Market News Page No. 425| Africa Business News | Afrotrade

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East Africa: Kenya to Reintroduce Vat On All Oil Products

Fuel prices in Kenya are expected to increase sharply next year as the government plans to increase taxes on the commodity to raise an additional Ksh16 billion ($152.62 million). The government will impose 16 per cent value added tax (VAT) on oil products to shore up its domestic revenues, which have come under pressure in the wake of burgeoning spending, corruption and wastage. The tax, which is to be enforced by September.... Read more »

Posted on : Monday , 19th October 2015

Ethiopia: Shints Under Expansion

Equipped with high tech machinery SHINTS entered European market within a short period of time with the production of outdoor and motorcycle apparels. A Korean-based SHINTS ETP Garment PLC that penetrated the European market within a short period of time announced plan to undertake expansion work. The factory marked its first anniversary yesterday. Speaking on the occasion, Industry State Minister Tadesse Haile noted that.... Read more »

Posted on : Monday , 19th October 2015

Zimbabwe: Furniture Makers Target to Raise Capacity Utilisation

FURNITURE manufacturers are targeting to increase capacity utilisation from the current 30 percent, but say Government should implement measures it proposed to turnaround the sector's fortunes. Some of the measures mooted by Government include introduction of a manufacturers' rebate for duty free importation of selected raw materials by approved manufacturers. Furthermore, Government increased customs duty on wooden, plastic.... Read more »

Posted on : Monday , 19th October 2015

Nigeria: Ambode to Commission Cadbury's New Manufacturing Plant

Lagos — The Governor of Lagos State, Akinwunmi Ambode, is expected to commission Cadbury's new state-of-the- art manufacturing plant on Friday October 16. Also expected at the commissioning ceremony is the Executive-Vice President, Integrated Supply Chain, Mondelēz International, Mr Daniel Myers and top government officials. The new plant will boost Cadbury's production capacity by nearly 37 per cent to meet the.... Read more »

Posted on : Monday , 19th October 2015

Tanzania: Dangote Cement in Tanzania Coal Deal

Dangote Cement has signed two agreements that will enable its $600 million cement factory in Tanzania to generate 150MW from coal. One agreement is with Tancoal, to supply coal to the Dangote factory. The cement factory has also signed a coal prospecting licence for a site in Mbinga, southern Tanzania. However, the factory will first run on diesel until it is able to generate its own electricity from coal. The deals ends a.... Read more »

Posted on : Monday , 19th October 2015

Kenya Has a Billion Barrels of Oil That Might Not Be Going Anywhere

Fidgety oil companies and investors heaved a sigh of relief in August when Kenya and Uganda announced they had picked a route for the world’s longest heated pipeline. Finally, there was a plan for getting the estimated 1 billion barrels in Kenya’s remote northwest out of the country. The proposed route cut from northern Uganda’s Albertine region, into Kenya, through the Lokichar Basin, and then southeast before terminating.... Read more »

Posted on : Monday , 19th October 2015

Uganda: 200m Metric Tons of Iron Ore Discovered in Kigezi

Aerial geological surveys conducted by the Geological Surveys and Mines Directorate (GSMD) in Kigezi sub-region in southwestern Uganda reveal 200 million metric tonnes of iron ore deposits. Godfrey Bahati, the acting Director of GSMD in the Ministry of Energy and Mineral Development says that the surveys conducted in financial year 2014/15 showed massive deposits of iron ore in Kabale, Kisoro and Kanungu districts. He says preliminary.... Read more »

Posted on : Monday , 19th October 2015

Kibos set to pioneer industrial sugar milling

Kenya is set to start producing its first batch of industrial sugar when a Kisumu-based miller opens a special unit to handle the commodity next month. Kibos Sugar factory will become the first sugar miller in eastern and southern Africa to manufacture the refined sugar meant for industrial use. Users of the commodity are normally forced to import from Brazil under special licences that come with tax concessions. Industrial sugar is an.... Read more »

Posted on : Monday , 19th October 2015

Chinese firm to set up fish processing plant in Kenya

A Chinese company has signed an agreement with a Kenyan regional government to set up a fish processing plant at the cost of US$9mn China’s Beijing Xidan Company Limited will build an ultra-modern fish processing plant in Naivasha in the Nakuru country, about 120 km northwest of Nairobi. Kinuthia Mbugua, governor of Nakuru county, said that the presence of a modern processing plant in the region would help bolster commercial fish farming.... Read more »

Posted on : Monday , 19th October 2015

Kenya President Roots for Closer Partnerships in Infrastructure Development

President Uhuru Kenyatta has called for closer partnerships between governments, regional and international investors to bridge financing gaps in infrastructure development. President Kenyatta said governments cannot single-handedly invest in every infrastructure needed in the entire region due to resource constraints. He spoke during the 11th Summit of the Northern Corridor Integration Projects (NCIP) at Safari Park.... Read more »

Posted on : Monday , 19th October 2015

Tanzania begins the construction of largest port in East Africa

Tanzania has begun the construction of what it says will be the largest port in East Africa at a cost of about $11bn. Backed by China Merchants Holdings International and Oman’s State Government Reserve Fund, the project is expected to be a game changer in Tanzania’s quest to industrialize. Officials in Tanzania believe that the construction of largest port in East Africa will not only boost the economy of the tourist.... Read more »

Posted on : Monday , 19th October 2015

Tanzania begins the construction of largest port in East Africa

Tanzania has begun the construction of what it says will be the largest port in East Africa at a cost of about $11bn. Backed by China Merchants Holdings International and Oman’s State Government Reserve Fund, the project is expected to be a game changer in Tanzania’s quest to industrialize. Officials in Tanzania believe that the construction of largest port in East Africa will not only boost the economy of the tourist.... Read more »

Posted on : Monday , 19th October 2015

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