Market News Page No. 494| Africa Business News | Afrotrade

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Kenya to revoke controversial mining tax

Less than a month after Uhuru Kenyatta was sworn in as Kenya's new president, his administration is planning to revoke rules passed in 2012, which impose 35% local equity shareholding in the country’s mining licences, reports Business Day. Unlike most African governments, Kenyatta’s is not seeking larger ownership stakes in foreign miners with the upcoming mining bill, which will eventually replace the existing, obsolete Mining.... Read more »

Posted on : Tuesday , 20th January 2015

Kenya to form state-owned mining company

The Kenyan government announced last week it will form a national mining corporation, reports the Daily Nation. The state-owned company will handle joint ventures with the private sector. Najib Balala, the government's cabinet secretary in charge of mining, also said a new mining bill will ensure mineral investments work in the public interest. The act will allow the cabinet secretary to regulate the sector in a transparent.... Read more »

Posted on : Tuesday , 20th January 2015

Tanzania Rukwa Coal To Power Project Shows Potential To Double In Size

Kibo Mining PLC has announced the results of the power pre-feasibility study for the Tanzania Rukwa Coal to Power Project (RCPP) showing the potential to expand the power station and double the current size of the project, which could be used in alternative energy-conversion technologies, such as coal to liquids. tanzania-rukwa-coal-to-power-projectResults of the study indicate the total project cost will be between USD 640 million and.... Read more »

Posted on : Tuesday , 20th January 2015

Solarcentury launches Kenyan arm

UK-based Solarcentury has joined forces with Kenyan company East African Solar to target commercial PV projects in the country and wider region. Solarcentury has had a Nairobi office since June 2013 headed up by company founder Dan Davies, who will be director of new venture Solarcentury in East Africa. Former East African Solar chief executive Guy Lawrence will be director of business development and work alongside Davies and a.... Read more »

Posted on : Monday , 19th January 2015

Kenya-gets-sh1-5b-for-solar-projects

Kenya has received more than Sh1.5 billion to tackle effects of climate change, Environment Principal Secretary Richard Lesiyampe has said. Mr Lesiyampe said the United Nations Development Programme (UNDP) has already released about Sh690 million towards the implementation of the climate change action, while Sh900 million from the Adaptation Fund is in the pipeline. Noting that the country is already feeling the effects of climate.... Read more »

Posted on : Monday , 19th January 2015

East Africa: The leap towards Industrialization

Kenya Commercial Bank is still the biggest bank in the region, with Tier 1 capital of $567m, up from $479m last year, followed by another six Kenyan banks. The country has one of the most developed banking sectors in Africa but it is also one of the most competitive, with a very developed mobile banking sector as well as traditional, banks with a physical presence. Diamond Trust chairman Abdul Samji said: “The biggest challenge now.... Read more »

Posted on : Monday , 19th January 2015

Growth in Industrial Investment

MSCSA is a leading supplier of value-added steel products and arguably one of the country’s largest privately owned businesses, which has been in operation since 1904 and supplies the full range of carbon steel, special steel, stainless steel, aluminium products and value-added steel processes to more than 10 000 customers in various industry sectors across sub-Saharan Africa. The proposed transaction comes more than a year.... Read more »

Posted on : Monday , 19th January 2015

Tanzania: Shilling Ends Year Slightly Stronger

THE shilling traded with a slightly heavier bias in the last days of 2014 to close at a stronger position, despite losing ground by over 8.0 per cent in full year. National Microfinance Bank (NMB) says in its e-Market report that the shilling close on the strong foot against US dollar, the major trading currency, buoyed by end-month local money demand. "The local currency closed the 2014 yearly trading session on a stronger footing.... Read more »

Posted on : Monday , 19th January 2015

Kenya: Prints and Textiles in African Fashion

I'm obsessed with all kinds of prints, florals and botanicals, geometrics, art-deco and plaids; those inspired by ethnic tradition as well as the artisanal African weaves that are slowly becoming less popular.As an avid champion of African fashion, I am very interested in the assumptions and subsequent choices people make with regard to fashion. Often, consumer choice on African fashion is limited to wax textiles produced in the.... Read more »

Posted on : Monday , 19th January 2015

Kenya: Now Car Importers Join KEBS Motor Tender Row

IMPORTERS of used motor vehicles yesterday accused the Kenya Bureau of Standards of "selectively" extending the contract for two pre-shipment inspection companies, leaving out a major player in the sector.The Car Importers Association of Kenya said the decision to extend the contract for Quality Inspection Services Inc, Japan and Auto Terminal Japan, leaving out Japan Export Vehicle Inspection Centre Company Ltd is.... Read more »

Posted on : Monday , 19th January 2015

Tanzania: Hai District Launches Road Maintenance Second Phase

Hai — HAI District has launched the second phase of road maintenance, this time around targeting Hai small town area that was elevated to the status recently.Hai District Commissioner (DC), Mr Novatus Makunga said that the ongoing work involves major renovation of the roads to tarmac level on a piece that links Moshi - Arusha Road with the District Hospital. Other areas include Gezaulole, Kingerera, Dorcas and Bomani, making.... Read more »

Posted on : Monday , 19th January 2015

Kenya: Cement Production Rises As Construction Thrives

Production of cement, a key construction material, surged past half a million tonnes last July as 11-month tally surpassed full-year figures for the previous two years, latest data show.A total of 500,428 tonnes were manufactured in the month, pushing total production by end of November to 5.21 million tonnes. This is far higher than the 5.06 million tonnes churned out in the whole of 2013 and 4.64 million in 2012. The 11-month.... Read more »

Posted on : Monday , 19th January 2015

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