borrowers new fees
The Central Bank of Kenya yesterday warned commercial banks against introducing new or increasing existing transaction fees without its approval even as it refused to bring clarity to grey areas of the law capping interest rates, whose interpretation continues to roil the market. atrick Njoroge, the Central Bank of Kenya (CBK) governor, said no bank…
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Algeria: Towards Lifting Ban On Used Car Import
The Government has decided, as part of the finance bill 2017, to lift the ban on used car import under some conditions, said Monday in Algiers Minister of Trade Bakhti Belaib. “We will lift the ban and draw up defined terms and conditions, which will allow not importing vehicles representing dangers to road users. This…