Category: INTERNATIONAL
-
East Africa:BAT Kenya says regulations threaten its Nairobi factory
British American Tobacco (BAT) Kenya says unfavourable regulations could see it scale down its local cigarette manufacturing in what will lead to job losses. The Nairobi Securities Exchange-listed firm’s Nairobi factory produces cigarettes and semi-processed tobacco for the local market and exports to 13 countries in the region. BAT says increased regulatory uncertainty in the…
-
Rwanda to Lift Double Taxation for Moroccan Investors
Rwanda’s Cabinet on Wednesday approved a law removing double taxation for Moroccan investors while mitigating against tax evasion on income accrued by their businesses. Moroccan investors have shown great interest in Rwanda ever since King Mohammed VI visited the country in October last year. “Investments from Morocco are coming in at a high speed; therefore,…
-
Moroccans Eye Tanzania Fishing Industry
Moroccan investors are set to establish a fish processing factory in Tanzania. “Some Moroccan investors have conducted a study and found huge potential in fisheries. They intend to set up a giant fish processing factory. Zanzibar and Union governments are striving to attract investors,” said Zanzibar Finance minister Khalid Salum Mohamed. He was speaking at…
-
Nigeria’s Mosimi oil depot resumes loading after almost one year
Nigeria’s Mosimi oil depot has resumed loading after almost a year, when a major pipeline was vandalised last May, the state oil company said on Monday. The resumption of loading could help the Nigerian National Petroleum Corporation (NNPC) cut losses that stemmed from the damage, as trucks had to drive from Lagos to replace the…
-
Rwanda adds to energy mix with first peat-fired power plant in Africa
Rwanda recently celebrated the opening of its first peat-fired power plant at Gishoma in the far west of the country, a $39.2M project. It is the first of its kind in Africa. Another larger peat plant, costing $350M is under development in Gisagara to the east. The plan is for Gishoma to start feeding 15MW…
-
Etisalat Nigeria yet to agree debt deal with lenders: source
The Nigerian arm of Abu Dhabi telecom group Etisalat is yet to agree a deal on restructuring a $1.2 billion loan with local banks after it missed a payment, a company source told Reuters. Etisalat Nigeria told Reuters last month that it was in talks with lenders to restructure the loan. The source, who is…
-
South Africa’s $72 billion nuclear project to move in June, newspaper reports
South Africa’s tender for the estimated 1 trillion-rand ($72 billion) expansion of its nuclear power plants will begin in June when state utility Eskom requests proposals from companies bidding for the project, City Press newspaper reported on Sunday. South Africa, which has Africa’s only nuclear power station, wants nuclear power to play the leading role…
-
Kenya:KCB staff count drops by 223 in cost-cutting drive
KCB Group last year spent Sh186 million to pay staff affected by a restructuring of the company in a period when the bank’s employee count dropped by 223 people, its latest annual report shows. The bank, the country’s largest lender by assets, closed 2016 with 7,192 employees compared to 7,415 the previous year as restructuring…
-
Kenya:Ponzi schemes back on poor CBK, Sasra oversight, says lobby
A consumer lobby has accused financial regulators of laxity in protecting poor and small investors against resurgent dubious get-rich-quick schemes. Consumer Federation of Kenya (Cofek) secretary-general Stephen Mutoro said the Central Bank of Kenya (CBK), the Sacco Societies Regulatory Authority (Sasra) and the Cooperatives department had allowed the rogue firms to proliferate. “The re-emergence of…
-
East Africa:Treasury eyes fresh debt to bankroll maturing billions
The Treasury has signalled it will borrow afresh to retire maturing debt — including an expensive syndicated loan — which fall due in the course of this year. Treasury bonds totalling Sh63.1 billion, as well as a two-year $750 million (Sh75 billion) syndicated loan taken in 2015, mature this year. PS Kamau Thugge termed as…