Market News Page No. 502| Africa Business News | Afrotrade

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IBM Develops $2.5bn Super Computer for Kenya

Kenya’s eCommerce ecosystem is set to see greater efficiencies as IBM has launched what it has dubbed the ‘most powerful and secure system ever built.’ The z13 mainframe is an impressive demonstration of human ingenuity, technological advancement, and the monumental cost in terms of time and money – five years and a whopping $2.5 billion. Constructed with the burgeoning Kenyan mobile economy in mind, this super.... Read more »

Posted on : Thursday , 22nd January 2015

11 African Countries That Have Slashed Fuel Prices

It first happened in the United States of America, and now it is spreading all across sub-Saharan Africa – fuel prices are actually reducing! Thanks, or no thanks, to the oil price crash, consumers can now heave a sigh of relief, though some remain disgruntled that the price point reduction is not commensurate with the magnitude of the oil crash. Here are the 11 sub-Saharan African countries that have cut down fuel prices.... Read more »

Posted on : Thursday , 22nd January 2015

Consortium to invest US$ 38m in solar power projects in Eastern Uganda

A 20MW solar power plant worth US$ 38m will be constructed in Eastern Uganda to aid in the generation of electricity in Soroti and Tororo districts. A Ugandan-Italian consortium involving Simba Telecom and Building Energy SPA and the consortium of Access and TSK Electronica of United Arab Emirates and Spain have decided to invest in this electricity generation project so as to make power more affordable to locals. Moses.... Read more »

Posted on : Thursday , 22nd January 2015

Dutch-backed ICT Companies to boost export competitiveness in East Africa

The Netherlands Trust Fund III (NTF III) Export Sector Competitiveness Programme, a three-year, multi-phase Dutch-backed project with the International Trade Centre (ITC), has completed the company selection process for the projects in Kenya and Uganda. 33 Kenyan and 30 Ugandan companies were chosen based on a criteria that focused on their perceived ability to benefit from the NTFIII training and advisory services. Relevant criteria.... Read more »

Posted on : Thursday , 22nd January 2015

Trade and Investment - Transforming Kenya�

Today Kenya is ranked as a middle income country with a Gross Domestic Product in excess of US$50 billion becoming the fourth largest economy in Sub-Saharan Africa behind Nigeria, South Africa and Angola. These three countries have massive natural resources. Kenya is joining this league with several oil and natural gas drills yielding fruits. Kenya is on the global map as a favourable investment destination in Africa. The just concluded.... Read more »

Posted on : Thursday , 22nd January 2015

Tanzania: A competitive global investment destination.

THE good investment environment in Tanzania has enabled the country to take the lead in attracting Foreign Direct Investment (FDI) in the East African Region by USD1.1 billion (1.76 trillion/-) in 2012. And President Jakaya Kikwete has reiterated the country's commitment to attract more investors by offering a peaceful and stable environment for business and investments. In a speech read on his behalf by the Minister for Finance, Ms.... Read more »

Posted on : Thursday , 22nd January 2015

Tanzania: Miner Seeks Second Joint Venture Project in Tanzania

KIBO Mining and fellow London-listed miner Metal Tiger are set to deepen their relationship through a joint venture at gold prospect Morogoro in Tanzania. Metal Tiger recently became a shareholder in Kibo when it acquired half of shares of its Pinewood uranium deposit in Tanzania. The two companies are now closing on a deal that will see Metal Tiger take 50 per cent of the Morogoro South gold exploration portfolio of 18 licences.... Read more »

Posted on : Thursday , 22nd January 2015

Tanzania: Investor Eyes More Graphite Production

KIBARAN Resources has developed a growth strategy for its Epanko Graphite Project in Tanzania that envisages a staged development that can produce up to 100,000 tonnes per annum of concentrate. Production will commence at 40,000 tonnes annually with ramp up to 100,000 tonnes over two stages offering the company the ability to respond quickly to future increases in demand. The first stage could be taken out in two to four years to.... Read more »

Posted on : Thursday , 22nd January 2015

Progress attained at Kenya oil project

NAIROBI – TOWER Resources, the oil and gas exploration company, welcomed the progress recorded in its operation in Kenya.“The spudding of the Badada-1 well marks an important milestone in this frontier exploration basin. “Badada-1 is a potential play opener, which if successful, will de-risk other prospects and leads in Block-2B and generate considerable upside from a follow-on exploration programme in.... Read more »

Posted on : Thursday , 22nd January 2015

Kenya putting in place measure to increase cotton output to 140,00 bales

Cotton production of Kenya stood at approximately 30,000 bales in 2014 an increase from 2013, when production stood at 22,000 bales due to the effects of drought, was informed Agriculture Fisheries and Food Authority (AFFA) Interim Head of Fibre Crops Directorate Anthony Muriithi in Nairobi on Wednesday. Muriithi at the Pre-Launch of the Application of the Coffee Kenya Mark of Origin said that despite production deficit, Kenya.... Read more »

Posted on : Thursday , 22nd January 2015

Qalaa Invests in East Africa Cargo as China Builds Rail Link

Egyptian private-equity company Qalaa Holdings SAE is investing $70 million to accelerate the movement of rail cargo carried from East Africa’s busiest port, as it faces competition from a new Chinese-backed link. Qalaa controls Rift Valley Railways Ltd., the operator of a railway built almost a century ago running from Kenya’s Mombasa port to neighboring Uganda. It covers a portion of the same route as a new rail.... Read more »

Posted on : Thursday , 22nd January 2015

Eni signs concession agreements for two offshore exploration blocks in Egypt

Italian energy firm Eni has signed concession agreements to explore two new blocks offshore Egypt. The blocks, North Leil and Karawan, are located in the deepwater Egyptian Mediterranean, west of the Shorouk block, which Eni acquired in 2014. Eni subsidiary IEOC will operate the North Leil and Karawan blocks, which cover areas of 5,105km² and 4,565km² respectively. Eni owns the entire interest of North Leil and has a 50%.... Read more »

Posted on : Thursday , 22nd January 2015

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