Market News Page No. 572| Africa Business News

Kenya's import bill has accelerated by 727 million U.S. dollars

NAIROBI, (Xinhua) -- Kenya’s import bill has accelerated by 727 million U.S. dollars in the first six months of this year, compared to a similar period in 2013, Kenya National Bureau of Statistics (KNBS) said on Saturday. The bill swelled from 7.9 billion dollars in the first half of 2013 to 8.6 billion dollars this year on account of increased inflows of industrial supplies and petroleum products. The non-food industrial.... Read more »

Posted on : Monday , 11th August 2014

Africa Oil and Tullow Oil seek partner for Kenyan oilfields

The Canada-listed company said that the partners have discovered oil reserves in Block 13T and Block 10BB in northern Kenya’s South Lokichar Basin, estimated to hold a combined 600mn barrels. Keith Hill, CEO of Africa Oil, said, “We will likely bring on a partner to help develop Lokichar Basin reserves but no timetable has been set.” Oil discoveries in Uganda and Kenya and gas deposits found offshore Tanzania and.... Read more »

Posted on : Monday , 11th August 2014

Gas Discoveries Fuel Investments in East Africa

Significant gas discoveries in Tanzania, Kenya and Mozambique have put East Africa in the global spotlight, according to DHL’s executive. Steve Harley, president of energy sector at DHL, said that while Angola and Nigeria have always been the most notable producers within the sub-Saharan region, oil and gas activities in East Africa are now creating a stir amongst global exploration companies and potential investors. “Oil.... Read more »

Posted on : Monday , 11th August 2014

Kenya plans to reduce the cost of electricity by 47 per cent in the next three years

THIKA (Xinhua) -- A Kenyan official said Sunday that the country plans to reduce the cost of electricity by 47 per cent in the next three years amid increased power generation from cheaper sources. Principal Secretary for Energy and Petroleum Joseph Njoroge said the electricity producer, Kenya Power, is implementing a countrywide operation to upgrade the power network ahead of the expected additional generation capacity. "The.... Read more »

Posted on : Monday , 11th August 2014

Kenya: Electricity Prices to Drop Through Ongoin Power Project

Kenyans will benefit from approximately 47 percent reduction in electricity prices in the next three years owing to increased generation from cheaper sources of power, Principal Secretary for Energy and Petroleum, Eng. Joseph Njoroge, has said. Njoroge said generation projects for the 5,000 MW additional capacity in the medium term are well on course with electricity prices for domestic customers expected to come down from the.... Read more »

Posted on : Friday , 15th August 2014

Kenya: Chinese Firm to Build Three Berths in Kenya's Lamu Port

Nairobi — Kenyan President Uhuru Kenyatta on Friday signed a 480 million U.S. dollar agreement with a Chinese firm for the construction of the first three berths of Lamu Port in the coastal region. The deal for the three berths under the Lamu Port - South Sudan - Ethiopia Transport Corridor Project (LAPSSET) Corridor Program was signed with China Communications Construction Company Ltd. Kenyatta said.... Read more »

Posted on : Monday , 11th August 2014

US$45.5m multi-storey car park to be constructed in Nairobi, Kenya

City Hall Nairobi has announced a tender notice for the construction of a 3000 multi-storey car park in Nairobi’s Central Business District (CBD). The project involves developing an AT Sunken Car Park building at a cost of US$45.5m. The project will be undertaken through a public private partnership where the Government of Nairobi County is expected to provide the land for the project, while investors will provide the funds.... Read more »

Posted on : Monday , 11th August 2014

Freedom Property Fund kicks off new residential developments

Newly-listed Freedom Property Fund today announced it has launched several major projects, including two residential property developments, which will boost its portfolio of income-generating rental stock. It is also unlocking capital by releasing residential properties for strategic sale to the market. Following Freedom’s successful listing on the JSE Main Board on 12 June 2014, it has commenced and progressed several.... Read more »

Posted on : Monday , 11th August 2014

African, U.S. Leaders Announce New Partnerships to Help Farmers

The New Alliance for Food Security and Nutrition now has commitments from private investors totaling more than $10 billion, U.S. and African officials announced at the U.S.-Africa Leaders Summit August 5. These new investments are expected to create about 650,000 jobs and reach over 5 million small-holder farmers in initial New Alliance and Grow Africa countries, the U.S. Agency for International Development (USAID) said in a press.... Read more »

Posted on : Monday , 11th August 2014

SAPA welcomes commitment to the NDP

The South African Poultry Association (SAPA) welcomed the commitment made by President Zuma, at the State of the Nation address on the 17 June 2014 to the agricultural objectives as set out in the National Development Plan Poultry-Africa-hyper7proSAPA has put plans in place to transform South Africa's local poultry sector. (Image source: hyper7pro) Kevin Lovell, CEO of SAPA, said in aiming for a five per cent economic growth rate and.... Read more »

Posted on : Monday , 11th August 2014

East Africa dairy farmers benefit from agricultural training

East African farmers have benefitted from agricultural training, with the volume of milk sold by farmers in the East Africa Dairy Development (EADD) project increasing by 102 per cent over three years Dairy farmers Gates FoundationThe EADD project set a target to double the earnings of 17,000 dairy farmers in Kenya, Uganda and Rwanda. (Image source: Gates Foundation) The EADD joined forces with Heifer International, the World.... Read more »

Posted on : Monday , 11th August 2014

KARI develops new banana and rice varieties

The Kenya Agricultural Research Institute (KARI) has developed new banana, rice and cassava varieties for farmers in Kenya Kenyan-farmer-K. TrautmannThe new banana, rice and cassava varieties for Kenyan farmers will prevent them from recycling seeds during the planting season. The new FHIA-17 banana variety matures within 12 months and has an impressive number of banana fingers and weighs more than 100 kg. “The FHIA-17 is suitable.... Read more »

Posted on : Monday , 11th August 2014