Market News Page No. 551| Africa Business News | Afrotrade

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Nigeria: FG to Halt Importation of Petroleum Products By 2018 - - Aganga

The Federal Government will halt the importation of petroleum products into the country in the year 2018. The Minister of Industry, Trade and Investment, Olusegun Aganga, gave this hint in Ilorin, Kwara State, when he paid a pre-commissioning visit to the Steel Cold Rolling Complex of Kam Industries Limited. According to him, a minimum of about $14 billion has been committed to the petrochemical sector by foreign and local investors.... Read more »

Posted on : Friday , 17th October 2014

Mobius Motors to Introduce Rugged Vehicle in Kenya

Mobius Motors is preparing to launch its first production vehicle in Kenya known as the Mobius II, a vehicle designed for the rugged roads of Africa. The automaker is funding the initiative after raising financing from Richard Parsons and Ronald Lauder's Pan-African Investment Company (PIC). The investment will help Mobius complete its first production run of 50 Mobius II vehicles, and has scheduled production of the Mobius III for.... Read more »

Posted on : Friday , 17th October 2014

Mercedes revs up battle for top spot in Kenya luxury car market

Kenya: Franchise managers have moved the race for a share of Kenya’s luxury car market a notch higher with increased investment and marketing. The franchise holders for Porshe — Multiple Group, which comprises Multiple Hauliers and RT East Africa — stoked the latest round of activity in the industry when they opened a showroom for the German automaker along Mombasa Road in Nairobi. Not willing to be left behind, DT Dobie, the.... Read more »

Posted on : Friday , 17th October 2014

Imperial sets its sights on African cars

Imperial Holdings is expanding its motor vehicle business into Africa as part of a strategy to reduce the impact of volatility of the rand and cyclicality of the South African new vehicle market on the financial performance of the listed transport and mobility group. Manny de Canha, the chief executive of the Associated Motor Holdings (AMH) subsidiary, confirmed it had plans to replicate its vehicle business in Africa and had already started.... Read more »

Posted on : Friday , 17th October 2014

Mart Resources restores pipeline, to boost Forcados exports

Mart Resources and co-venturers, Midwestern Oil and Gas Company and SunTrust Oil Company has confirmed completion of repairs on the damages Umugini pipeline in Rivers State. The partners in a statement issued at the weekend, stated that the 51-kilometre Umugini pipeline tie-in at the Eriemu flow station and other start-up activities have been successfully completed with required line fill process to ship oil to the Trans.... Read more »

Posted on : Thursday , 16th October 2014

Hyundai heavy-duty truck range may be introduced onto SA market

Hyundai Automotive South Africa (HASA) is evaluating the viability of introducing the heavy-duty Hyundai Xcient truck range onto the South African market, says HASA commercial vehicles director Wade Griffin. The market study should be completed towards the end of the year, he adds. “The rand : dollar exchange rate is not favorable at the moment.” Griffin says the right-hand-drive version of the Xcient is.... Read more »

Posted on : Thursday , 16th October 2014

Industrialization: East Africa's challenges are its opportunities

President Paul Kagame yesterday addressed the Global Business Forum in Dubai hosted by the Dubai Chamber of Commerce and Industry. The event was organised under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, UAE vice-president and and ruler of Dubai. As the region’s largest African economic event, the forum brought together seven 700 government and business leaders for a two-day discussion aimed at strengthening economic.... Read more »

Posted on : Thursday , 16th October 2014

Tanzania: Laying foundation for Industrialized Growth in Africa

TANZANIA, like many other developing nations, is on the route to build a robust manufacturing sector to increase its contribution to growth and prosperity of the people. Despite being small and in its nascent stages, Tanzania's manufacturing sector has a big potential to create jobs in the rural and urban areas but with an increased investment. This is part of the speech by the Prime Minister Mizengo Pinda to the Chief Executive Officers.... Read more »

Posted on : Thursday , 16th October 2014

Emirates Airlines, World s Largest Carrier Targets 40% Operational Growth In Africa

Emirates, the world’s largest carrier by international traffic, says it would expand its operation in Africa by more than 40 percent in the next decade. This is in line with the airline’s 10 years growth plan which includes investment expansion as well as the provision of critical links to emerging markets globally. Dubai, Emirates base, serve as the fastest route from Africa to Asia – a major trade partner with sub-Sahara.... Read more »

Posted on : Thursday , 16th October 2014

Kenya: Naivasha Power Plant Complete

Work on the 140mw Olkaria IV power plant, Naivasha, is complete. The plant will be commissioned on Friday by President Uhuru Kenyatta. Energy Cabinet Secretary Davis Chirchir said the area is already producing 210mw of the expected 280mw. He said the 210mw has been pumped into the national grid from Olkaria I and IV power plants ahead of the commissioning. The CS said plans are underway to replace diesel power.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria to Build First Nuclear Plant Before 2029

Oran — Algeria will build its first nuclear plant before 2029, declared Sunday in Oran Minister of Energy, Youcef Yousfi. "Nuclear energy is not for soon, but we cannot ignore that it is a capital energy industry, likewise the other resources, devoted to our energy efficiency and our economic development," the minister told a news conference held on the sidelines of the International Conference of Gas Industry in.... Read more »

Posted on : Wednesday , 15th October 2014

Egypt: Government Announces Project to Produce Bio-Diesel From Cooking Oil

The ministry of supplies and internal trade has concluded its technical research for a project to produce bio-diesel from cooking oil, the minister announced on Tuesday, adding that the project will be enacted "soon". In a press statement released by the ministry, Supplies Minister Khaled Hanafi said that the project would provide job opportunities for the youth and produce around a million litres of diesel.... Read more »

Posted on : Wednesday , 15th October 2014

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