Market News Page No. 394| Africa Business News | Afrotrade

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Kenya: Government Told to Ban Exportation of Raw Soapstone

The soapstone carvers in Tabaka area in Kisii County have called on the government to impose a total ban on exportation of uncut soapstone from Kenya. According to Jared Nyabuto, a soapstone dealer, both the county and national government lose millions of shillings by selling uncut stones to international dealers who eventually sell them at higher prices. He noted that these dealers later polish the stones and sell them at massive profits.... Read more »

Posted on : Thursday , 10th December 2015

KENYA WINS ONE-YEAR REPRIEVE FROM CHEAP SUGAR IMPORTS

Kenya has been granted a one-year extension to sugar import limits from a regional trade bloc to give it time to overhaul its ailing sugar industry, a Kenyan minister said on Monday. The arrangement capping cheaper imports from Common Market for Eastern and Southern Africa (COMESA) was scheduled to expire in February 2016 but Kenya pleaded for more time to fix its sugar industry. "This COMESA extension will give interim comfort to.... Read more »

Posted on : Thursday , 10th December 2015

Rwanda: U.S. Firm Completes Deal for Rwandan 50MW Power Plant

Symbion Power Lake Kivu Ltd, a subsidiary of American firm Symbion Power LLC, on Tuesday signed a 25-year power purchase agreement (PPA) with the Rwanda Energy Group (REG) for a 50 Megawatt (MW) methane gas to power project. The official signing involved Symbion Power CEO Paul Hinks, REG CEO Jean-Bosco Mugiraneza, and Minister of Infrastructure James Musoni. With the PPA signed, Symbion will now begin implementation activities including.... Read more »

Posted on : Thursday , 10th December 2015

Uganda: Sukulu Phosphate Project Gets Shs788 Billion Boost

Kampala — The construction of Uganda Sukulu phosphate factory in Tororo District has got a boost of $240 million (about Shs787.7b) at the China-Africa Investment and Financing Forum held in South Africa. Industrial and Commercial Bank of China (ICBC) in cooperation with the Standard Bank Group will disburse the money in tranches to Guangzhou DongSong Energy Group Company Ltd which is the project developer. The company,.... Read more »

Posted on : Thursday , 10th December 2015

Namibia: Ra Signs Agreements Worth N$2.6 Billion

The Roads Authority (RA) yesterday signed three contracts worth about N$2.6 billion for the rehabilitation and upgrading of three road projects. "The Roads Authority has been talking about some of the major projects in the history of the country and today these projects will become reality," said RA's chief executive officer, Conrad Lutombi, during the signing ceremony to initiate the projects. Lutombi explained that.... Read more »

Posted on : Thursday , 10th December 2015

South Africa: R20 Million for Limpopo Village Road Upgrade

Pretoria — The Lephalale Local Municipality will spend R20 million upgrading a road in Ga-Monyeki village, in Limpopo. The six-month project will create about 40 jobs and will improve access to remote areas in the municipality. This is the third road to be upgraded in a rural village in Lephalale this financial year as part of the municipality's commitment towards rural development. Lephalale Mayor Jack Maeko.... Read more »

Posted on : Thursday , 10th December 2015

FG Proposes N6 Trillion Budget for 2016, Sets U.S.$38 a Barrel Oil Benchmark

The Federal Government has proposed a budget estimate of N6 trillion for 2016 with $38 per barrel crude oil price benchmark. This was the outcome of a three-hour emergency meeting of the Federal Executive Council (FEC) chaired by President Muhammadu Buhari today. Addressing State House correspondents after the meeting, Budget and National Planning Minister Udoma Udo Udoma, said the government was looking at.... Read more »

Posted on : Thursday , 10th December 2015

Egypt: Petroleum Min. Witnesses Signing 2 Deals for Oil, Gas Exploration

Minister of Petroleum and Mineral Wealth Tarek el-Mollah witnessed on Monday 7/12/2015 the signing of two agreements for gas and oil exploration in the Suez Gulf region and Western desert. The first agreement was signed with Tunisia's HPS Company with investments amounting to $9 million and signing grant of $1 million in Halif district in Egypt's western desert to dig out four oil wells. The second agreement extends a previous.... Read more »

Posted on : Thursday , 10th December 2015

Mercedes Benz latest to capitalise on African auto policy

Mercedes Benz is gearing up to begin the assembly of mini buses and ambulances in Nigeria, in an attempt to draw benefits from the country’s automotive policy mercminibus CanadianPacific flickrAccording to Uwatse, Nigeria needs mini buses and ambulances. The company’s managing director in Nigeria Benson Uwatse said the country could benefit greatly from the current automotive policy, and that it required ambulances as.... Read more »

Posted on : Thursday , 10th December 2015

Tanzania signs US$400mn deal with Japan for road projects

Tanzania has signed a deal with Japan for nearly US$400mn to develop major roads in the country road jbdodane flickrImproving the quality of roads in Tanzania is a primary concern for JICA and the country's transport authorities. The Japan International Cooperation Agency (JICA), on behalf of the Japanese government, will provide the money. Along with the African Development Bank (AfDB), JICA will improve a 230 km-long.... Read more »

Posted on : Thursday , 10th December 2015

Shopping Center in Africa installs solar panels on rooftop

Deville Shopping Centre in South Africa now boasts of 1,206 highly efficient solar panels on its rooftop. The solar panels will supply just about 8% of the centre’s electricity requirements. The project was managed by Spire Sustainable Solutions on behalf of the Tower Property Fund who owns De Ville. Deville Shopping Centre in South Africa becomes one of numeral shopping malls that have embraced solar panels on.... Read more »

Posted on : Thursday , 10th December 2015

MOZAMBIQUE IN $210 MILLION GAS PIPELINE EXPANSION TO INCREASE CAPACITY

ROMPCO the Republic of Mozambique Pipeline Investments Company has said it will expand the capacity of the existing 865 km of gas pipeline from the Central Processing Facility (CPF) at Temane in Mozambique to Secunda in South Africa. The project involves the installation of a pipeline parallel to the existing pipeline, from scraper station 1 (STS1), which is about 128 km from the CPF, over a length of 127 km where it connects back into.... Read more »

Posted on : Wednesday , 9th December 2015

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