Market News Page No. 76| Africa Business News

Tanzanian government allocates USD 1.93 billion for road construction and rehabilitation

The government has approved a total of 1.93 billion in the fiscal year 2021/22 for the construction and rehabilitation of roads around mountains totalling 82.1 kilometres in length, according to Mr David Silinde, Deputy Minister of State in the President's Office (Regional Administration and Local Government). According to him, the funds would be utilised to build 22.3 kilometres of gravel-level lower belt roads, one bridge, 63 culverts,.... Read more »

Posted on : Wednesday , 29th September 2021

Tanzania Mining Industry Aims to Capitalize on the Rare Earths scramble

As miners seek to expand the rare earths sector, projects are springing up all over the world, including Tanzania in Africa. Rare earth elements, a fast-growing mainstay of the green energy revolution, are utilized to manufacture electric magnets used in everything from electric cars (EVs) to direct-drive wind turbines. With stricter global emissions regulations driving up demand for EVs, capitalizing on rare earth material reserves is a.... Read more »

Posted on : Tuesday , 28th September 2021

French alcohol firms entice new drinkers in Kenya

The rules for drinking wines and spirits were once pretty simple. Drink what you know. But in this time where consumers are trading up to more expensive and uncommon brands, do not assume you know what your favourite tipple tastes like.It is this desire to enjoy food and drink that is opening new opportunities for wine and spirits investors from France, seeking a bigger share of the Kenyan market.Nineteen French wine and spirits producers and.... Read more »

Posted on : Monday , 27th September 2021

Kenya is now open for Indian travellers

Indians can now experience Kenya's many adventures as the Kenya Tourism Board has announced that the country has reopened its borders for Indian travellers. Kenya was closed for a while for tourism amidst a second wave of coronavirus. According to the Kenya Civil Aviation Authority (KCAA), India to Kenya flights will now resume. Furthermore, an added good news is that Indian travellers will not have to be quarantined if they can show a COVID.... Read more »

Posted on : Monday , 27th September 2021

Kenya and Tanzania sign bilateral agreement to ease trade restrictions

The government of Kenya and its neighbouring country Tanzania have signed a Joint Communique after the three-day bilateral meeting attended by the high-level technical team from both countries.The agreement was signed by Tanzania's PS for the Ministry of Trade Doto James and Kenya's Amb Johnson Weru after a three-day bilateral in Mombasa.During the meeting, the representatives from both countries solved 12 out of 30 issues that were.... Read more »

Posted on : Monday , 27th September 2021

Leading Auto financing company acquires ROAM Africa's online car platforms

Autochek, the automotive technology business that facilitates vehicle finance across Africa, and ROAM Africa (Ringier One Africa Media) have agreed for Autochek to purchase the automotive markets Cheki Kenya and Cheki Uganda as Autochek grows deeper into the African market.East Africa's expanding industry is positioned as a vital car finance centre, with credit penetration in Kenya at 27.5 percent, much greater than the West African market,.... Read more »

Posted on : Friday , 24th September 2021

African wood industry surges on sustained international demand for raw materials

The colonial past of Sub-Saharan Africa has impacted the growth, development, and ownership structure of its forest and wood products business, particularly the wood processing sector. The placement of wood processing plants corresponds to the availability of raw materials. As a result, the vast majority of current processing plants are in West and Central Africa. Kenya looks to be the leading producer of processed wood in East Africa..... Read more »

Posted on : Friday , 24th September 2021

Kenya and Estonia sign health deal

President Uhuru Kenyatta met with his Estonian counterpart Kersti Kaljulaid, who was in town. Kaljulaid was in Kenya for a three-day official visit. During the conversation, the two heads of state saw the signing of a bilateral framework of cooperation on Political Consultations, Health, and an environmental letter of intent. "Several issues of common importance to Kenya and Estonia were also discussed," according to State House.... Read more »

Posted on : Thursday , 23rd September 2021

Tanzania's trade to be boosted by AfCFTA agreement

Tanzania's ratification of the African Continental Free Trade Area (AfCFTA) would enhance the country's international trade. According to business analysts, it will act as a platform for increasing Tanzania's commerce with Africa, which is now at 15%. "About 80% of our commerce is with nations outside Africa," said an Arusha-based economist who applauded the decision. The agreement, which was confirmed by the government last Thursday,.... Read more »

Posted on : Thursday , 23rd September 2021

AAFA signs MoU with Kenya Association of Manufacturers

At a ceremony, the American Apparel & Footwear Association (AAFA) and the Kenya Association of Manufacturers (KAM) signed a memorandum of agreement. They have committed to work together on policy issues of common relevance to their membership, such as collaborative advocacy and information exchange on industry best practices. The United States and Kenya have lately indicated an interest in boosting bilateral trade and investment..... Read more »

Posted on : Thursday , 23rd September 2021

Britam Half-Year Net Earnings Rise to KSh 376.3 Million

Britam Holdings Plc recorded a net profit of KSh 376.3 Million at the close of the 6 months ended on 30th June 2021 compared to a loss of KSh 1.6 Billion in the 1st half of last year. The Group also posted a pre-tax profit of KSh 647 Million at the end of 30th June 2021 compared to a pre-tax loss of KSh 2.3 Billion in H1, 2020. The Group's investment income was up 35 per cent to KSh 4.9 Million due to improved performance of equities.... Read more »

Posted on : Wednesday , 29th September 2021

NCBA's Half Year Profit Climbs 77% to KSh4.7 Billion

NCBA has reported a 77 per cent increase in its half year net profit to KSh4.7 billion compared to KSh2.6 billion posted in the same period in 2020, due to increased lending activity. The bank's total interest income, which is the primary source of revenue, climbed by 9 per cent to KSh22.5 billion at the end of the half-year period from KSh20.7 billion in the same period last year. Total non-interest income grew to KSh10.7 billion in the.... Read more »

Posted on : Wednesday , 29th September 2021