Market News Page No. 543| Africa Business News | Afrotrade

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U.S. reserves surpasses Nigerian reserves - fifth consecutive year

U.S. crude oil and lease condensate proved reserves has increased for the fifth consecutive year in 2013, increasing by nine per cent from the 2012 level to 36.5 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves, 2013 report released yesterday by the U.S. Energy Information Administration (EIA), The Guardian reports. With this new record, the U.S has surpassed Nigeria, whose reserves stands at 28.2.... Read more »

Posted on : Friday , 12th December 2014

Kenya: DFID, Turkana County Agree on Landmark Project

THE United Kingdom's Department for International Development (DFID-Kenya) has committed to support Turkana County Government in engagement of communities, oil companies and NGOs for local development of areas affected by oil explorations. Speaking during the signing of the framework, Head of DFID Kenya, Lisa Phillips said The UK was excited about discoveries of oil and gas in Kenya. "It's important that there is wide.... Read more »

Posted on : Friday , 12th December 2014

Tata draws up plans for Kenyan vehicle market

India’s Tata Group yesterday said it is in talks with partners in Africa to set up new assembly lines for commercial and passenger vehicles in Kenya and Tunisia. Tata Motors head of international business R.T. Wasan said that the company will form alliances to sell commercial vehicles in Africa. “We have identified a few partners in Tunisia and Kenya,” said Wasan. “They will be assembling our small,.... Read more »

Posted on : Thursday , 11th December 2014

TVS makes a foray into Kenya

TVS has officially commissioned its assembly line at Nakuru, Kenya. It has also officially announced that there will be two bikes launched specifically catering to the usability, reliability and durability needs of the Kenyan markets. TVS has been present in the Kenyan market for more than 10 years and shares its distribution efforts with Kenya-based Car & General. The TVS two-wheelers sold in the Kenyan market are the MAX 4R, Star.... Read more »

Posted on : Thursday , 11th December 2014

Innoson Unveils First 'Made-in-Nigeria' Cars

When Nigeria, on October 3, 2013, announced the introduction of a new automotive policy aimed at discouraging the importation of wholly assembled automobile and encouraging local manufacturing, it seemed like a tall dream. But building on recent local assembly successes, by Hyundai and Nissan, was last week’s unveiling of a new brand of cars by indigenous company, Innoson Motors. Innoson Vehicle Manufacturing Company Limited founded by.... Read more »

Posted on : Thursday , 11th December 2014

Lafarge Africa Set to Buy-Out Minorities in Ashaka Cement

Lafarge Africa, the Nigerian unit of the French cement maker, Lafarge, is poised to make a cash offer valued at about $122 million to buy-out minority shareholders in its Nigerian business, Ashaka Cement, it emerged on Tuesday. According to Reuters, the bid comes shortly after the $1.35 billion union of Lafarge Africa’s Nigerian and South African businesses, which has already gotten approval from shareholders in July this.... Read more »

Posted on : Thursday , 11th December 2014

Delphi Automotive Opens Third Factory in Morocco

Auto parts maker, Delphi Automotive Plc, has opened its third production unit in Kenitra, Morocco. The facility will provide jobs for another 1,700 people, bring the company’s total workforce to about 9000 people. It also confirms the attractiveness of Morocco’s automotive sector to European manufacturers. “Morocco offers a competitive environment for the manufacturing of automotive components due to its proximity to.... Read more »

Posted on : Thursday , 11th December 2014

Africa: Launch of the Continental Free Trade Area - trade agreements and investment trends

A three-day meeting of experts opened on Monday this week at the African Union Headquarters in Addis Ababa in advance of the 9th Ordinary Session of the African Union Conference of Ministers of Trade to be held on 4-5 December. The experts are deliberating the implications of mega regional trade agreements and current investment trends in the context of Africa's commitment to forge its economic integration. The discussions are particularly.... Read more »

Posted on : Thursday , 11th December 2014

Africa:Nexus Alliance Bags Contract with GE's Industrial Facility

General Electric (GE) has awarded Nexus Alliance Limited, contract for the technical training and capacity development of all personnel that will be engaged at its (GE's) Multimillion dollar Manufacturing and Assembly facility situated in Calabar, Cross River State. Vice Chairman of GE Mr. John Rice, this in Abuja during a recent visit to Nigeria. He said the contract award was in fulfillment of the pledge made by Chairman of GE, Mr. Jeff.... Read more »

Posted on : Thursday , 11th December 2014

15 Firms Plan Multi-Million Investment Manufacturing Industrialization

Fifteen firms from four countries have indicated interests to invest in key sectors of the economy such as agriculture and manufacturing. This was made known by the Nigerian Ambassador in Argentina, Amb. Chive Kaave, when he led the investors from Argentina, Peru, Cuba and Paraguay to meet with the Executive Secretary of the Nigerian Investment Promotion Commission, NIPC, Mrs. Saratu Umar. He said the visit was in response to the federal.... Read more »

Posted on : Thursday , 11th December 2014

Siemens extend devepolment to African Manufacturing�Sector

THE Managing Director, Siemens Nigeria, Onyech Tifase, has described the company's feat in addressing challenges in Nigeria's real sector as a testimonial to the fact that the company fully understands the Nigerian terrain and is deeply committed to the country's development. According to her, Siemens is ready to assist its customers to surmount the challenges in the manufacturing environment, with inadequate levels of infrastructure,.... Read more »

Posted on : Thursday , 11th December 2014

Tanzania s Off Grid Electric raises $16 million from SolarCity, Zouk Capital & Microsoft co-founder -

Things are looking bright for East Africa this season. At least that’s the case for the solar as a service startup Off Grid Electric and its customers. Tanzanian-based solar company Off Grid Electric has raised a massive US$16-million (about R184-million) lead by the US alternative energy giant and NASDAQ-listed, SolarCity, the UK’s Zouk Capital as well as Microsoft co-founder Paul Allen’s Vulcan Capital. The.... Read more »

Posted on : Thursday , 11th December 2014

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