Market News Page No. 113| Africa Business News

Kenya's trade in EAC up despite tensions

Kenya's trade with the six-nation East African Community improved by 57.7 percent in the first quarter compared to a similar period last year despite the long-standing trade tension with some of the member states. The Kenya National Bureau of Statistics (KNBS) data shows that balance of payments - net exports less net imports - with Burundi, Rwanda, Tanzania, Uganda and South Sudan rose to Sh30.86 billion in the three months to March from.... Read more »

Posted on : Thursday , 16th July 2020

Nissan to Launch 7 New Models in Africa to Enhance Growth

Nissan Motor Co aims to launch seven new models in Africa over the next two years, company executives said last month, as the Japanese automaker seeks to focus on high-growth markets to try to weather the impact of the COVID-19 situation. The company released a plan last month to cut the number of models it makes globally and improve efficiency after the pandemic brought about its first annual loss in 11 years.Shinkichi Izumi, managing.... Read more »

Posted on : Wednesday , 15th July 2020

Africa's Long-term Growth Promise Remain Unharmed as Economies Display Their Resilience

The pandemic is undoubtedly a major and unexpected blow to Africa's near-term growth and development prospects. However, it is proving just how resilient many of the continent's economies have become in recent years thanks in part to diversification and better regional integration. The World Bank expects the global economy to contract by 5.2% in 2020 - the worst recession in decades despite the extraordinary interventions by authorities to.... Read more »

Posted on : Friday , 10th July 2020

New airport in Tanzania is to be funded by the African Development Bank

The African Development Bank's Board of Directors has approved a $272.12 million loan to Tanzania which will be used in the construction of a new international airport in the capital city of Dodoma; Msalato International Airport. The new site will be built within the district of Msalato, 12km from the capital. Msalato Airport, a new international airport, is to be built in the region of Dodoma, 12km from the capital city of Tanzania..... Read more »

Posted on : Wednesday , 8th July 2020

New airport in Tanzania is to be funded by the African Development Bank

The African Development Bank‘s Board of Directors has approved a $272.12 million loan to Tanzania which will be used in the construction of a new international airport in the capital city of Dodoma; Msalato International Airport. The new site will be built within the district of Msalato, 12km from the capital. Msalato Airport, a new international airport, is to be built in the region of Dodoma, 12km from the capital city of.... Read more »

Posted on : Wednesday , 8th July 2020

Kenyan Government presents a positive FY20-21 budget against Covid-19 backdrop sets a trajectory for recovery and growth

As the world prepares itself for a new normal post corona virus, countries in the East African region are also pulling all stops to ensure economic revival. The Kenyan Government has presented a USD 26 Billion budget for the fiscal year 2020 - 21. The period for this budget starts from the 1st of July, 2020 to 30th June, 2021. Seeking to tackle the adverse impact from a list of factors like the Covid-19 pandemic, locust invasions, and floods,.... Read more »

Posted on : Monday , 29th June 2020

Flyover Project Pace Thrilling : Tanzania

Tracking his plan to decongest Dar es Salaam City, President John Magufuli yesterday inspected the ongoing construction of Ubungo flyover in Dar es Salaam, expressing his satisfaction with the pace.The 247bn/- project is one of the many other big infrastructure projects that the fifth phase government is executing to ease traffic congestion in the leading commercial urban centre.Other projects in progress include the second phase of Dar es.... Read more »

Posted on : Monday , 22nd June 2020

Cameroon to benefit from construction of a multi-functional laboratory complex

The Republic of Cameroon, a country on the Gulf of Guinea in the central region of Africa is set to benefit from the construction of a multifunctional laboratory complex dedicated to the analysis and control of the quality of food, pharmaceutical, textile, electronic, chemical and construction products. The project is being carried out by Mediline Medical Cameroon, a subsidiary of South Korean firm Mediline Korea on an approximately 2.... Read more »

Posted on : Thursday , 11th June 2020

leading construction works at Kipeto wind power project in Kenya complete

The major construction activities at the Kipeto Wind power project located at Esilanke area on the foothills of Ngong Hills in Kajiado county of Kenya has been completed following the completion of the installation of all the 60 wind power turbine generators by the US multinational General Electric (GE). The Kipeto wind power plant is expected to have a capacity of 100MW and it will also be the second largest of its kind in the East African.... Read more »

Posted on : Thursday , 11th June 2020

Kenya Tops Angola as Sub-Saharan Africa's No. 3 Economy

Kenya surpassed Angola as sub-Saharan Africa's third-largest economy in dollar terms, according to International Monetary Fund estimates. Angola has contracted every year since 2016 as oil output declined, and the kwanza was devalued in 2019 while Kenya's shilling held steady. The coronavirus pandemic and restrictions to limit its spread will probably see Angola's gross domestic product contract 1.4% in 2020, while Kenya's is projected to grow.... Read more »

Posted on : Thursday , 11th June 2020

Trump notifies Congress of trade deal with Kenya

US President Donald Trump has officially notified Congress of its intention to negotiate a trade agreement with Kenya.Trade Representative Robert Lighthizer sent a letter to Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy and Senate Minority Leader Charles Shumer."Under President Trump's leadership, we look forward to negotiating and concluding a comprehensive, high-standard agreement with Kenya that can serve as a model for.... Read more »

Posted on : Friday , 20th March 2020

Govt. Industrialisation Agenda Vowed By Pharmacists In Tanzania

Pharmacists in the country have vowed to support the government industrialisation agenda and improvement of health service initiatives undertaken in the country. Addressing a press conference in Dar Es Salaam, Mr Issa Hango who serves as president of the Pharmaceutical Society of Tanzania (PST) said as pharmacists were scheduled to hold the annual general meeting (AGM) and a scientific conference mid this month they expected to come up with.... Read more »

Posted on : Thursday , 19th March 2020