• 23 Jan 2020 - Uganda’s oil refinery is inching closer to development, after potential investors said they were nearing a final decision on the same. According to a budget policy document, work on the infrastructure connected to the plant needs to start. In line with this, the Energy ministry is seeking…
  • 23 Jan 2020 - The International Monetary Fund expects trade and private investment to boost Rwanda’s GDP by 8%. This year’s estimate is slightly lower than last year’s, given factors like unpredictable weather, which threaten the agricultural output. In a separate report, the World Bank states that weakening…
  • 23 Jan 2020 - Rwanda has announced plans to scrap visa fees for Africans, citizens of Commonwealth nations and those from the Francophone countries, entering the country. The move seeks to ease access to Rwanda for a significant section of the international community. In the long run, the move might place the…
  • 23 Jan 2020 - Installation of a sea cable that will link Kenya and Djibouti has started, even as the projected deadline of June 2020 nears. The cable system, dubbed Djibouti Africa Regional Express 1 (DARE1) and stretching across 4,854-kilometres under the sea, was initially estimated to cost $235 million. Once…
  • 23 Jan 2020 - The Africa Media Hub – Strathmore University Business School (SBS) held its first monthly Breakfast meeting on 22nd  January 2020 with Pinelopi Koujianou Goldberg – Chief Economist, World Bank Group as the Guest Speaker. She gave insights on how important Global Value Chains are to development in…
  • 22 Jan 2020 - Facebook’s cryptocurrency, Libra, has faced another setback after telecommunications firm, Vodafone, withdrew from the project, citing the need to concentrate on its own related service. “We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the…
  • 22 Jan 2020 - The National Treasury has announced a plan to unveil a loan facility that will enable Small and Medium sized Enterprises (SMEs) to access more capital and address the challenges they face when starting their businesses. “We already have the draft regulation to operationalize this fund which will be…
  • 22 Jan 2020 - Private Equity companies Fanisi Capital and Ascent Capital have disclosed plans to consolidate their funds with the aim to earn higher returns for their investors. According to a joint statement, Fanisi and Ascent will systematically co-invest to enjoy scale benefits and earn better returns to…
  • 22 Jan 2020 - Tesla has crossed the $100 billion stock market evaluation, becoming the first US car manufacturing company to hit the mark. This comes as a great sign even as the company’s CEO, Elon Musk inches closer to earning the first $346 million tranche of options in a record-breaking pay package. According…
  • 22 Jan 2020 - Nigerian fintech App Flutterwave has raised $35Million looking to expand beyond finance. The payment solution also announced a partnership with Worldpay FIS for payments in Africa, becoming the first African partner for the global payment processing firm. Flutterwave is a fintech founded in Nigeria…
  • 22 Jan 2020 - Kenya has initiated measures to help lift the ban on mango exports imposed by the European Union. The Kenyan farmers seek to secure international markets for the fruit. Thus, stakeholders have launched a fruit fly-free zone campaign, dubbed “Komesha fruit fly”, that seeks to create awareness among…
  • 22 Jan 2020 - Kisumu County has secured land that will enable the development of a Special Economic Zone (SEZ) in Miwani. The land, which spans across 10,000 acres, will aid in purging the industrial development of the region, in line with the government’s Big Four Agenda. However, According to Governor Anyang…
  • 22 Jan 2020 - Africa’s first social startup, Janngo, has announced plans to give funding worth $66 million (KSh 6.6 billion) to African Tech Startups. The fund, dubbed Janngo Capital Startup Fund, is geared towards accelerating progress of tech startups towards attaining the Sustainable Development Goals (SDGs)…
  • 22 Jan 2020 - The Kenya Roads Board (KRB) has received bids from a consortium of Citi bank, Absa, Renaissance Capital, Equity Group holdings and Rand Merchant Bank seeking to arrange a Ksh 150 Billion financing plan to fund roads development, maintenance, and rehabilitation. Further, Dyer and Blair and Africa…
  • 21 Jan 2020 - Financial markets in Asia reeled on concern a deadly virus emanating from China will spread through the region. Four people are reported dead sending panic across Japan, Thailand, South Korea, as well as other parts of China. Moves were exacerbated as traders closed out positions in the run-up to…
  • 21 Jan 2020 - South African Airways (SAA) has cancelled a number of their domestic and international flights, as the carrier struggles to remain in business. In a statement the debt-laden national carrier said the decision was part of what it sees as a strategy to conserve cash and optimise its position ahead of…
  • 21 Jan 2020 - Nigeria has announced its decision to exempt food stuff from Value Added Tax (VAT), a move that seeks to ease the cost burden on consumers. This will take effect on 1st February 2020. These food stuff that will be exempt from VAT charges include bread, cereals, cooking oils, culinary herbs, fish,…
  • 21 Jan 2020 - President Uhuru promised UK investors friendly policies during the recently concluded UK-Africa Investment Summit. The President vowed to remove obstacles limiting business performance, urging investors to venture into sustainable projects in Kenya. “We have tremendously improved the ease of doing…
  • 21 Jan 2020 - Boeing is set to borrow close to $10 billion from banks, a move that seeks to get it back on its feet after suffering massive losses linked to the worlwide grounding of its 737 Max craft. Boeing’s problems began in 2019, after two of its 737 Max planes crashed, killing everone on board. This was […]
  • 21 Jan 2020 - Safaricom is clear to launch 5G services in the country as the Communications Authority plans to call an industry forum for rollout next month. The regulator confirmed Safaricom’s plan as well as their readiness to roll out the network. “Yes, CA is aware of Safaricom’s plans,” Government Business…
  • 21 Jan 2020 - Barclays Bank of Kenya has completed over 80% of the projects necessary to rebrand into Absa. The bank, operating in 12 markets and about 1,000 branches is looking to finish the transition by June 2020. By September 2019, the transition costs had hit KSh 910m. “We are almost at the tail end of the…
  • 21 Jan 2020 - FSD Africa Investments has announced a $3.2 million investment into MFS Africa and Frontclear meant to strengthen African financial markets. MFS Africa secured a USD$1.2 million follow-on investment from FSD Africa Investments to support implementation of a new partnership with Visa. Meanwhile,…
  • 21 Jan 2020 - Treasury’s public investment management (PIM) unit at the National Treasury plans to deal with the increasing number of stalled public projects, estimated at over 500. According to a Fiscal Transparency Evaluation Update by the International Monetary Fund (IMF), the human capacity, IT systems and…
  • 21 Jan 2020 - The payment landscape of Safaricom subscribers has changed significantly. This follows a money transfer partnership between the mobile phone operator and Ria Money Transfer, a subsidiary of Euronet Worldwide. Kenyans in the diaspora, who routinely make remittances are expected to benefit from the…
  • 21 Jan 2020 - Kenya has secured £1.3 billion (KSh170 billion) from the UK in investments deals during the UK-Africa Investment Summit. In this case, the investments will focus on housing, finance, renewables, and entrepreneurship. Furthermore, UK signed a new memorandum of Understanding to collaborate on…
  • 20 Jan 2020 - Kenya’s first green bond issued by Acorn has today started trading at the London Stock Exchange (LSE), following its official launch by President Uhuru Kenyatta. The bond, therefore, becomes the first Kenya shilling denominated corporate green bond to be listed in the United Kingdom. This…
  • 20 Jan 2020 - Kenya Power has awarded the KSh740 million prepay meter tender to a Chinese firm, Shenzhen Star Instruments Company. Therefore, the firm will supply single-phase prepayment meters to the firm. The Nation reports that in 2017, Shenzhen Star bid for another tender worth KSh1.25 billion to design,…
  • 20 Jan 2020 - Qatar, in conjunction with French and Japanese partners, has signed a $470 million (KSh47 billion) deal to build its first solar energy plant. According to Qatar’s minister for Energy, Saad al-Kaabi, the plant will span across a 10 square kilometres of land, set for completion in 2022. Once…
  • 20 Jan 2020 - Amethis Finance, a French private equity fund has announced plans to acquire a 30% percent stake in Naivas Supermarkets. However, the companies have not disclosed how much the PE firm will inject into the retail chain. Business Daily reports that back in 2017, Amethis announced that it was seeking…
  • 20 Jan 2020 - Crude oil prices rose to more than one-week high in London as supply disruptions in Iraq and Libya raised concerns. According to the daily Markets stats from EGM Securities, Commodities gained overnight with oil prices underpinned by supply disruptions in Libya when an eastern military commander,…