Market News Page No. 261| Africa Business News

Kenya in emergency road works for early oil exports

The Government is moving to upgrade infrastructure as it readies to start moving crude oil from Turkana to Mombasa. Deputy President William Ruto yesterday commissioned the construction of roads between Lesseru in Eldoret and Amosing in Lokichar that will be used by trucks moving the crude oil from the oil fields of Turkana to Mombasa for export. The Kenya National Highways Authority (KeNHA) has awarded contracts to seven contractors,.... Read more »

Posted on : Thursday , 3rd November 2016

Construction of Sh850m data centre in Nairobi begins

A group of Kenyan investors under the trade name Icolo.io is building a Sh850 million data centre in Nairobi. The construction commenced last month and is set to be completed by the end of 2017. The data centre will be situated on land leased from Catholic University of Eastern Africa, and will span 27,000 square feet. “The data centre will be built in two phases,” icolo.io Chief Executive Officer Ranjith Cherickel said.... Read more »

Posted on : Thursday , 3rd November 2016

production of sports utility vehicle in Africa

The introduction of the Everest to the assembly line means the Ford plant becomes a two-vehicle assembly facility. The plant currently produces the Ranger pick-up for export to 148 markets in Africa, the Middle East and Europe. “The start of local production for the Ford Everest is another major milestone for FMCSA’s manufacturing division,”.... Read more »

Posted on : Thursday , 3rd November 2016

Famous Brands profits soar

Famous Brands reported a 71% increase in headline earnings per share on Monday, as the company continued to build capability and capacity amid its merger and acquisition spree. However, the company said it would withhold paying dividends until 2018, due to a higher gearing that resulted from its acquisitions. The owner of Steers and Wimpy saw revenue increase by 23% to R2.451bn and operating profit by 17% for the six months ended 31.... Read more »

Posted on : Thursday , 3rd November 2016

Kenyan Investors Are Welcome to Tanzania

President John Magufuli has assured Kenyans who wish to invest in Tanzania to come and establish businesses, dismissing claims that his administration has been frustrating Kenyan traders and ignoring issues concerning the East African Community. President Magufuli, who was in Kenya for a two-day state visit, acknowledged the crucial role Kenyan investors play in the economy, with 529 Kenyan firms operating in the country, employing 56,260.... Read more »

Posted on : Wednesday , 2nd November 2016

10 mini solar plants in Kenya for sale

Microsoft co-founder Paul Allen plans to sell 10 small-scale solar plants in Kenya that his private company has constructed in recent years. Mr Allen’s multi-billion dollar private firm, Vulcan, has been operating electricity mini grids in the last two years in Samburu and Kajiado, connecting homes and businesses to solar power as a social tool to transform lives. Company officials Tuesday said that Mr Allen wanted to use the.... Read more »

Posted on : Wednesday , 2nd November 2016

Opportunity to Engage Investors

The third annual iPAD Rwanda Energy Infrastructure Forum could act as catalyst for the country to attract private investors into the crucial sector, utility experts have said. The two-day forum opens today, with about 250 delegates from different countries across the world expected to attend, according to the organisers. Evan Schiff, one of the organisers, said as much as the meeting has various expectations, this could as well act as an.... Read more »

Posted on : Tuesday , 1st November 2016

Agreement to Build Two Link Roads

Tanzania and Kenya have agreed on a time line to start the construction of two link roads meant to improve the movement of goods and people between the two countries. The deal is the major decoration on the meeting between President John Magufuli and his host, President Uhuru Kenyatta, in Nairobi, whose joint address to journalists was made in Kiswahili. The agreement means that the two countries will now proceed to discuss the final.... Read more »

Posted on : Tuesday , 1st November 2016

Farmers enhancing farming technologies

TAHA has recently witnessed a surge in the number of farmers who are making advances in good farming practices – especially in transforming farming technologies for improved productivity. In just one month alone, new investments whose value amounted to more than Tsh460.5 million were recorded. The investments were mostly in drip irrigation equipment,.... Read more »

Posted on : Monday , 31st October 2016

$69.5 billion streetlight market the next step in Internet of Things investment

Cities and municipalities are projected to transition to LED streetlights which will reach a penetration rate of 89% by 2026. They will also network 42% of the streetlights to make them “smart” over the course of the next decade. Out of the $69.5 billion mark, $57 billion will be for LED streetlights and $12.6 billion for “smart” networked streetlights. With the utility sector with smart grid deployments.... Read more »

Posted on : Wednesday , 26th October 2016

A strong third quarter for Acacia mining

Tanzanian based gold miner, Acacia, has had a 2016 to remember with the announcement of another strong performance in its third quarter. Shares in the company jumped more than 9pc to £5.15 in early trade, with a 25pc leap in gold production year on year. Running at the same time, the miner’s cash costs per ounce fell by 26pc. So yeah, a strong year indeed for Acacia. To put it into official numbers,.... Read more »

Posted on : Wednesday , 26th October 2016

China to Construct 96km Power Line from Kenya to Tanzania

Kenya recently signed a contract with the North China Power Engineering (NCPE) company for the construction of a 96km power line from Isinya in Kenya to the Namanga border with Tanzania. This is part of the Kenya-Tanzania interconnector project, which involves the construction of about 510km transmission line from Kenya to Tanzania. “With a capacity to transfer 2,000MW in either direction, the interconnector will have positive.... Read more »

Posted on : Wednesday , 26th October 2016