African Business and Economy News [Archive] - Page 6

mwanamwiwa

June 2nd, 2009, 10:00 PM

Kenyan elected head of global ports union
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By MWAKERA MWAJEFA
Posted Monday, June 1 2009 at 17:21

A Kenyan has been elected the first African president of the International Association of Ports and Harbours (IAPH).

Mr Gichiri Ndua, the Kenya Ports Authority corporate services manager, was picked at the 26th IAPH conference in Genoa, Italy, last week.

He also becomes the first non-chief executive officer to head the association.

His two-year presidency is expected to give a higher profile to Mombasa port through uplifting its image in the international maritime circles. Other African ports too are likely to benefit from Mr Ndua’s leadership of the global port caucus.

Mr Ndua will also be in a better position to put across the African maritime agenda to the international trade policy-makers such as the United Nations, International Maritime Organisation and International Labour Organisation.

In an e-mail conversation from Italy, KPA public relations manager Bernard Osero said Mr Ndua would address issues facing African ports, such as technological challenges, piracy and training.

“Although his presidency is not an executive full-time job, it will be significantly involving,” said Mr Osero.

Taking over from Mrs Datin Paduka Phang of the port of Klang in Malaysia, Mr Ndua expressed concern over the piracy menace off the Somali coast, saying this had caused shipping costs to rise steeply.

“Alternative routes and higher insurance premiums are increasing operation costs and this is likely to impact negatively on some ports worldwide,” he said.

Mr Ndua said piracy on the East African coast was a major threat to international trade and called on all members to cooperate in addressing the menace.

He noted that the industry was going through hardships due to the current global economic crunch and this called for players to take bold steps to attract investors’ confidence for the projected increase in port throughput after recovery.

Before his election, the Kenyan served as second and first vice-president of IAPH in charge of Africa and Europe.

Balancing

During his tenure as president, Mr Ndua will have to ensure ports the world over do better jobs at balancing growth and development with environmental considerations.

Air emissions from port-related activities are increasing due to growth in goods movement within the port regions and flouting of international regulations should be halted to address emissions from ocean-going vessels.

mwanamwiwa

June 2nd, 2009, 11:45 PM

Kibaki unveils Sh40b economic recovery plan
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President Kibaki addresses the public during the 46th Madaraka celebrations at the Nyayo stadium, Nairobi.
by Hezron Njoroge

Posted Tuesday, June 2 2009 at 00:00

The Government is rolling out a multi-billion public expenditure plan it hopes will pull the economy out of its deepest plunge in 20 years, restore food security and reduce inflationary pressure that has cut consumer purchasing power by nearly one third in the past 15 months.

The Sh40 billion plan, whose details President Kibaki unveiled on Monday in his Madaraka Day speech, will see the government spend close to Sh20 billion on infrastructure projects contained in Phase One of the economic blueprint Vision 2030, support agriculture and establish special economic zones to boost the country’s export earnings.

The plan, which some analysts referred to as the roadmap to recovery, won praise for its head-on approach to tackling some of Kenya’s most outstanding challenges such as economic slowdown, mass unemployment and political reforms that are critical to the country’s long term stability.

“We are making strategic interventions in all sectors with a view to accelerating economic growth, employment creation as well as elimination of absolute poverty,” the President said.

He unveiled an agriculture Marshall Plan that will see the government spend more than Sh15 billion to boost crop and animal production through revival of the country’s irrigation schemes and the digging of water pans in arid and semi-arid regions that produce nearly 70 per cent of Kenya’s beef products.

Increased agricultural productivity is seen as critical to the realisation of Kenya’s development agenda by ensuring food security at home and saving the billions of shillings the country is spending on food imports.

Food security should also offer policy makers the space they need to tackle runaway inflation that stood at an average of 26 per cent last year – driven by high food and energy prices.

President Kibaki said the government would in the short- term spend Sh9.7 billion to import fertilisers – the highest in the country’s history – to speed up a return to the 2007 output levels.

The President said the government would invest heavily in new irrigation schemes and the rehabilitation of existing ones such as Ahero, Mwea, Hola, Bura, Perkerra and Wei Wei to end Kenya’s vulnerability to weather changes.

The reliance on rain-fed agriculture has been singled out as the biggest obstacle to Kenya’s realisation of food security 46 years after independence.

The President said poor rainfall had undermined the country’s ability to boost its agricultural output and extended by six months the duty-free maize importation window it opened last year at the onset of a raging famine facing an estimated 10 million people.

Kenya National Bureau of Statistics data indicates that high food prices have been the main drivers of inflation in the country forcing policy makers to rethink the development priorities.

mwanamwiwa

June 3rd, 2009, 02:43 AM

Telkom, National Assembly in a Sh61.5m ICT deal
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Updated 5 hr(s) 36 min(s) ago
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National Assembly and Telkom have entered a Sh61.5 million ICT project.

The agreement will see the 222 Members of Parliament get laptops fixed with a modem to enable them the access Internet.

The bundled solution was presented to the speaker of the National Assembly Kenneth Marende and James Rege, Parliamentary Select Committee on Communication chairperson at Parliament buildings yesterday.

Marende said that the rollout of the initiative will bridge the communication barrier that has hindered effective public service delivery due to delayed and slow information sharing.

"Digitisation of our law makers will streamline and give cost-effective and flexible communication solutions to MPs to serve their constituents better," Marende said.

Rege said that the partnership will enhance the way MPs do business assisting them attend to their constituency issues with ease.

Service delivery

"It is more than mere laptops and Internet connections, but kick-starting a partnership that will transform the way we work as well lead the way in demonstrating to Kenyans the very real benefits of technology in enhancing productivity and therefore the development of the economy," Rege said.

Dominique Saint-Jean, Telkom Kenya chief executive officer, said that the comprehensive solution will also offer training to those members who are computer illiterate as well as providing technical support enabling government to achieve more in terms of service efficiency. "Adoption of this solution is a positive step forward in responding to public’s need for faster and quality service delivery," Dominique said.

Kenguy

June 3rd, 2009, 08:11 PM

why would Doula and Matadi be an option when you have Sudan, Eritrea, Djibouti, Somalia as a possible port? The article makes no sense.

The article states that those ports were ruled out due to the distance from Ethiopia and Sudan. Eritrea and Ethiopia have their own issues, Somaila has to get its act together. Djibouti is the port of choice at the moment for Ethiopia but if Ethiopia's growth is anything to go by, there is no harm in having another port for its goods in Kenya in the future.

mwanamwiwa

June 3rd, 2009, 09:05 PM

^^Thanks Kenguy,you couldn't be any clearer than that:)
New hydro unit set for Western Kenya
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By COSMAS BUTUNYI Posted Wednesday, June 3 2009 at 19:30

A new hydro-electric power generating station is set to be constructed along River Yala in Western Kenya.

The station, expected to generate up to 50 megawatts of electricity, is part of the proposed Nandi Multipurpose Dam Development Project.

Other features of the project are an irrigation scheme covering 17,000 hectares of farmland and a fisheries project.

The project is to be located at the point where River Yala’s Romonde and Sirua tributaries converge from north of Kapsabet and Nandi Hills respectively.

River Yala covers 212 kilometres across Nyanza, Western and Rift Valley provinces and has a gross catchment area of 3262 square kilometres.

The Ministry of Regional Development Authorities is seeking consultancy services for technical assistance in carrying out feasibility studies and a detailed design of the project.

Water supply

In an advertisement on Wednesday, the ministry said the objective of the project was to provide a large scale multi-purpose water reservoir that would cater for public and industrial water supply, irrigation, river regulation, flood control and power production.

“Other specific objectives are tourism, inter-basin water transfers, fisheries, silt load reduction and downstream ecosystem conservation and sustainability,” the statement read in part.

These, it added, were geared towards contributing to the regional and national socio-economic development.

The 18 month consultancy services are divided into two phases. The first includes a feasibility study, preliminary design and social, and environmental impact assessment.

Upon submission of a report for review, the second phase will be a detailed design of the dam and hydro power plant in addition to preparation of tender documents.

The ministry said the results of the study would be used by the government to mobilise the required resources for its implementation under the medium term plans of Vision 2030.

mwanamwiwa

June 3rd, 2009, 11:52 PM

KCB opens branch in Sudan as competition intensifies
http://www.epckenya.org/images/biashara.jpghttp://www.torque-it.com/images/branch_news/nairobi/KCB_06.jpg
By Jackson Okoth

Kenya Commercial Bank (KCB) has opened a second branch in Juba as competition among commercial banks for the reconstruction financing in Southern Sudan hots up.

Apart from KCB, the other player who has already set up shop in the region is CFC Stanbic. Key players competing for a share of the regional banking business include Diamond Trust, Fina, NIC bank and Equity Bank.

This new branch is the second, bringing number of KCB branches in Southern Sudan to five in a country coming out of a crippling two-decade civil war.

"KCB has demonstrated capacity and commitment to supporting the development of the banking sector and my government will give them the support they require ," said President Salvar Kiir Mayardit during the launch of Buluk branch in Juba.

KCB’s new branch in Juba has 16 teller cubicles, making it the largest KCB Advantage Banking centre. Due to its large network, the government of Southern Sudan has appointed the bank its sole tax collection agent.

"There are more foreign banks talking to us now about opening operations here because of KCB," said Finance Minister Kuol Athian Mawien. KCB’s investment in Southern Sudan accounts for about 10 per cent of the bank’s profits. Group Chief Executive, Martin Oduor-Otieno said KCB will establish 10 more branches over the next 12 months, targeting capital centres of the states of Southern Sudan.

mwanamwiwa

June 5th, 2009, 01:53 AM

Equity and KPLC in rural power deal
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Customers at an Equity Bank branch. Individuals who have wired their premises but cannot raise the amount required could get loans from the bank to finance their ventures.

By ERIC OLOO
Posted Sunday, October 19 2008 at 17:20

Equity Bank has entered into an agreement with the Kenya Power and Lighting Company to fast-track rural electrification.

KPLC marketing manager Joel Ager said the deal would help people who cannot afford the Umeme Pamoja payment ranging from Sh32,000 to Sh42,000, adding that it will lead to regional balance in terms of power supply.

He said that those who had already wired their premises but could not raise the amount required would now get loans to finance their ventures.

Mr Ager said that to qualify for the loan, one needs to fill a power supply form and deposit it at the nearest Equity Bank branch to await processing. The bank would then extend loans to applicants.

Long distance

“Equity has opened branches almost everywhere in the country. Those who are done with wiring need not travel long distances to make payments since the banks have been brought nearer to the customers,” he added.

Mr Ager said the bank’s move would promote power connectivity up to grassroots level as payments will be done in instalments.

He said that for the country to develop and win the confidence of investors, power supply was a necessity adding that this would put the country on the path to achieving Vision 2030 goals.

The manager spoke on Saturday in Ugenya constituency when he commissioned a power supply project at Aboke market, Ukwala Division.

He told area residents that KPLC is committed to ensuring that electricity reaches every corner of the region and challenged them to use it for their economic improvement.

mwanamwiwa

June 5th, 2009, 03:19 AM

Use internet to woo visitors, Kenya told
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By AMINA KIBIRIGE
Posted Thursday, June 4 2009 at 21:26

Kenya has been urged to embrace the Internet as a marketing tool to boost tourism. E-tourism Africa managing director Damian Cook on Thursday said the Internet was now the world’s largest and fastest growing industry, with travel topping online sales.

During an e-tourism workshop at the Nyali Beach Hotel in Mombasa, Mr Cook said while the United States spent 40 per cent of its earnings last year on travel, Africa did not significantly benefit from this because it had not embraced e-commerce.

“In Africa, online tourism sales are less than two per cent due to lack of e-commerce structures or the necessary inventory, making our connectivity far below the global standards,” he said.

Mr Cook challenged African countries to focus more on using Internet technology to market destinations rather than countering the negative perception of the continent that has been created by the Western media.

“Web-based marketing has the advantage of unlimited use and can be used to sell any product at no cost in some cases,” he said. International Association of Travels and Tours national president Mohammad Hersi asked banks to embrace the electronic system in order to boost tourism through online payments.

“More than 85 per cent of the population visit the Internet to shop and most pay online for different services, hence a huge loss for countries that do not make use of e-commerce,” Mr Hersi said.

Fibre optic cables will provide faster and cheaper internet services, he added. He said brochures, which industry players use as a marketing tool at international exhibitions, are costly and do not have much impact. “We are at an age where we only need to sell a site or a link,” Mr Hersi said.

Gulivar

June 6th, 2009, 03:10 AM

This is a good idea. Have every town, every attraction wired to the internet where people can find information etc.

desert burner

June 6th, 2009, 03:05 PM

Kenya’s first ever national fisheries policy could see Kenya get more than Sh10 billion from marine fish annually by the year 2014.

According to the Government, marine fish landings (currently at 7,000 tonnes a year) would rise to more than 200,000 tonnes valued at over Sh10 billion annually if the National Oceans and Fisheries Policy is implemented.

While launching the policy in Mombasa on Monday afternoon, Prime Minister Raila Odinga said the policy, which has been lacking since independence, would create wealth and employment opportunities.

"We should begin to look at fisheries resources as a vehicle to wealth creation and jobs," said Raila.

lamu fish port

Implementation of the policy would need Sh4.5 billion each year starting the 2009/2010 financial year for the next three years, he said.

This would be used to finance infrastructure upgrade and restructuring to operationise four bodies on fisheries management.

The directories would focus on quality assurance and marketing.

Raila announced the Government would invest in a fish port with adequate infrastructure to handle up to 500 fishing vessels per day.

"In this regard, the Government has embarked on plans to construct a fish port at Lamu.

"Once complete, the port will enhance the exploitation of Kenya’s exclusive economic zone," said Odinga.

Fisheries Development Minister Dr Paul Otuoma said he would fast-track the National Oceans and Fisheries Bill to operationalise the policy approved last December.

Harassment

Dr Otuoma said the policy would make the fisheries vibrant, promote conservation, generate employment opportunities and maximise revenues from fisheries.

However, he said, the country should invest in equipment to protect fisheries resources and fishermen in the Indian Ocean, Lake Victoria and Lake Turkana who face constant harassment.

"Kenyan fishermen require urgent protection from external aggression," Otuoma said.

desert burner

June 6th, 2009, 06:58 PM

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The privatisation of some of the berths is expected to boost efficiency and ease flow of goods.
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Posted Wednesday, June 3 2009 at 00:00

In a move aimed at increasing efficiency at the Mombasa port and easing flow of cargo to neighbouring countries, the government plans to privatise some of its berths and container depots.

Four berths (11-14), the Eldoret inland container depot and the loading and unloading of ships referred to as stevedoring will be handed over to private investors.

In a paid-up advert in the local dailies, the government through the Privatisation Commission of Kenya is sourcing for a consultant to advice the government on the most appropriate privatisation strategy of the three services.

Assemble team
“The consultant, which should be a firm or consortium of firms, will be required to assemble a team of highly qualified Kenyan and international specialists with relevant expertise and recent experience in providing transaction advisory services in port-related transactions,” read the advert.

The Eldoret dry port was built to service landlocked countries of Uganda, Rwanda and Burundi.

Though it was equipped with cargo handling equipment like forklifts trucks, frontloaders, it was not fully utilised and it was leased to Moi University as an education facility.

However, Embakasi internal container depot in Nairobi and the one in Kisumu are still operational.

The move to finally start the privatisation process of the berths and uploading and loading of ships has come as a sigh of relief to many who have faced the sluggish operations of the port.

KPA had earlier announced that berths 11 to 14 were to be converted into a container terminal called East Container Terminal.

A number of investors have shown interest in the port.

Last year, officials from Dubai Ports World, who visited the port of Mombasa at the height of congestion said they were ready to take up the management of the port.

DP world, the world’s fourth port operator, runs various terminals in China, Britain and other African countries.

mwanamwiwa

June 8th, 2009, 01:49 AM

High-yielding dual-purpose cattle breed arrives in Kenya
http://fleckvieh.com/images/Polled-Fleckvieh-Sires-ad.jpghttp://www.buysellcows.com/images/Hiefer_806_and_8302.jpg
Updated 5 hr(s) 28 min(s) ago
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A world renown dual-purpose cattle breed arrives in Kenya today.

With an excellent milk production yielding of 10,000 litres a cow per lactation period and proper feeding regime, Fleckvieh milk is considered the highest quality in the world.

Fleckvieh, acclaimed as the perfect solution to a breeder’s problem, makes its debut entry in the East African market, following the successful introduction of the breed in South Africa and Namibia.

The breed is being introduced in Kenya by Fleckvieh EA Ltd in partnership with Brookside Livestock Breeders. Dr Thomas Grupp, CEO of Bavarian Fleckvieh says the company intends to crossbreed the Fleckvieh with Holstein-Friesian, Ayrshire, Jersy and other local breeds like the Boran, to produce a robust dual-purpose breed.

robust breed

"We intend to come up with a robust breed that encompasses a more moderate frame, sound udders with large milk wells and masculine at the back," he said in a statement.

The breed is said to have a low somatic cell count of about 70,000 cells/ml. This curbs against poor quality milk through rapid deterioration during handling and transportation.

They also have higher fertility rates, assuring farmers of high output from minimal input and real value for money.

The breed will be showcased at the Nairobi ASK Showground’s from Wednesday to Friday this week.

Grupp said two animals will be showcased. One 100 per cent pure Fleckvieh breed while the other is a crossbreed of a Fleckvieh and a Holstein Friesian.

desert burner

June 8th, 2009, 06:38 AM

http://www.nation.co.ke/image/view/-/607778/highRes/81847/-/maxw/600/-/9ymtpbz/-/DnEldoretMaize0505rd.jpg Mr Charles Wafula in Eldoret, stares in dismay at a weathered crop of maize a result of erratic rainfall. Photo/JARED NYATAYA
By PETER NGETICH Posted Sunday, June 7 2009 at 17:35

The Kenya Government will launch a Sh2 billion irrigation project to cushion the country against food shortage, Agriculture minister William Ruto has said.

The minister said the funds, which have already been factored in the Budget to be read by Finance minister Uhuru Kenyatta on Thursday, will be used to revive Bura, Hola, Tana and Kibwezi irrigation schemes.

Speaking at Rift Valley Textiles (Rivatex) which has been revived by Moi University, Mr Ruto said rain-fed maize has become unpredictable and other ways of feeding the nation have to be explored. In a week’s time, Mr Ruto said, he would lead a delegation to the irrigation schemes expected to cultivate crops in 40,000 hectares.

“Though we expected a bumper harvest of maize this year, the country has experienced erratic rainfall and the State wants to explore all the avenues of making the country food secure,” said the Eldoret North MP. He said the country could realise 30 million bags if it receives average rainfall.

Earlier this year while launching subsidised fertiliser with President Kibaki at Moi’s Bridge, Trans Nzoia, he had said the ministry of Agriculture had projected a harvest of 36 million bags of maize after bringing down the price of the input from Sh6,000 to Sh2,500.

Erratic rains

Now, he said, because the country has received erratic rains, the State has decided to prolong duty free maize importation to December this year as it monitors harvest from farms. “We are keenly watching what is happening on the farm and the measures we have taken will not hurt the local farmer in any way,” he said.

He revealed plans of introducing genetically modified (GMO) cotton seeds to farmers in the next two years for higher yields and resistance to diseases. “We must accept that 80 per cent of the crops found in the international world are GMOs and that is the way to go after the Bio Safety Bill was passed in Parliament,” he said.

The Agriculture minister added that Rivatex was operating between 10 per cent to 20 per cent due to a limited supply of cotton from farmers. To raise the production to about 60 per cent to 70 per cent and employ more than 1,000 people, he said the Cotton Development Authority (CDA) had contracted 50,000 farmers to boost cotton growing in the country.

The minister said farmers who had abandoned growing the crop were expected to increase production from last year’s 20,000 kilogrammes to 70,000 kilogrammes this year. He said the price of Sh30 up from Sh16 that the board was offering is also expected to push production to 300,000 tonnes in the next two to three years.

The managing director of Rivatex, David Tuigong, said that if the textile mill could receive nine tonnes of cotton, the factory could operate at 50 per cent and increase the existing work force from 300 to 1,500 people. He added that if the military can buy its uniforms from Rivatex, the textile mill could employ another 1,000 people, bringing the workforce to 2,500.

Mr Tuigong added that since the school feeding programme is in place, a school uniform programme should also be introduced because some children cannot go to school due to lack of uniforms. Mr Ruto said he will push in the Cabinet so that the country can stop importing military uniforms and hospital bed sheets when the textile mill has increased its production.

desert burner

June 8th, 2009, 06:45 AM

link http://www.nation.co.ke/business/news/-/1006/602500/-/item/1/-/4u31cr/-/index.html

desert burner

June 8th, 2009, 06:49 AM

http://www.nation.co.ke/News/-/1056/607924/-/ujs2yr/-/index.html

desert burner

June 8th, 2009, 06:53 AM

Updated 10 hr(s) 45 min(s) ago
(http://www.eastandard.net/InsidePage.php?id=1144015109&cid=476&)By Macharia Kamau
Last Thursday, AccessKenya marked two years of trading at the Nairobi Stock Exchangehttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/business/InsidePage.php?id=1144016325&cid=14&#).
The company was the first and still is the only ICT firm listed and trading at the bourse.
http://www.eastandard.net/images/monday/bus_080609_02.jpgAccessKenya Group Managing Director Jonathan Somen (right) inspects the laying of the fibre optic cable in Westlands. In anticipation of changes that will come with the cable, the firm purchased capacity in Seacom late last month. [PHOTO: EVANS HABIL/STANDARD]
Its share price has gone up 100 per cent during the two-year period from its initial public offer price of Sh10 to more than Sh20 a share today.
This is in comparison to the general trend at the market, where prices have fallen by about 60 per cent in the last year.
AccessKenya Group Managing Director Jonathan Somen said the relatively better share price performance has been due to growth in business.
"Our corporate leased line customers have more than doubled from the 1,250 at the end of 2006 to over 2,800 today. Revenues grew from Sh578 million in 2006 to over 1.5 billion last year," he said.
"There is tremendous upsurge of ICT usage in Kenyahttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/business/InsidePage.php?id=1144016325&cid=14&#) today, and we are therefore, able to deliver higher levels of growth. This large and fast growing market and strategic positioning of the company have all contributed to a real increase in shareholder value in the past two years," Mr Somen said
In the recent past, the company that was previously doing corporate ISP has launched products targeted at other market segments.

expansion of services
Other than its core data services for corporate and residential customers, there has been an expansion of the IT services division with the acquisition of Satori Solutions’ Small Office Home Office business and the launch of @Home in Kenya portal, an information portal mostly hosting Kenyan content. In addition, the company is deploying a metro fibre network across Nairobi expected to link up 250 buildings.
"With the impending arrival of the international fibre, it will be essential for serious competitors to be able to deliver high quality, high speed services across the local loop, otherwise you end up with a glut of international bandwidth, but not enough capacity to deliver high speeds locally," said Somen.
The sub-marine fibre optic cable, the first of which is expected in Kenya by end of this month or early next month, is expected to change the country’s ICT landscape. In anticipation of the changes, AccessKenya bought capacity in Seacom last month.
This is in addition to 2.5 gigabytes of bandwidth the company has in the Government fronted The East African Marine System project.

desert burner

June 8th, 2009, 10:35 AM

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Oil Rigs
Posted Wednesday, June 3 2009 at 00:00

A new oil explorer has entered the Kenyan scene after signing a deal to dredge northern Kenya’s block 10A for crude.
The Dubai-based Black Marlin Energy which will explore the block originally owned by Africa Oil Company comes at a time when other explorers such as Woodside Energy have left after dredging wells which turned out to be dry.
Kenya has sunk 40 oil wells — all of them dry, compared to Sudan which found massive reserves after sinking 78 wells.
Black Marlin Energy Limited said in a statement yesterday that it had signed an agreement with Africa Oil to search for oil in Block 10A located in Anza Basin in northern Kenya.
Africa Oil Corp holds a 100 per cent interest in Block 10A and has farmed into Block 9 with a 30 per cent stake.
Under the agreement, Africa Oil will transfer a 20 per cent license interest to Black Marlin Energy subsidiary, East African Exploration Limited (EAX) in the Production Sharing Contract.
Jeff Hume, CEO, Black Marlin Energy, said Africa Oil brings strong technical experience to the Joint Venture and Black Marlin’s offers high quality seismic services.
“I am very pleased to announce this strategic and exciting transaction and look forward to working very closely with Africa Oil,” said Hume.
The agreement is a boost to the country’s oil exploration initiative as it comes against a global economic downturn that has restricted the operations of many oil prospecting companies.
Woodside Energy which had partnered with Global Petroleum left Kenya’s offshore wells which the company said did not have hydrocarbons.
Australian oil exploration company, Hardman Resources discovered oil in neighbouring Uganda where commercial production should start in two years with initial estimates of 6,000 to 10,000 barrels a day.
Australia based Gippsland Offshore Petroleum and its partner Pancontinental Oil & Gas say they have completed a geophysical survey of a 6300 kilometres of Lamu basin by air and gathered enough data suggesting oil and gas could be found in the Kenyan Coast.
The Australian firm said in a 2007 report that they had mapped the Coastal region and located four key areas with potential to house oil and gas.
Initial indications of Kenya having oil and natural gas potential were made in a 1993 world geological survey conducted by the United States Department of interior.
The survey which sought to establish the stock of unidentified crude oil and natural gas in the world, established that Kenya’s coastal region has the potential of producing around 100 million barrels of crude oil and 600 billion cubic feet of natural gas.
A vast reduction in oil prices has had a massive impact on the exploration-financing base of many oil companies.
New applications for exploration licences in Kenya have fallen largely due to the global economic downturn. Over the past two years there have been a record, 14 licences issued.
There has been an increase in interest in exploring for oil in Kenya after recent exploration successes in Uganda and Tanzania.
Uganda is now known to substantial reserves of oil, while Tanzania has discovered four gas fields so far.
Kenya has been left behind in the race for hydrocarbons, with its neighbours finding the lucrative commercial reserves first.
In Ethiopia, Africa Oil will transfer a 30 per cent license interest to EAX in the blocks located in the under-explored Ogaden Basin of southern Ethiopia.

desert burner

June 8th, 2009, 11:05 AM

Kenya-Uganda pipeline on course
Wednesday, 27th May, 2009 E-mail article Print article

By Nigel Nassar

EXTENSION of the 360km oil pipeline from Eldoret to Kampala is about to start.
Tamoil East Africa, the Libyan oil company, won a bid to construct the $72m (sh144b) pipeline.

Engineer Ahmad Elgembri, the Tamoil East Africa’s project manager, says preliminary stages have been completed.

Elgembri says what is keeping the pipeline construction from starting is government handover of a portion of land between Kampala and Jinja.

“If the government hands over that portion to us, ground work will commence on June 15,” he says.
“We want to kick off simultaneously.

First with an opening of the right of way for the first 50km from Tororo to Jinja, then the construction of a terminal on a square mile span of land at Namwabula in Mpigi district, Mityana Road; where another team will lay the pipeline towards Jinja.”

The terminal on Mityana Road is planned to have 24 reservoir tanks of 160 million litres. Tamoil also recently took control of the 60 million litre Jinja reservoirs, now undergoing upgrade.

“Within 15 months from the date of commencement, a portion of the pipeline from Eldoret to Jinja should be complete and pumping fuel to the Jinja terminal.

And in another five months, the whole pipeline should be operational,” he said.
Uganda consumes 2.2 million litres daily and demand is growing by 4.5% annually.

With the more than 220 million litre capacity of the two terminals, Ugandan fuel users will in times of scarcity be sustained for at least 100 days.

mwanamwiwa

June 9th, 2009, 06:33 AM

Nice D,burner:)
Varsity injects Sh460 million into Rivatex
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By PETER NG’ETICH
Posted Monday, June 8 2009 at 17:29

Moi University has injected Sh460 million into the revival of Eldoret-based Rift Valley Textile mills.

The money has seen the mill employ 300 people in the once-vibrant factory which used to have a work force of over 2,500 staff.

In an interview with the Nation, the managing director of Rivatex David Tuigong said the factory still needs Sh300 million to be fully operational.

He said the Sh460 million had revived the yarning section only adding that an extra Sh300 million was needed to modernise some sections and operationalise tailoring.

The Agriculture minister said Rivatex was operating between 10 per cent to 20 per cent due to limited supply of cotton from farmers.

To raise production to about 60 per cent to 70 per cent and employ more than 1,000 people, Mr Ruto said, Cotton Development Authority had contracted 50,000 farmers to boost cotton growing in the country

Mr Tuigong who talked to the Nation after Agriculture minister William Ruto toured the factory last Saturday, said imported textiles needed to be heavily taxed in order to create market for local products.

“We match the quality and price of imported textiles but they (imports) need to be properly taxed so that local products can compete favourably,” said Mr Tuigong.

He said second hand clothes were not a threat to textile factories and cotton growing and urged farmers to cultivate the crop.

“Let me assure farmers that Rivatex is ready to buy cotton because the textile mill is headed to full revival,” he said.

Mr Tuigong said the factory needed 45 bales of cotton daily to attain a production capacity of 60 to 70 per cent.

Disease resistant

Mr Ruto said there are plans to introduce genetically modified (GMO) cotton seeds that are disease resistant to farmers in the next two years to increase yields.

“We must accept that 80 per cent of the crops found in the world are GMOs and that is the way to go after the Bio Safety Bill was passed by Parliament,” Mr Ruto said.

The Agriculture minister said Rivatex was operating between 10 per cent to 20 per cent due to limited supply of cotton from farmers.

To raise production to about 60 per cent to 70 per cent and employ more than 1,000 people, Mr Ruto said, Cotton Development Authority had contracted 50,000 farmers to boost cotton growing in the country.

desert burner

June 9th, 2009, 06:59 AM

From the manicured lawns of San Diego, California, a little known company is breaking new ground in the business of personal carbon trading.
Carbon Manna Unlimited is pushing forward an ingenious pilot project that rewards small farmers in Mbeere and Bungoma districts for planting trees, and using more energy efficient stoves, known locally as jikos, for cooking.
To start of with, it is giving each family involved Sh2,200 per month sent through their mobile phones, using Zain Kenya’shttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/mag/InsidePage.php?id=1144016370&cid=457&#) Zap, and Safaricom’s M-Pesa. A personal carbon emission trading offers a financial carrot to individuals or families to get them to clean up their act.
The farmers involved in the Carbon Manna project will be allowed to emit only a certain amount of carbon dioxide (CO2), measured according to pre-agreed scale.
If they cut their emissions to below this limit, the balance is calculated in monetary terms, and they are paid for it.
Thanks to the financial incentive to operate below the limit, and the use of fuel efficient jikos, farmers plant more trees than they can cut down, thereby aiding the fight against deforestation, and reducing the CO2 emissions blamed for global warminghttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/mag/InsidePage.php?id=1144016370&cid=457&#).
http://www.eastandard.net/images/tuesday/fj090609_02.jpgAn artisan makes components of the energy saving jikos. Carbon Manna Unlimited estimates that families in Kenya and the developing world can each earn up to $62.50 (Sh4850) of carbon credits per year.
The UN (United Nations) and other global institutions, have praised carbon trading as a way of reducing deforestation in developing countries like Kenya. The carbon credits payments project is now in its trial stage. Carbon Manna will subsidise the purchase the jikos in Kenya.
This project falls within what the UN defines as Clean Development Mechanism (CDM) executed in developing countries that cannot afford the technology changes required to lower carbon emissions.
"We are confident that this will work better for a majority of the people, because the new, improved jikos save firewood, and produce less carbon dioxide than traditional three stones cooking over open fires.
They generate carbon credits that can be sold to companies or individuals, who want to offset their own emissions," says Mr Geoffrey Kiringa, the Country Leader and President of Carbon Manna Unlimited. The business may look complicated, but could spawn huge profits for the farmers and their intermediaries.
　
five million jikos
If all goes according to plan, Carbon Manna Unlimited estimates that families in Kenya and the developing world can earn up to $62.50 (Sh4850) of carbon credits per year for each family, thereby reducing CO2 emissions by about 2.5 tonnes annually per family.
They also save $50-100 (Sh3500-Sh7000) a year on biomass, or carbon-based fuels. "If you can distribute five million Jikos, you are talking about a lot of tonnage of carbon," says Kiringa. This could add up to a business with modest costs and between $200 million (Sh15.4 billion) annual revenues.
But how does the carbon markets work? Typically, buyers of carbon credits are companies in the United States or the European Union, who want to reduce their greenhouse gas emissions, either voluntarily (in the United States), or because their emissions are regulated (in the European Union).
"Let’s assume that five billion people in the developing world and 1 billion families, if only 10 per cent of families converted to efficient charcoal cooking, and did not emit 2.5 tonnes per year per family of CO2," says David Pallela, Founder of Carbon Manna Unlimited "If we go further and assume that there will be reduced deforestation from not cutting down trees (biomass), this modest conversion rate alone would offset the annual CO2 emissions of the entire United Kingdom," Pallela notes.
　
buying credit
"Instead of directly cutting their own emissions, these companies choose to buy credits, usually from a bank, a company or a non-profit institution — frequently in the developing world — that has come up with a less expensive way to curb greenhouse gases," he added.
The project represents a new twist; use of mobile phone money transfer.
"The mobile phone-based carbon micro credit system employs SMS (short message service) and unique identifiers, to allow millions of families to claim, on a bi-weekly or monthly basis, the carbon offsets they produce, by using more efficient cooking methods such as a modern charcoal stove or solar cooker, instead of an inefficient open-pit fire burning biomass," explains Pallela.
"As a result, each family is able to monetise directly its own contribution to mitigating global warming, while also reducing nationwide rates of deforestation and desertification."
Available information indicates pre-selling tens of thousands of tonnes of bundled carbon micro credits provides the start-up capital needed to buy stoves and cell phones for the participating families, thus making the system self-funding and markets-based.

desert burner

June 9th, 2009, 07:01 AM

In what is likely to spark an intense price war in the cement industry, Mehta Group, an Indian-based conglomerate has made proposals to the Government to set up a cement plant in Kenyahttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/mag/InsidePage.php?id=1144016378&cid=457&#).
"We are still waiting for the Government to give us the necessary approvals before we proceed," Gajendra Batavia, a director at Glenn Investments Ltd, the cement-manufacturing arm of Mehta Group told Financial Journal.
The group plans to set up a 1.2 million metric tonnes cement plant in West Pokot, to cost about $200 million, in a phased programme that will be scaled up depending on the available limestone deposits in the area.
In last eighteen months, Mehta Group has been busy with groundwork for the project, including awarding a contract to Department of Mines and Geology to carry out geological survey in Pokot.
　
high demand
This is probably the first extensive geological survey and detailed testing of raw materials carried out by a private investor in the area.
Mehta Group, through its cement company Glenn Investments Ltd, has also held meetings with the Pokot County Council officials, which has invited it to invest in the region.
http://www.eastandard.net/images/tuesday/fj090609_05.jpgA builder at work. Mehta Group plans to set up a cement plant in Pokot to tap into the lucrative cement business. [PHOTO: FILE]
The group has also submitted investment proposals to Kerio Valley Development Authority and the Ministry of Regional Development Authority. "We intend to set up in Pokot due to the high limestone deposits in this area, enough to sustain three cement plants," said Batavia.
Mehta Group will set up this plant in Pokot area, an ideal location for its target export markets of Uganda Rwanda, Burundi and Southern Sudan, where demand for cement is huge at the moment.
While the biggest market for local cement manufacturers is the Ugandan market, location of these plants around Mombasa and Nairobi has meant high prices due to transportation costs.
　
price reduction
" We shall sell only 40 per cent to the local market while the rest will be for the export markets," says Batavia.
Mehta’s plans include setting up a cement plant that will also have its own power station, a cushion from the high electricity costs responsible for high retail prices of cement sold. Figures indicate that a 50kg bag of cement retails at Sh900 to Sh1000 plus in most upcountry outlets.
But Mehta intends to cut these prices by half.
Pending approvals from the Government, it will take at least two years before the necessary machinery is manufactured, delivered, shipped, cleared and installed.
Apart from proximity to export markets, the Pokot plant will also use its location to supply cement to upcountry destinations, at a cheaper cost.
The cement industry is dominated by Bamburi Cement, East African Portland and Athi River Mining as well as imports coming mainly from China and India.
French multinational, Lafarge, owns substantial stake in all the three cement manufacturing firms. It is this dominant structure that Mehta Group will be up against. The Mehta Group controls assets in excess of $350 million and has a global presence spanning Asia, Europe, North America and Africa.
Mehta has almost 65 years’ experience in cement manufacturing with two plants in India, which produces about 3.5 million tonnes of cement a year, with its own jetty for export.
　
diversified investments
Industrial project consultancy arm of the Mehta Group known as Agrima Consultancy Services operating from India has established cement plants for various investors in Ghana, Libya, Myanmar, Mauritius, Zambia, Sri Lanka and India.
These were turnkey projects successfully placed into production by the Group as international experts on cement.
The Mehta Group has diversified industrial investments in Kenya, Uganda, America, Canada and India.

desert burner

June 9th, 2009, 07:03 AM

The submarine fibre optic cable expected in Kenyahttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/mag/InsidePage.php?id=1144016375&cid=457&#) later this month will give a much needed boost to tourism, a workshop on e-tourism in Mombasa has heard.
E-Tourism Africa Chief Executive Officer Damin Cook said with the cable providing increased broadband and greater online access at a reduced cost, it was predicted that marketing and e-commerce transactions would grow dramatically. He said the move presents tremendous opportunities for the business sector and tourism across East Africa.
"Recent polls from Eyefortravel, a leading research company on internet-focused travel, suggest that seven out of 10 travellers use the internet as their primary source of travel information,’’ Cook said.
He added that with almost half of the planet’s travel being distributed and booked online, it was crucial that the tourism sector across East Africa invests in online marketing and management.
The CEO said online sales have been one of the few sectors experiencing growth despite the global recession.
Participants at the two-day workshop would get certified training from professional international trainers and guests presentation from New Mind, Expedia, Visa International and Trip Advisor.
Sponsors for the workshop include Coca-Cola, Safaricom, Visa and Microsofthttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/mag/InsidePage.php?id=1144016375&cid=457&#).
Skal Club Kenya President Mohamed Hersi, said the fibre optic venture provided an opportunity for Kenyan tourism to use the internet extensively to reposition the destination on the world map.
"We need to embrace latest technologies that go with the internet as the rest of the world ventures into sophisticated communication super highway,’’ said Mr Hersi, General Manager of the Sarova Coast.

desert burner

June 9th, 2009, 07:06 AM

http://www.businessdailyafrica.com/image/view/-/608286/highRes/82005/-/maxw/600/-/462dqb/-/hackworth.jpg
CB Hackworth (right), a director of the Andrew Young Foundation and Stephen Seda, the CEO of SEI consulting, an international trade and development firm based in Atlanta: US investors are keen on Kenya.

The eighth AGOA conference will be held in Nairobi in August and is set to attract more American private investors keen on understanding the country of US President Obama’s father and closing investment deals, said a delegation from Atlanta.

The investors who spoke in Kisumu after a visit to President Obama’s Kogelo village said that at least 4,000 potential investors from America will attend the conference that is scheduled for Nairobi from August 4 - 8 at the Kenyatta International Conference Centre.

Mr CB Hackworth, a director of the Andrew Young Foundation (a movement founded by US businessman cum diplomat, Andrew Young, said more American were interested in operating within the country and are to attend the AGOA forum for high level discussions.

“Kenya has lots of natural potential to invest and more Americans will explore these areas during the August meeting,” said Mr Hackworth who led the Atlanta entourage.

The visitors from Atlanta with an embedded crew of filmers will also document various attraction in the country including the Mara this week.

Joseph Khaemba, the Managing director of the Lake Basin Development Authority who did a presentation told the visitors that Kenya had enormous potential in key areas Agribusiness, tourism and manufacturing with a ready market for commodities.

Agoa is a United States Trade Act that significantly enhances access to US markets for 39 sub-Saharan African countries. It provides businesses in the continent entry of goods to the US without duty free.

Kenya was elected to chair the US Africa Ministerial Consultative Group meeting and to host the 8th Agoa forum this year at the 6th United States-sub-Saharan Trade and Economic Co-operation Forum held in Ghana last year.

The theme of this year’s Forum is “Realizing the Full Potential of AGOA through Expansion of Trade and Investment.”

desert burner

June 9th, 2009, 07:09 AM

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Prime Minister Raila Odinga. Photo/FILE
By PMPSPosted Monday, June 8 2009 at 17:29
In Summary

Conference to talks about mitigating the effects of the global financial crisis

Kenya’s bid to host the next World Economic Forum on Africa next year has been successful.

According to Kenya’s High Commissioner to South Africa Tom Amolo, the forum’s organisers have inspected and approved conference facilities available in the country.

In an interview in Cape Town, South Africa on Monday, Mr Amolo said the timing of the conference will be such that it does not coincide with the FIFA World Cup 2010 to be held in South Africa.

The forum, whose theme is the implications of the global economic crisis on Africa, will focus on how to mitigate the effects of the world economic crisis on the continent.

Speaking ahead of this year’s forum on Wednesday last week, the High Commissioner noted that Prime Minister Raila Odinga will be leading Kenya’s delegation to the forum.

Mr Odinga will be one of the panellists at an interactive session on investment climate in Africa with special focus on Kenya.

He will speak on the actions including those related to the rule of law, ownership rights, governance and cross-border customs and tariffs the government and business leaders are taking to improve Africa’s investment climate.

On the sidelines of the forum, the Prime Minister will meet and hold talks with people in international business and trade to leverage the dynamism of the Kenya’s investment environment including a skilled workforce, good telecommunication facilities and good trade regimes.

He will also due to make an exposition on the efforts the coalition government has made in bringing peace to the country since the post -election violence that led to a drastic decline in the economic growth of the country.

Trade imbalance

Mr Odinga is also expected to meet with other world leaders including President Jacob Zuma of South Africa, Bingu wa Mutharika of Malawi, Rupia Banda of Zambia and Paul Kagame of Rwanda.

The Prime Minister and President Zuma’s talks will focus on the trade imbalance between Kenya and South Africa which is in favour of the latter.

desert burner

June 10th, 2009, 05:15 AM

Spain will extend Sh16 billion financial and technical assistance to Kenya.

Spain’s Undersecretary for Trade and Investment Angel Martin said the money will boost infrastructure projects, energy, ICTs and water treatment.

"Infrastructure is a key sector because it’s a bet on the future and contributes to economic growth, employment creation and opens up markets," he said.

The assistance, which will be renewed every two years, follows the signing of a Bilateral Financial Co-operation Agreement between Kenya and Spain. Speaking during the Kenyan-Spanish Business Forum in Nairobi, Martin said Spanish companies were exploring investment opportunities in Kenya.

Currently, there are 20 Spanish companies operating in the country, while trade and investments between Kenya and Spain has significantly increased from $64 million (Sh5 billion) in 2003 to $190 million (14.8 billion) last year.

"People should not be afraid to invest in Kenya because there are plenty of opportunities," said Mr Nicolas Martin Cinto, Ambassador of Spain to Kenya.

Energy PS Patrick Nyoike outlined various opportunities in the sector and urged Spanish investors to seize them. He said over 624 billion is required in the next seven years to meet the needed investment in power generation, transmission and distribution.

mwanamwiwa

June 10th, 2009, 09:44 PM

KCB allowed to list at Rwanda bourse
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Customers at a Kenya Commercial Bank branch in Nairobi.

By NATION Reporter
Posted Wednesday, June 10 2009 at 20:15

Rwanda’s Capital Markets Advisory Council has given KCB the go-ahead to cross list its shares at Rwanda’s Over-the-Counter Market. This makes the bank the first company to list on the nascent stock market and also the first company to list on the four stock exchanges within East Africa.

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Following the approval received on Wednesday from the council, KCB Group chief executive Martin Oduor-Otieno said the bank would make its shares available at the over-the-counter market in the next few days, adding that trading on that market would encourage Rwandans to have a sense of ownership of the bank.

“KCB becomes the first listed securities in the Rwanda capital market which is great for us. It will also give us the visibility that we and our customers need. Our objective is to make KCB a business that is owned, managed and supported by East Africans,” said Mr Oduor-Otieno.

Mr Oduor-Otieno said the move was vital to the growth of Rwanda’s stock market which has only bonds listed on it and for the development of the country’s financial sector and economy at large.

“Listing KCB shares in Rwanda will help in the development of the capital market in that country and at the same time provide an investment opportunity to thousands of Rwandans willing to invest in the stock market since it now makes it convenient for them to invest in the company without coming to Kenya or going to Uganda or Tanzania security markets,” said Mr Oduor-Otieno.

Optimistic

KCB’s shares are also traded in bourses in Kenya, Uganda and Tanzania, where the bank operates. It also trades in Sudan, plans to open branches in five Rwandan towns and plans to enter Burundi. The council’s executive director, Robert C. Mathu, said the regulating body had put in place sufficient infrastructure and the requisite listing and trading rules to facilitate the process.

“The Board of CMAC has approved the cross-listing of 2,217,777,777 ordinary KCB shares of par value Sh1 each on the Rwanda Over-the-Counter Market,” said Mr Mathu. He is optimistic that KCB’s listing would pave the way for Rwanda companies to participate in the security market as well as enhance public awareness about financial products.

mwanamwiwa

June 12th, 2009, 05:29 AM

Film makers get in the picture with tax breaks
http://www.nationmaster.com/wikimir/images/upload.wikimedia.org/wikipedia/en/9/91/KFC_logo_FINAL.JPG
By Macharia Kamau

The cost of making films in Kenya will significantly come down following proposals to remove duty and value added taxes on equipment.

In his Budget speech, Finance Minister Uhuru Kenyatta proposed scrapping of import duty and VAT on television, digital and video recorder cameras.

Should the proposal go through, this could be a boon for the industry that has for long cited expensive equipment as being among hindrances that have suppressed growth.

Uhuru also proposed 100 per cent investment deduction on capital expenditure incurred by film producers on purchase of filming equipment. This, he said, would encourage investors to pump in money, grow the industry and provide employment opportunities for the youth.

Lost Lustre

To further promote the industry and increase Kenyan content on the local and international arena, the minister proposed zero rating VAT on taxable goods and services offered to film producers.

"Many filmmakers find Kenya attractive, yet expensive for shooting and making movies.

To promote the film industry in Kenya and also attract foreign filmmakers as to profile Kenya as a film making destination, I propose to zero rate VAT for taxable goods and services offered to film producers," he said.

Film making in Kenya has lost its lure among international producers, while local producers find undertaking the venture too expensive.

Kenguy

June 12th, 2009, 11:19 AM

Just my opinion, but shouldn't most of the posts go to one of the Kenya business threads?

friendsofthecity

June 12th, 2009, 04:51 PM

The problem with African economy is the govt over-protectiveness and poor management.

desert burner

June 13th, 2009, 11:38 AM

By Patrick Beja, James Anyanzwa and Ngumbao Kithi
Kenyahttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/InsidePage.php?id=1144016786&cid=4&ttl=New dawn as Teams cable lands at Coast#) is now on the super highway to a major technological take-off after the much-awaited East African Marine System (Teams) fibre optic cable landed in Mombasa.
The cable, launched by President Kibaki yesterday at Fort Jesus, connects the East African region to worldwide cable networks.
In Kenya, the cable will improve Internet connectivity and reduce the cost of data transmission — and create thousands of jobs, especially in the telecommunications sector.
Until yesterday, East Africa was the only region in the world that lacked fibre optic connection to global communications networks. Previously, satellite technology was the only means of connecting to the other parts of the world. http://www.eastandard.net/images/saturday/nh06062009_01.jpgInformation Minister Samuel Poghisio (left), hands over the Teams cable bouy to President Kibaki (second right), Prime Minister Raila Odinga (second left), and information PS Bitange Ndemo when the cable arrived in Mombasa on Friday. [PHOTO:GOVEDI ASUTSA/STANDARD]

President Kibaki said the Teams cable would empower Kenyans and other East Africans to become fully digital citizens of the 21st Century.
"It redefines modernity and efficiency and is a big step in the delivery of quality service in ICT," he said.
He added: "I am directing the Ministry of Information and Communications to come up with programmes for training the development of youth nationwide to catch the first generation of truly digital Kenyans."
He asked all the ministries to adopt ICT in their strategic plans to realise the full benefits of technology.
Land based infrastructure
Teams is a Government-initiated project that connects the region to the world’s fibre optic communications backbone via Fujaira in United Arab Emirateshttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.eastandard.net/InsidePage.php?id=1144016786&cid=4&ttl=New dawn as Teams cable lands at Coast#). The cable is expected to attract up to $10 billion (Sh790 billion) worth of investments in special economic zones in the next three years.
With affordable and efficient ICT infrastructure, Kenyans will also be able to venture into the field of business process outsourcing, a rapidly growing global industry.
However, businesses and individuals will have to wait for another one month before they can get connected to the cable.
"In addition to the marine installation that we are celebrating here today, the next step is full completion of the construction of the land-based infrastructure. This will make ICT the main pillar of our national economic blueprint for the new millennium Vision 2030," he said.
Speaking at the launch, Prime Minister Raila Odinga said connection to the fibre optic cable had made Kenya part of the global village.
"This cable will make communication services more affordable to most Kenyans," he said.
Uganda’s Information minister Aggrey Awori said landing of the cable would enable his country embrace the technology as soon as possible.

desert burner

June 13th, 2009, 11:42 AM

The World Bank has approved Sh6.39 billion ($82 million) to enable smallholder farmers improve productivity and agribusiness development.

The project, approved by the bank’s board on Thursday, would assist the country diversify its agriculture, add value and deepen linkages to markets.

It will also promote public/private partnerships in service delivery and agribusiness.

World Bank Country Director for Kenya, Mr Johannes Zutt, said with the new investment, Kenyan farmers would be able to increase their production and value-addition in agriculture and strengthen agribusiness development in line with the Government’s Vision 2030.

Food crisis

"The bank is committed to supporting Kenya not only by increasing agricultural production to deal with the global food crisis, but also by adding value to agricultural output for higher incomes, employment and enhanced food security," he said.

He said the project would scale up gains achieved through the Kenya Agricultural Productivity Project, which supported agricultural research, extension and empowerment of farmers.

Project approval

The $40-million bank funded programme closed in December 2008.

Approval of the new project coincided with presentation of the country’s 2009 Budget in which the Government expressed commitment to put on the path to food security.

The project’s Task Team Leader, Mr Andrew Karanja, said farmers would be encouraged to diversify into high value products to reduce rising rural poverty. "It will also enable the Government, development partners and other agencies involved in the agricultural sector to better co-ordinate financing and implementation of extension and other advisory services," he said.

The Government will contribute an additional $14.1 million to the new programme, while the project beneficiaries who number around 250,000 households, will contribute $2.3 million in form of labour and materials.

Zutt said in a statement that the strategic focus of the new programme would be to promote sector-wide approaches in line with Kenya’s development priorities that cover Agricultural Sector Development Strategy (ASDS) and poverty reduction.

growth projection

He observed the agricultural that is projected to grow between five and seven per cent directly affects the poor, as two-thirds of the population and 80 percent of the poor live in rural areas, where they derive their livelihoods on agriculture and related activities.

In April, the bank provided an emergency grant of $5 million under its Global Food Crisis Response Programme to assist Kenya deal with significant food shortfalls.

IamProudBangladeshi

June 16th, 2009, 08:13 AM

Of the African countries, the top-7 order goes:

1. South Africa
2. Namibia
3. Kenya
4. Zambia
5. Malawi
6. Mozambique
7. Zimbabwe.

Are you sure about Zimbabwe????

mkenya

June 16th, 2009, 09:15 AM

Matthias Offodile

June 22nd, 2009, 11:35 PM

Gabon goes green:cheers:

Maurel&Prom se tourne vers les biocarburants de bois

(Enerzine.com 22/06/2009)

Le groupe pétrolier Maurel & Prom se tourne vers les biocarburants de deuxème génération : elle vient d'obtenir une exclusivité d'un mois sur la licence d'un procédé reposant sur la cellulose de bois.
Greenext Energy Europe SA réserve au groupe pétrolier une exclusivité d’un mois pour décider de la prise de licence d’un procédé reposant sur l’hydrolyse enzymatique de la cellulose du bois. Cette exclusivité concerne la France et les pays dans lesquels Maurel & Prom est présent.

Le groupe pétrolier évoque le "saut technologique" que permet ce procédé. Il ouvrira la porte à l’arrivée sur le marché d’un carburant « vert » à un prix compétitif avec celui des ressources fossiles. Il utilise non seulement les sous produits du bois mais aussi les autres plantes grossières (paille, herbe à éléphant, …).

(src : Maurel & Prom)
Publié le 19/06/2009 à 08:04

a_bondima

June 25th, 2009, 05:08 PM

Cameroon sees diamond mine starting in 2010
* Reserves estimated at 736 million carats

* Output to reach 6 million carats a year at peak

By Tansa Musa

YAOUNDE, June 25 (Reuters) - Cameroon expects to become a significant diamond exporter from next year when it starts mining deposits discovered in the southeast, a senior official said on Thursday.

The discovery of gem quality and industrial diamonds was made by a joint Cameroon-Korean company, C&K Mining Inc., at Mobilong, close to the border with Congo Republic and the Central African Republic.

"The probable reserves are estimated at 736 million carats and will make Cameroon a leading diamond exporter when exploitation begins before the end of 2010 as we expect," Oscar Matip, director of mines and geology, told reporters.

Output would be about 1 million carats in the first year but is expected to rise to 6 million carats at its peak.

Botswana's Debswana, the world's biggest diamond miner by value, has the capacity to produce about 33 million carats of the precious stones a year.

C&K Mining was created in 2005 as a joint venture between South Korea's C&C Mining and the government of Cameroon. The Korean firm owns 80 percent of shares and Cameroon 20 percent.

Matip said the company would present its feasibility study on Mobilong later this year, following which an exploitation licence could be granted so mining could begin.

Diamond demand has been hit by the global financial crisis, but the world's largest diamond group, De Beers, 45 percent owned by Anglo American PLC (AAL.L) has increased output in the second quarter after earlier cuts. De Beers owns half of Debswana.

Cameroon has been trying to diversify its economy away from crude oil, which accounts for around half of export earnings. It is also a producer of agricultural commodities including cocoa and coffee. (Editing by Matthew Tostevin)

© Thomson Reuters 2009 All rights reserved

Whiteeclipse

July 13th, 2009, 09:28 AM

Chinese agribusiness company in DR Congo to offer thousands of jobs for locals
China's ZTE Agribusiness Company Ltd is aiming at a 1 million hectare palm tree plantation in the Democratic Republic of Congo (DR Congo) for biofuel production, and the project can offer thousands of jobs for the local people, the company's regional manager Zhang Peng told Xinhua in an interview on Friday.

"We will plant palm trees here and convert palm oil into biodiesel. The one-million-hecatre palm plantation will eventually provide thousands of jobs for the local Congolese people," Zhang said.

ZTE, an IT company from China, is expanding to the biodiesel sector to diversify its operations. The regional manager said that weather conditions in the DR Congo is very suitable for growing palm trees, which are cultivated for palm oil.

"Indonesia and Malaysia are traditionally major producers of palm oil, but after research we found that weather conditions herein the DR Congo is also very suitable for growing palm trees," he said.

Biodiesel has emerged as a big business amid strained energy supply worldwide, and palm trees could be a fair solution to ease the industrial world's thirst for energy.

According to Zhang, one hectare of palm tree plantation could yield five tons of palm oil, while some 90 percent of the palm oil could be converted to biodiesel.

Once completed, this project can not only satisfy the energy needs of DR Congo's industries, but also offer the Congolese lots of job opportunities.

"Palm tree plantation needs a lot of labor work, and we are going to hire workers locally. So the entire plantation will hire thousands of local workers," said the manager.

This kind of investment has benefited the DR Congo government and people a lot. DR Congo's government spokesman Lambert Mende told Xinhua on Thursday that China's collaboration DR Congo in such fields as infrastructure, education and energy development are beneficial to the African country.

He said the the DR Congo government is satisfied with cooperation with the Chinese side and reiterated the government's determination to stick to the cooperative ties with China.

China and the DR Congo have carried out a number of cooperation projects in such fields as infrastructure, education and energy sector, bringing benefits for both countries and their peoples.

The ZTE Agribusiness regional manager expressed gratitude to the DR Congo government's spport for facilitating investment here, and voiced optimism for the future of Sino-Congolese cooperation in various fields.
http://news.xinhuanet.com/english/2009-07/10/content_11686244.htm

desert burner

July 20th, 2009, 07:28 PM

Indian telecommunications company, Essar Group, has announced joint investment plans in Africa with a Dubai based company.

The group, which offers mobile services in Kenya under the "yu" brand name, has entered into investment discussions over the telecommunications portfolio of Dhabi Group’s African assets.

The Essar Group’s move is seen as a strategy to expand its operations in Africa.

"The transaction will involve an equity infusion into these businesses as growth capital and will be the basis of a partnership to create significant presence in Africa," read a statement from the Essar group.

Standard Chartered Bank has been identified as the exclusive financial advisor to the Dhabi Group.

The Essar’s Telecom Business in Africa recently acquired controlling interest in Econet Wireless Kenya and subsequently renamed the company Essar Telecom Kenya Ltd ("ETKL,").

Further, Dhabi Group and its Chairman, HH Sheikh Nahayan Mabarak Al Nahayan, will lead a consortium of investors composed of private equity and family offices in the East African region.

The Group, which has diversified business interests with a focus on emerging market opportunities in financial services, telecommunications and real estate, has its eyes set on Africa, an upcoming telecommunication market in the recent times.

Other business interests include real estate development, hotels, oil-related services and manufacturing/diversified industrials.

Business interest

It will be recalled that although Dhabi Group and its consortia have banking interests in Asia, its portfolio was expanded in 2005 to include telecommunications services in Asia and Africa.

Essar has significant interests in telecommunications services, spanning mobile telephony, telecom tower infrastructure, telecom retail and IT/telecom enabled services.

The company currently holds a 33 per cent interest in Vodafone Essar, which is a joint venture with the Vodafone Group, and is one of India’s largest cellular service providers, with more than 75 million subscribers.

ETKL launched its services in October last year and is regarded as one of the most innovative and fast growing telecom operators in Kenya.

The company has approximately 400,000 subscribers on its network in Nairobi and Mombasa and expects this number to grow significantly as it completes it rollout across Kenya by end of the year.

When it launched its operations as Kenya’s fourth mobile telecommunications operator, yu’s market strategy has been targeting the youth with attractive tariffs and innovative products and services.

In the process, yu has been able to achieve 70 per cent brand awareness among its target audience.

ETKL has also been successfully operating under a low-cost model that has revolutionised the Kenyan mobile market and enabled it to significantly reduce the cost of mobile communications.

"The company plans to launch several innovative products and services this year," Kunal Ramteke of Essar Telecom Kenya said in a statement.

MBA-Congo

July 21st, 2009, 03:53 PM

China, Tanzania enhance media cooperation

www.chinaview.cn 2009-07-17 18:09:35 Print

by Guo Chunju

DAR ES SALAAM, July 17 (Xinhua) -- Media cooperation between Tanzania and China is expanding and the Chinese media have given wider coverage of Tanzania and the African continent as a whole, Tanzanian media experts and scholars said on Thursday.

On the sidelines of a symposium on election reporting, Bernadeta Killian, dean of School of Journalism and Mass Communication of University of Dar es Salaam, told Xinhua that her school has been cooperating with Chinese media organizations for five years.

"The cooperation between the media of the two countries is expanding," she said.

Killian also hailed the relationship between Tanzania and China, calling China a friend and development partner of Tanzania.

"China has achieved great economic and science development in the past years," she said, adding that she expected the Chinese media to raise their voices to promote China's status abroad.

P. Kabudi, dean of Law School of University of Dar es Salaam, said that the Chinese media including Xinhua have given heavier coverage to Tanzania and other African countries than before.

"The Chinese reports on Africa are objective, concerning the continent's agriculture, infrastructure and energy sectors," said Kabudi.

Describing China and Africa as traditional friends, he noted that China, now much stronger economically, has increased its investment in Tanzania and other African countries to help boost their development.

He also stressed the importance of constructive dialogue to promote mutual understanding and reach consensus, an important factor to find a holistic approach.

The one-day symposium, sponsored by the School of Journalism and Mass Communication, has drawn some 70 members participants from the media, political parties, civil society, government institutions and donors among others.

The main topic of the symposium is media's responsible role in Tanzania's 2010 general elections via fair and balanced reporting of the event.

MBA-Congo

July 21st, 2009, 03:55 PM

Tanzania to develop sisal biogas
20 July 2009

Generation of biogas from sisal will reduce methane emissions
A company in the central east African country of Tanzania is planning to venture into the production of biogas from waste from the sisal plant, following the successful piloting of the project at Hale Sisal Estate in
Korogwe District.

Segera Estates, which owns three sisal estates in the region and another in the Coast Region, is currently looking for partners to develop the biogas production project.

Another private company, Katani, proved the feasibility of the project at the Hale pilot plant which was inaugurated by President Jakaya Kikwete last year in Tanga Region.

The plant now produces 150kw of electricity, enough for use in sisal decorticating machines for 12 hours non-stop.

Katani has already formed a subsidiary company, Mkonge Energy System, to produce and sell energy from renewable sources.

Production of biogas from sisal waste would boost the region’s efforts to control the emission of methane and other greenhouse gases. The company is now in the process of preparing a Project Development Document (PDD) before being registered for the Clean Development Mechanism (CDM) status.

The projects for which the company is seeking partners include biodiesel production and waste water recycling in sisal fibre factories.

MBA-Congo

July 21st, 2009, 04:00 PM

Tanzania: Songwe river course project to cost $400m
By Imani Lwinga .The implementation programme to develop Songwe River water course (pictured) along the Tanzania and Malawi border, which is planned to take 10 years is expected to cost a staggering $400 million on completion.

The 200-kilometre long Songwe River with a 4,200 - square kilometre fertile basin, is an important source of livelihood to 52,000 people of both countries.

However, the river changes its course as it meanders towards Lake Nyasa when it floods - pouring its water which dislocates the common border.

It also disrupts nearly 15,000 hectares of various farm produce and other sources of livelihood, Minister for Water and Irrigation Development Prof Mark Mwandosya noted, when tabling the budget estimates for 2009/10 fiscal year this week.

Under the programme, Tanzania and Malawi governments, would undertake development and management of water resources, development of infrastructure along the basin and development management of land resources.

Other tasks are environmental conservation along the basin and development of institutions to oversee implementation and management of the programme.

Without giving an exact timeline, Mwandosya said the assessment of the project would take two years at a cost of $11m, with each country contributing $1.1m and the African Development Bank (ADB) injecting $9.9million.

However, the minister did not disclose how the $400m needed to complete the project would be raised.

Meanwhile, on River Nile Basin, Mwandosya said all the countries concerned except Egypt and Sudan agreed on sharing the water resources.

“Until now 38 out of 39 articles of the proposed agreement have been agreed by all states.

Article 39th of the agreement which states water security and equal use of water resources of the Nile has been protested by Egypt and Sudan,” said the minister.

A month ago a Tanzanian delegation to a conference on Nile waters reported of bitter reaction from Egyptians over Tanzania’s decision to draw water to Shinyanga from Lake Victoria, which is a source of River Nile.

Deputy Speaker Anne Makinda who was on that delegation said, the Egyptian minister for water could visit Tanzania any time to express their anger over the Kahama and Shinyanga water project.

Six years ago, at a meeting in Egypt, a similar war of words emerged between Egyptian water minister and some East African counterparts after failing to agree on the usage of Nile water.

Nile Water Pact which is in force was signed during the colonial era in 1929, giving Egypt and Sudan exclusive right to the use of water.

Now all the Nile River countries want a new pact on conserving the water basin, manage the river and using it.

Guardian on Sunday

MBA-Congo

July 21st, 2009, 04:02 PM

China to build cardiac surgery treatment, training center in Tanzania

www.chinaview.cn 2009-07-19 07:44:49

DAR ES SALAAM, July 18 (Xinhua) -- China is set to build a cardiac surgery treatment and training center here to provide better training for Tanzanian medical service workers and help improve the health status of the Tanzanian people.

At the signing ceremony for the contract of the construction of the cardiac surgery Treatment and Training Center of Tanzania, Blandina Nyoni, the permanent secretary of the Tanzanian Ministry of Health and Social Welfare, said that China has been providing medical service to her country since 1968 in accordance with the traditional friendship between the two countries.

"China assisted Tanzania with medical equipment and training as well as the treatment of HIV/AIDS patients via traditional Chinese medicine. The project of the construction of the cardiac surgery Treatment and Training Center of Tanzania is of great importance and will further help improve Tanzania's medical service level, as Tanzanian cardiac patients will have no need to go abroad to receive surgery," Nyoni noted.

For his part, Fu Jijun, Charge d'affaires of the Chinese Embassy to Tanzania, said that the cooperation in medical sectors between China and Tanzania is expanding as the two countries have a long history of good relations.

He expressed his belief that the project will further benefit the Tanzanian people, promote their health and add new chapters to the bilateral friendship with the high-quality and high-standard building.

The project will be an advanced cardiac surgery hospital, expected to be constructed in October this year and transferred to the Tanzanian side in November, 2010. The construction of the building is totally worth 63.5 million Yuan (about 9.33 million U.S. dollars).

MBA-Congo

July 21st, 2009, 04:06 PM

Dar Es Salaam — Tanzania's private sector invested US$ 21.173 million in five years, 2004-2008, creating direct employment of 400,145 people.

The Executive Director Tanzania Investment Centre (TIC), Emmanuel Ole-Naiko revealed this at the launch of the country's business linkages programme in Dar es Salaam last week.

Ole-Naiko said apart from generation of taxes, the private sector saw investments in construction of new hotels, beverage industries, open cast and underground mines, banks and telephony.

Presently, he said, Tanzania's private sector is characterized by a large number of small and medium enterprises which are basically informal, using sub-optimal technologies and accounting for over 50% of wage employment."

However, Ole-Naiko said the quality of products and services of the small enterprises needs to be improved by linking up with trans-national corporations (TNCs) to improve their productivity.

We (TIC) tell SMEs that a successful indigenous entrepreneur is one who effectively utilizes the presence of foreign investors in Tanzania to build business networks and supply chain linkages. We tell them to stop complaining about foreign investors but, instead, utilize the presence of TNCs to build their own businesses," he said.

He urged Tanzania's SMEs to draw from the Ugandan experience and expertise whereby SMEs "have registered impressive growth in sales, market share and manpower."

The Business Linkages Programme was facilitated by the United Nations Conference on Trade and Development (UNCTAD) and Enterprise Uganda. Many other countries have followed that path including Mozambique, Zambia, Argentina and Brazil.

MBA-Congo

July 21st, 2009, 10:09 PM

Angola signs tripartite accord for Maiombe forest preservation

Luanda, – The Ministries of Environment of Angola, Democratic Republic of Congo (DRC) and of the Republic of Congo (Brazzaville) will next Thursday sign, in northern Cabinda province, a tripartite accord for the preservation of the trans-border area of the Maiombe forest, ANGOP learnt from the Angolan minister, Fátima Jardim.

The signing of the agreement for the creation of a preservation area f the referred forest will happen at the government's office of Cabinda and shall be preceded by a meeting of experts of the respective countries.

The minister of Environment, Natural Preservation and Tourism of the DRC, José Edundu, and a representative of the Republic of Congo, are expected on Wednesday in Luanda for that purpose.

Without giving further details, Minister Fátima Jardim said that the project of the strategy of implementing the trans-border preservation area of the Maiombe forest has already been discussed at the United Nations and it counts on the support of the Kingdom of Norway.

The minister of Natural Resources, Energy and Environment of Sao Tome and Principe, Cristina Maria Fernandes Dias, is already in Luanda since Monday to attend the event at the invitation of her Angolan counterpart.

UN representatives and the Angolan ambassador to this world institution, Ismael Martins, besides other invited guests, are also expected to attend the signing ceremony.

The Maiombe dense forest, which covers the two Congo regions, with about 200,000 hectares, is one of the richest of the African continent.

Notwidthstanding the armed conflicts, the forest still hosts a variety of species of the fauna and flora, according to researches made, and its timber, which is considered as of high quality, is its second main wealth, after oil in Angola's northern Cabinda region.

Blue sun

July 22nd, 2009, 12:29 AM

^^:cheers1:

Yupes

July 22nd, 2009, 01:48 PM

^^Maiombe forest preservation :cheers:^^

http://www.berggorilla.de/english/pic/maiombe.gif

MBA-Congo

July 23rd, 2009, 05:01 AM

Chinese firm plans $3.6 bln Zambia mining investments

LUSAKA (Reuters) - A Chinese firm plans to invest about $3.6 billion in copper exploration and mining in Zambia, reflecting growing Chinese interest in the country's mineral wealth, a senior investment official said on Wednesday.
Zambia Development Agency (ZDA) Spokeswoman Margaret Chimanse said Zambia and Zhonghui Mining Group signed an investment agreement on Tuesday.

"The $3.6 billion will be invested by Zhonghui in the first five years (from 2009) and it is likely to be increased depending on economic factors affecting the copper industry," Chimanse told Reuters.

She said the Chinese firm also plans to construct a major copper smelter in Kitwe, 350 km (217 miles) north of the capital Lusaka, and that exploration of minerals by Zhonghui in the Northwestern and Copperbelt provinces of Zambia had already started.

Industry officials said the smelter's capacity could be 300,000 tonnes per year.

Chimanse said Zhonghui Mining Group would set up projects to be implemented by its Zambia-registered subsidiaries for copper mining and exploration in the southern African country.

"The total number of jobs to be created directly by all the projects is 32,425. The project for copper refining will create 1,200 jobs," Chimanse said.

The Chinese are currently developing mining infrastructure in Zambia and in March commissioned another 300,000 tonnes per year copper smelter in Chambishi, where up to 50 Chinese companies will begin to operate, under a separate $900 million programme.

Zambian authorities are waiving a 25 percent customs duty on imported equipment, 16.5 percent value added tax and several other taxes for Chinese companies investing in the Chambishi economic zone.

MBA-Congo

July 23rd, 2009, 05:06 AM

Want To Know Where The Economy's Going? Watch Copper
Copper is used in pretty much everything
July 22, 2009
By Kathleen Moore

You could track consumer sentiment indexes, scour the latest numbers for U.S. home sales, or pore over the fine print of China's GDP data.

Or you could look at the price of copper.

Traditionally copper has been a kind of economic barometer, a gauge of how healthy the global economy is. That's because it's used so widely in pretty much everything -- cell phones, buses, electric-light switches.

And the price now has just hit a nine-month high.

Copper is durable, and is a good conductor of heat and electricity -- properties that have made it essential to the modern way of life.

"A typical automobile might have 20 kilograms of copper, the new hybrid vehicles might have twice that amount," says Hal Stillman, the director of technology at the International Copper Association.

"Every electrical motor has lots of copper in it. Data communications, all kinds of electronic devices, the wiring, the electrical connectors -- all of these depend on copper."

When economic times are good, that typically increases demand for the red metal and keeps prices up. And in a downturn, copper demand tends to wilt.

That's what's given copper its reputation as a kind of economic barometer, a gauge of how healthy the global economy is.

Stephen Briggs, a metals analyst for RBS Global Banking & Markets in London, says "Some of the other metals are much more specific in their uses; for example lead -- 80 percent of lead is used in batteries, so it's [a] particular segment of the economy."

"Zinc -- 50 percent is used for galvanizing steel, so it's pretty specific to construction and automobiles. But copper through its electrical properties is used in all the sectors you could care to mention."

Ups And Downs

Last year, copper, like oil, had a rollercoaster ride.

It rose to an all-time high of nearly $9,000 a metric ton in July before collapsing amid the economic crisis to below $3,000.

But since then, it's had a remarkable rebound, rising more than 70 percent this year to hit above $5,400 this week.

Good news, surely, for the world's major copper producers like Chile, the United States, Russia, and Kazakhstan, or for aspiring producers like Afghanistan, where development work has just begun on a Chinese-operated mine

Yet this price surge has happened during the worst global slump in decades.

Analysts say the rising price partly reflects increasing optimism about the prospect of an economic recovery.

Global stocks are at their highest level in months, too, buoyed by decent earnings reports from some big companies and snippets of data that suggest the economic outlook is improving.

One of those came last week with a report that U.S. building permits had risen in June at their fastest pace in a year (8.7 percent).

Better Times Ahead?

It might not sound like much, but it's a tentative sign of better times ahead for the U.S. housing market.

And, Bloomberg noted, it helps explain why copper prices surged 9.6 percent last week.

Briggs says the main factor behind copper's rise this year has been big demand from one major consumer:

"Demand worldwide is still extremely weak, but what has been happening this year so far, particularly for copper, but also for other base metals, is that 'China Inc.,' as it were, has taken the opportunity of low prices to build up stocks of copper and other base metals in anticipation of better times ahead," Briggs says

And China's $585-billion stimulus package has helped boost demand for the metal.

Briggs adds a factor affecting supplies -- the best, untapped copper deposits are harder to develop because they are in politically unstable parts of the world, like Congo.

And some longer-term trends also helped boost prices this year, says Christopher Welch, an economist at Bloomsbury Metals who spoke recently to RFE/RL.

"Globalization is going to continue, generally the globe's per capita consumption of metals is going to go up with the urbanization of China, these sorts of long-term overriding trends are still intact," Welch says.

Those looking keenly for the end of recession can only hope the outlook really is as shiny as a new copper coin.

DanteXavier

July 26th, 2009, 01:38 PM

Tanzania has 54 mln pounds of uranium deposits-govt

* Production seen starting by 2011

* New mining law expected in parliament in October

DAR ES SALAAM, July 26 (Reuters) - Tanzania has at least 53.9 million pounds of uranium oxide deposits and expects to start mining some of that by 2011, the east Africa nation's energy and mineral minister said.

Gold dominates Tanzania's mining sector -- which is Africa's third largest producer of the precious metal -- but there is increasing interest in other metals like uranium and nickel.

Minister William Ngeleja said two companies -- Mantra Tanzania Limited, a unit of Australia's Mantra Resources (MRU.AX: Quote, Profile, Research), and Uranex Tanzania Limited, a subsidiary of Australia's Uranex (UNX.AX: Quote, Profile, Research) -- hoped to start producing in two years.

"Mantra Tanzania Limited is expected to start mining uranium by 2012, Uranex Tanzania Limited ... expects to start producing the mineral in 2011," Ngeleja said in a speech to parliament published in local media on Sunday.

Mantra is working on a project in south Tanzania, which it says has an inferred mineral resource of 35.9 million pounds of uranium oxide, and Uranex's project in the centre has an estimated 6.7 million pounds of the oxide.

Ngeleja said that the two were among 20 companies licensed to explore for uranium in east Africa's second largest economy. Tanzania also has diamonds, Tanzanite and coal.

The nation is working on a new mining law -- after 10 years of review -- aiming to increase the sector's economic contribution, change ownership rules, and increase royalties paid on minerals like gold and diamonds.

"We hope to bring this law to parliament in October," Ngeleja said.

Mineral exports earned $1.08 billion in 2008 from $983 million in the previous year, he said. (Reporting by George Obulutsa; Editing by Jack Kimball)

http://in.reuters.com/article/oilRpt/idINLQ64648520090726?pageNumber=2&virtualBrandChannel=11584

mwanamwiwa

July 29th, 2009, 07:33 PM

Mortgage lender’s profit increase by 124 per cent

http://www.nation.co.ke/image/view/-/532488/highRes/65606/-/maxw/600/-/14ako9sz/-/margaret+wanjiru.jpg

Published on 24/07/2009
By Jackson Okoth

Housing Finance (HF) has recorded improved earnings in the last six months.

The company recorded a 124 per cent increase in pre-tax profit for the half-year period.

Profitability rose to Sh132 million compared to Sh59 million posted over a corresponding period last year.

"An increase in our mortgage sales has been driven by the more affluent buyers in the Diaspora, especially the UK and US.

While other people are cutting on spending, those from the Diaspora are unbundling their investments in these markets, to purchase apartment blocks," HF Managing Director Frank Ireri told the press on Thursday at the company’s head offices.

The lender receives an estimated 17 per cent of its business from the Diaspora market.

He, however, admits that there has been a significant slowdown in the number of individual retail borrowers seeking for mortgages. Over the last six months. The company has had its sales increase by 98 per cent to Sh 5.4 billion up from Sh 2.7 billion in June last year.

The balance sheet size has also grown since the rights issue, to reach Sh15.9 billion, supporting a total loan book valued at Sh 12.8 billion.

MBA-Congo

July 29th, 2009, 09:05 PM

Tanzania says 48 firms eye coal, iron ore projects

* Rio Tinto, BHP Billiton among interested firms
* Coal project to cost $660 million

DAR ES SALAAM, July 29 (Reuters) - Tanzania said on Wednesday that 48 foreign and local firms were interested in developing coal and iron ore deposits in the southern part of the country.

The east African nation has proven coal deposits of 125.3 million tonnes in Mchuchuma in south west Tanzania near its border with Malawi and Mozambique.

It also has a proven iron ore deposit of 45 million tonnes in Liganga in the centre of the country.

"In our search for investors for the Mchuchuma coal project and the Liganga iron ore project, 48 investors have shown interest, and talks are ongoing to determine the best ones," Trade Minister Mary Nagu said in a ministerial presentation.

Interested firms include India's Tata Steel Company (TISC.BO: Quote, Profile, Research), Rio Tinto (RIO.L: Quote, Profile, Research), BHP Billiton (BHP.AX: Quote, Profile, Research), China CAMC Engineering 002051.SZ, Nava Bharat Singapore and Western Metals WMT.AX of Australia.

The state-run National Development Corporation said the Mchuchuma project would entail building a 400 MW power plant and about 200 km of high voltage power lines

The whole project is estimated to cost about $660 million. The Liganga iron ore project is still at the feasibility study stage.

Tanzania already has significant investments in its mining sector, largely in gold, but is increasingly attracting interest in minerals like iron, uranium and nickel. (Reporting by George Obulutsa; editing by Sue Thomas)

MBA-Congo

July 29th, 2009, 09:07 PM

Tanzania port’s offer to Uganda spreads cold chills at Mombasa

The Kenya Ports Authority (KPA) is quickly learning that “customer is king” is not an overrated cliché.

Uganda is Kenya’s top most trading partner in the region with 12.3% of all Kenyan manufactured goods heading to its westerly neighbor in 2008.

According to the 2008 statistics from the KPA, Uganda-destined cargo accounts for 76 % of all the cargo at the port of Mombasa, which is the biggest in East Africa, it handles.

So when officials of Mombasa Port’s main regional rival, the Tanzanian Ports Authority (TPA) visited Uganda mid July on a mission to divert transit goods from Mombasa to Daresalaam, KPA officials took notice.

At the port of Mombasa heads went spinning over what to do next if Ugandan cargo shifted to Dar es Salaam. The Kenya ports authority hastily announced immediate changes in cargo handling that included scrapping - Payment for scanning, verification, inspection and associated stripping or stuffing formerly at US$.75 and US$.110 for 20 foot and 40 foot containers
respectively.

License fees for private mooring, buoys and jetties were reduced from US$.500 to US$.200 per annum.

Free period for storage was increased to 5 and 11 consecutive days for domestic and transit containerised traffic respectively.

Shore-handling rates will attract additional US$.3 and US$.5 for 20 foot and 40 foot containers respectively.

Other Shore-handling rates would be prorated, said KPA.

Mombasa port handles 16 million tones of cargo annually most of it destined to the hinterland through Uganda. The cargo is expected to grow to 30 million tones by 2030. If the Tanzanian offer is taken seriously, then the Kenya Ports Authority business is at stake and billions of dollars could be lost. Uganda bound cargo is a significant contributor to the Kenyan treasury and losing it to the Tanzanians would be a big blow to the Kenyan government.

The Tanzania Ports Authority had left the Ugandan logistics industry to Kenya all this long and their return has been viewed as a huge threat to the Kenya.

The port of Mombasa has invested heavily in port infrastructure development and also instituted a 24/7 clearing system that has improved cargo deliveries, reduced congestion, enhanced ship turnaround and overall port performance. Other developments at the port of Mombasa include a planed purchase of one pilot boat, two Ship-to-Shore Gantry cranes, eight Rubber Tired Gantry cranes, five Reachstackers and one mobile harbour crane. This equipment is all aimed at boosting marine and cargo handling operations at the port.

The port of Dar es Salaam handles over 12million metric tones annually and is more congested but TPA is luring Uganda with low port costs and promises to expand to a level where cargo can be moved from Daresalaam to Kampala in a record four days.

The Tanzanian’s have undertaken to improve both their rail network and road infrastructure and the recent announcement by the Chinese to fund them to develop further their transport infrastructure is likely to worry the more the Kenyans. Tanzania has several advantages over the Kenyans including a stable political atmosphere, low costs of cargo handling and less non tariff barriers.

It is a 1700 kilometres journey by road from Dar es Salaam to Kampala through Morogoro-Dodoma-Singinda-Nzega-Kahama-Biharamulo-Muleba-Bukoba-Mutukula-Masaka, while it is only1400 kilometres from Mombasa to Kampala.

Kenya-based Rift Valley Railways announced it has rehabilitated the MV Uhuru which will return to Lake Victoria waters at the beginning of August. MV Uhuru has since 2006 been grounded over disagreements between RVR and Kenya railways over who of the two is responsible for rehabilitating it.

Gagawala Nelson Wambuzi the Uganda state minister for trade told The Independent, “We are developing the central route because it’s the original trading route way back to the time of the explorers. The northern corridor to the port of Mombasa was built to develop the port of Mombasa .Rail transport and construction through Tanzania is cheaper because there is no rift valley. Its plain land and trains can attain faster speeds than through the northern corridor to Mombasa .We already have the Germans, Americans, Japanese, Chinese and Indians all expressing interest in developing the central corridor. The whole development will be done under the private public partnerships (PPP).

“It takes a month for goods to arrive from Mombasa because of its congestion and here we are looking at the ports of Tanga and Dar es Salaam which are not congested and have a low capacity thereby making them efficient. Today we are not importing goods but efficiency and time. We have to arrive in the markets early, clear and clean. That is what modern business is all about,” he said.

Uganda`s vigourous search for an alternative route was prompted by the growing Kenyan political instability. Kenyan youths recently uprooted a section of the railway in Nairobi in protest over of Migingo Island in Lake Victoria. There also fear of a repeat of disruption in transport, as happened after the disputed Kenyan 2007 presidential elections.

mwanamwiwa

July 30th, 2009, 10:19 PM

Cement maker plans joint venture in energy industry

http://www.nation.co.ke/image/view/-/605338/highRes/80910/-/maxw/600/-/yjicsn/-/main+pic.jpg

Published on 30/07/2009
By Standard Reporter

Cemtech Group is contemplating a joint venture with Danke Electricals Power Group of India, to manufacture and retrofit transformers and electrical equipment in Kenya.

In a press statement, Cemtech, which has received licences from the Government to build a cement factory in Pokot, said it was looking at Kenya as the Africa base for its electrical equipment business.

The group has also carried out studies for renewable energy projects such as solar, windmill and co-generation of power from sugar-cane (bagasse), biomass and other renewable sources.

Danke Group also manufactures electrical products such as distribution and power transformers, air break switches and fuses, among others. The group has more than 27 years of experience in manufacturing electrical equipment. "Danke’s competence lies in efficient planning and optimum utilisation of resources, backed by quality systems. Its products are exported to Egypt, Nigeria, Germany, New Zealand, Srilanka, America, Saudi Arabia and South Africa," said Mr Rajesh

Rawal the Managing Director of Cemtech Ltd. The two firms plan to make a substantial investment in mking and seilling transformers locally.

Local benefits

Local companies stand to benefit from such an investment, For instance, Kenya Power and Lighting Company (KPLC) is often forced to import equipment, including transformers, at high cost. Buying the products locally would save KPLC billions of shillings annually. Cemtech said it has the necessary infrastructure in Nairobi and Mombasa for the project.

Kwame

July 31st, 2009, 02:27 AM

Entrepreneurship in Angola is the highest in Africa

Luanda, Angola, 27 July – Entrepreneurship amongst Angolans is one of the highest in the world and is the highest on the African continent, yet they consider the financial support available to be insufficient, according to the Global Entrepreneurship Monitor (GEM).

The study, carried out by the North American university of Babson and by the London Business School, is considered the biggest of its kind and aims to establish a link between economic growth and entrepreneurial activity.

In the latest edition (2008), published in July, Angola is included for the first time in the group of 43 countries, in the analysis made in partnership with the Sociedade Portuguesa de Inovação (the Portuguese Association for Innovation) and the Angolan Universidade Católica, and surprised by coming out first, beating the big countries like Egypt and South Africa, and appearing alongside European and Asian economies.

The level of entrepreneurship is considered “very high," with close to 23 percent of people involved in entrepreneurial activity, although “reforms are necessary to improve entrepreneurs’ access to funding and their capacity to set up new companies.”

The data, mainly originating from a poll, indicate that, in 2008, 23 adults in every 100 were involved in start-up companies, the fourth highest rate of the 43 countries in the study and over twice the average for these countries (10.5 percent).

“Angola has around 4.7 times more entrepreneurs in upcoming businesses than owners of new businesses. This data makes Angola the country (included in the study) with the biggest relative difference between the two types of entrepreneurial activity,” says the Monitor.

“In Angola, around a quarter (25.2 percent) of the female adult population is involved in early-stage entrepreneurial activity. For men, this proportion is down to one fifth (20.3 percent). No other country in the GEM 2008 has a greater proportion of female entrepreneurs than male ones,” it says.

Over half of the adult men and women in Angola believe in accumulating the knowledge and skills necessary to set up a business and this “necessity” is the main motivating factor.

Those specialists contacted by the authors of the study “consider that the financial support offered to entrepreneurs is partially insufficient,” such as the government programs for supporting entrepreneurship, education and the transfer of Research and Development.

Other low points are bureaucracy, regulations requiring licences being “excessively difficult in Angola,” as well as infrastructures which are still considered insufficient.

“On a more positive note” is the improvement in social and cultural factors, subsidies and government policy, “particularly with regard to the extent to which they favour new businesses and the nature of the priority the government gives to entrepreneurship."

“When one compares Angola with economies driven by efficiency and innovation, this trend can also be seen across nearly all aspects," said the study.

At a time when reforms are being introduced at every level throughout the country, with the aim of improving existing conditions and boosting the private sector, “entrepreneurship in particular, is recognized as a critical factor in Angola’s continuing development.”

“Stimulating entrepreneurial activity among the Angolan population,” it adds, would “enable a growth in new and innovative businesses, thus contributing to reducing the country’s relative dependence on oil and maintaining the world’s highest rates of growth.

Macauhub (http://www.macauhub.com.mo/en/news.php?ID=7811)

Good for Angolans, but please note this study only reports on 43 countries. :)

Kwame

July 31st, 2009, 03:32 AM

Angola: Car Assembly Factory to Help Diversify Economy
29 July 2009

Luanda — The start of operation of the CSG-Angola car assembly plant is part of a strategy of Angolan Government to diversify the economy and increase jobs.

This was said Wednesday in Luanda by the coordinator of the Management Commission for the National Agency of Private Investment (ANIP), Aguinaldo Jaime.

Aguinaldo Jaime said so to the press at the end of the signing of an investment contract between ANIP and the director-general of the car assembly plant, Kwan Man Fai, who represented the British companies, Peakbright and Powerquest International Limited. ANIP coordinator said that the project aims to increase the supply of jobs to citizens, contribute to their technical-professional qualification and valuation as well as diversification of economy.

Estimated at USD 30 million, with capacity for assembling 30,000 vehicle per year, the project aims to manufacture and sell vehicles and spare parts, including the setting up of points of sale in the country and abroad.

The implementation of the project will generate for the Angolan economy an added annual average amount of USD 18.520 million and the creation of 680 direct jobs.

AngolaPress (http://allafrica.com/stories/200907300291.html)

Kwame

July 31st, 2009, 04:01 AM

Mozambique: Zambezi Planning Office, in Mozambique, invests in cereal factories
Maputo, Mozambique, 28 July – The Planning and Development Office for the Zambezi Valley (GPZ) is to invest US$50 million in building three cereal processing factories in the provinces of Zambezia, Manica and Tete, in central Mozambique.

According to today’s Noticias newspaper GPZ's director, Sérgio Vieira, said that the first of the factories would be built this year, in the Angónia district of Tete province with a processing capacity of 25,000 tons of corn.

Angónia and Tsangano are the two main cereal producing districts in Tete province, particularly of corn and wheat, which for lack of a market and processing facilities have been sold to neighbouring Malawi.

Sérgio Vieira also said that the second factory would be built in Namacurra, in Zambezia province, with a capacity for 25,000 tons of rice, and a third corn factory would be built in Manica which, like Angónia, is an area of significant production of this cereal.

However, GPZ’s director said that even the construction of the three factories, the cereal storage capacity in the Zambezi Valley is well below the production capacity of the area.

The Mozambican government is building six cereal silos in the city of Tete with capacity for 50,000 tons, and another in Angónia in the same province.

Also according to the region’s agricultural authorities the government will invest a further US$15 million in a cereal processing factory in the in the outskirts of Tete.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7821)

Kwame

July 31st, 2009, 04:04 AM

Angola: United States to open a credit line of US$400 million dollars for social housing
Luanda, Angola, 27 July – The United States is to open a credit line for Angola, to the value of US$400 million to support the country's social housing construction program, said the American ambassador in Luanda.

“Five weeks ago, the United States sent two teams to Angola to promote the new credit line,” said the ambassador Dan Mozena, quoted by Jornal de Angola.

The North American ambassador added that talks were in progress between Washington and Luanda for the Angolan Central Bank and Finance Ministry to benefit from North American technical assistance.

The Angolan government wants to build a million houses over the next four years, to reduce the housing deficit for the poorest sections of its population.

The minister for Urbanization and Environment, José Ferreira, recently said that the construction of 110,000 houses would begin next month, through two public-private partnership projects.

In the first project 10,000 houses should be built in the provinces of Bengo, Luanda, Huíla and Namibe, with the participation of Brazilian construction company Odebrect, and in the second, a partnership from Israeli group “RL”, a further 100,000 houses in the provinces of Bengo, Benguela, Namibe and Malanje, said the government after a meeting with the Comissão Nacional do Programa Habitacional (National Housing Program Commission).

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7819)

Kwame

July 31st, 2009, 04:05 AM

Angola: Oil production in Angola’s Tômbua-Lândana field to begin in August
Luanda, Angola, 28 July – Production in Angola’s Tômbua-Lândana oil field, in block 14, where Galp Energia holds 9 percent, is to start production of 100,000 barrels per day as of next month.

The news was announced by Bloomberg, quoting statements from Chevron representative, Eunice Carvalho, to “Novo Jornal.”

Chevron holds the biggest stake in this block with 31 percent, with Sonangol, Total and Eni each holding 20 percent. Galp Exploração e Produção holds the remaining 9 percent.

Tômbua-Landân is to make use of the gas generated, rather than burning it, for later trade under Angola’s export of liquefied natural gas project, according to the same source.

Tômbua-Lândana is located in block 14, an offshore field of the Cabinda enclave.

This block is made up of five development areas: Kuito, Benguela-Belize-Lobito-Tomboco, Tômbua-Lândana and Negage and Gabela.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7823)

Kwame

July 31st, 2009, 04:08 AM

Mozambique: Sugar production could reach 500,000 tons in 2010
Maputo, Mozambique, 29 July – Sugar production in Mozambique in 2010 should reach around 500,000 tons according to statements made by Rosário Cumbe, president of the Association of Sugar Producers in Mozambique (APAMO) to Noticias newspaper.

The APAMO president told the Maputo morning paper that for the 2009 crop production should reach 365,000 tons, which represents a rise of around 20 percent in relation to the amount produced in 2008.

Rosário Cumbe said that 2009 "will be marked by a sharp rise in production prospects."

“The sugar plantation at Xinavane is expected to produce between 150,000 and 160,000 tons of sugar compared to the 65,000 tons produced in 2008,” he revealed.

He also said he believed that in 2009 “Maragra will also maintain production levels and increase by between five and ten percent compared to 2008, the plantation at Marromeu will maintain production levels, at 70,000 tons and Mafambisse will see a sharp rise of 42,000 tons to 65,000 or 70,000 tons.”

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7829)

Kwame

July 31st, 2009, 04:10 AM

Angola: Government formalizes creation of Luanda-Bengo Special Economic Zone
Luanda, Angola, 30 July – The Luanda-Bengo Special Economic Zone (SEZ) between the towns of Viana and Cacuaco in Luanda province and the towns of Icolo-e-Bengo, Dande, Ambriz and Namboangongo in Bengo province was formalized on Wednesday by the Angolan Council of Ministers.

The government also approved the creation of the Luanda-Bengo E.P. Special Economic Zone Development Association which will manage and develop the SEZ.

With an area of 8,000 hectares the SEZ will employ 3,000 people and include industrial and commercial hubs and a technology and convention centre.

Economy minister, Manuel Nunes Júnior, said that the creation of special economic zones was a way of ensuring the rapid, sustainable and diversified growth of the Angolan economy.

“Another important element is the fact that special economic zones are strategic in consolidating the development of the Angolan business community,” said the minister.

Manuel Nunes Júnior said that the aim was to create national companies which are technologically, organizationally and financially strong and competitive, so that control of the economy is ensured, essentially, by Angolan citizens.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7839)

Kwame

July 31st, 2009, 04:12 AM

Angola: Mobile phone company Movicel 80 percent privatized
Luanda, Angola, 30 July – Mobile phone operator Movicel, S.A. has been 80 percent privatized in accordance with a decision by the Angolan government.

State-owned companies Angola Telecom and Correios Telégrafos de Angola continue to hold, respectively, 18 and 2 percent of Movicel’s capital stock.

The remaining 80 percent will be held by Porturil-Investiments with 40 percent, Modus Comicare- Comunicações e Imagem Lda with 19 percent, I pang - indústria de Papel e Derivados with 10 percent, Lambda Investement with six percent and Novatel, S.A., with five percent.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7842)

MBA-Congo

July 31st, 2009, 06:56 PM

Tanzania to Reach 5% Growth Target, Central Bank Says (Update1)

By Sarah McGregor

July 30 (Bloomberg) -- Tanzania will probably achieve its economic growth target of 5 percent in 2009 as stimulus spending provides a boost to industries worst affected by the global financial crisis, Enos Bukuku, deputy governor of the Bank of Tanzania, said.

On June 10, Tanzania President Jakaya Kikwete unveiled a 1.7 trillion shilling plan to help local companies and agricultural cooperatives weather a decline in global growth.

“It’s working and we are in a good position,” Bukuku said today in an interview following a presentation in the Kenyan capital, Nairobi. “No other country in the region has a similar rescue plan.”

The stimulus package will directly compensate exporters for losses, guarantee debt rescheduling and boost loans to farmers especially for seeds, fertilizer and tractors. It will be funded by the current budget for the fiscal year ending June 30, 2010, of which about a third is being funded by outside donors. In May, the International Monetary Fund approved a $330 million loan for the country.

The east African nation’s foreign exchange reserves stood at $2.9 billion at the end of June, which gives “adequate comfort” from potential external shocks, Bukuku said.

Tanzania is Africa’s third-largest gold exporter after South Africa and Ghana. About 42 percent of the country’s exports are comprised of minerals, mainly gold, as well as diamonds and tanzanite.

MBA-Congo

July 31st, 2009, 07:00 PM

Firm excited over Tanzania market

By Costantine Sebastian

The Vodacom Group has invested Sh833 billion in Tanzania because the country is a strategic business terrain for international operations.

The Chief Executive Officer, Mr Pieter Uys (pictured) told journalists in Dar es Salaam that last year alone, its subsidiary, Vodacom Tanzania Limited (VTL) invested over Sh160 billion in the country.

"VTL is a key investment and business in the Group. Last year alone, we invested Sh169 billion and we will continue doing so to ensure � the people of Tanzania benefit from our being here," he said.

The South African group, which has over 41 million customers, also operates in the Democratic Republic of Congo, Lesotho and Mozambique.

Some 29 million of the group's subscribers are in South Africa where it has a market share of 53 per cent. Mr Uys said Vodacom does not regret having invested in Tanzania because the country remains among the fastest growing markets south of the Sahara.

He said the country has a uniquely stable government and political environment as well as clear and sound policies towards investment and economic development.

"Vodacom Group under my leadership has total confidence in Tanzania, its Government and its policies�Tanzanian people have proven to be our best, "we will continue to direct investment in Tanzania in our short and long term strategic plans."

The company, which has been doing business in Tanzania for eight years, is the leading mobile phone operator with 5.9 million subscribers. Mr Uys said 1.5 million of these were connected to the VTL network last year and its plans are to expand the subscriber base by connecting rural Tanzania to its network.

Last week, VTL announced that it has secured a $90 million syndicated loan from local banks, in a five-year deal expected to raise $150 million for funding capital expenditure.

There are about 14 million mobile phone users in the country of which around 4.1 million belong to Zain, nearly three million to Tigo and slightly over one million to Zantel.

The other operators are TTCL Mobile and Benson Informatics, which have 121,233 and 3,500 subscribers respectively.
�We are growing VTL as a total communication solution�providing a variety of access services such as 3G.WiMAX and satellite. We also want to lead in broadband and mobile Internet, which means leading Tanzania�s Internet and email revolution," Mr Uys said.

MBA-Congo

July 31st, 2009, 07:01 PM

Tanzania to receive $100 million to develop ICT
UN Wire | 07/30/2009

Tanzania will receive $100 million in credit from the International Development Association, the majority fund of a purse aimed at supporting communications development in three sub-Saharan African nations. The money will go toward boosting development in the information and communication technology sector, which has seen considerable growth in Africa during the past 10 years despite the relative lack of Internet use on the continent.

MBA-Congo

July 31st, 2009, 07:02 PM

Tanzania Choosing Investors For Coal Project, 400 MW Pwr Plant

DOW JONES NEWSWIRES

The Tanzanian government is in the process of selecting investors to develop its Mchuchuma coal project and build a 400 megawatt power plant, the state-run National Development Corp. said Thursday.

In a statement, NDC said a 200-kilometer high voltage power lines would also be constructed linking Mchuchuma, in the south western region, with the national grid.

Tanzania is in the process of connecting its vast gold mines located around Lake Victoria to the national grid.

Up to 48 foreign and local companies have expressed interest to develop the Mchuchuma project, which has up to 125.3 million metric tons of coal deposits, and the winner will be announced before the end of the third quarter.

According to the Ministry of Energy and Minerals Development the companies that have expressed an interest include Singapore-based Nava Bharat, which won a bid to acquire Zambia's largest coal mine Maamba Collieries early this year. Others include diversified miners BHP Billiton PLC (BHP.LN) and Rio Tinto PLC ( RTP), Australia-based Western Metals Corp. (WTLC), India's Tata Steel Co. ( 500470.BY) and China's CAMC Engineering.

Development of the Mchuchuma coal project is expected to cost up to $660 million and a power plant would be completed three to four years after the start of construction work.

Analysts say Tanzania needs more power plants to meet rising demand occasioned by massive investment in the gold mining sector since the start of the decade. Most gold mines still rely on fuel-fired plants to run operations because they aren't connected to the national grid.

Tanzania is Africa's third largest gold producer

BUTEMBO21

July 31st, 2009, 09:37 PM

Tanzania launches bank for women .

Tanzania has launched a bank aimed specifically at women in what officials say will be an empowering move.

The bank says women need only an ID card or passport to open an account, unlike other banks which require title deeds or other proofs of wealth.

And applicants need only 3,000 Tanzanian shillings ($2) in savings - much less than other banks.

Although the bank, which is based in Dar es Salaam, targets women with its services, men can also open accounts.

The bank's management says it will give women expert help and advice.

'Too shy'

Margareth Mattaba Chacha, the managing director, said: "We know some women hesitate to come forward - they are too shy and think they don't know anything.

"But here we're going to have a big group of professionals to take women through step-by-step until we really reach our women."

The BBC's Zuhura Yunus, in Dar es Salaam, says 110 people had opened accounts at the Tanzania Women's Bank by the end of the morning.

Officials hope there will be 200 more people coming in every day and say the Dar es Salaam branch is just the beginning of a countrywide network.

Margaret Sitta, Minister of Community Development, Gender and Children, said the bank would empower women, but stressed that the accounts were open to all.

Blue sun

August 1st, 2009, 06:51 AM

Kosmos Gets $750 Million in Loans to Fund Ghana Field

By Eduard Gismatullin

July 14 (Bloomberg) -- Kosmos Energy LLC, a closely held U.S. explorer in West Africa, raised $750 million in loans to fund a project in Ghana as a partner said the asset may be sold.

The financing will fully fund Kosmos’s share of Ghana’s Jubilee field phase-one development, Chief Financial Officer Greg Dunlevy said today in a statement. The Dallas-based company used oil-field assets as collateral to secure the loans, $550 million of which mature in December 2015, it said.

Kosmos and partners, including Tullow Oil Plc, Anadarko Petroleum Corp. and Ghana National Petroleum Corp., have earmarked $3.1 billion to develop the offshore Jubilee field. London-based Tullow said July 8 that Kosmos will accept bids for its 30 percent stake in the project until July 17.

The loans include an “early-draw tranche” of as much as $300 million that Kosmos can access immediately on receipt of the Ghanaian government’s consent to the “security package,” Kosmos said today. Dunlevy wasn’t available to comment on any plan to sell the Jubilee stake.

The field, located in the West Cape Three Points block and adjacent Deepwater Tano block, will produce more than the planned 300 million barrels of recoverable oil in its first phase, Kosmos said. The designed production capacity of phase one is 120,000 barrels of crude a day, it said.

Standard Chartered Bank Plc, BNP Paribas SA, Societe Generale SA, International Finance Corp., Absa Bank Ltd. and Calyon are among financial institutions involved in the loan agreements, Kosmos said. Warburg Pincus LLC and Blackstone Group LP are investors in Kosmos.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

http://www.bloomberg.com/apps/news?pid=20601116&sid=asGs0cq_ELAA#

Blue sun

August 1st, 2009, 06:57 AM

Ghana to benefit from investment programme

Accra, July 29, GNA – Business entities engaged in productive sectors in the Ghanaian economy are qualified for partnerships with investors in the Diaspora, under the Bridge Investment Development (BID) program.

The BID program, an initiative of the Inter-regional Bridge Group (IBG), is aimed at supporting growth and development within the country, and actively engaging the African Diaspora in the development of the country.

It promotes entrepreneurship and innovation among Ghanaians by utilizing Diaspora Coalitions, strategic networks and resources to bring about transformational development within various sectors of the nation's economy.

It facilitates the use of fixed capital, information and technical expertise through its pool of members to partner potentially merited Small and Medium sized Enterprises (SMEs).

A statement from the group copied to the GNA on Tuesday, said the World Bank's recently launched initiative on Mobilizing the African Diaspora for Development in support of the African Union (AU), stressed the need for “the Diaspora to build on ongoing efforts via a blended strategy of 'mutual' participation, short, medium and long term placements, return and retention, and institutional partnerships and networks.”

The call by the World Bank supports the BID program, which seeks to utilise existing multilateral relationships between the Diaspora and African countries to jumpstart active participation in Ghana's development.

Ghana has been selected as a Region of Focus (ROF) for this program, based on available conditions in the country which are paramount in successful project implementation.

The conditions include economic stability, strong potential growth in exports and capital investment, ability to sustain business network, and strategic coalitions.

The statement said a research conducted by the Inter-regional Bridge Group into market opportunities across various sectors of the economy put Ghana ahead as a safe investment zone with tremendous opportunities for growth in projects, contracts, and procurement.

The BID program also covers individuals with expertise in viable sectors of the economy through collaboration and knowledge sharing with other investors to grow their businesses.

IBG exploits innovative and gainful projects, combining research findings and member assessment to initiate projects via the collaborative efforts of Private Sector Development (OPSD) under umbrella banking institutions.

Recent research published by the Centre for the Study of Financial Innovation (CSFI) in the Banana Skins report, suggested vibrancy in the micro-finance sector with strong fundamentals, and a solid and growing client base in spite of inherent risks in rising non-performing loans, as part of the conditions.

“Remaining focused on longer term issues of strong management, governance and asset liability management capacity remains crucial for the future,” said Elizabeth Littlefield, Chief Executive Officer of the Consultative Group to Assist the Poor (CGAP), sponsors of the research.

To meet this future requirement, custom financing solutions that range from basic collateral to sophisticated capital incubator financing, would be made available for local businesses as part of the BID program.

Drawing from its expertise in contract management services, facilitation of procurement initiatives, business relationship management, and project implementation services, IBG seeks to create strategic partnerships with Small to Medium-sized Enterprises (SMEs) within the productive sectors and Diaspora investors.

The combination of these comprehensive management services would play a significant role in meeting the various needs under the program.

This is expected to solve the problems of inadequate funding for projects, information gaps, reduced high cost and risk associated with doing business, as well as meet the growing demand for project implementation capacities, the statement said.

Blue sun

August 1st, 2009, 07:02 AM

Gold Fields to hit one million ounces by 2011

Accra, July 30, GNA - Vice President John Dramani Mahama on Wednesday commended Gold Fields Ghana for plans to increase its current gold production level from 900 ounces to one million ounces from 2009 to 2011.

He said government was also appreciative about the company's effort in improving the lives of people in its operational area through the community livelihood programme.

The Vice President gave the commendation when a delegation of the company called on him at the Osu Castle.

He said the venture was in direct response to government's plan to push the Western Corridor Development agenda, to accelerate the development of the area.

Mr. Mahama urged the company to, however, be responsive to the needs of the people and operate responsibly.

The Leader of the delegation and Chief Executive Officer of the company, Mr. Nick Holland said the current conducive economic environment pertaining in the country had encouraged Gold Fields to invest more money into lead gold production.

He assured the government of his company's commitment to meeting environmental standards, as well as the needs of the people and the country.

Mr. Peter Turner, Managing Director of the company in Ghana, emphasized the respect the corporate entity have for the people of the Western Region, saying Gold Fields would not sideline them in terms of social development.

He said the company invested in agri-business, particularly in the areas of fish and poultry farming, piggery and oil palm plantation to meet some of its social obligation to provide job opportunities for the youth.

Currently, Gold Fields Ghana operates in Tarkwa and Daamaa.

http://www.modernghana.com/news/230376/1/gold-fields-to-hit-one-million-ounces-by-2011.html

Blue sun

August 1st, 2009, 07:13 AM

Ghana Likely To Get Over $1B In IMF Resources, Including SDRs

July 16 2009

WASHINGTON (Dow Jones)--Ghana will likely receive more than $1 billion in resources from the International Monetary Fund, including a $450-million boost to its reserves in the form of special drawing rights, a fund official said Thursday.

On Wednesday, the IMF's executive board approved a $600 million loan to Ghana to help stabilize its economy. But the country also stands to benefit from a Group of 20 proposal for the fund to issue $250 billion SDRs to its member countries in an effort to boost global liquidity.

Peter Allum, the IMF's mission chief to Ghana, said the three-year Poverty Reduction and Growth Facility will focus on getting the country's budget management under control before oil production starts in 2011.

Ghana's economy could surge 24% in 2011, including 6.2% in non-oil-sector growth, up from expected growth rates of 4.5% this year and 5% in 2010, Allum said.

"Our program assumes that oil will start in 2011, with big production over the first five or six yrs," he said.

While oil sales could boost budget revenues by 6% or 7% of gross domestic product in the first few years of production, the impact would still be relatively modest by international standards, said Allum.

"That will make some difference to living standards in Ghana, but it's not of a magnitude that you could afford to use it imprudently," he said. "You need very strong budget mechanisms to make sure that that money ends up with the programs where it's needed."

President John Atta-Mills aims to bring the budget deficit down to 9.4% of gross domestic product this year from 14.9% at the end of 2008.

While the IMF-supported program is structured to achieve the 2009 target, there will be discussions later this year on how the government could achieve the more ambitious goal of bringing the budget down to 6% in 2010.

One area of concern is the recent rise in public sector wages, said Allum.

http://online.wsj.com/article/BT-CO-20090716-713678.html

Blue sun

August 1st, 2009, 07:19 AM

Ghana to rehabilitate Takoradi Harbour at $700m for oil services

Ghana Business News

July 29 2009

The Ghana Ports and Harbours Authority (GPHA) will be spending $700 million to rehabilitate the Takoradi Harbour, Ghana’s second sea port to make it ready for the country’s emerging oil industry, ghanabusinessnews.com has learnt.
According to the information which did not indicate the source of the money, the acting Director-General of the GPHA, Mr. Nestor P. Galley was reported to have said the Takoradi Harbour upgrading project will include the reclamation and redevelopment of an old log pond into an oil services facility to support the country’s offshore oil production. He added that the upgrading is to make the Takoradi Harbour the main port in West Africa.
Efforts by ghanabusinessbusinessnews.com to reach the acting Director-General were unsuccessful as calls we put through to all the phone numbers provided on the Authority’s website were never answered. Attempts to reach the PRO as well were not responded to as he never picked his cell phone.
The information also indicated that the rehabilitation and upgrade will include office accommodation, oil storage tanks for bunkering and storage facilities for oil production materials.
New roads will be paved and railroads will be constructed.
Meanwhile, Mr. Galley has called on the Parliamentary Select Committee on Roads and Transport to help pass bills that will help to achieve the set objectives of the Authority, the Chronicle newspaper has reported.
According to the report, he told the Committee that the GPHA was confronted with several problems and asked that certain amendments and new laws should be put in place to ensure that Ghanaian ports are able to attain international standards to attract more patronage.
He also disclosed that the GPHA had lined up a number of programmes aimed at improving upon the standard of the country’s ports, saying that until such legislative instruments were put in place, attaining them would be difficult.
According to the Chronicle report Mr. Galley mentioned a $550 million development programme which includes building a new terminal to bring the Tema Harbour to international standards.
Briefing the MPs, the acting DG explained that as part of the long term development programme for the Tema port, a new container terminal, estimated to cost about $550 million to raise the Tema port to the standard required will be built.
On the Takoradi Harbour, he said because it was the nearest commercial port in Ghana to the country’s newly-discovered oil fields, there was the need to provide certain facilities that would make the port serviceable to the offshore oil production, but did not mention the $700 million upgrading plan.
However, he said, “Deep draft berthing facilities for vessels bringing plant and equipment for the oil field, office accommodation for the oil companies, open and covered storage facilities for the production materials and pipes, free zone area for production materials, as some of the facilities the GPHA was planning to provide at Takoradi.”
He also mentioned that an area for pipe welding, supply of fresh water, bunkering facilities for supply vessels, repair facilities for offshore oil rigs, repair facilities for supply vessels, berthing (space) for the supply vessels, cranes for handling of plant and materials, and trained workforce for stevedoring of plant and machinery from vessels will be provided.
The Chronicle report however, said he gave the estimated cost of the work at Takoradi at $50 million, adding it would involve dredging of the area to 7.0m, land reclamation, paving works (about 25 ha), relocation of the cocoa sheds outside the port, and construction of about 500m quay walls, and a 650m oil berth with 10m draft.
Ghana is expected to start commercial production of oil in June 2010, and the country could be earning about $1 billion annually from oil.

By Emmanuel K. Dogbevi

http://ghanabusinessnews.com/2009/07/29/ghana-to-rehabilitate-takoradi-harbour-at-700m-for-oil-services/

Blue sun

August 1st, 2009, 07:16 PM

Ghana government to revamp railway sector with $135m – Minister

Jul 31, 2009 17:52

Mr. Mike Hammah, the Minister of Roads and Transport, has said about $134 million would be required to extend the Eastern, Central and Western railway lines to the Boankra Inland Port for smooth take off of the facility.
The government would take four years to complete the different linkages to the port to serve neighbouring land locked countries to the north of Ghana.
Speaking to newsmen at Boankra after his inspection of the completed office complex of the Shippers’ Council, he said $45 million would be needed to complete the Western line, $55 million for the Eastern line and an additional $34 million on the Central line.
The Minister was in the region to see problems facing the transport sector and to interact with workers of the railways.
Touching on the 1.8 kilometre road linking the inland port with the Accra/Kumasi highway, the minister said efforts were being made to review the contract to ensure value for money.
He said part of a 02-million dollar loan contracted by the government would be used to address problems at Kaasi where any time it rained the place got flooded making it impossible for the trains to operate.
He gave the assurance that the government would do all it could to revamp the railway sector and urged the workers to also play their part well.
Mr. Kofi Opoku-Manu, the Ashanti Regional Minister, said railways play unique role in the socio-economic development of a nation and it is incumbent on all stakeholders to support the government to revamp the sector.

http://ghanabusinessnews.com/2009/07/31/ghana-government-to-revamp-railway-sector-with-135m-minister/

Blue sun

August 1st, 2009, 07:20 PM

Ghana earns $2.3b from mining in 2008 – report

Jul 24, 2009 14:34

Ghana earns $2.3 billion from its mining sector in 2008, the third quarter report on the country’s mining sector released by a research company has said.
The report by Companies and Markets, which was released Thursday July 23, 2009, says Ghana derives the bulk of its external revenue from gold mining, which accounts for over 90% of the country’s total mineral exports.
Apart from gold, Ghana also produces significant quantities of bauxite and diamonds. The country is also counted among the top five nations across the globe for its manganese ore production. Ghana is home to some of the biggest names from the global extractive industry: Gold Fields (Ghana), Newmont Ghana and South Africa’s AngloGold Ashanti.
In 2008, overall revenues from the Ghanaian mining sector reached US$2.3bn, an increase of 28% y-o-y, according to figures released by the Ghana Chamber of Mines in June 2009. Gold revenues stood at US$2.2bn, with output of 2.6mn oz (up 4% y-o-y) selling at an average realised price of US$852 per oz.
Manganese revenue was up by a stellar 69%, to US$62.34mn, while bauxite revenue was essentially flat, at US$19.81mn, the report said.
According to the report, stakeholders in the mining sector claim that regulations pertaining to compensation need to be updated; that the price levels for valuing crops, livestock and landed property have not been reviewed for a number of years. They also point out that in other African countries, such as Tanzania, the state pays the compensation and not the miner.
The basic law governing the mining industry is the Minerals and Mining Act 2006 (Act 703). Under the law, the president holds the power to grant mining rights. However, the pressure to amend the law and allow farmers to have a say in authorising their lands for mining activity is increasingly gaining favour in the country, and is being seen as a necessary move to crack down on the rampant exploitation of the environment by mining industries.
The report citing the frequent disruption to power supplies as another challenge to the mining industry which continues to escalate costs in mining operations, said in June 2008, the Ghanaian cabinet gave the go-ahead for the country to develop a nuclear power sector. If realised, the report said, the new plant will diversify the country’s power sector and offer the boost in generation that Ghana requires to meet demand.
Meanwhile, in another report by Business Monitor International, a market survey company which was published in March 2009, Ghana’s mining industry is expected to be worth $3.14 billion in 2013 from $1.03 billion in 2008.

By Emmanuel K. Dogbevi

http://ghanabusinessnews.com/2009/07/24/ghana-earns-2-3b-from-mining-in-2008-–-report/

Kwame

August 1st, 2009, 07:35 PM

Zimbabwe: Eco-Bank Set to Acquire Interfin Stake
30 July 2009

Harare -- ECO-BANK is believed to be on the verge of buying a significant stake in Interfin Merchant Bank which is valued at US$50 million.

The amount is ten times bigger than the Reserve Bank of Zimbabwe's minimum capital requirement on Merchant banks by September 30.

According to information to hand a delegation from Eco-Bank, a pan-African banking group with a presence in more African countries than any other bank, is currently in the country conducting due diligence before finalising on the deal.

Although no official comment could be obtained from both Interfin and Eco-Bank market sources said the deal could be sealed by September.

"The infusion of fresh capital, at a time of considerable turmoil on the global market, and our stabilising financial sector demonstrates confidence African banks have in Zimbabwe," an analyst said on Wednesday regarding the deal.

Market analysts said in the face of current market conditions, and the Reserve Bank's minimum capital requirements it would be ideal for bank to further capitalise their reserve through a combination of foreign investors, equity and equity-related instruments.

By September 30, commercial banks will be required to have a minimum capital of US$6,25 million, while building societies and merchant banks will be required to have minimum capital of US$5 million each.

Minimum capital for Finance and Discount Houses will be required to be at US$3,75 million per institution. Asset managers are supposed to have US$1,25 million as minimum capital.

A financial holding company with a commercial bank, a discount house and an asset management company will require US$11,25 million by the September deadline and US$22,50 million March 31, 2010.

Eco-Bank which has its roots in Togo is the leading independent regional banking group in West and Central Africa, serving wholesale and retail customers.

The bank with deep roots in the Economic Community of West African States (ECOWAS) region has positioned itself as an African bank for Africans by Africans. It has over 600 branches in 25 countries and Zimbabwe could become the 27th country where the bank has set foot.

Interfin started trading in January 2000. Its strategic intent is to build a truly Zimbabwean world class financial institution, supported by strong international partners.

Since its establishment, Interfin Merchant Bank has experienced phenomenal growth and has managed to position itself as a strong brand that represents innovative and superior quality service delivery.

Zimbabwe Independent (http://allafrica.com/stories/200907310990.html)

Blue sun

August 2nd, 2009, 02:57 AM

Ghana Stock Exchange All-Share Index continues gain

Jul 28, 2009

The benchmark GSE All-Share index of the Ghana Stock Exchange (GSE) opened the week slightly higher on a gain by Ghana Oil Company (GOIL).
The index went up by 2.88 points to close the session at 5,352.72 points from Friday’s 5,321.84 points.
Change for the year to date now stands at -48.96 per cent.
Shares that changed hands began the week at 78,700 from Friday’s close of 277,500. Enterprise Insurance sold 22,900 shares while GOIL sold 11,600 shares.
Market capitalisation went up marginally at GH¢15,208.12 million
There was only one price change, a GH¢0.01 gain by GOIL at GH¢0.18.

http://ghanabusinessnews.com/2009/07/28/ghana-stock-exchange-all-share-index-continues-gain/

Blue sun

August 2nd, 2009, 03:13 AM

IFC, Kosmos Energy sign loan agreement for Ghana project

Jul 14, 2009

The International Finance Corporation (IFC) has signed a loan agreement with Texas-based Kosmos Energy to finance the development of the Jubilee oil field in Ghana, the IFC has said in a press release copied to ghanabusinessnews.com.
According to the IFC, a member of the World Bank Group, it signed a loan agreement for $100 million with Kosmos Energy, one of the key partners developing Ghana’s Jubilee field. The IFC says the development of the oil and gas project in Ghana, will help diversify the country’s economy and meet domestic power demand.
It said its senior and junior loan tranches are part of a $750 million
debt package for U.S.-based Kosmos that IFC helped mobilize, primarily from commercial banks.
Earlier this year, according to the press release, the IFC signed a $115 million loan agreement with British Tullow Oil, another key Jubilee oil field partner, bringing IFC’s support for the project to $215 million. Kosmos Energy and Tullow Oil are independent oil and gas exploration and production companies.
The project, which is located in deep water some 60 kilometers off the coast of Ghana, will produce domestic crude oil, generating foreign exchange income for the country and substituting expenditures for oil imports. It is also expected to boost government revenues, providing much needed income against the background of the global economic downturn, the release said.
Commenting on the loan agreement, W. Greg Dunlevy, Kosmos Energy Executive Vice President and Chief Financial Officer, said, “IFC’s support for the Jubilee project is critical for the Jubilee
partners and for Ghana,” adding, “IFC’s loan at this time of tight credit markets has been key in securing commercial bank financing in parallel. Equally important, IFC is assisting us in achieving the broad stakeholder participation that we are aiming for.”
“The Jubilee oil field is a landmark project for Ghana,” said Somit Varma, IFC’s Global Head for Oil, Gas, Mining, and Chemicals. “The project will provide a new and vital revenue source in a country that has one of the best governance track records in Sub-Saharan Africa.”
IFC also indicated that it is supporting Kosmos Energy and Tullow Oil in preparing environmental and social management plans for the project. The loans, it added, also are tied to other milestones such as management of biodiversity conservation, safe handling of waste, and emergency response procedures.
Next to oil, the Jubilee field is expected to produce gas to support about 400 megawatts of new power generation, equivalent to about 30 percent of Ghana’s annual power consumption. The project also will stimulate the Ghanaian economy by purchasing goods and services locally.
The IFC is advising the companies on enhancing the project’s benefits for local communities and stakeholder engagement.
Ghana is set to become one of Africa’s newest oil exporters in June 2010 when production begins at the offshore Jubilee field, which was discovered in June 2007 and has potential resources of as much as 1.8 billion barrels, according to Tullow Oil.
The Jubilee oil field has 17 wells and it is said to be the largest to be discovered in West Africa in the last 10 to 15 years.

By Emmanuel K. Dogbevi

http://ghanabusinessnews.com/2009/07/14/ifc-kosmos-energy-sign-loan-agreement-for-ghana-project/

Matthias Offodile

August 2nd, 2009, 07:59 PM

Gabon : C'est parti pour le Prix Omar Bongo 2009 de la recherche scientifique !:cheers:

Le Centre national de la recherche scientifique et technologique (CENAREST) a ouvert le 31 juillet à Libreville l'édition 2009 du Prix Omar Bongo de la recherche scientifique et technologique. La qualité des travaux proposés pour soutenir la croissance et le développement national, ainsi que la période cruciale dans laquelle s'inscrit cette manifestation, devraient permettre de revaloriser la place de la recherche scientifique dans le programme politique du futur président.

© D.R

L'édition 2009 du Prix Omar Bongo de la recherche scientifique et technologique a débuté le 31 juillet au Centre national de la recherche scientifique et technologique (CENAREST) à Libreville, qui privilégie cette année la recherche fondamentale ou appliquée, la pluridisciplinarité, la francophonie et la mise en oeuvre des projets.

Le Palais Léon Mba (Assemblée nationale) abritera pendant deux jours les manifestations de cet événement, ouvert avec le choix des lauréats par un jury composé d'éminents professeurs du Gabon et des Etats-Unis, notamment Carl Hopkins de L'université de Cornell aux USA, Fidèle-Pierre Nze Nguema et James Duplessis Emejulu de l'Université Omar Bongo (UOB), de Maryvonne Kombila de l'Université des science de la santé (USS), du Docteur donatien Nganga-Kouya de l'ENSET et d'un représentant de la coopération française.

Dès ce 1er août se tiendra le salon de l'innovation, ouvert au public dès 9 heures, avec la possibilité d'assister aux quatre conférences sur les maladies émergentes, les traitements novateurs contre le VIH/SIDA et sur la reconstruction de l'histoire du Gabon.

Cette journée sera couronnée par l'organisation dans la soirée de la remise des prix à partir de 22 heures dans la salle du Palais Omar Bongo Ondimba.

Comme l'année précédente, quatre catégories sont ouvertes qui permettent aux chercheurs de proposer des «découvertes et innovations» ; des «publications» ; des «projets de recherche» ou des «inventions».

La nouveauté cette année devrait être la participation des téléspectateurs et du public du salon au choix du lauréat dans la catégorie «invention».

La commission d'organisation a déjà présélectionné 17 candidats, qui seront en lice pour 14 prix au total, soit 12 composés de l'or, de l'argent et du bronze, et des deux prix d'honneur, à savoir le prix Omar Bongo Ondimba et le prix Guy Nzoumba Ndama.

Les candidats sont la plupart du temps des enseignants-chercheurs qui présentent le fruit de leurs recherches et de leurs découvertes susceptibles de lutter contre la pauvreté et d'améliorer le quotidien des populations.
Le commissaire général du CENAREST, Franck Daniel Idiata, a estimé que la tenue de cette manifestation scientifique pendant la pré-campagne électorale était un moment propice afin de motiver le futur président à valoriser la recherche scientifique dans son programme politique.

Chaque année depuis 2003 se tient à Libreville le salon national de l’invention et de l’innovation technologique, avec le grand prix du chef de l’Etat pour la meilleure invention et innovation technologique.
Publié le 01-08-2009

DanteXavier

August 4th, 2009, 10:03 AM

Ghana to produce 240,000 barrels of oil daily

The country will produce 240,000 barrels of oil and 240,000 million standard cubic feet of gas per day under the second phase of the Jubilee Field project which is expected to commence in 2013, the Deputy Minister of Energy, Dr Kwabena Donkor, has disclosed.

According to him, "the appraisals so far conducted indicate that the Jubilee Field contains expected recoverable reserves of about 800 million barrels of light crude, with an upside potential of about three billion barrels".

Dr Donkor, who made this known when he opened a two-day seminar on oil and gas for youth activists in Accra last Saturday, said there were greater prospects for the discovery of more oil.

The event, which was on the theme, "Oil and Gas Exploration in Ghana: Opportunities and Threats for the Youth", was organised by the Youth Network for Human Rights and Democracy and the Friedrich Ebert Stiftung (FES).

Dr Donkor said under Phase One of the Jubilee Field project, 120,000 barrels of oil and 120,000 million standard cubic feet of dry gas per day would be produced next year.

He said the discovery of oil and gas in commercial quantities provided the country an immense opportunity to effectively improve its economy, for which reason all sectors of the economy were positioning themselves for the take-off into the new economic horizon created by the oil and gas discoveries.

"There are many who are sceptical and are asking whether the oil and gas find will be a curse for Ghana, as it has been the case in some African countries. Whether the oil and gas discoveries will be a curse or a blessing will depend on the collective will of the people of Ghana," he said.

Dr Donkor said with the discoveries, a number of opportunities were knocking at the doors of the youth at the various stages of the oil and gas industry in the upstream, midstream and downstream activities.

These, he said, were drilling services, production maintenance service, geological services, engineering, fabrication and construction.

In addition, he said, opportunities existed in sectors such as insurance, food and beverages, transportation, health and safety, banking and financial services, as well as seismic.

He said it was, therefore, up to the youth to take advantage of the opportunities and urged educational institutions to position themselves by introducing programmers that had relevance to the market being created by the oil and gas find.

He said as a result of the oil threats, the government, on coming into office, withdrew the Petroleum Bill from Parliament for further review and broader stockholder participation before remission to Parliament.

"Though the production horizon of the oil in the Jubilee Field may be short (20 years), the ministry is leaving no stone unturned in ensuring that the necessary legislation and institutions are put in place to ensure that the benefits of the oil find in our time will also extend to those yet unborn," Dr Donkor emphasised.

The Executive Director of the Youth Network for Human Rights and Democracy, Mr Prosper Hoetu, said the organization was a youth-oriented one committed to building the capacities of young people for good governance, peace building and conflict prevention towards consolidating democracy in the country.

He said the country's discovery of oil and gas in commercial quantities came as good news in the midst of its socio-economic challenges, saying that when they were managed properly, oil and gas could be a major source of socio-economic transformation.

The Programmes Co-ordinator of the FES, Mr Danaa Nantogmah, said while oil discovery had been regarded as a blessing in Africa "it is often associated with the resource curse phenomenon".

The objective of the seminar, he said, was to provide basic knowledge and understanding of the emerging oil and gas industry.

Mr Nantogmah expressed the hope that the seminar would provide a platform for youth leaders and activists to devise strategies to effectively engage the government and other stakeholders in developing and implementing a national oil and gas policy that would safeguard the environment and prevent political corruption and violent conflict.

http://news.myjoyonline.com/business/200908/33495.asp

DanteXavier

August 4th, 2009, 10:10 AM

Namibia sees 1st gas from Kudu field by 2013

CAPE TOWN (Reuters) - Namibia plans to produce the first gas from its Kudu offshore field by 2013, more than three decades after it was discovered by U.S oil major Chevron, the country's petroleum commissioner said on Wednesday.

"There is definitely a new impetus... 2013 is the date (we are targeting) for first gas to be produced," Immanuel Mulunga, Namibia's petroleum commissioner in the Ministry of Mines and Energy told Reuters on the sidelines of an African energy conference.

Mulunga said the governement was considering selling the gas exclusively to raise money on royalties and taxes, if an ambitious $1 billion Kudu-gas-to-power project failed to be commercialise soon.

http://af.reuters.com/article/investingNews/idAFJOE5670MJ20090708

mwanamwiwa

August 9th, 2009, 02:15 AM

Museveni lauds Kenyan investors in Uganda

http://www.nation.co.ke/image/view/-/636262/highRes/93149/-/maxw/600/-/i28vlc/-/Yoweri.jpg
Ugandan President, Yoweri Kaguta Museveni (left), flanked by Oasis Mall Developer, Amina Hersi, and Nakumatt Holdings MD Atul Shah (right), inspects the new Nakumatt Oasis hypermarket during its official launch in Kampala City.

By NATION ReporterPosted Friday, August 7 2009 at 17:30

Kenyan entrepreneurs have been lauded for their role in fostering regional economic development through sustained cross border trade and investments.

Speaking during the official launch of the new US$26 million Oasis Mall anchoring Nakumatt Holding’s Oasis Branch in Kampala and owned by award winning Kenyan entrepreneur Ms Amina Hersi Morghe, Uganda President Yoweri Kaguta Museveni described the investment as a landmark economic empowerment tool.

Accompanied by Uganda’s Finance minister Syda Bbumba and Nakumatt Holdings MD, Atul Shah, President Museveni singled out Nakumatt’s 24-hour operations as a trendsetter in Uganda.

Round-the-clock

In a humour filled speech, he likened the round-the-clock shopping concept to America’s Cable News Network (CNN) model, which he said, was a novelty guaranteed to further spur regional economic development. “This is a new world of shopping empowerment for Uganda shoppers,” he said.

During his guided tour of the new Oasis Shopping Mall, the president noted that a 4-acre piece of land had been transformed to a multi-million shopping complex employing more than 400 Ugandans.

While welcoming President Museveni’s warmth for Kenyan investors in Uganda, Nakumatt Holdings boss Atul Shah confirmed plans to further expand the firm’s operations in Uganda.

Barely four months into the opening of Nakumatt Oasis, Shah disclosed that business at the new hypermarket had picked up. In her speech, Uganda’s Finance Minister Bbumba reiterated Uganda’s commitment to attracting investors as part of the government’s economic prosperity plans.

Efforts by the government to diversify its economic dependence from agriculture, she said are now beginning to bear fruit with the service sector having picked up the mantle as the leading economic driver contributing more than half of the country’s gross domestic product.

“The service sector, which comprises elements such as hotels and such malls is now contributing more than 50 per cent of our GDP, followed by the Industrial sector contributing more than 25 per cent.”

She added: “This a key reason why we will continue to encourage investments in such emerging sectors which also provide market avenues for our agricultural and industrial produce.”

As the anchor tenant at Oasis Mall, Nakumatt Oasis Hypermarket is the first Nakumatt Holdings outlet in Uganda and covers a shopping floor space of more than 75,000square feet, stocked with a variety of more than 50,000 products.
Other Kenyan enterprises at Oasis Mall include KCB and Equity Bank.

Vast investments

Oasis Mall developer and Kathar Investments MD Amina Hersi is a Kenyan entrepreneur with vast investments in Kampala. Ms Amina also runs Kingstone Limited a hardware supplies store and is also developing Laburnam Luxury Apartments in Kampala’s leafy Nakasero suburb.

Last year, Ms Amina was awarded the Uganda Investment Authority (UIA) Woman of the Year Award in recognition of her entrepreneurial roles in Uganda.

Matthias Offodile

August 9th, 2009, 09:33 PM

Chevron finds oil and natural gas off Angola

[QUOTE]
* Reuters, Friday August 7 2009

(Adds background on Angola, share price)
NEW YORK, Aug 7 (Reuters) - Chevron Corp said on Friday it made an oil and natural gas discovery near the Cabinda coast of Angola, expanding its portfolio in the West African nation.
Chevron, which pumps more than 500,000 barrels of oil per day from Angola, said the discovery, in Block 0, was drilled in March in 397 feet (120 meters) of water to a total vertical depth of 13,000 feet (3965 meters). It encountered over 225 feet of net hydrocarbon pay in the Upper Pinda formation, Chevron said.
It said the 79-3XST1 discovery well had a flow rate of 11.6 million cubic feet of natural gas and 2,550 barrels of liquid hydrocarbons per day.
Chevron, through its local affiliate Cabinda Gulf Oil Co Ltd (CABGOC), has a 39.2 percent interest and is the operator of the Block 0 contractor group. Angolan state oil company Sonangol has a 41 percent stake, and affiliates of France's Total SA and Italy's ENI SpA have 10 percent and 9.8 percent respectively.
Last month, Chevron said CABGOC had begun production at the Mafumerira Norte project ahead of schedule in the same production block. That project will eventually consist of 14 wells and reach a total production of 30,000 barrels per day of crude and 30 million cubic feet of natural gas per day in 2011.
Chevron is also drilling in the Banzala Field in the block, as well as the Nemba and Kokongo fields.
The San Ramon, California-based company is also 31 percent owner and the operator of a deepwater concession which produced a total of 168,000 barrels of crude liquids last year.
It is expecting first oil from its Tombua-Landana development in Angola in the third quarter, and is also drilling at fields in the Benguela Belize-Lobito Tomboco project.
Shares in Chevron dipped 5 cents to $69.20 per share in morning trade on the New York Stock Exc

Blue sun

August 9th, 2009, 11:07 PM

NTPC likely to set up power plants in Nigeria, Sri Lanka

VADODARA: The country's largest power utility, National Thermal Power Corporation Ltd (NTPC), is likely to set up power plants in Nigeria and Sri

Lanka, a top company official said here.

"Proposal is being pursued with the Federal Government of Nigeria for setting up coal and gas based power plants in Nigeria and sourcing of gas for NTPC's plants in India," NTPC chairman and managing director R S Sharma told PTI after his visit to 648 MW gas based power plant at Jhanor, about 100 km from here, on Saturday.

Besides, two 250 MW coal based power plant in Trincomalee region in Sri Lanka will be set up for which site is being identified and a joint venture with Ceylon electricity company is under finalisation, Sharma said.

NTPC plans to have 75,000 MW plus capacity by 2017, Sharma said.

Projects having a capacity of 17,930 MW are under various stages of implementation and the company will achieve a target of 50,000 MW by 2012, the NTPC chairman said.

Capacity mix of 2012 includes 40,000 MW from coal, 8,000 MW from gas and 2,000 MW from hydro power, he said, adding that NTPC is coming up as a strong player in hydro power.

By 2017, NTPC will have 75,000 MW capacity mix consisting of coal 53,000 MW, gas 10,000 MW, hydro 9,000 MW, nuclear 2,000 MW and renewable 1,000 MW, he said.

http://timesofindia.indiatimes.com/news/business/india-business/NTPC-likely-to-set-up-power-plants-in-Nigeria-Sri-Lanka/articleshow/4874248.cms

Blue sun

August 9th, 2009, 11:13 PM

Foreign firm to establish hospitals in Nigeria

National NewsAug 9, 2009
By Chinyere Amalu

ABUJA – A healthcare services provider Apollo Hospital Enterprise Ltd, has planned to invest $150-175 million to set up five speciality hospitals for children, four in India and one likely in Nigeria, by 2011.
A statement made available to Vanguard by the Indian High Commissioner to Nigeria Mahesh Sachdev, quoted the Chairman of Apollo hospital in India, Prathap Reddy as saying, “If the government has health as a priority and if they had given the stimulus for health, we would have probably created tremendous employment potentials.
“Still we have plans to open at least five more paediatric hospitals. Four of the 100 bed hospitals, costing 430-35 million each on average, will be in India, and another children’s hospital may be set up in Nigeria over the next 18-24 months”, he added.

http://www.vanguardngr.com/2009/08/09/foreign-firm-to-establish-hospitals-in-nigeria/

Blue sun

August 9th, 2009, 11:17 PM

CBN to upgrade Nigeria’s payment system

By Oluwaseyi Bangudu
August 7, 2009 11:05PMT

The Central Bank of Nigeria (CBN), may soon commence the upgrading of the nation’s payment systems for the purpose of ensuring its compliance with acceptable global standards.

The bankers’ bank in a communiqué posted on its website yesterday, said the move would ensure the nation has a stable financial system.

“In order to fulfil its statutory mandate of ensuring a stable financial system, and as part of the Payment System Vision 2020, the CBN is desirous of implementing a new Real Time Gross Settlement (RTGS) system that is of international standard”, the communique said.

According to Investopedia, a Forbes digital company, RTGS is “basically a system for large-value interbank funds transfers. This system lessens settlement risk because interbank settlement happens throughout the day, rather than just at the end of the day.”

System upgrade

According to the Central Bank, the programme is to strengthen value and time critical payments. “This is intended for a large -value and time critical payments, for the inter-bank and customers’ transactions as well as meeting the needs of a modern payments system.

“The RTGS system required shall be a proven and reliable solution capable of processing and settling transactions on a real time and gross basis. It shall be robust in capacity and flexible in functionality.”

The communiqué also stated that the system would support various streams of payments including net settlement positions from various netting schemes, securities and foreign exchange settlement transactions, and shall be seamlessly integrated into the banking and the enterprise resource planning applications of the CBN.

The Central Bank also stated that the implementation of world -class RTGS infrastructure will be critical for Nigeria as it seeks to increase its influence on financial markets within WAMZ, the African region and beyond, since the RTGS system is the mechanism for settlement of all other payments, foreign exchange and securities settlement systems.

According to the communiqué, “this is to be a replacement of the current system and its transition must be seamless and transparent to the users.”

Advantages of the new system

According to the bank, the new system shall support settlement of transactions in Naira and key international currencies, while having the functionality for automatic sweeping of balances between participant institutions’ settlement accounts on RTGS and their current accounts on CBN banking application.

The Central Bank also assured that the online availability would be 100 percent. The on-line services should be accessible through a secure internet connection or via the SWIFT Net InterAct or SWIFT Net Browse services. The period of time required to upgrade the system was, however, not specified in the circular.

The communique added that the RTGS solution shall satisfy the Bank of International Settlements (BIS), Committee of Payments and Settlement System’s (CPSS) and Core Principles for Systemically Important Payment Systems Standards (CPSIPSS).

According to a senior bank official, the purpose of the upgrading is to integrate all the payment systems for better services. “This has been on for some time. They just want to upgrade the system. In effect, it would improve all levels of payment systems. Once this is implemented, its efficiency will cut across all payment levels, from banks at the interbank level even to civil servants’ easier access to their dues.”

http://www.234next.com/csp/cms/sites/Next/Money/Finance/5442437-147/CBN_to_upgrade_Nigeria’s_payment_system.csp

Blue sun

August 9th, 2009, 11:21 PM

Nigeria: Stock Market Rebounds, Records N5.81 Million Volume of Shares

7 August 2009

Abuja — The Nigerian Stock Exchange (NSE) yesterday recorded another round of price appreciation after investors lost about N128 billion in market capitalisation on Wednesday.

However, the market capitalisation after trading yesterday rose by N16 billion to close at N5.776 trillion, compared to N5.760 trillion achieved on Wednesday.

In the same vein, the All-Share Index grew by 67.65 points to close at 25,196.66, in contrast to 25,129.01 recorded on Aug. 5. Investors traded a total of 896.09 million shares valued at N5.81

billion in 8,177 deals, as against 481.31 million shares worth N5.49 billion sold in 9,560 deals on Wednesday. The sectoral performances showed that the Hotel and Tourism sub-sector dominated transactions, trading 519.56 million shares valued at N2.46 billion in 53 deals.

The shares of the Tourist Company of Nigeria accounted for the bulk of the trading in the sub-sector, with 473.56 million shares worth N2.38 billion shares bought in 1 deal.

The Banking sub-sector followed with investors staking N2.23 billion on 225.18 million shares in 4,317 deals, while the Insurance sub-sector exchanged 77.89 million shares worth N79.47 million in

1,012 deals. Nestle, for the second time running, led in the gainers pack, chalking up N9.00 to close at N189.00 per share. NB garnered N2.55 to close at N53.72, while BCC rose by N2.26 to close at N47.46 per share. AP led the price losers table, dipping by N3.45 to close at N65.60 per share.

Conoil went down by N2.73 to close at N52.00, while Julius Berger lost N1.47 to close at N28.05 per share.

http://allafrica.com/stories/200908070331.html

mwanamwiwa

August 10th, 2009, 01:39 AM

Mauritius buys Kenyan livestock worth Sh34 million

http://www.farmafrica.org.uk/images/Kenya-Dairy-Goat-Project.png

Published on 07/08/2009
By Philip Mwakio

The last consignment of livestock exported to Mauritius this year was loaded into a carrier at the port of Mombasa.

The action comes against a backdrop of severe drought, that has seen 101,000 cattle died.

Ministry of Livestock Development PS Ken Lusaka flagged off the consignment that consisted of 800 cattle and 1000 goats.

Total cost of the export consignment is Sh34 million.

The livestock were reared at the Taita Ranches in Kinango and Taita districts respectively, which are disease free zones.

"This is the fifth and last consignment being shipped out to Mauritius this year,’’ Lusaka, who was accompanied by Director of Veterinary Services, Peter Ithondeka and Dr Joseph Marete, Deputy director in charge of disease control, said.

Global Livestock Traders Managing Director, Mohamed Mursal and Coast Provincial Director of Veterinary services, Godfrey Gathumu were present.

Loading

Clearing agents, Tiba Freight Forwarders said through its operation manager, Mwalimu Mbewe that they expected to complete loading in 12 hours.

The livestock carrier, Mv Murray Expresss docked at berth number five for loading. Kenya has been exporting livestock to Mauritius since 2004.To date, a total of 25,6060 goats and 13,707 head of cattle have been exported to Mauritius earning livestock farmers Sh1.2 billion.

mwanamwiwa

August 11th, 2009, 08:51 PM

Savings and Loan half-year profit up

http://www.villacarekenya.com/propertyimages/property157.jpg

Published on 09/08/2009
By Morris Aron

Mortgage financier, Savings and Loan, is banking on increased demand for mortgage loans among the middle class in the coming months for continued profitability after posting a 125 per cent pre-tax profit for the first half of the year compared to a similar period last year.

S&L, which is the mortgage arm of Kenya Commercial Bank, said most of its business was driven by retail loans advanced to the middle class to buy or build houses.

A significant portion of loans also went to commercial projects mainly residential properties in Nairobi and other key towns. S&L’s profits before tax grew to Sh467, 889 million in June from Sh208, 422 million in June last year.

The company advanced Sh11 billion in loans in the first half of this year compared to Sh7 billion in a similar period last year.

The increase in disbursement saw the company earn an additional Sh338, 349 million.

"Demand for loans from individuals earning a net of between Sh50,000 and Sh100,000, who are looking to own homes contributed to a significant portion of our business," said a senior manager who sought anonymity.

"We will continue exploring ways of expanding our market share by coming up with innovative ways of attracting the middle income earners as well as those in the diaspora seeking to invest back home," said Caroline Kariuki the Managing Director of S&L.

S&L registered an increase in the number of customer deposits by Sh2.7 billion from Sh3.6 billion in June last year to just over Sh5 billion, according to the half-year financial report.

Its main rival, Housing Finance (HF), registered a 124 per cent increase in profits over the same period.

HF’s profitability rose to Sh132 million compared to Sh59 million posted over a corresponding period last year.

MBA-Congo

August 13th, 2009, 12:57 PM

Le gouvernement japonais finance plus de 43 millions de Fcfa dans le secteur de l’éducation. jeudi 13 août 2009

L’ambassadeur du Japon pour le Gabon et la République du Congo (RC), Motoi Kato a signé, mercredi à Brazzaville, la capitale congolaise, avec les autorités congolaises un accord de financement d’un montant de plus de 43 millions de Fcfa (environ 88 milles dollars ) en vue de la modernisation de l’école Agostino Neto situé dans le 6ème arrondissement de Brazzaville, a constaté sur place l’Agence de presse Xinhua (Chine-Nouvelle).

Le financement japonais permettra aux dirigeants de cet établissement public d’exécuter les travaux de construction d’un mur, a-t-on appris.

Il prévoit également, la construction de deux bâtiments annexes comprenant trois salles de classe, la réfection du bâtiment principal et l’aménagement des sanitaires.

"Le gouvernement japonais attache une importance particulière aux projets fondés sur la promotion de l’éducation et le développement des structures pédagogiques afin de consolider les bases fondamentales sur lesquelles repose le développement durable d’un pays", a précisé le diplomate japonais.

La signature de cet accord s’inscrit dans le cadre de l’exécution du programme de Dons aux microprojets locaux contribuant à la sécurité humaine (APL). Un projet qui vise essentiellement à assurer de meilleures conditions d’apprentissage et de disposer d’un ensemble de structures éducatives appropriées.

En 2008, le gouvernement japonais a accordé à la RC, un montant de 1,8 milliard de Fcfa, soit 4 millions de dollars américains pour promouvoir le développement du jeune enfant âgé de 3 à 5 ans, à travers la création de sept centres communautaires.

Dans le cadre de l’amélioration des services de santé de base, le Japon a accordé au gouvernement congolais par l’intermédiaire de l’Unicef, un financement pour soutenir le programme de formation de personnel et la réhabilitation ou la construction de sept centres de santé.

Xinhuanet/DCI

mwanamwiwa

August 13th, 2009, 05:40 PM

http://www.eactmf.org/images/EastAfricanFederationflg.gif

EA Business Council champions e-government

Updated 19 hr(s) 14 min(s) ago
The East African Business Council (EABC) has challenged East African Community member states Aand governments to promote e-government, and eliminate corruption within their customs departments.

The Arusha-based regional business lobby group wants the governments to publish information on the Internet to promote transparency, and bolster business ties between government and the private sector.

EABC Executive Director, Charles Mbogori, said in a statement to newsrooms that e-government builds accountability, by eliminating gate keepers, and standardizing service delivery. "Publishing government information online makes it possible to track decisions and actions and thus, serve as an additional deterrent to corruption," he said.

According to the 2008 EABC Business Climate Index survey, over 35 per cent of business leaders indicated that corruption at customs is a major obstacle to doing business in the region.

Effect Of Graft

"Corruption has a negative effect on a country’s ability to compete in international trade. Smaller companies," he noted. The International Monetary Fund estimates that corruption reduces investment by around five per cent.

EA exporters sitting on a goldmine, Agoa meeting told

Published on 26/06/2009
By Benson Kathuri

Exporters from the East African Community (EAC) are yet to take advantage of numerous opportunities in the US.

Arusha-based East African Business Council (EABC) said the private sector has not fully benefited from trade with the US under the Africa Growth Opportunities Act (Agoa); almost 10 years after the US Congress passed the act.

Agoa provides duty and quota free market access to over 6,000 different products but regional exporters have only managed to develop and export 20 products, with textile and apparel taking the big chunk.

EABC Executive Officer Charles Mbogori said businesses had traditionally focused on Europe and Asian markets and were still ill-informed about the US market, its nature, and its business environment.

Speaking at the just concluded EAC preparatory meeting for the 8th Sub-Saharan Agoa forum to be held in Nairobi in August, Mbogori also attributed the poor performance to the high cost of doing business.

Poor performance

The distance between EAC and US further worsens the situation. There are no direct flights from the region to the world largest economy and the much-published maiden flight by Delta airlines early this month was suspended at the eleventh hour.

"East Africa region has some of the highest energy, and transport costs in the world," he said.

"This makes it difficult for firms in East Africa to compete with those in Asia and Latin America."

Countries like Mauritius, Botswana, Swaziland, Namibia, Nigeria and Kenya are just a few of the countries that have benefit substantially from Agoa.

MBA-Congo

August 13th, 2009, 09:11 PM

For Rydoke and Matt who think Nigerians don't exist in Congo

NBA west african community donate for salonga
a-cPPy6gOgQ&feature

stanley308

August 14th, 2009, 11:23 AM

Cher ami:

merci pour votre mail ~

nous allons de l'arrivée à Bamako au Mali, après 5 jours plus tard ~

nous espérons que nous pouvons avoir une réunion dans notre hôtel ~

Best wishes ~

G-tide mobile phone Co.,

site web: www.g-tidemobile.com
Email / MSN: stanley.tech@hotmail.com
ICQ: 359-806-335
Skype/AIM: stanley308
Numéro de Mobile :0086-134 1865 1874
Attn: Mr.Stanley

Tbite

August 15th, 2009, 05:24 AM

For Rydoke and Matt who think Nigerians don't exist in Congo

NBA west african community donate for salonga
a-cPPy6gOgQ&feature

Nigerians are everywhere.

Even if it's just one Nigerian.:lol:

BUTEMBO21

August 15th, 2009, 05:50 AM

Nigerians are everywhere.

Even if it's just one Nigerian.:lol:

I use to think that Congolese are the ones that can be found everwhere, well i came to find out Nigerians were even forther.:lol:

mwanamwiwa

August 15th, 2009, 02:25 PM

Emerging market investors target Africa as signs of recovery appear

Updated 17 hr(s) 58 min(s) ago
lBy ED Cropley

Domestic sub-Saharan African debt is back on the radar of emerging market investors, a strong sign of renewed willingness to swallow currency and political risks for double-digit returns.

However, the levels of foreign interest are far below the heady days of 2006-07 when just about any country on the poorest continent, no matter how chaotic its government or economy, was seen as a potential investment destination.

"It was pretty much ‘throw a dart at a map and then ask, have they got a debt market?’" said Stuart Culverhouse of Exotix, a London brokerage specialising in Africa’s frontier markets, normally defined as anywhere apart from South Africa or countries on the Mediterranean coast.

"You would get questions about Sierra Leone or Mauritania, a very eclectic mix," he said.

More realistic propositions then and now were Nigeria, the frontier region’s biggest economy, and Kenya, due to the presence in both of functioning secondary debt markets, albeit much less liquid than, say, South Africa.

However, Zambia, Mauritius, Uganda, Namibia and Ghana, the first sub-Saharan African nation excluding South Africa to issue an international bond, also pulled in foreign money, and are starting to do so again less than a year after being dumped in a headlong rush from emerging market assets.

Angola, which wants to issue $9 billion in debt this year, is another potential target as investors seek a slice of a country that has boomed since the end of civil war in 2002 and now rivals Nigeria as Africa’s number one oil producer.

"It was probably inevitable that some of that money would return. What’s surprising is it’s happened so quickly," Culverhouse said.

Levels of external interest in a continent expected to grow two percent this year are such that Brian Mugabe, head of Johannesburg-based broker Securities Africa, said he was thinking of starting a dedicated domestic African debt desk.

The roller-coaster ride of Ghana’s $750 million 10-year Eurobond, launched in September 2007 with a coupon of 8.5 per cent, illustrates the cycle perfectly.

Fiscal blow-out

The yield spiked above 23 per cent in early December due to the global sell-off in emerging markets and concerns about an election-related fiscal blow-out.

Since then, it has fallen right back to around 9.5 per cent, its level in September, amid renewed external appetite for emerging market exposure and signs of policy prudence from new President John Atta Mills.

"The yield on Ghana’s international bond has really come down massively," said Antoon de Klerk, an emerging bonds fund analyst at Investec in Cape Town.

"I don’t think international investors are quite there on the local side, but that’s always a first step: guys get into the Eurodollar bonds and then start asking questions about what’s happening on the domestic side."

The ‘Egyptian carry trade’ -- a popular market shimmy in 2006-07 whereby investors borrow cheaply in dollars or euros to invest for returns of 10 per cent or more in the relatively stable Egyptian pound, was back in play and other more exotic variations would inevitably follow, de Klerk said.

Apart from the risks of Africa’s erratic politics, or currencies that can yo-yo with world commodity prices, one of the biggest headaches for foreigners can be getting hold of local currency African debt in the first place.

Aside from Nigeria and Kenya, they will typically have to buy it at issue via a local bank and hold it until redemption, meaning shorter-term paper is often the only option.

China to partner with Kenya in tea farming

http://ke.china-embassy.org/eng/sbgx/W020080827189200944246.jpg

Updated 19 hr(s) 33 min(s) ago
By Peter Mutai in Hong Kong

Major players in China’s tea industry are looking into possibilities of partnering with Kenya’s small-scale farmers to grow high yielding tea varieties to meet rising demand.

Chinese Tea Culture Association Director Herman Cheng said his organisation would conduct studies on suitable climatic conditions where tea is grown, including South Africa.

In an interview with The Standard on Saturday at Hong Kong Convention and Exhibition Centre breakfast meeting for exhibitors, Mr Cheng said the move is driven by the need for land to grow tea.

He said demand for land in China was high owing to the rising population, which stands at 1.3 billion.

"We believe partnering with small-scale farmers from Kenya and Africa is the only way to go," he added.

He said Chinese tea culture has a long history and encouraged researchers to carry out studies on the importance of tea as a medicinal plant.

The trade fair dubbed Hong Kong International Tea Fair, which has attracted 250 exhibitors from 17 countries and regions, including major tea producing countries, was sponsored by Hong Kong Trade Development Council (HKTDC). "We want to help small-scale farmers have a better life out of the tea industry by empowering them with good crop husbandry that will lead to better returns," he said.

Exchange programmes

He said Kenya and China have cordial relationships through exchange programmes not only in trade but in culture.

HKTDC Assistant Executive Director Raymond Yip said Hong Kong has positioned itself as a major trading hub in Asia and the world owing to its free port, free flow of information and capital.

"As a culinary paradise, Hong Kong is ideally placed to provide the necessary platform in growth areas such as tea and food," he dded.

Mr Yip said Hong Kong hosted the tea fair to facilitate global trade, build Hong Kong as the major trading hub of Asia and encourage tea culture.

During the three-day trade fair, Mrs Sicily Kariuki, Tea Board of Kenya managing director presented a public lecture on the strengths and development of tea auction in Mombasa.

DanteXavier

August 16th, 2009, 12:08 AM

African Copper posts H1 profit; restarts Botswana mine

Aug 14 (Reuters) - African Copper Plc (ACU.L) posted a first-half profit aided by a reversal of impairment and said it restarted the operations at its mine in Botswana, and was confident about the future, sending its shares up as much as 21 percent in early trade.

The AIM-listed miner also said it appointed David Rodier as its new chairman.

African Copper, which had put its Mowana mine on care and maintenance in January pending completion of certain financing talks, said it had received $41 million in funding from mining investment firm Zambia Copper Investments Ltd (ZCIJ.J) (ZCI).

The recapitalisation would help African Copper's operations to grow to their full potential, the company said.

"Following the ZCI-funded recapitalisation, we look forward to the monetisation of our reserves base through near-term production and sales. Production is planned to commence by the end of August 2009," Chief Executive Chris Fredericks said in a statement.

For the six months ended June 30, the company posted a pretax profit of 27.7 million pounds ($45.91 million), compared with a loss of 2.6 million pounds last year.

The company said about 29.6 million pounds of previous impairment costs recognized in 2008 were written back to its balance sheet.

African Copper shares were up 9 percent at 9 pence at 0746 GMT on the London Stock Exchange. They touched a high of 9.95 pence earlier in the session. ($1=.6033 POUND)

http://www.reuters.com/article/newsOne/idUSTRE57C5AX20090813

DanteXavier

August 16th, 2009, 12:11 AM

Tanzania to Spend $5 Billion on Transport Upgrade

Aug. 12 (Bloomberg) -- Tanzania will spend $5 billion over the next five years to upgrade its transport system, Infrastructure Development Minister Shukuru Kawambwa said.

The project is part of the East African nation’s transport investment program, which will run over two five-year phases and will develop roads, ports, railways, airports and ferries, Kawambwa said at a conference in the commercial capital Dar es Salaam today.

“It is expected that by 2018, all trunk roads will be paved, thus enabling all regional centers to be linked with paved roads and all district headquarters to be linked with all weather roads,” he said.

Due to low levels of investment, Tanzania’s transport infrastructure is inadequate to cope with growing demand, Kawambwa said.

The government can “ill afford” to develop the system alone, and needs to partner with the private investors, he said, without adding more detail.

The country is in talks with the Japanese government to secure funds to build flyovers in Dar es Salaam to ease traffic congestion, Prime Minister Mizengo Pinda said on July 27.

http://www.bloomberg.com/apps/news?pid=20601116&sid=acfhfu4amp.U

DanteXavier

August 16th, 2009, 12:13 AM

China to invest $400m in Tanzanian coal fired plant

14 August 2009 - The government of China has offered $400m loan to the Republic of Tanzania for a 200 MW coal power project, informed the Chinese government.

Mizengo Pinda, Prime Minister, revealed that the Chinese government plans the investment to revive the controversy-plagued Kiwira coal mine in Mbeya Region.

Pinda said the Government and China have plans to operate the mine, with China to pump in the huge amount of funds over unspecified period. Some Chinese investors, linked with a joint venture in privatisation, aimed at generating 200 MW of electricity using coal.

William Ngeleja, energy and minerals minister, informed that the funds would be invested in Kiwira coal power project, which the government has acquired from private investors.

William Ngeleja, said: "This is a short-term project. Give it two years and it will be generating 200 MW."

Currently, the deamand for the electricity in the east African nation is 787 MW and is expected to be increased to approximately 900 MW by the end of 2009.

Blue sun

August 18th, 2009, 01:31 AM

Nigeria: New Day Dawns in the Banking Sector?

17 August 2009

We cannot but be suitably impressed with the action recently taken by the Board of Directors of the Central Bank of Nigeria (CBN) to restore some semblance of sanity in the hitherto riotous banking sector.

Last Friday, CBN Governor Sanusi Lamido Sanusi announced the sacking of the boards - including the chairmen and chief executives - of five banks: Afribank, Finbank, Intercontinental, Oceanic and Union. Mr. Sanusi disclosed in a press statement that the concerned banks were in "a grave (financial) situation" and also accused their managements of having acted "in a manner detrimental to the interest of their depositors and creditors."

Truth be told, this is not the first time the CBN is wielding its enormous powers in sacking bank CEOs. For instance, when the bank, under Prof. Charles Soludo, had issues with Wema Bank and Springbank at different times, it appointed interim managing directors to take over the running of the banks. However, that as many as five banks were involved in one fell swoop, coupled with the fact that their entire boards were sacked this time around, signposts the sense of great urgency and seriousness with which the new CBN helmsman is prepared to tackle the multifarious problems besetting the sector. We salute his courage and willingness to step on powerful toes in order to squarely face the onerous task of cleaning up the banking sector.

We believe Mr. Sanusi when he says that the CBN will not allow any bank to fail. Consequently, we advise fidgety bank customers to remain calm. What has happened is geared towards improving the financial health of the nation's banks - something we have been constantly calling for in our editorials and columns. In a way, we saw this coming. For a long time, the CBN kept issuing threats that it was not willing to back up with commensurate action - to the extent that it was dismissively perceived as a toothless bulldog by the very same institutions it was supposed to be regulating and supervising! It even got to the ludicrous extent where it became difficult to tell who was controlling whom - the banks or the CBN? Mr. Sanusi's recent action is enough to convince all doubting Thomases that it will no longer be business as usual.

There is no doubt that the bulk of the blame for the current woes trailing the sector lies with the banks themselves. Greed, avarice, covetousness and a craving for ostentatious living caused them to throw caution to the winds and cruise on a road that could only end in perdition: lax risk management, poor corporate governance, loose credit control processes, betting their banks in the quest for supernormal profits and hankering after domestic and foreign media awards.

Against this background, we cannot but help saying to the colluding domestic and foreign media organizations that kept massaging the over-bloated egos of bank chief executives purely for selfish pecuniary gains: Shame on you! We seize this opportunity to call for media organizations to maintain a sense of balance and professionalism in the coverage of banking activities.

Mr. Sanusi stated that the action taken by the apex bank last Friday was based on a thorough audit conducted on the banks involved. While applauding the bold initiative we also urge him to ensure that the remaining banks are also speedily audited - without sacrificing diligence - so that any ailing one among them does not spoil the industry like a rotten apple in a bunch. We encourage the CBN governor and his board not to permit themselves to be distracted by the antics of those who feel that their interests are being imperilled. This nation is bigger than any individual or group of individuals.

In praising the CBN and his team we must, however, sound a note or two of caution. Firstly, the remedies being administered by the chief regulator in sacking bank boards and appointing interim management teams should be seen as stop-gap corrective measures. They should not and must not be taken as an opportunity for the government to gain a foothold in the ownership and management of banks through the bank door. The era of the late 80s and early 90s when unbridled crises engulfed the banking sector as a result of government meddlesomeness by virtue of its majority shareholding in major banking and financial institutions is not one we want this nation to ever experience again.

Secondly, just as two wrongs do not make a right - and we do not subscribe to the Machiavellian dictum that the end justifies the means - we strongly urge the CBN to ensure that it follows due process in all its actions, especially considering that the Yar'Adua administration has made this one of the two pillars of its governance style - the other being respect for the rule of law.

http://allafrica.com/stories/200908171739.html

Blue sun

August 18th, 2009, 01:36 AM

HA'ABAN 27, 1430 A.H.
TUESDAY AUGUST, 18 2009.

Nigerianism: Towards a national identity in Nigeria (I)

Zulfikar Aliyu Adamu Dhahran, Saudi Arabia
zulfikar@kfupm.edu.sa On a good day, it is not really my business what sort of color-riot any African country decides to be identified with; but the West African scenario is almost a laughable exercise, with due respect to the affected countries therein. You see, when Ghana wrenched control of their gold-laden country from the clutches of colonial British in 1957, the founding fathers had broken new ground in Africa. So, while the fervour and euphoria of independence and nationalism swept Kwame Nkrumah and company into power, a team of dedicated and patriotic Ghanaians were given the honorable task of coming up with the usual objects and paraphernalia of nationhood.
This included a coat of arms, a national anthem and of course the quintessential rectangular cloth otherwise known as the national flag.
Now, given the paradoxical ‘benefit’ of telescopic retrospect, I believe the designers of Ghana’s flag might decide to choose other combination of colors today. Not because Red-Yellow-Green (aka the ‘Reggae’ colors) and a Black Star are not suitable to describe the Kwames and Kofis of that nation; but it would seem that afterwards, almost every other freed West African country decided to have a Reggae Flag of their own.
That’s why countries ranging from Senegal, up to Burkina Faso, down to Republic du Benin (and even Cameroon) have adopted or adapted the colors of the Rastafarian movement. At this point any reader who is a lover of reggae music is advised to stop licking his/her tongue because this is not an article intent on glorifying Dreadlocks or Ganja.
Frankly, it seems every other West African country (with the exception of Cote d’ Ivoire) that freed itself from the shackles of Britain’s Union Jack or the France’s Tricolor took Ghana’s flag and simply removed the black star in the middle; or changed it to a green star, or rotated the flag by 90 degrees or even by 180 degrees. In fact, some belated countries that ran out of options by 1962 or thereabout, simply re-arranged the order of the Red-Yellow-Green into Green-Red-Yellow and voila! C’est la Flague.
But no matter what trick or optical illusion they may have done to Ghana’s flag, I for one cannot help but remember Ras Kimono every time I see any of these Reggae Flags from West Africa. But then, lots of kudos is due to Ghana for inventing the ‘real thing’.
Imitation is the truest form of compliment.
It doesn’t matter if the other West African countries tell you that these colors mean something to them too.
In my honest opinion, the rather cheap design of these flags smacks of ingenuity and almost outright laziness. Note that a flag is not just about color, it’s about the design in its entirety. Could it be that the same poorly-paid road-side artist got the commission to design all these flags? Or maybe as the colonialists were kicked out, independence came in such unexpected and hurried circumstances that the fastest route to a national flag was to plagiarize Ghana’s design. Personally, I get so confused about which country owns what flag, so much that I often refer to most West African countries as ‘the Reggae Countries’.
My intention above was to provide some perspective to a real issue which few Nigerians seem bothered with today. So saying, I am not hammering on my keyboard today with the sole objective of demystifying the carbon-copying of West African flags. As a matter of fact, any country can elect to have a mechanic’s uniform as a national flag, but that is if the people so encircled by the political boundary agree to be represented by dirty brown khaki sprinkled with engine oil and grease. No problem. So my discourse here is aimed at sparking debate about our own country’s flag.
I would have said our own nation’s flag, but each time I re-look the meaning of ‘nation’ in a dictionary, I get this weird feeling that Nigeria is not quite the best of examples - forgive my attention to details, please. The reasons for our fragmented sense of cohesion as a nation are classical topics which are regularly dealt with in countless forums, from akara joints to AIT. There are probably more solutions to Nigeria’s problem than there are tribes. For now, my point of focus is that for a country that has 36 states, peopled with the most vociferous, self- aggrandizing, hardworking and proud members of over 250 ethnic tribes - comprising of more than 1000 dialects - the Green-White-Green is highly unrepresentative of what we are as a people. In fact, with respect to the realities of today, our flag is almost a disservice and a humongous understatement to our collective sense of (sometimes-detached) belonging as a people. Nevertheless, I honestly appreciate the effort of Mr Michael Taiwo Akinkunmi who designed the Nigerian flag, I hope you got a national award for your effort and I hope you get a street named after you in Abuja…(oh, I also hope that you got your last pension…). But the naked fact as I see it now is that we need a flag that we all (i.e. democratic majority via referendum) can agree to its meaning and feel it is representative of our varied interests. After all, cultural and social tensions of the last eight years (i.e. our longest stretch of freedom and democracy) under Obasanjo (of villainous memory) have revealed that we are not as nationally monolithic as we oft deceive ourselves to be.
Okay, students and enthusiasts of Nigeria’s chequered, beleaguered and squandered history will tell you that green stood for agriculture and white meant peace.
Hmmmmm…. In fact, I should say “HMMMMM….” in capital letters because any honest Nigerian reading this piece will know that neither agriculture nor peace has made Nigeria its home in the last four decades- ever since the oil boom and that mishap of a civil war.
There are writers out there who have tried to trace the chronology of our agricultural malady and our economic malaise from Gen. Obasanjo to President Obasanjo, but that’s a topic suitable to gurus like Rueben Abati and Muhammad Haruna. It’s just that as a matter of fact, agriculture and peace are not even neighbors of Nigeria at all today. They have become evicted tenants of our geopolitical real estate. If you don’t believe me, ask Mr. Michael Taiwo Akinkunmi (or his descendants as the case may be) whether Nigeria is a bastion of agriculture or peace today.
Let’s face it, the last time agriculture or genuine peace were attributable to Nigeria, Tafawa Balewa was a prime minister in a vibrant and incorruptible parliament (…devoid of 419 legislators); and Nigeria was competing with Ghana and Ivory Coast in other matters besides football. I mean, we were the second or third largest producer of cocoa after these two countries. The last time we knew real agriculture in Nigeria, our farmers from Kano made the Egyptians look dumb because we were making pyramids out of food; out of ordinary groundnuts! Oh yes, we were that prolific with the hoe - check out the old 50 kobo note for evidence, in case NEPA has ‘taken light’ in your memory.
The last time there was enduring peace in Nigeria, palm oil was flowing so freely in the land of Ndigbo, that the Malaysians had to come and get some seedlings to try out in far away Asia. What happened next is history in its most annoying, ironic and unkindest form, because (1) the Malaysians have been exporting beauty soap and shampoo to us; (2) they have since celebrated the manufacture of their one millionth car; while (3) our village youths are now using their hoes to pour laterite inside potholes along our highways.
At the same time (4) the urban folks are looking for candle to light the premises of NEPA so that the staff can find the switch that puts on the generator. Should I continue with (5)..?
Let me rub it in for good measure: Malaysia produced 14 million tones of palm oil from just 38,000 square kilometres of land in 2004. Malaysia is not only the largest exporter of palm oil today but Finland and Singapore have concluded plans to use Malaysian palm oil to produce biofuels; and the Singaporean plant will be the largest such plant in the world in two years time (by 2010). Meanwhile we are still playing hide and seek with Tom Ateke in the swamps of Niger Delta, while Shell and Chevron are refusing to drill for oil in his backyard.
In all honesty, Nigeria’s problem is so multi-facetted and complex that it probably takes a combination of guts, grit and (maybe) greed for anyone to volunteer taking the driver’s seat. But methinks that a careful scrutiny of our national quagmire would reveal that firstly, we need serious social renaissance along with national re-orientation and remodeling. Call it my 3R’s, if you like. If Nigeria is to make sense to the next generation, we must make them believe in the spirit of Nigeria. I mean we need to ask the hard questions that Awolowo, Sardauna, and Zik never asked; or were not allowed to answer. What does it mean to be a Nigerian? Who is a Nigerian? In pidgin: “wetin be Nigeria sef?”
Just because one Queen decided to concoct a name out of a river does not mean we must accept his definition and intentions, be they political, social, economic or whatever. Lugard and his wife have long gone but our problems are still here, and some of them (like corruption and under-development) have taken up the rooms vacated by agriculture and peace. For Nigeria to make sense to you and me, it needs to be all-embracing for everyone who has had the vexatious destiny of being its citizen today. We therefore need a new flag that makes more sense. That way, we can at least have a rallying point; and when our football supporter’s take on Ghana’s league of trumpeters the next time we meet 11 versus 11, everyone of us will be clutching our flag with genuine passion and patriotic frenzy.

http://www.triumphnewspapers.com/nig1882009.html

Matthias Offodile

August 18th, 2009, 11:58 AM

Kuwait - Gabon relations strengthened

Gabonese female president with His Highness the Prime Minister of Kuwait Sheikh Nasser Al-Mohammad Al-Ahmad Al-Jaber Al-Saba:cheers:

http://www.kuwaittimes.net/upload/img_pict/local8700f8.jpg

Kuwait praises Gabon for support during invasion

Published Date: July 19, 2009
LIBREVILLE: His Highness the Prime Minister of Kuwait Sheikh Nasser Al-Mohammad Al-Ahmad Al-Jaber Al-Sabah concluded his official visit to Gabon yesterday, and headed to Djibouti, the third leg of his African tour. His Highness Sheikh Nasser was bid farewell at Libreville International Airport by Deputy Prime Minister Georgette Koko, ministers and top Gabonese officials, as well as Kuwait's Ambassador to Tunisia and Non-Resident Ambassador to Gabon Abdulhamid Ali Al-Failkawi and embassy staff.

Sheikh Nasser had visited the city of Franceville, the birthplace of the late Gabonese President Omar Bongo, as the audience recited verses of the Holy Quran on the soles of late Amir Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah and late Amir Sheikh Saad Al-Abdullah Al-Salem Al-Sabah, as well as late president Bongo.

A joint statement issued at the conclusion of the visit stated that in response to the kind invitation by Gabonese Prime Minister Jean Eyeghe Ndong, and within the framework of mutual desire to boost and develop relations and cooperation between Kuwait and Gabon, His Highness the Prime Minister of Kuwait made an official visit to the Republic of Gabon on July 17-18, heading a high-ranking delegation.

Gabonese President Rose Francine Rogombe received His Highness Sheikh Nasser and his accompanying delegation. He also met with Georgette Koko, the Deputy Premier and the Minister for the Environment, Sustainable Development and the Protection of Nature.

During the extensive talks, the two sides expressed their keenness for developing bilateral relations, and also reviewed international issues of mutual concern. On bilateral ties, His Highness Sheikh Nasser conveyed to the Gabonese president the deepest condolences of His Highness the Amir, and that of the Kuwaiti government and people on the passing of the late President, Omar Bongo.

On this occasion, His Highness Sheikh Nasser noted that a representative of His Highness the Amir had flown in to extend Kuwait's condolences on the passing of the late Gabonese leader. He said that this visit reflected the appreciation of the Kuwaiti people to the people of Gabon, for their support to Kuwait during the Iraqi invasion of the Gulf state, and would no doubt have a positive impact on bilateral ties and open up new cooperation channels.

The Gabonese president expressed her thanks and appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for the kind gesture of sending a special delegation to participate, on behalf of the Kuwaiti people, in paying tribute to the passing away of president Bongo. She also thanked Sheikh Nasser for choosing to make Gabon a stop on his tour, and revealed desire to boost bilateral relations.

She underscored the projects that were discussed during their talks, which would serve to boost Gabon's economy, as well as the draft agreements proposed by Kuwait. The two sides expressed content with the constructive spirit of cooperation that prevailed over their talks, and emphasized the importance of continued cooperation.

At the international level, the two sides emphasized the importance of resolving international disputes through peaceful negotiations, which would instill permanent peace. They also condemned all forms of international terrorism. Moreover, they expressed content with the level of positive development that was taking place in Iraq.

As for the global economic crisis, they expressed concern over this matter, which they said was hindering the development of nations, while underscoring the need for cooperation of countries to overcome the crisis. At the conclusion of his visit, His Highness Sheikh Nasser expressed his appreciation for the warm welcome with which he, and his accompanying delegation, were received, and extended an official invitation to his Gabonese counterpart to visit Kuwait. The date of the visit will be set through off
icial channels. -- KUNA

mwanamwiwa

August 19th, 2009, 03:30 AM

The National Bank of Kenya posts a pre-tax profit of 1 billion shillings

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mwanamwiwa

August 19th, 2009, 03:40 AM

Court freezes EABL’s march into Tanzania

http://www.businessdailyafrica.com/image/view/-/626772/highRes/81829/-/maxw/600/-/a7drttz/-/EABL.jpg

By MUNA WAHOME
Posted Tuesday, August 18 2009 at 15:14

A London court on Tuesday temporarily halted East African Breweries Ltd’s (EABL) fresh incursion into the Tanzanian market. Granting of the orders to SABMiller by commercial court judge, Christopher Clarke, breathes new life into the contentious 2002 agreement between Diageo-backed EABL and the SABMiller subsidiary in Tanzania.

Additionally, it stops EABL acquisition of the privately-owned Serengeti Breweries Ltd (SBL) until 2011 or until an arbitration process, expected to commence immediately, is concluded. Nevertheless, Justice Clarke declined to grant SAB request for EABL to foot the cost of the suit.

The 2002 agreement which EABL recently attempted to rescind gave the 52 per cent SABMiller-owned Tanzania Breweries Ltd (TBL) the monopoly of brewing and distributing EABL products in Tanzania. It gave 20 per cent of TBL to EABL while 20 per cent of its Kenya Breweries subsidiary went to TBL.

However, the latter failed to renew the contract as is norm every three years and later cancelled it. The ruling is set, at least for weeks, to forestall competition in East Africa but not elsewhere.

Diageo and Heineken are preparing for a major assault on SAB’s southern Africa turf while the London-listed South African transnational has pitched camp closer to Nairobi - at the Juba-based Southern Sudan Beverages (SSBL).

Market grab

Recently, former EABL chief executive Gerald Mahinda was posted by Diageo to the southern Africa region in what is seen as preparation for a major market grab.

If the arbitration in London annuls the anti-competition agreement, EABL is set to make a major comeback to Tanzania where it closed Kibo Breweries in return for SAB shutting down Castle Brewing in Thika.

The Nairobi-based firm has 12 per cent of the Tanzanian market in its grip while Serengeti holds another 17 per cent. SAB on the other hand, holds an estimated 1 per cent of the Kenya market.

“We still see our future in Tanzania in relationship to SBL and we are really looking forward to working with them,” said EABL corporate affairs manager Ken Kariuki on Tuesday.

Sources outside the two have indicated SAB would have been left holding material worth millions had EABL gone ahead with its Tanzania return.

The 2002 deal stopped competition in Tanzania and Kenya which had stagnated beer prices for close to five years. Essentially, it restricted SAB to Tanzania and EABL to Kenya - where it brews and markets for SAB.

Diageo and SAB have free competition in Uganda where they own majority stakes in Uganda Breweries and Nile Breweries respectively. The arbitration was referred to London as per the 2002 agreement which provided for a venue deemed neutral.

mwanamwiwa

August 19th, 2009, 05:10 PM

KPA posts historic Sh5.3b profit after three decades

http://www.nation.co.ke/image/view/-/485328/highRes/48380/-/maxw/600/-/10bfb00z/-/SHAKPA2508yt.jpg

Published on 18/08/2009
A freeze on unnecessary expenditure by the new management at the Kenya Ports Authority (KPA) has roped in huge profits, netting a record Sh5.3 billion up from Sh1.4 billion in 2007/2008 financial year.

The Managing Director James Mulewa said that they stopped spending money on non-essential projects and cancelled contracts that were being used to spirit away money from the corporation.

"We spent only what was necessary to drive our business in key areas such as operation and human resources," said Mulewa.

The new team headed by board chairman Shukri Baramadi, it would seem, has found a working formula to turn around the organisation’s financial fortunes.

Baramadi, a former director of National Security Intelligence Service Training School replaced Gen. Joseph Kibwana while Mulewa replaced Abdalla Mwaruwa last year.

Mulewa said the company froze the hiring of non-core personnel and cancelled contract whose wage bill was eating into what could be used to develop the port’s infrastructure.

"We were overstaffed and people are not retiring because of the increase in retirement age," he said. The MD added that the computerisation in the port had also contributed to high revenue collections.

24-hour working schedule

"Due to computerisation, we monitored all employees and limited avenues through which shady deals would thrive," Mulewa said. He also attributed the growing revenues to discipline among employees.

Over this period, KPA has undertaken several changes including introducing the 24-hour working schedule. Besides, Sh6 billion has been allocated to capital expenditure to improve infrastructure and equipment in the port.

Expenditure in the past financial year went up from Sh12.437 billion to Sh13. 228 billion as a result of the 40 per cent pay raise for employees that were agreed last year.

It is estimated that the volume of cargo at the port will increase to 19.7 million tonnes by 2012 up from 16.2 million tonnes today.

As part of its expansion programme, KPA plans to buy key equipment this year including ten reach-tackers, ten rubber tyre gantry cranes, two shore gantry cranes, ten terminal tractors, one pilot boat, one mooring boat, one mobile harbour crane and five forklifts.

abesha

August 27th, 2009, 01:28 AM

This might deserve its own thread but I'll put it here for now

Shell and BP keen to buy into Tullow's new oil find in Uganda

The world's biggest oil companies – including BP and Shell as well as state-owned operations from China – are trying to muscle their way into the world's largest new oil region: Uganda.

Tullow Oil, the relatively small British-based firm at the centre of the huge energy strikes in Lake Albert, says it plans to hand over part of the oil riches in return for financial help to build pipelines and other vital infrastructure.

Excitement over the Ngara wells increased when Tullow reported it had encountered further shows of oil and was more convinced than ever about the enormous prospects in the region.

But the company also announced an 83% slump in first-half profits to £21.4m and a 16% drop in its existing production from the North Sea and elsewhere, while needing billions of pounds to bring oil out of the ground and refine it in Uganda.

"It is not every day you find a new oil province similar in size to the central Graben region of the North Sea. Practically all the oil majors and some national oil corporations have been on our doorstep seeking to pre-empt a competitive [sales] process", said Angus McCoss, Tullow's exploration director.

Tullow plans to sell part of its 100% stake in Block 2, one of three blocks which cover the Ugandan side of Lake Albert, in the next 12 months, it said, but only through a public offer and not via a bi- lateral deal with one other company.

Among the possible partners is Eni of Italy which has already been tipped as a potential buyer of the whole Tullow company although the British firm said it was clearly not for sale.

Tullow shares fell 4% to 1052p on profit-taking following a period where euphoria around the Uganda exploration success has driven the value of the stock up by nearly a third in value since early July.

McCoss said 700m barrels of recoverable reserves had already been proved up but the latest oil shows put the company on the way to proving that there was a further 1.5bn waiting to be exploited.

Tullow said Eni, which has a 43% stake in pipeline builder Saipem, would be a suitable partner as would Chinese companies and others but insisted there was currently no favoured partner in mind.

Tullow said its Ngassa-2 well in Block 2 found signs of oil at two intervals in the reservoir being tested.

"The pressures in these intervals are higher than normal, which may indicate that they are associated with significant oil columns," it added.

Investment bank Citigroup said in a research note that the results of the latest well would pave the way for a part sale of the block as it makes clear how much it is worth.

The Ugandan government has made clear to Tullow that it would like the company to refine the oil in the area so that the relatively impoverished country could gain as much added value from the energy as possible.

The African country is also acutely aware that many developing countries have found oil riches can be curse as well as cure with charities warning it can bring corruption and wealth only for the political elite. Nigeria is often held up as an example of this.

http://www.guardian.co.uk/business/2009/aug/26/shell-and-bp-keen-on-tullow-oil-find

mwanamwiwa

August 27th, 2009, 05:03 AM

Government acts to entice more investors

Updated 19 hr(s) 51 min(s) ago
By Morris Aron

Kenya is the first country in Africa to launch a website portal giving investors information on types of business licenses, their cost and the agencies to process the documents.

Launching the e-registry, yesterday, Finance Minister Uhuru Kenyatta said the project is part of reforms to eliminate corruption, red tape and reduce the cost of setting up businesses in the country.

"We intend to make Kenya a country with conducive business environment for investors and reduce unnecessary regulatory uncertainties characterised by licensing procedures which take too long," said Mr Kenyatta.

Conducive environment

The launch of the website is one of the initiatives proposed in the last Budget under the Business Regulatory Reform Unit (BRRU) to make the country competitive through the promotion of efficient and conducive business practices.

Among the proposals the ministry is considering include further reduction of the number of licenses an investor is required to obtain before setting up business.

So far, out of 1,325 licenses 315 licenses have been eliminated through the Licensing Repeals and Amendment Acts between 2007 and 2009.

A further 379 licenses have been simplified while 294 were retained in the same form.

Another 337 are currently under scrutiny by the regulatory reform committee appointed by Kenyatta.

The e-registry, which is in its first stage, will upon completion in the next two years, allow investors to directly order, pay and obtain licenses from the comfort of their offices through the Internet.

For licenses which require approval from organisations such as the Capital Markets Authority, the website portal will allow for an interactive application process in which an individual can submit required information online before being issued with the licenses.

"We want to establish a consolidated centre for information for all licence requirements at all stages starting from starting a business to running the same while embracing technology.

mwanamwiwa

August 28th, 2009, 07:40 AM

Standard revenues up despite tough year

Updated 11 hr(s) 8 min(s) ago
By John Njiraini

Standard Group’s half-year revenues grew strongly, on the back of cost cutting measures that have greatly improved efficiency across the company.

According to its unaudited results for the six months ending June 30, 2009, the Group defied a particularly tough operating environment, and a hostile global financial market to maintain its growth momentum, with revenues rising by five per cent to Sh1.3 billion.

The global financial crisis affected the cost of raw materials, especially newsprint, whose prices increased against the same period last year.

Announcing the results yesterday at the new Standard Group Centre on Mombasa road, Deputy Chairman and Strategy Adviser Paul Melly noted that the company’s board opted not to pass on the extra costs to readers in the form of higher prices for the Group’s main titles, in recognition of the hardships Kenyans are facing.

"We are in a period of drought and famine, that has increased the food deficit and is having a negative effect on business," said Melly.

Good Balance Sheet

The company’s balance sheet remains healthy, with total assets rising to Sh2.7 billion, from Sh2.3 billion, and shareholder funds growing to Sh800 million, from Sh565 million.

"We have managed to sustain growth, despite operating in very harsh environment. This shows we have strategies and measures to ensure the company maintains profitability," he added.

Melly also announced that the dream of employees owning a piece of the company will soon be realised, after the Capital Markets Authority approved the Group’s Employee Share Ownership Scheme (ESOP).

"What remains now is for the scheme to be operationalised," said Melly who lauded the contribution of staff to the Group’s amazing growth. The plan will enable employees to buy shares and ultimately have a stake in the company.

"We could not have achieved this growth without the collective and individual effort of each and every member of our staff. Our human resource is our most critical asset," said the Deputy Chairman.

During the period under review, the Group posted a pre-tax profit of Sh119 million, against Sh151 million recorded over the same period last year. The ultramodern Standard Group Centre will see the company make major savings on rent, and gain from the synergies offered by a converged newsroom environment.

Melly, who was accompanied by the Group’s Managing Director Paul Wanyagah, directors and assistant directors in charge of various departments, said plans to launch a radio station are at an advanced stage.

The Group has already bought the necessary transmission equipment, which is in the process of being installed.

"We are sure Kenyans will tune in to the new radio station just like they have been faithful to KTN and The Standard newspaper," noted Melly.

Group Finance Director Sarvjeet Channa noted that up to 60 per cent of investment during the period under review was financed from internally generated funds, thus reducing financing costs for the company.

Over the past three years the company has invested in excess of Sh1.2 billion.

KTN still on top

On KTN, Group Managing Director Paul Wanyagah said it remains the preferred news channel for breaking news and analysis of major events and entertainment programming.

Retained earnings have also grown to Sh403 million, and Melly said newsprint costs are expected to drop in the second half of the year.

Group Operations and Technical Director John Opiyo said the new press had given The Standard a critical edge in terms of quality and flexibility that could be seen in the improved advertising revenues for the newspaper.

Also present were Assistant Director and Group Chief Editor John Bundotich, and Assistant Directors Nelly Matheka (Legal and Human Resources), Lawrence Njiru (Commercial), Sam Mutetei (Print, Sales and Distribution) and Peter Gichui (Creative Services).

The Standard Group includes KTN Baraza Limited and Publishers Distribution Services (PDS).

Matthias Offodile

August 28th, 2009, 01:02 PM

Maurel & Prom : Positive Technical Results in OMTI-1 in Gabon

22/08/2009

PARIS, August 27 /PRNewswire-FirstCall/ -- Drilled on the north of Onal in Gabon, the OMTI-1 well, reached the basement at a depth of 2 203 m. Between 1 300 and 2 100 m, it encountered 500 m cumulated of good quality reservoirs, 85 m from which put in evidence oil saturation. Samples have been taken and show a 38degrees API oil.

The well is currently stopped until technical solutions are available for testing, owing to the salt water content. At this stage, no conclusion may be reached about the commercial discovery.

These results confirm the potential of the north part of the Omoueyi Permit (Maurel & Prom operator, 100%) and reinforce the Group to continue exploration in this zone with the drilling of OMSN-1 well. The drilling will be conducted in the next days to be concluded in mid-October

For more information, visit http://www.maureletprom.fr

mwanamwiwa

September 1st, 2009, 07:08 PM

Comesa to launch regional open tendering system

http://www.crwflags.com/fotw/images/i/int-comesa.gif

Published on 30/08/2009
By John Oyuke

The Kenyan business community will soon sample new investment opportunities once the Common Market for Eastern and Southern Africa (Comesa) launches a regional procurement market.

The move by the trade bloc, this month, will require the tendering systems of member states to be open to regional competitive bidding process. Project Manager for Procurement, Colas Ziki, said under the arrangement suppliers from member states, would be free to bid for tenders floated in the region for procurement of public goods and services. He said the states would be required to post information on public procurement not available within their localities onto a Comesa procurement website.

Kenya’s Public Procurement Oversight Authority (PPOA) official, Henock Kirungu said the plan was on course following its approval by the Head of State and Government’s Comesa Summit in Zimbabwe in June.

"We are, however, in consultations with other procuring entities and government arms, especially Treasury on implementation of the new trade regime," Kirungu who is in charge of Policy at PPOA told The Standard on Sunday.

Procurement Act 2006

The procurement oversight authority, which is the regulator of the country’s public procurement system, became operational on January 1, last year after the Public Procurement and Disposal Regulations 2006 was gazetted.

The Act empowers it to oversee

how public entities — the Government

ministries, including Treasury, local authorities, state corporations, co-operative societies, Central Bank of Kenya (CBK) as well as health and learning institutions — procure their goods and services.

Kirungu said the trade arrangement would be launched in Kenya as soon as the discussions with local procuring entities are finalised.

Ziki said last week suppliers from the region will be free to submit bids as long as they fulfill some basic validation criteria.

The tenders outside a member State would have to exceed respective national threshold levels for goods, services and construction projects.

He said the introduction of the Regional Procurement Market was also in line with the Comesa procurement directive was issued by Comesa leaders during their summit in Khartoum, Sudan in 2003.

Procurement markets

Comesa believes the new instrument, that is, the regulations, would now make it possible for suppliers in the region to access the various public procurement markets to be found in the current 19 member States.

This should further consolidate the Free Trade Area and the recently launched Customs Union by contributing to the Comesa intra regional trade.

Given that public procurement constitutes approximately 70 per cent of government revenue and 15 per cent of Gross Domestic products, the impact of public procurement to Comesa intra-regional trade is expected to be enormous.

By and large, the regional procurement regulations compel member States to procure goods and services within the region first before sourcing from outside the trading bloc.

Comesa intra trade is currently confined to cross border business, low level procurements of the public sector and the usual trade between private sector players.

In addition to fostering increased intra regional trade, the regulations further require member States to reform by modernising and harmonising their procurement systems and entrenching provisions in their domestic laws.

Management of process

The provisions seek to promote transparency, accountability, competition, efficiency and fairness in the management of public procurement.

The journey to harmonise public procurements systems in the region started three years ago with African Development Bank (ADB) agreeing to finance the review of public procurement systems for Comesa member States at a cost of $8.40 million (Sh638.4m) at current exchange rate.

The actual project cost was estimated at over US$ 9.44 million (Sh717.44 m) with the additional cost to be met by Comesa member States.

ADB was to finance 89 per cent of the cost while Comesa financed 11 per cent.

mwanamwiwa

September 2nd, 2009, 07:10 AM

EABL posts Sh12bn pre-tax profit
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Crown Berger profits decline
HR01DMKOkzE

NMG profits at Sh588 million
ML6OaGhJo6Y

mwanamwiwa

September 2nd, 2009, 04:21 PM

:cheers::cheers:

KenolKobil buys Burundian oil firm

Isaac Khisa
Kampala

Petroleum company KenolKobil has announced that it acquired absolute shareholding of Oil Burundi, which was formerly owned by South African Petroleum Giant ENGEN International Holdings.

The acquisition by Kobil Uganda’s parent company was made last week, in a move to expand its operations on the African continent, according to a statement from the firm.

KenoKobil already has operations in Uganda, Tanzania, Ethiopia, Zambia and Rwanda, signed a multimillion dollar deal in Bujumbura that made it acquire100 per cent ownership of the company.

The moves closely follows the take over of Caltex and Cheveron operations by French Oil giant Total in East Africa, in a move to strengthen its market position in the region.KenolKobil’s Group Managing Director, Mr Jacob Segman, said upon acquiring Oil Burundi Company, the company is expected to grow further and become the leading lubricants in Burundian petroleum market as it was is Rwanda.
“As was the case in Rwanda, where Kobil Rwanda was established from scratch, but now is the Market leader with over 35 per cent market share,” Mr Segman said in a statement.

“Kobil Burundi which also is the leading Lubricants distributor in Burundi is expected to lead the Burundian petroleum market (soon).”
Through the new acquisition, Kobil Burundi has acquired the rights to import, store and distribute products in the only depot in Bujumbura, Burundi.

Norway to support Uganda’s oil sector
Grace Natabaalo

Kampala

The Norwegian government has boosted Uganda’s energy sector with a grant to shore up the management of the young and promising oil and gas sector.

The grant worth shs78 billion (239 Million Kroner) which will also be used to support various efforts to fight poverty among other areas.

According to a statement from the Permanent Secretary of the Ministry of Finance, Keith Muhakanizi, the grant will also enhance the forest and meat export sectors and also cover rural electrification.

The statement says that shs22 billion will be used to strengthen the government’s program to fight poverty while shs 27 billion will go to the oil and gas sector to ensure well coordinated and results oriented resource management and improve areas of revenue.

At least shs23 billion will help the National Forestry Authority to restores forest plantations and degraded forest reserves especially in Northern Uganda.

Also, shs6 billion will be used to support the Uganda Meat Export Development Program aimed at developing an export-oriented meat industry in Uganda.

“The program is expected to establish disease control zones, enhance livestock production, develop animal health and meat hygiene services and also establish the Uganda Meat Export Company that will ensure sustainability of the program,” Mr Muhakanizi said.

An undisclosed amount will be used to finance the feasibility study of the establishment of six Rural Electrification Projects aimed at increasing access to energy by the rural people especially in Northern Uganda.

Blue sun

September 3rd, 2009, 12:58 AM

ast Updated- Aug 27, 2009 7:17 - - 0 Comments

Indian company, Escorts to produce agric equipment in Ghana

An Indian company, Escorts Group Ltd., has expressed its intention to start the production of its agricultural machinery in Ghana.
According to a report by the Telegraph, an Indian publication, the company plans to enter into a joint venture with the government of Ghana to establish a unit to assemble the equipment.
The company is also reported to be looking for Ghanaian partners for its business in the country.
Attempts by ghanabusinessnews.com to get comments from officials of the company on their planned entry into Ghana was unsuccessful, as the extension we were transferred to when we placed a call to India was not answered.
Information on the company’s website describes it as among India’s leading engineering conglomerates operating in the high growth sectors of agri-machinery, construction & material handling equipment, railway equipment and auto components.

http://ghanabusinessnews.com/2009/08/27/indian-company-escorts-to-produce-agric-equipment-in-ghana/

By Emmanuel K. Dogbevi

Blue sun

September 3rd, 2009, 01:07 AM

ast Updated- Aug 10, 2009 12:03 - - 5 Comments

Nigerian oil company targets Ghana’s oil and gas sector

Ghana has become the attraction for major global players in the oil industries. Some of the companies that have shown interest in doing oil and gas business in Ghana include Royal Dutch Shell, China National Offshore Oil Company (CNOOC) and Indian state-run Oil & Natural Gas Corporation (ONGC).
But there is a new entrant, a Nigerian oil company. The Vanguard, a Nigerian publication has reported that UTM Oil and Gas Limited, a Nigerian oil interest is extending its business into Ghana.
According to the publication, the Group Managing Director and Chief Executive Officer, Mr. Julius Rone has gone as far as having a meeting with Ghana’s Vice President, John Mahama at the seat of government – the Osu Castle in Accra.
The report noted that the discussions centred around the Jubilee oil field. The Jubilee field is the largest to be discovered in West Africa in the last 10 to 15 years. It is reported to have around 1.8 billion barrels of oil according to Tullow Oil, one of the major stakeholders in the filed and it has 17 wells.
Commercial production of oil is expected to begin in June 2010.

http://ghanabusinessnews.com/2009/08/10/nigerian-oil-company-targets-ghana’s-oil-and-gas-sector/

By Emmanuel K. Dogbevi

Blue sun

September 3rd, 2009, 01:22 AM

Last Updated- Aug 21, 2009 7:05 - - 2 Comments

Italian major oil company Eni partners Vitol in Ghana

Italy’s biggest oil and gas company by revenue, Eni SpA is partnering Vitol Holdings NV in Ghana as it gears up to participate in the oil sector in Africa.
According to a report by the Wall Street Journal, the CEO of Eni, Paolo Scaroni has said the joint venture is part of Eni’s efforts to expand its presence in sub-Saharan Africa.
Scaroni was in Ghana recently and held meetings with President John Evans Atta Mills. During the meeting he indicated that Ghana will be among main oil producers in sub-Sahara Africa, and he expressed Eni’s interest to build “a new and durable partnership” with Ghana.

http://ghanabusinessnews.com/2009/08/21/italian-major-oil-company-eni-partners-vitol-in-ghana/

By Emmanuel K. Dogbevi

charles4u

September 3rd, 2009, 10:29 PM

Hahahah Ghana is gonna explode soon....lol

Oil oil oil oil oil oil oil

BUTEMBO21

September 4th, 2009, 01:15 AM

Hahahah Ghana is gonna explode soon....lol

Oil oil oil oil oil oil oil

They have been laughing at Nigeria and other oil corrupt countries. Lets seen how they will do.

mwanamwiwa

September 4th, 2009, 01:19 AM

Lets hope for the best guys!!:)

charles4u

September 4th, 2009, 06:12 PM

Lets hope for the best guys!!:)

Ofcourse thats what we hope for Africa but unfortunately..:ohno:

Blue sun

September 8th, 2009, 02:58 AM

Last Updated- Sep 7, 2009 19:21

Ghana is the place for investment – Mills

President John Evans Atta Mills on Monday dwelt on current reforms in Ghana’s economic sector and threw a warm invitation to Israel to make Ghana a preferred investment destination for mutual benefits.
He was emphatic that any Israeli investment in Ghana would not go to waste but would inure to the benefit of the people of both countries.
President Mills extended an invitation to the Israeli business community to explore the investment opportunities in Ghana, assuring them of good yields on their investments.
President Mills extended the invitation when the Deputy Israeli Prime Minister Avigdor Liberman, accompanied by a business delegation on a day’s official visit to Ghana, paid a courtesy call on him at the Castle, Osu in Accra.
The businessmen are from top Israeli companies, as well as some heads of departments of the Israeli Ministry of Foreign Affairs.
President Mills said the delegation had come at the right time when the Government was reforming the Ghanaian economy to make investment attractive.
He said the present Government was creating a conducive business atmosphere that was honest, open and transparent, to provide jobs and invest in the people.
President Mills welcomed Israel to assist Ghana with its expertise in the areas of agriculture, water, energy, tourism, medicine and health.
Mr Liberman lauded Ghana’s democratic credentials and praised her for being the first country in Africa that recognised Israel’s independence.
He said the two countries had enjoyed very good relations in the 1960s, 1970s and 1980s, and expressed the need for enhanced ties.
Mr Liberman said Israel would co-operate with Ghana and was ready to invest in the areas of water management, agriculture and medicine.
While in the country, Mr Liberman would also hold talks with Alhaji Muhammad Mumuni, Minister of Foreign Affairs, and sign an Official Plan of Agreement on Aqua-Culture.
Mr Liberman is also expected to open an economic forum at the Accra International Conference Centre, hold talks with Ghanaian authorities on corporation in vital areas such as agriculture, education and security.
Mr Liberman would leave Ghana later on Monday for Nigeria, where he is expected to sign an agreement on international cooperation with the Economic Community of West African States (ECOWAS) in Abuja.

http://ghanabusinessnews.com/2009/09/07/ghana-is-the-place-for-investment-mills/

Blue sun

September 8th, 2009, 03:12 AM

Date: 06-Sep-2009

University of Ghana introduces Masters Degree in Petroleum

The University of Ghana, Legon, has introduced a Petroleum Geoscience course as part of the university’s new post-graduate programmes to respond to the high professional demand in Ghana’s petroleum industry.

The new master’s degree programme was developed in collaboration with the university’s Geology Department and supported by the Ghana National Petroleum Company.

Professor Clifford Nii Boi Tagoe, Vice Chancellor of the University announced this on Saturday in Accra at the matriculation ceremony held for students admitted for the 2009/ 2010 academic year.

Other newly introduced programmes include a master’s degree in Clinical Trials, mounted by the School of Public Health and higher degrees in Biotechnology and Plant Breeding.

The university had also introduced a Graduate-entry programme in the Medical School aimed at giving science graduates the opportunity to pursue medicine over reduced duration.

Prof. Tagoe said the university had introduced bachelor’s degree courses in Adult Education and Sign Language as well as professional programmes in Pharmacy and Veterinary Medicine.

He said the university had made conscious efforts to revise the course curricula to meet national demands and added that more than 130 courses had so far been revised.

Prof. Tagoe said the university had put in place scholarship schemes to complement the 10 scholarships, sponsored by a US charity organisation, for bright but needy students admitted this year at an average amount of GH¢ 2,000 per year.

Speaking on the issue of accommodation he expressed the hope that the construction of the university’s hostels complex would facilitate the accommodation of some 3,000 students in order to ease the stress.

He said the university authority would start investigating the several allegations of students who sublet their beds to their counterparts.

“Let me say that those caught to have indulged in this as well as the so-called tenants will be summarily dismissed,” he said.

He cautioned students against the flippant use of the media in resolving matters that could otherwise be amicably addressed, through dialogue with the university authorities and stressed the use of institutional channels available on campus to solve complaints and other concerns.

Prof. Tagoe told the matriculants to take advantage of other activities such as seminars, studio performances and sports to enrich their life on campus.

“While developing your intellectual capacities, do not forget to also develop your spiritual life by devoting some of your time to worship and serve God,” he said.

The university offered 16,943 applicants admission to pursue either the undergraduate and postgraduate programmes out of which 9,361 so far have enrolled.

http://news.peacefmonline.com/education/200909/26133.php

Matthias Offodile

September 8th, 2009, 10:50 AM

The worst may be over in Zambia, IMF

afrol News, 7 September - The outlook for the Zambian economy is beginning to improve, and the worst of the global recession appears to be over, according to International Monetary Fund (IMF).

The body has however warned that the pace and extent of the recovery is not yet well established.

“The more-than-doubling of copper prices since the beginning of the year, along with some improvement in other sectors, will underpin somewhat higher GDP growth in 2009 than previously forecast and strengthen the balance of payments. The improved outlook is already being reflected in the appreciation of the Kwacha since May of this year. The recent exchange rate appreciation should, over time, help rein in inflation, as should the expected deceleration in food price increases given the bumper harvest,” the IMF which ended its visit in Lusaka at the weekend said.

The mission also noted that the shortfall in revenue in 2009 has resulted in the government accessing financing from the Bank of Zambia, supported by the increased access to IMF resources, in order to meet its capital spending targets.

The mission which was in the country to review economic developments in 2009 and the government’s plans for the 2010 budget, also noted that depending on revenue performance in the second half of the year, additional recourse to such financing may be necessary to achieve and preserve proper execution of budgeted spending.

“The authorities and the mission agreed on a framework for the 2010 budget which maintains the focus on increased spending on priority capital projects and social sectors, while remaining consistent with macroeconomic stability,” said the mission’s statement.

It further stated that the authorities and the mission had a preliminary discussion on the IMF’s recent allocation to Zambia of Special Drawing Rights (SDR) in an amount equivalent to about US$600 million, which, in the first instance, would expand Zambia’s international reserves and provide a stronger foundation for exchange rate stability going forward.

“The mission will return to Lusaka in mid-October to conduct the discussions for the 2009 Article IV consultation and the third review of the Poverty Reduction and Growth Facility (PRGF) arrangement. This will provide an opportunity to revise, if necessary, the targets of the economic programme for end-2009 and to set targets for 2010. At that time, the mission will re-assess whether Zambia would need further financial assistance from the international community,” concluded the mission statement.

Zambia was categorised as hard hit by the recent global economic crisis, with the collapse in copper prices in the second half of 2008 putting pressure on the mining sector that resulted in significant job losses. Moreover, the reduced inflows of foreign exchange, along with withdrawals by portfolio investors, led to a sharp depreciation of the exchange rate in the first months of 2009. This, in turn, led to a sharp contraction in imports and a shortfall in import-related government revenue relative to budgeted levels, according to the IMF, adding that as some donor support was also delayed, execution of spending proved to be challenging.

By staff writer

mwanamwiwa

September 10th, 2009, 06:28 AM

KCB eyes Burundi market

http://www.nation.co.ke/image/view/-/617222/highRes/85166/-/maxw/600/-/665jul/-/kcb+ceo.jpg
Kenya Commercial Bank chief executive officer, Martin Oduor-Otieno.

Published on 09/09/2009
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Kenya Commercial Bank (KCB), is planning to start operations in Burundi within a year.

Chief Executive Martin Oduor-Otieno said the move is intended to seal the bank’s regional presence after it opened branches in Tanzania, Uganda, Rwanda and Southern Sudan.

"It (Burundi move) is in our plans. We are still looking into all the options," he said.

A growing number of Kenyan banks have been branching out into the rest of the region in a bid to grow their earnings.

KCB said it had opened three new branches in Rwanda, bringing the bank’s regional network of branches to 184, managing director for Rwanda Maurice Toroitich said.

"We expect to open a total of seven branches in this market before the end of this year in order to reach out to a larger cross-section of the target population," he said in a statement.

KCB is cross-listed on the Kampala and Dar es salaam bourses. In June, KCB became the first company to have its stock dealt on Rwanda’s Over-The-Counter market, where previously only government bonds were traded.

mwanamwiwa

September 10th, 2009, 05:58 PM

Uganda in Kenya-style housing incentives :cheers:

According to Kenya’s Assistant Minister for Housing, Margaret Wanjiru, these incentives through a strategic and phased roll-out plan, are expected to increase the country’s housing production from 35,000 units per year currently to 343,000 in 2030.

By DAVID MALINGHA DOYA

Uganda has adopted Kenya’s incentives for the housing industry in a move to boost the pace at which homes are built, as well as boost tax revenue from the sector.

The 30 incentives featured on the list encourage development of infrastructure, mobilising housing finance from various avenues including capital markets and the Diaspora, and upgrading housing conditions in slums.

“Cabinet approved the list because we have related housing challenges, and we think the incentives can reduce the country’s growing backlog,” said an official from National Housing and Construction Company.

Officials revealed the new incentives during the International Housing Association conference held in Kampala recently, where experts also proposed alternative sources of housing finance to address constraints in accessing finance and management models aimed at reducing risk to allow lower prices for homes.

According to Minister for Lands, Housing and Urbanisation, Omara Atubo, Kenya’s list of incentives is in line with government of Uganda’s policy on attracting investment in housing development.

The conference comes at a time when Uganda’s financial sector characterised by some of the highest interest rates in Africa, is debating a mortgage law needed to realise the government’s promise of providing reasonable housing for most of its citizenry.

Notable among the incentives is tax remission for developers building a minimum of 20 units targeting low-income earners in a single project.

According to Kenya’s Assistant Minister for Housing, Margaret Wanjiru, these incentives through a strategic and phased roll-out plan, are expected to increase the country’s housing production from 35,000 units per year currently to 343,000 in 2030.

The housing backlog in East Africa has been aggravated by high urbanisation rates driven by rural-urban migration, which in turn continues to breed slums on the outskirts of major towns and cities. According to UN Human Settlements Programme, less than 10 per cent of the population in most African cities and towns lives in formal sector housing.

Experts have projected from current growth trends in population and urbanisation that Africa will soon require 7,000 units of houses to be finished every day to clear the backlog and meet demand.

“Just a tiny fraction of that is currently produced,” said Stephen Giddings from the International Housing Coalition of the United States.

“The housing shortfall has worsened over the years from 60,000 units per year in the 1980s, to an estimated 600,000 units currently due to the high population growth,” said Mr Atubo.

Uganda has in the past rolled out incentives in the industry ranging from tax reductions and exemptions to state provision of infrastructure in privately developed housing estates, but with little impact.

The Kenyan incentives mainly encourage building of homes but fall short of guaranteeing prospective home buyers, good quality homes at fair prices and reasonable interest rates on mortgage finance. This is even as buildings continue to collapse around the region due to engineering blunders.al Housing and Construction Company.

Xusein

September 11th, 2009, 11:46 PM

:banana:

Dahabshiil earns international respect.

Money transfer service company Dahabshiil is investing in technologies to provide both 24-hour online transfers, SMS notification to customers, and guarantee security in excess international protocols and procedures aimed at combating terrorism, money laundering and other illegal usage. The Independent’s Patrick Kagenda talked to Ibrahim A. Ali Gurey, the Dahabshiil Country Manager.

Recently your founder was internationally recognized by the former UK exchequer. What does this mean to you?

This was extra mileage to us this year. The Presidency of Lord Lamont, a former UK Chancellor of the Exchequer, and the International Association of Money Transfer Networks (IAMTN) awarded Abdirashid Duale the Top Manager of the year award. Such recognition is the first of its kind given to an African company and the award not only recognises the outstanding service that Dahabshiil offers its customers and the company’s excellent record for complying with the most rigorous international standards of conduct, but also recognises the company’s commitment to social responsibility.

What is your corporate social responsibility?

Every year we invest in projects that assist the community. We also give 5% of our earnings to school projects, hospitals, and clean water projects. Besides a 5% donation to charity, after the tsunami in 2005 Abdirashid Duale promptly announced that the company would take an active role in providing immediate relief to the people in the regions of Somalia most affected which we gladly and diligently did.

What has been the impact of the global financial melt down of the operations of Dahabshiil money transfer services?

I cannot say we were not affected by the global financial meltdown. Our business is a service and in spite of the global financial meltdown people were sending money to their relatives. Our surviving the global financial meltdown effects is premised on our strength that is based on the fact that we exist in over 40 countries in the world. Because of our African origins most Africans in the Diaspora continued using our services. However there was a drop in the volume of money remittances we handled.

What makes you different from the other money transfer service providers like Western Union and Money Gram?

We are totally different from Western Union and Money Gram because we are inexpensive and oriented towards business as well. Dahabshiil like the other international money transfer services is a truly global operation providing a broad range of financial services to businesses both large and small and international organisations as well as the private individuals. We also operate under full banking licenses in a number of East African countries and are expanding this aspect of our business month on month. We have 1,000 branches and agents in over 40 countries around the world and international offices in London and Dubai. We have offices in 18 states in the US. We are the leading financial services organisation in the Horn of Africa. We focused on the quality of service. We can transfer as much as a business man wants within seconds while our competitors may take some time. Our services are internet based like theirs but we put a lot of emphasis on the time factor. The other difference we have from them is that we allow our customers to negotiate with us. A person sending US $100 to the US or UK will only pay $2 as service fee and when it is an inland transaction say sending money from Kampala to Arua, $100 will be sent for less than $2. We aim at serving more people while charging less so as to earn more.

How old is Dahabshiil money transfer services?

Dahabshiil started money transfer services in the 1970`s and was the pioneer of all money transfer services you see today except for Money Gram and Western Union. Dahabshiil started during the Somali civil war when the central government and the banking system collapsed. It was being operated without the current money transfer technology and was purely based on mutual trust between the person sending the money and the agent paying the recipient. It started as a Somali money transfer service based on the religious fundamentals of helping a brother in need where no ribha (interest) is charged which has since spread to the whole world today.

What new innovation have you added to the money transfer services?

We have invented new schemes like the Dahabcard. The Dahabcard rewards loyalty, so every time you send money with Dahabshiil you earn points.

What are your future plans?

Our plans are to expand to the entire Sub-Sahara Africa. Today we are present in Djibouti where we are opening a fully-fledged commercial bank. We are in Rwanda, South Sudan, Kenya and Senegal. Senegal covers our operations in the 17 Francophone countries. However we are waiting for clearance from the government of the Democratic Republic of Congo and once we are cleared we shall open shop in that country. Our greater plan is to have a global presence.

Link: http://somalilandpress.com/8478/dahabshiil-earns-international-respect/

yosef

September 12th, 2009, 01:21 AM

Hahahah Ghana is gonna explode soon....lol

Oil oil oil oil oil oil oil

haha...looks like it. God bless to Ghana, its good to see someone strike it rich like that.

mwanamwiwa

September 12th, 2009, 12:43 PM

Teams cable live next week

By JEVANS NYABIAGE
Posted Friday, September 11 2009 at 17:05
In Summary

Safaricom forecasts lower retail prices after second cable starts working

The East African Marine Systems (Teams) cable is to go live next week, Dr Bitange Ndemo, permanent secretary ministry of Information and Communication has said.

The launch of the system, which could drive bandwidth prices down due to competition among shareholders was to have taken place on Friday but did not materialise.

Dr Ndemo had earlier on Friday morning confirmed that the cable was to be launched by President Mwai Kibaki, but later said it had been put off.

“We were unable to go ahead with the launch as the President was taking part in an event to raise funds for the Faza Island fire victims,” he told Saturday Nation.

Pricing

As soon as the cable is handed over to Teams by the contractors, connectivity will be activated and it will then be up to each investor to decide the pricing and timing of the launch of their individual bandwidth on the cable, Mr Michael Joseph, Teams chairman and CEO Safaricom said in reference to the competition among shareholders.

“Capacity will be sold by shareholders of the cable as licensed telecommunications operators. The shareholders are all competitors in the market place and this level of competitiveness will ensure the price of capacity at both the retail and wholesale levels will be more affordable than that currently being sold by competing cable systems,” said Mr Joseph.

“The shareholding in Teams Ltd is directly proportional to the equivalent ownership of the cable system’s share of capacity,” he said.

The partnership between Tata Communications and AccessKenya Group to establish a local access point to the internet in Kenya is expected to benefit players as the cable goes live.

It will allow internet service providers to access a direct link between Kenya and other world destinations.

Earlier, service providers in the country needed to buy international fibre through a cable network to London to offer Internet links to Asia or South Africa. This meant that all traffic was routed through London rather than through a more direct route.

The internet protocol for this point of preference is configured to offer back up for internet traffic going north towards Europe and southwards to South Africa and to Asia and India over the Seacom cable system, the companies said.

Should there be a fibre cut on route to London, for example, traffic will be diverted through South Africa to ensure that customer services are not disrupted.

Zain launches Internet packages for prepaid customers

Published on 11/09/2009
By Standard Reporter

Zain Kenya has launched unlimited Internet access services for prepaid customers by unveiling two flat rate access packages.

The bundled unlimited Internet and the daily-rate access packages will see prepaid customers make up to 90 per cent savings.

Customers will pay a minimum flat rate of Sh250 to gain unlimited access to the Internet for one day.

The package can be subscribed to for a maximum of 30 days at Sh3,250. Alternatively customers will subscribe to the bundled offer at Sh100 for 25 megabytes (MB).

Customers will be required to buy USB modems at Sh2,999, down from Sh12,995, which are already pre-loaded with 150MB.

Hinder penetration

"The high cost of the modem has been a major hindrance to penetration of data services in this market," said Mr Rene Meza, Zain Kenya managing director.

Meza said Zain Kenya was now connected to the Seacom fibre optic cable, thereby enhancing Internet data speeds.

"This is critical for real-time services such as video streaming. It will also reduce backbone costs which will eventually bring down the cost to the end user," he said.

The connection will enhance availability of bandwidth and allow for significant capacity expansion on the backbone to meet the growing demand for Internet services.

The move by Zain Kenya to stir interest in data services among the prepaid customers is driven by the anticipated boom occasioned by the arrival of the fibre optic cables on the Kenyan coast line.

Despite mobile telephony subscription growing to more than 16 million, data services have largely been utilised by corporate clients and customers in the post-paid tariff plans.

Meza said following an extensive network upgrade programme which commenced last year, Internet is now available in all parts of the country.

mwanamwiwa

September 13th, 2009, 01:31 AM

New airline to boost recovery of local tourism:cheers:

Updated 7 hr(s) 11 min(s) ago
By Philip Mwakio

Coast hoteliers have welcomed the announcement by Ethiopian Airlines to start flights into Moi International Airport, Mombasa next month.

They said the move will help boost growth and recovery of regional tourism.

They urged other airlines to follow suit.

Ashnil Group of Hotels Sales and Marketing Manager, Paul Kurgat said the new entrant will open up Kenyan Coast to business and tourism prospects to the Ethiopian and other international travellers.

Robert Kinyua, General Manager of the North Coast Beach Hotel said it will not only benefit the hospitality industry, but also the business community.

"For a long time now, air access into Mombasa has been wanting, but with the coming of this new flight we expect increased visitor flow into our destination,’’ Kinyua said.

In a paid up advertisement, the airline said it will start operating into the Moi International Airport from next month.

The airline has opened a new office at Mombasa’s TSS Towers. Kinyua said the coastal region needed international flights to help boost bed occupancy among star-rated hotels.

Sunrise Beach Resort Apartment and Spa General Manager Titus Kangangi said lack of enough flights into Mombasa impacted negatively on the industry.

Kangangi, who is also the Kenya Association of Hotelkeepers and Caterers Coast branch chairman said currently the number of international charter flights from key source markets of Europe was not enough.

Kenya, Seychelles in joint tourism plan:cheers:

Published on 12/09/2009

The Seychellois tourism industry is seeking to partner with Kenya’s in undertaking joint marketing activities to increase the number of tourists visiting the two countries from Europe and the US.

The island’s tourism board said marketing the two countries as a twin centre holiday destination would make a value proposition for long haul destination tourists.
Seychelles Director of tourism marketing Alain St. Ange said exploiting synergies that exist between the sectors in the two countries would increase the region’s visibility globally.
St. Ange spoke on Friday in Nairobi where he is on a four-day visit to popularise the idea.

....................................

desert burner

September 13th, 2009, 09:16 PM

Uranium mining company Mantra Resources Ltd (Mantra) of South Africa and Uranex have been given the go ahead by the Tanzania government to mine uranium after they met all environmental conditions as mandated by the National Environment Management Council.

Mantra expects to complete a pre-feasibility study anytime now, ahead of the awarding and commencement of a full feasibility study.

In a statement to The EastAfrican, Mantra said that the infill and exploration drilling is also currently being undertaken ahead of the project.

The drilling programmes are scheduled to be concluded by December and will be followed by a revised resource estimate expected to be completed in the first quarter of 2010.

The results of Mantra’s drilling at the company’s flagship Mkuju River Project in southern Tanzania have confirmed the presence of multiple thick zones of sandstone-hosted uranium mineralisation at shallow depths at the Nyota Prospect.

An inferred mineral resource of 35.9 million pounds (U3O8 ) has been estimated for the prospect. This initial resource estimate is based on drilling that covers only a small part of the total area of the prospect, and the potential exists to substantially grow the resource base with ongoing work.

Minister for Energy and Minerals William Ngeleja said that two companies will engage in mining of uranium in the next three years.

Mr Ngeleja said that the deposits at Naumutumbo were estimated at 35.9 million pounds of uranium oxide.

The results of a recently completed scoping study have confirmed the technical and economic viability of the project, and its capacity to operate with strong cash margins.

Using the current resource estimate as a base case scenario, the project can support a minimum annual production of 2.5 million pounds U3O8 for a minimum 10-year mine life.

Mantra has an established strategic alliance with Highland Park SA (includes original founders and former executives of LionOre Mining International Ltd), strong cash reserves and recently announced that it intends to seek a dual listing on the Toronto Stock Exchange later this year.

Uranex’s area of exploration has an estimated 6.7 million pounds of uranium oxide.
Tanzania has about 53.9 million pounds of uranium oxide deposits.

The government recently allayed public fears over the mining of uranium. Deputy Minister for Energy and Minerals Adam Malima said that environmental, health, economic and social impacts will be carefully considered.

Mr Malima said that the government was aware of the high safety standards required for the mining of uranium to safeguard lives and the environment.

While Mantra is involved in the exploration at Namtumbo, Uranex is working on the Bahi project in Dodoma with an estimated 6.7 million pounds.
The two companies are among 20 licensed to explore for uranium in the country.

The development in Tanzania comes at a time when activists in neighbouring Malawi were up in arms against the location of a uranium mining project.

It has been reported that the activists were against the mining company for failing to adhere to environmental concerns around the operation involving water contamination of the rivers that flow into Lake Malawi.

The lake is a major source of potable water and fish in Malawi, Tanzania and Mozambique.

desert burner

September 15th, 2009, 12:05 AM

http://www.nation.co.ke/business/news/-/1006/657774/-/igf42pz/-/index.html

desert burner

September 15th, 2009, 12:40 AM

http://www.businessdailyafrica.com/Company%20Industry/-/539550/658014/-/u73gfxz/-/index.html

desert burner

September 15th, 2009, 01:01 AM

Sanghi Cement Industries of India has acquired 500 acres to start its cement production in Sebit and Ortum areas of Pokot Central district.
The firm’s Managing Director Rajesh Kumar Rawal said this after he sealed a deal with Pokot County Council officials led by the chairman David Moiben with the blessing of 54 councilors.
Rawal said that the 500 acres of land will be home to the latest state- of-the-art cement factory. According to Rawal, the site will also accommodate staff houses, schools, medical and training centres, and a host of other social amenities.
Commercial production
Sanghi Cement, the world’s largest single stream cement plant producing over 20 million tonnes of cement per annum, commences commercial production towards the end of 2011.
The multi-billion shilling project will produce up to 1.2 million tonnes of cement per annum.
Through Cemtech Ltd — its local holding company — Sanghi Cement has been given all the certifications by all Government agencies. National Environmental Management Authority has already given the project a clean bill of health, issuing the cement factory an Environmental Impact Assessment licence. Rawal says the company has completed a geological study of its limestone quarries for which it has been granted exclusive mining rights for 99 years.
Moiben expressed optimism that President Kibaki and Prime Minister Raila Odinga would officiate over the ground-breaking ceremony later this month.

mwanamwiwa

September 16th, 2009, 05:49 AM

KenolKobil, Engen eye BP and Shell Zimbabwe assets

http://www.nation.co.ke/image/view/-/641260/highRes/95172/-/maxw/600/-/pfdl9lz/-/Kobil.jpg

Published on 14/09/2009
HARARE, Sunday

African oil firms Engen Petroleum and KenolKobil said they plan to buy BP and Shell’s Zimbabwe assets in anticipation of growth under a unity government formed earlier this year.

The move would be the highest-profile exit by major foreign investors since President Robert Mugabe and Prime Minister Morgan Tsvangirai set up a power-sharing government in February.

Zimbabwe has asked the world for help for its devastated economy, and says it needs $10 billion (Sh 760 billion) to rebuild dilapidated infrastructure and ease a 90 per cent unemployment rate.

Western donors want political and economic reforms before aid flows to the once-prosperous southern African country. Foreign investors are also likely to remain cautious.

Engen — one of South Africa’s leading petroleum products retailers — and Kenya’s oil retailer KenolKobil said they were to acquire all the shares in Shell Zimbabwe and BP Zimbabwe.

The companies plan to acquire more than 75 service stations in a deal now under consideration by Zimbabwean authorities. A Europe Union delegation was to visit Zimbabwe two days ago for meetings with Government leaders, the first such talks in seven years, in a bid to restore aid and co-operation with the African state. BP and Shell, whose joint Zimbabwe operations employ about 400 people and whose blending plant in Harare has a capacity of 30 million litres per year, were not available for comment. Engen has existing operations in Zimbabwe and Mr Jacob Segman, managing director of KenolKobil, said the joint venture would seek to benefit from the country’s reconstruction.

Country’s reconstruction

"While Zimbabwe’s economy has declined sharply over the last decade, it still boasts good infrastructure and we believe that this will form the basis of renewed economic growth," Segman said in the statement.

Last moth, KenolKobil bought Oil Burundi SA from Engen International and three service stations from an independent marketer. The acquisitions increased KenolKobil’s regional presence to seven countries.

nairoberry

September 17th, 2009, 08:02 PM

Last moth, KenolKobil bought Oil Burundi SA from Engen International and three service stations from an independent marketer. The acquisitions increased KenolKobil’s regional presence to seven countries.

and kenya DOES NOT produce a drop of oil. wow.

MBA-Congo

September 17th, 2009, 08:58 PM

Lake Chad to Receive Water From Ubangui River, Commission Says

By Pius Lukong

Sept. 17 (Bloomberg) -- Lake Chad in central Africa, which has lost 90 percent of its water because of climate change and population pressure, will receive water from the Ubangui River in the Congo Basin to boost levels, the Lake Chad Basin Commission said.

The lake, which is surrounded by Chad, Cameroon, Niger and Nigeria, provides sustenance for the more than 30 million inhabitants of the basin, Abdullahi Umar Ganduje, executive secretary of the commission, said in an interview yesterday in Yaounde, the capital of Cameroon. Water from the Ubangui River will be channeled through a trench into the Palambo dam from where it will be directed into the Chari river, which empties itself into Lake Chad, Ganduje said.

Used as a water source for agriculture, irrigation and industry, as well as for humans and animals to drink, the lake has shrunk from 25,000 square kilometers (9,652 square miles) in 1964 to less than 1,000 square kilometers in 2008, Ganduje said.

“The water could dry up completely in the near future if urgent measures are not taken,” he said.

The Trans-Africa Water-Transfer Project aims to guarantee food security in both the Congo and Lake Chad basins, preserve water resources and protect aquatic ecosystems, Ganduje said. Its efforts are being hamstrung by a shortage of capital, he said.

Cameroon, Chad, the Central African Republic, Niger, Nigeria and Libya are all members of the commission.

http://www.fao.org/docrep/005/T0473E/T0473E52.gif

http://upload.wikimedia.org/wikipedia/commons/5/5a/Ubangi_river_near_Bangui.jpg

http://strangemaps.files.wordpress.com/2007/03/14-lakechad.jpg

mwanamwiwa

September 18th, 2009, 03:13 AM

Kenya improves on business performance

By MWANIKI WAHOME
Posted Thursday, September 17 2009 at 16:26

Kenya’s business environment improved significantly in 2009 according to a study released on Thursday.

The study conducted by African Development Bank, World Bank and World Economic Forum indicated that the country moved up six places to number 93 out of 134 countries compared to number 99 in 2008.

Kenya was ranked number ten in Africa behind Tunisia, South Africa, Botswana, Mauritius, Morocco, Namibia, Egypt, Gambia and Libya.

This is the second Africa Competitiveness Report to be produced and examines the business environment and indicates what the countries need to improve on to be more competitive.

According to the report, Kenya scored highly in more complex areas mainly reserved for more developed economies like innovation, education and financial markets, which were found to match the best in the world.

The report was released against the background released in September by World Bank, Doing Business 2010 which indicated the country had dropped to number 95 from 94 in terms of ease in doing business.

Speaking during the function, trade minister Amos Kimunya said the country needed to speedily address the identified constraints, which included poor roads, bureaucratic public institutions, security and weak health system.

“There is an urgent need to upscale reforms and the report provides an insight of what needs to be done to address identified weaknesses.” he said.

World Bank Group country director in Kenya, Mr Johannes Zutt said the country had potential to turn around in shorter period if the constraints identified were fixed.

“To improve Kenya needs to benchmark itself with the best in Africa. Infact it can benchmark itself with countries like Brazil, India and China because it has the potential.” he said.

He said the country was projected to grow at between 2.5 and 3 per cent this year, which was impressive from 1.7 per cent recorded last year following post-election crisis.

He said this was just enough to keep pace with population growth but could not lift many from the cycle of poverty.

He said issues of corruption, money laundering and tighter supervision of particularly co-operatives and microfinance were necessary for the country to improve the quality of living standards.

Others were improvement in customs procedures and export market linkages to promote more trade.

Tullow Oil says latest Uganda find may be largest

UK-based Tullow Oil said last month that it planned to sell down part of its 100 per cent stake in Block 2 in the coming months. Photo/FILE

By REUTERSPosted Thursday, September 17 2009 at 10:46

UK-based oil explorer Tullow Oil said it has struck what may turn out to be the largest oil find yet in a block it plans to partly sell-off in Uganda's Lake Albert basin.

Tullow said in a statement on Thursday that results from its Ngassa-2 exploration well in Block 2 suggested a "significant" oil column.

"The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement," Exploration Director Angus McCoss said.

Tullow did not say how much oil it had found but analysts said it could be hundreds of millions of barrels.

"Management's preliminary guidance on reserves is a mean estimate of 115 million barrels," Phil Corbett, oil analyst at Royal Bank of Scotland, said.

"In addition, the company is flagging another 400 million barrels of prospective resources which is supported by seismic," he added.

Tullow said last month that it planned to sell down part of its 100 per cent stake in Block 2 in the coming months.

"It is not unreasonable to suggest that industry players may "pay up" for some of the upside in any farm-in (part-purchase)," Corbett added in a research note.

:cheers::cheers:

desert burner

September 18th, 2009, 12:32 PM

A four-year interconnection of electricity grids in five Nile Equatorial Lakes countries including Kenya, has been launched.

The Sh152 million project will be implemented by the Nile Basin Initiative (NBI), Nile Equatorial Lakes Subsidiary Action programme (NELSAP) in collaboration with the African Development Bank (AfDB).

In Kenya, Lessos area in Nandi district is expected to receive 220 Kilo Volts (KV) with a 256km interconnection line from Bujagali Power Station in Uganda. The interconnection aims at creating a regional power network.

Other countries set to benefit from the programme slated to start at the end of next year are Burundi, Democratic Republic of Congo, Rwanda and Uganda.

Power exchange market

It is expected that the project will create a power exchange market among the five countries and lower the cost of electricity, Antoine Sendama, NELSAP regional co-ordinator said in a statement.

"The interconnection lowers the cost of power supply, ensures system stability, security of supply and optimises the use of energy resources." the statement read in part. Joseph

Sendama said the project will also update the feasibility study of the Lessos and Olkaria projects in the country.

Terer, the NBI project manager said besides providing electricity to rural areas to spur economic growth, the project is expected to ease the high costs of electricity.

Consultation with donors

Uganda’s Energy minister, Eng Simon D’ Ujanga launched the programme at the Grand Imperial Hotel in Kampala last week following a two-day meeting with officials from the five countries and the donors.

While each of the benefiting countries is expected to implement the projects falling under its territory, NELSAP will establish a co-ordinating and implementation unit at the regional level.

Tanzania will be linked to the regional electricity grid through a planned interconnection with Kenya in the north western part to Rusumo Falls Hydropower Project shared among Burundi, Rwanda and Tanzania.

buhera

September 21st, 2009, 04:03 PM

A factory making steel tubes with an investment of around $50 million has been opened in the Beluluane Free Zone outside Maputo. The factory is a joint project between South African, Chinese and Mozambican companies.

According to a report circulated on Friday by the Centre for Chinese Studies at Stellenbosch University, the factory is owned by newly formed company Capital Star Steel. It covers about five hectares of land and employs around 200 workers. Since it is located in a free zone, it is exempt from tax for between 5 and 10 years.

The main shareholders in Capital Star Steel are Seven Star Steel of China and the South African group Africa Star Steel, which each hold 40%.

The remaining 20% is in the hands of a group of Mozambican companies, including the Mozambique Zimbabwe Pipeline Company, the state-owned fuel distribution company Petromoc, the electricity company EDM, the Matola Gas Company and Petroline.

The latter is involved in the project to build a 570km-long pipeline linking the oil terminal in the Port of Matola to the South African provinces of Gauteng and Mpumalanga.

Armando Guebuza, President of Mozambique, inaugurating the factory, said: "Factories such as this demonstrate to the world that Mozambique is a safe destination for large-scale private investment, and that we have the human capital and a favourable environment for the installation, operation and prosperity of world-class companies, as well as the capacity to interact with multinational businesses and with them contribute to improving the performance of the national economy."

Garnet Twingg, chairperson of Capital Star Steel, said that the proximity of the port of Maputo was a determining factor. "We need to be near a good port in order to reach our export markets," he said.

Markets have already been secured in South Africa and the United States, and the project will, in an initial phase, have capacity to produce 200,000 tons of steel pipes per year.

http://www.businessday.co.za/Articles/Content.aspx?id=81903

mwanamwiwa

September 22nd, 2009, 11:18 PM

Southern Sudan to build Sh800m port

Updated 2 hr(s) 20 min(s) ago

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By Philip Mwakio

The Government of Southern Sudan will construct its first modern port along the White Nile river in Juba at a cost of Sh800 million.

A senior government official told The Standard that Damien Shipyard has been contracted to do the work, which will take one year to complete.

Southern Sudan’s Director General for River Transport under the Ministry of Transport and Roads, Abdu Silye, said dredging along the river course will be required in some locations to make it more navigable.

The official was in Mombasa to attend a Maritime Safety and Port Security workshop organised by the Port Management Association of Eastern and Southern Africa (PMAESA) and the Southern African Development Community.

"There are no clear navigation marks along the river channels expecially from the Sudd area, Bor and Chambe. It is only a qualified coxwain who can manouvre through the tricky channels,’’ the official said.

He said merchandise goods from the North are transported to Southern Sudan along the river hence the resource —which traverses Sudan from the South to the North— provides an important inland transport.

Major impediment

Eng Silye added that the river has always been a key navigation route through which huge amounts of commodities pass, but is now silted and its capacity reduced.

"Its usefulness has been limited by natural features, including a number of waterfalls and silted shallow stretches that restrict the carrying capacities, especially during the period of low water and river sharp bends,’’ Eng Silye says.

The spread of water hyacinth and lack of navigational aids is also a major impediment.

Silye appealed to PMAESA to which Southern Sudan is an associate member, to support his Government in development activities.

They include training programme for member States, tracking and communication equipment for inland ports to provide adequate security and information systems.

mwanamwiwa

September 24th, 2009, 08:59 PM

Kenya, Thailand to reignite dormant trade deal

Updated 18 min(s) ago
By John Oyuke

Kenya and Thailand have been asked to operationalise the 16-year-old Joint Trade Commission to enhance trade between the two countries.

Trade Minister Amos Kimunya said the commission formed by an agreement signed in 1993, to increase trade between the two countries, was yet to be operationalised.

He said there are plenty of investment opportunities in agriculture, textiles, food and beverages in Kenya.

"Opportunities abound in Kenya, for the establishment of ginneries for processing of cotton and for manufacturing textiles for export, particularly to the US under the African Growth and Opportunity Act," he said.

Kimunya made the remarks, during the opening of The Made in Thailand products Showcase 2009 at the Kenyatta International Conference Centre (KICC) Nairobi yesterday.

Production technology

He said Thailand’s investment in Kenya’s cotton and other textile industries would be beneficial to both our countries.

He said Thailand had achieved tremendous success in improving its production technology for agricultural products such as rice, coconut and mushrooms.

"Thailand’s irrigation technology is internationally acknowledged and we look forward to establishing formal mechanisms for co-operation with Thailand to share experiences and technology in developing our agricultural sector," Kimunya said.

He said the overall outlook of bilateral trade between Kenya and Thailand, though comparatively small in volume is promising.

The value of Kenya’s exports to Thailand rose from about $14.4 million in 2006 to $32.4 million last year. Imports from Thailand into Kenya rose from $71.8 million in 2006 to $130.4 million last year.

Kimunya said the two countries had signed a Bilateral Air Services Agreement and that Kenya Airways commenced flights to Bangkok in September 2003.

"This has made access between the two countries and to other destinations in the Asia much easier," he added.

Kimunya urged Kenyan investors to take advantage of the trade fair and establish long lasting business relationships that would benefit the two countries.

:cheers::cheers:

MBA-Congo

September 24th, 2009, 09:50 PM

Bill would require oil firms to report payments to foreign governments
API SmartBrief | 09/24/2009

Sens. Benjamin Cardin, D-Md., and Richard Lugar, R-Ind., have introduced legislation that would require oil firms such as ExxonMobil and Chevron to detail payments made to Angola, Congo and other foreign governments. The measure aims to curb corruption by allowing citizens of resource-rich countries to learn about money that their governments receive for drilling or mining deals. An American Petroleum Institute spokeswoman said the group opposes the bill, contending that such disclosure could hurt U.S. firms because overseas rivals do not have to report similar payments. Houston Chronicle (09/23)

VegaM

September 25th, 2009, 12:56 AM

Attijariwafa Bank boucle l'acquisition du Crédit du Congo et de l'Union Gabonaise de Banque

Conformément à l’accord conclu le 25 novembre 2008 avec Crédit Agricole S.A. portant sur le rachat du réseau de cinq banques de détail en Afrique subsaharienne, le groupe Attijariwafa bank a conclu, ce mardi 22 septembre 2009, les opérations d’acquisitions, agréées par les autorités de tutelle, du Crédit du Congo (1ère banque de la République du Congo) et de l’Union Gabonaise de Banque (3e position sur le marché gabonais).

Par ailleurs, indique un communiqué parvenu à Les Afriques, le groupe Attijariwafa bank poursuit, avec Crédit Agricole S.A., les démarches pour l’obtention des autorisations requises s’agissant de l’acquisition des participations majoritaires de Crédit Agricole S.A. dans les trois autres banques en l’occurrence : la Société Ivoirienne de Banque, la Société Camerounaise de Banque, et le Crédit du Sénégal.

mwanamwiwa

September 25th, 2009, 08:12 PM

Prescription for domestic tourism in Kenya

AWq67cQ-1t0

desert burner

September 26th, 2009, 05:52 AM

By James Anyanzwa and PPS
The Government has received a dividend of Sh7.2 billion from the Central Bank of Kenyahttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif (http://www.standardmedia.co.ke/business/InsidePage.php?id=1144024926&cid=14&#) (CBK).
At the same time the Government also received 53 million Euros (Sh5.6 billion) in loans and grants from the French Government for water and sanitation, energy and social development programmes.
The CBK dividend comes after the bank recorded a sterling performance in the last financial year posting a profit of Sh23.2 billion.
The amount comprised of Sh 11.2 billion from operations and Sh11.992 billion from revaluation gains.
While receiving the cheque yesterday form CBK Govenor Prof Njuguna Ndung’u, Kibaki commended the CBK Board, Management and staff for the good work encouraging them to work harder so as to meet and even surpass their targets this financial year.
Good performance
"I am pleased with your good performance. Lets ensure that we work harder and perform better this financial year," he said.
Last year, CBK paid the Government a dividend of Sh4 billion.
Kibaki said dividend payments by the bank and other state corporations would be used to fund social welfare projects, especially the economic stimulus package including the Kazi Kwa Vijana programs that were critical for job and wealth creation.
Deputy Prime Minister and Minister for Finance Uhuru Kenyatta said the funds will go a long way towards the implementation of priority projects, especially during this period when the country is facing various challenges occasioned by drought and famine.
Prof Ndung’u said CBK’s good performance was as a result of efficiency gains in monetary policy operations and effective expenditure management.
Ndung’u said disposal of security and foreign currency translation gains of Sh 13.462 billion also contributed to the bank’s improved performance.
Also present were CBK board members Ms Agnes Wanjiku, Mr James Waiguru and Dr William Ogara and Director of Finance Mr Aggrey Bett.
Meanwhile Uhuru said the French Government’s continued financial and technical assistance to Kenya demonstrated the cordial relations between the two countries.
Economic activities
He said the growing population and increasing economic activities would increase demand to domestic, food security and industrial development as well as sanitation facilities.
Uhuru said water and sewerage infrastructure ought to be enhanced in order to meet the standards associated with middle-income countries as spelt out in the Vision 2030.

:cheers:

Kenguy

September 26th, 2009, 06:53 AM

Kenya Commercial Bank to expand to DRC.

Allafrica.com
23 Sept.09

Kigali — Fifteen top businessmen from Goma, Eastern Democratic Republic of Congo (DRC), met members of the KCB Rwanda board last Thursday to press their case for the bank's entry into DRC.

The businessmen, led by John Kanyoni, the president of the North Kivu Business Association, met KCB Group Chairman, Peter Muthoka and Chief Executive, Martin Oduor-Otieno among other board members appealed to them to establish a presence in Goma.

"Our businesses require a lot liquidity which is a big problem for us. We want KCB to open a branch in Goma to serve the North Kivu region," said Kanyoni.

In response, Muthoka said the request would be brought before the Group Board for discussion at an appropriate time. The Board was taken on a tour of Goma and shown operations of several mining businesses in the city before holding discussions with the businessmen.

Meanwhile, KCB Rwanda has opened a new branch in the border town of Gisenyi, bringing to five the number of operational branches in the young KCB subsidiary.

The launch was presided over by the Governor of Western Province, Kabahizi Celestin who lauded KCB for its growing presence in Rwanda.

MBA-Congo

September 26th, 2009, 06:32 PM

AfDB approves $190mn road project linking Congo with Cameroon

APA – Lagos (Nigeria) The Board of the African Development Bank (AfDB) Group on Friday in Tunis approved an important financial package worth US$190 million for a rado project linking Congo and Cameroon.

The AfDB said in a statement released on Friday in Tunis that the package comprises a grant of 61.9 million Units of Account (about US$97 million) and a loan of UA 59.27 millions (about US$93 million).

It said that the Ketta-Djoum Road and the Brazzaville-Yaoundé Transport Corridor Facilitation Project would assist in strengthening regional integration in Central Africa.

“It will enable interconnecting highways linking Cameroon, Congo, DRC, Gabon, Equatorial Guinea and Central African Republic.

“In addition to improving the movement of people and goods between Congo and Cameroon, it will open up areas with significant economic potential in northern Congo (agriculture, ore, timber, etc.) and in the south-eastern part of Cameroon,” it said.

The 504.5-km Ketta-Djoum Road is a major link on the 1, 612-km highway connecting the two capital cities of Brazzaville (Republic of Congo) and Yaoundé, (Cameroon).

The project, which will be implemented in two phases, will provide a completely paved corridor between Brazzaville and Yaoundé.

“No permanent road connection actually exists between the capitals of the two countries (Yaoundé and Brazzaville),” says Ali Kies, Manager, Transport Division, at the African Development Bank.

“The road sections between Ketta and Djoum along this axis are in an advanced state of disrepair, thus cutting off regions that it crosses. As a result, huge agricultural, mining and tourist potential remain untapped, constituting a setback to the development of trade between the two nations and in the Central Africa sub-region.”

The first phase of the project, funded by the African Development Fund, includes, (in Congo), paving of the Ketta-Biessi section (121 km) and minimal works on the Biessi-Cameroon border earth road section (195 km).

In Cameroon, it involves minimal works on the Congo border-Mintom earth road section (105.5 km) and paving of the Mintom-Djoum section (83 km). Phase II of the project will comprise paving the remaining Biessi-Cameroon border earth road section (195 km) in Congo and paving the remaining Congo border-Mintom earth road section.

Leading the implementation of NEPAD’s infrastructure and regional integration programmes, the AfDB Group dedicates up to 60 percent of its operations to infrastructure.

mwanamwiwa

September 29th, 2009, 04:03 AM

Local firms shine at US awards fete

http://www.nation.co.ke/image/view/-/492222/highRes/51524/-/maxw/600/-/eljo70z/-/biz+update+1+pix.jpg

Co-op Bank MD Gideon Muriuki. The bank’s IPO last year received an award. Photo/FILE

By JOSEPH BONYOPosted Monday, September 28 2009 at 17:12

The profile of the Nairobi Stock Exchange has been raised by the recent winning’s of listed firms at the Africa Investor Awards function held in New York.

Among them was Co-operative Bank of Kenya’s 2008 Initial Public Offering which was conducted at a time when the market was feeling the heat of depressed investor confidence.

“The awards were a show that our market has come of age and meets internationally accepted standards,” said Mr Eddie Njoroge, chairman of the bourse at a function on Friday.

The Africa Investor Series Awards assessed performance between April 2008 and April 2009.

They were based on the Ai100 and Ai40 indices that recognise and reward institutional investors, stock exchanges, stockbrokers and capital market regulators across the continent.

Kenyan and South African business leaders dominated the CEO categories with Mr James Mwangi of Equity Bank scooping the Ai100 CEO of the Year and Mr Jacko Maree the Ai40 CEO of the year.

Mr Hussein Manzi, CEO Bamburi Cement won the AiSRI50 CEO of the Year award.

The stockmarket in the course of last year suffered a blow when local retail investors backed out due to panic selling of shares.

This was further aggravated by the global financial crisis that also saw foreign investors keep away from the market.

In it’s offering Co-operative Bank raised Sh5.4 billion against the expected Sh10 billion.

The offer enhanced its capital base to Sh14.7 billion to enable it join the ranks of highly capitalised banks in the country.

The bank said it intends to expand regionally by opening up five branches in Southern Sudan adding that it was negotiating a strategic partnership with the co-operative movement in Uganda.

The NSE has of late exhibited marked growth that has been linked to the inflow of capital from foreign investors.

Partial return of local investors is also said to be up as the market looks at the prospect of full recovery by end of the year.

mwanamwiwa

September 29th, 2009, 10:59 PM

Kenya, Venezuela sign pact on oil exploration

Published on 29/09/2009

Kenya and Venezuela have signed an agreement setting the stage for co-operation in oil exploitation. The pact also calls for exchange of technical expertise on energy matters including exploitation of the renewable sources of energy. The agreement was signed yesterday between Venezuelan Vice-President and Minister for Energy Petroleum Raphael Ramirez and Vice-President Kalonzo Musyoka. The Venezuela VP said because the distance between the two countries was long, Venezuela would consider supplying affordable oil to Kenya from partners close to East Africa

:cheers::cheers:

mwanamwiwa

September 30th, 2009, 10:22 PM

Kenya to spend Sh735m on setting up industrial centres

By NATION Correspondent
Posted Wednesday, September 30 2009 at 15:45

The government has set aside Sh735 million for the construction of industrial development centres in every constituency during the current financial year.

Industrialisation ministry PS John Lonyang’apuo said each of the 210 constituencies would receive Sh3.5 million for the projects aimed at creating jobs for the youth and fighting poverty in rural and urban areas.

He said tenders for construction of the sheds have already been advertised and work is expected to begin from next month and be completed by December.

Mr Lonyang’apuo said the government will equip the centres with modern tools and equipment to enable entrepreneurs make high quality products for local and export market.

He spoke at Tartar Girls High School in West Pokot during the World Catholic Education Day celebrations.

Mr Lonyang’apuo asked local authorities to provide a minimum of two acres of land for the setting up of the business centres adding that those without land are expected to use LATF or CDF to buy it.

Access credit

The PS said the government will support youths and small scale business people to access credit in micro-finance institutions and from commercial banks to start viable income generating projects.

He urged youths and women to form groups and borrow money from established funds to do business.

mwanamwiwa

October 1st, 2009, 03:29 AM

Italian security firm sets up shop in Kenya

Updated 6 hr(s) 31 min(s) ago
By Morris Aron

Global leader in surveillance defence systems— Selex Sistemi Integrati —is on an aggressive expansion plan into Kenya and East Africa.

The Italian-based company which recently signed a Sh2.7 billion contract with Kenya Civil Aviation Authority(KCAA), last week opened an office in Nairobi to act as a stepping-stone into the region.

The repositioning, the firm says, is due to "growth in demand for surveillance systems in the region". "Due to logistics, Nairobi is a good springboard for anybody planning to enter the regional market," said Paolo Pozzessere, senior vice president for Finmeccaninca—the parent company of SSI.

"Demand for surveillance systems is growing in Sub-Saharan economies in their take off stage compared to the western world."

The company said the move to have an office as opposed to working through proxy is to consolidate its operations.

Trade Minister Amos Kimunya welcomed the move saying it indicates the growing business relations with the Italian government.

"We encourage such trends as it shows the confidence that the Italian government has in Kenya’s business environment," said Mr Kimunya.

The minister spoke when he presided over the opening of the new office early this week.

Demand for land, sea and air surveillance systems have increased in the recent past due to heightened piracy in the Indian Ocean, conflict in Somalia and periodic border tensions between several countries.

Lucrative contracts

The emerging threats have seen the company sign several lucrative contracts in Kenya.

The SSI contract with KCAA, for example, will see the Italian company supply the air traffic controller with primary and secondary radars and automated systems for management of land based movements and navigation aids. The project is expected to complete before the end of the first-quarter of next year.

The new systems, to be installed in Kisumu, Eldoret, Machakos, Pokot and Wajir airports will enable the Civil Aviation effectively manage the country’s air space.

SSI will also train KCCA air controllers on how to operate the technology.

The company has secured a contract to supply police patrol boats to operate in Lake Victoria.The company has offices in Yemen, Nigeria and Angola.

mwanamwiwa

October 4th, 2009, 09:47 PM

Kenya, Uganda sign rail deal

http://www.nation.co.ke/image/view/-/641746/highRes/72023/-/maxw/600/-/rmifebz/-/mwak.jpg

Transport minister Chirau Mwakwere. Kenya and Uganda have signed a bilateral agreement for the construction and management of a standard gauge railway line between Mombasa and Kampala. Photo/FILE

•Agreement requires each government to pay the cost of the construction of the line in their country.The governments of Kenya and Uganda have signed a bilateral agreement for the construction and management of a standard gauge railway line between Mombasa and Kampala.

Related Stories

Kenya, Uganda in standard railway line pact
The signing of the agreement by Kenya Transport minister Ali Chirau Mwakwere and his Ugandan counterpart John Nasasira follows an agreement by Presidents Mwai Kibaki and Yoweri Museveni in January over establishment of the railway line.

The agreement requires each government to pay the cost of the construction of the line in their country, although the ministers neither revealed how much each government would inject in the project nor how it would be funded.

“What we know at this stage is that the project is viable,” said Mr Mwakere, adding that already, a feasibility study is being carried out, the ministers said, although they could not at the moment reveal who is doing the study.

The railway line is expected to provide a link between the two countries with branches to Kisumu and Tororo in Uganda, and later on link to Rwanda and the Southern Sudan.

“The most important thing at the moment is that the railway line is feasible and a partner is already carrying out the study and will make the preliminary designs at no cost to the two governments although it is estimated to cost $US10 million (Sh750 million),” said Mr Mwakwere.

Mr Nasasira said the region was growing at such a fast rate that there was need to come up with such projects that will benefit the entire region as a whole.

“There has been a tendency to rely on the donor community when such projects are involved but this is fear that we as a region need to overcome for the benefit of regional economies,” he said.

“We cannot continue relying on the current outdated railway line and locomotives that move at 50 kilometres per hour. Over 80 per cent of railway operations today are modern and it is even becoming difficult to obtain spare parts for the old lines,” he added.

The ministers signed the agreement after conclusion of a regional conference on Northern Corridor Transport and Trade Facilitation at the Whitesands Beach hotel.

The two-day conference brought together regional transport and port stakeholders within the East African Community and Southern Africa Development Community (SADC) with their trade block, the Common Market for East and Southern Africa (Comesa).

Kenya and Uganda have been engaged in a tussle with Rift Valley Railways over a 25-year concession on the development of a reliable rail network between Mombasa port and Kampala, a matter that is in court.

bright2

October 6th, 2009, 04:35 PM

Opportunities in Africa despite global market conditions
Date : 19 June 2009

London, UK – Despite the global recession, Africa provides property investment opportunities with the rapidly developing telecommunications, mineral extraction and energy sectors fuelling growth according to Knight Frank’s Africa Report 2009.

Knight Frank’s Africa Report 2009 provides a guide to markets in 33 African countries, covering cities from Cairo to Cape Town, and Dakar to Dar Es Salaam. The report includes prime property rental values and yields across all sectors, as well as commentary on current market conditions and outlook.

Highlights include:

· Many countries are experiencing a lack of the high quality office space demanded by international corporate occupiers. In a number of markets, especially those with economies driven by the oil and gas sectors, prime space commands some of the most expensive rents in the world. Rental values in Luanda in Angola are comfortably above those in most of the world’s major financial centres, ahead of London, Paris and New York and lagging behind just Tokyo

· Whilst the lack of supply in some markets has driven prices to first world levels, there are great disparities between rental values:

Luanda in Angola and Lagos in Nigeria have amongst the most expensive rents in the world at $140.00 and $65.00 respectively per sq m per month

Whereas, Blantyre in Malawi and Nairobi in Kenya have prime office rental values in the region of $9.00 per sq m per month

· The continuing growth of themiddle class in key African markets provides the private sector with growing opportunities. In response to the growing aspirations and increasing spending power of the consumers in Africa, the presence of international retailers is on the rise. The shopping mall concept, already in its maturity in South Africa, is being developed dynamically in other parts of the continent with new malls entering operation or nearing completion in several cities, including Nairobi and Kampala in the East to Accra and Dakar in the west

· The requirements of international business occupiers are challenging to fulfil. Infrastructure remains underdeveloped in a great deal of the continent and high levels of congestion blights many city centres, resulting in the outward migration of businesses from traditional CBD locations. Markets are opaque, with reliable information difficult to come by and the need to build relationships on the ground is essential

· The value of the resources held in Africa is reflected in the growing relationship between China and Africa’s governments, as the Chinese seek to secure raw materials for its own rapidly expanding industrial sector

Joe Simpson, head of global research, Knight Frank commented: “Africa presents a unique combination of both challenges and opportunities. The continent’s rich array of resources is hugely attractive to international businesses and will play an increasingly important role in international trade in the years to come. The demand for these resources around the world, combined with the lack of high-quality business space in many countries, has seen an escalation in rental costs in a number of cities as supply has struggled to keep pace with demand.”

Peter Welborn, head of Africa and Rutley Corporate Finance, commented: “In response to the growing aspirations and increased spending power of the new middle-class in key countries, the presence of international retailers is on the rise and the shopping centre concept is spreading. Retailing in a shopping centre environment is now common in countries like Kenya, Nigeria and Ghana. Big chains from South Africa have crept up the continent bringing with them a whole new kind of western shopping experience.”

mwanamwiwa

October 6th, 2009, 07:18 PM

Kenya Top 100 Mid-Sized companies Awards

rtjM2bYQOjE

bright2

October 6th, 2009, 09:09 PM

Africa: IMF Forecasts Positive Outlook for Sub-Saharan Africa

6 October 2009

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Washington — The International Monetary Fund (IMF) expects a positive recovery in Sub-Saharan Africa despite the negative effects of the global economic crisis.

"We expect growth in sub-Saharan Africa to rise to 4 percent in 2010 and 5 percent in 2011," said Antoinette Monsio Sayeh, Director of the IMF's African Department.

Commenting on the main findings of the IMF's report - the 2009 Regional Economic Outlook: Sub-Saharan Africa, Sayeh noted that many of the regional member states were hard hit by the crisis, reducing economic growth to just 1 percent in 2009 after a period of sustained high economic growth.

She said oil exporters and middle income countries in the region have been particularly badly affected, while most low-income countries somewhat less so, adding that in most countries, however, the crisis will likely slow, if not reverse, progress on poverty reduction.

"In many countries the prudent macroeconomic policies pursued in recent years have provided some policy space to counter the effects of the slowdown.

"Accordingly, most countries have been able to maintain or even raise public spending, allowing fiscal deficits to widen temporarily. Where possible, monetary policy has also played a supportive role," she said.

She, however, noted that there were significant downside risks, to which she said, wherever possible, the IMF will remain supportive until the economic recovery is well-established.

"As the recovery gains strength, the emphasis of fiscal policy will need to shift from stabilisation to medium-term considerations, including debt sustainability.

"In countries with binding financing constraints, the room for fiscal policy is more limited and the primary focus will need to remain on reducing macroeconomic imbalances."

Financial sectors have been for the most part resilient, but prudential supervision will need to remain vigilant in the face of the impact of the economic slowdown on the quality of banks' portfolios.
Relevant Links

* Southern Africa
* South Africa
* International Organisations

She also noted that scaled-up financial support from the IMF has supported countries' policy response, saying the doubling of lending limits and more flexible policies have facilitated a rapid response to countries' needs, and that new IMF commitments to sub-Saharan Africa have reached over US$3 billion so far this year, compared to some US$1.1 billion for the whole of 2008 and only US$0.1 billion in 2007.

"Looking ahead, it will be critical that other development partners support this effort and those of other international financial institutions."

According to the IMF, for the region as a whole, the fiscal balance (including grants) has swung from a surplus of just over 1.25 percent of GDP in 2008 to an expected deficit of 4.75 percent in 2009.

This contrasts with the much more limited increase in deficits observed in past global slowdowns, not only because the output shocks were smaller but also most likely because in previous downturns high initial deficits, often accompanied by high debt, limited room for maneuver. - BuaNews-NNN

mwanamwiwa

October 8th, 2009, 07:27 PM

KenolKobil launches Burundi operations

Posted Thursday, October 8 2009 at 16:03

Kenyan oil retailer KenolKobil said on Thursday it had launched its operations in Burundi after taking possession of Oil Burundi S.A., which it bought from Engen International in August.

"Kobil Burundi S.A. has now commenced product sales in the country with a clear strategy to distribute its products to all parts of the country," the company said in a statement.

KenolKobil said it was now focusing on growing its network in the central African nation's retail market, and that it was on the lookout for opportunities to invest and expand.

It also operates in Rwanda, Zambia, Tanzania, Uganda and Ethiopia. It has not disclosed the value of the Burundi deal.

mwanamwiwa

October 11th, 2009, 10:28 PM

Equity scoops African award for second time

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Customers at Kimathi Street Branch Banking hall of Equity Bank in Nairobi Central Business District. Photo/FILE

By Nation CorrespondentPosted Sunday, October 11 2009 at 19:54

For the second-year running, Equity Bank has been named Micro Finance Bank of the Year in Africa, during the annual African Bankers Awards ceremony held in Istanbul, Turkey. The bank won the award in a category contested by Accion, Nigeria, Blue Financial Services of South Africa and UBA Nigeria.

The ceremony, which coincided with World Bank’s critical global discussions on the state of the world’s financial systems also held in Turkey, recognised Equity for assisting local communities and aspiring entrepreneurs to raise finance, ultimately contributing to their growth and development.

“I wish to thank the more than 4.1 million members of Equity Bank for having stood with us because it is their support that has enabled the bank to be rewarded; and together we will continue to transform lives and livelihoods socially and economically in line with our vision,” said Mr Gerald Warui, director for operations and customer service while receiving the award.

He added that the award demonstrates the resilience of the micro-finance sector in reducing poverty and accelerates the attainment of the MDGs.

The African Banker Awards 2009 recognises the continent’s successes in banking and rewards among other things, achievements, record earnings, innovative practices, and commitment to corporate social responsibility and gender equality over the last one year.

The 2009 event was organised by African Banker magazine and supported by the African Development Bank.

mwanamwiwa

October 13th, 2009, 12:14 AM

Nigerian bank opens shop in Nairobi

http://www.gtplimited.com/assets/images/UBA-HighRes-Logo.png

By MICHAEL OMONDI

Posted Monday, October 12 2009 at 00:00

Fresh re-alignments are expected in Kenya’s financial services sector following the entry of another western Africa giant into the domestic market.

Nigeria’s United Bank of Africa opened its doors for business last week, promising its clients fresh approach to service delivery.

The bank, whose cocktail of businesses includes insurance, stockbrokerage, commercial and investment banking, has cast its eyes on the Eastern Africa market with Nairobi as its nerve centre.

It has been stealthily carrying out exploration in the Kenyan financial market since December, intent of opening a local shop in Nairobi.

Path cleared

But its path was cleared Tuesday after Central Bank of Kenya gazetted it as Kenya’s 46th bank with two branches opened in Industrial Area and Westlands, and plans to open a third branch in Upper Hill already in place.

“We are poised to bring comprehensive world-class financial services to the Kenyan market and make positive contributions to the country’s economy,” said the bank’s managing director, Mr Manz Denga, in a statement on Sunday.

The firm draws a huge chunk of its earnings from the western Africa market, and is now looking at diversifying its earnings by moving into eastern and southern Africa market.

Seven of the bank’s 13 African subsidiaries are in West Africa.

In spreading its wings beyond these regions it would be following on the footsteps of its Lome-based rival Ecobank, which made an entry into the Kenyan market upon acquiring a 75 per cent stake in EABS Bank last year.

UBA plans to start operation in Tanzania, Rwanda and Burundi after it set-up shop in Uganda last year.

The Nairobi office will be the regional headquarters.

It is increasingly looking at the growing clients with interests across the region with the expectation that business is set to intensify with the creation of the EAC common market.

“Our vision is also to offer seamless services across all the markets we operate in,” said Mr Denga.

It’s not clear whether UAB will import its financial supermarket model to Kenya or start off with banking operations.

Integrated financial services models are increasingly taking route in Kenya with commercial banks leading the way in financial supermarket models.

Equity Bank, NIC Bank, Co-operative Bank and CFC Stanbic are fronting this model, which has come under scrutiny in the US in the wake of the financial crisis.

Still, it’s not apparent which target market UAB is eyeing, but its choice of branches indicates that the firm would prefer to go for corporate and high-end clients first, placing it in a head-to-head battle with the industry’s top dogs Barclays Bank, CFC Stanbic and Standard Chartered Bank.

The Nigerian bank has an asset base of 1,822 billion naira (about Sh911 billion), about 72 per cent of Kenya’s banking assets (which stand at Sh1,263 billion ) and returned half year profits of 22 billion naira (Sh11 billion)

However, it would be difficult for the South African bank to break the stranglehold of the top five banks, a ranking that has remained virtually unchanged for decades despite the entry of top multinational banks such as Bank of Africa and Ecobank.

Launching pad

“A new entrant can only shake-up the market if it buys out a top tier bank,” say analysts at Africa Alliance.

The fact that UAB opted to start the Kenyan subsidiary from scratch will give it a difficult job in the fight for talent and market share against established rivals like KCB, Barclays Bank and Standard Chartered Bank.

Its entry comes at a at time when West African banks such Access and Zenith Bank are increasingly eyeing Kenya with plans to use Nairobi as a launching pad into the Eastern African market in line with their strategy of having pan African operations.

mwanamwiwa

October 13th, 2009, 07:18 PM

Safaricom's M-pesa in UK

http://www.businessdailyafrica.com/image/view/-/602678/highRes/79740/-/maxw/600/-/2vla9cz/-/m-pesa.jpg

By EMMANUEL TOILI
Posted Tuesday, October 13 2009 at 15:35

Kenyans can now receive money from friends and family in the United Kingdom directly on their M-pesa accounts.

This makes Safaricom the first company to offer a mobile based international money transfer service, whereby registered M-pesa customers can receive remittances directly onto their mobile phones.

The launch of the international component of M-pesa follows a successful pilot project with selected outlets in the UK.

Three Agents have been involved in conducting the project for over three months, namely; Western Union, Provident Capital Transfers and KenTv.

A total of 19 outlets were carefully selected to cover areas with relatively high number of Kenyan residential areas including towns like Reading, London, Luton, Wembley & Glasgow.

They comprise a variety of shops including forex agents, news agents and grocery shops that are commonly visited by Kenyans and whom are registered with HM Revenue & Customs in the UK as Money Services Businesses.

To send money using M-PESA, the sender in UK will be required to identify themselves and furnish the agent with the recipient’s name, Kenyan mobile number and the amount being sent in Sterling Pounds.

Exchange rate conversion to Kenya Shillings is done at the prevailing rate and the agent will proceed to send the Kenya Shillings direct to the recipients M-pesa account.

There is no registration fee to either party for using M-PESA’s international service.

The sender will pay a competitive transaction fee ranging from £4 to £6.90, depending on the amount sent and the outlet at which they are transacting.

For example, you can send up to £150 for as little as £4; this transaction fee is shared between Safaricom and the Agent.

Following authorisation by the Central Bank of Kenya, Safaricom shall be increasing the locations in the UK from which money can be sent to M-pesa customers as well as launching services across other popular remittance corridors.

Currently, the maximum amount that can be sent internationally per transaction through M-pesa is £250 (approx Sh30,000) while the total allowable per month from a single sender in the UK is £1,000.

Normal transaction limits and charges apply to the M-pesa account in Kenya, including a maximum balance of Sh50,000.

Safaricom CEO Michael Joseph said: “We wish to invite Kenyans living in the UK to take advantage of this service, which presents a real innovation on our M-pesa menu. Through strategic partnerships with Western Union, Provident Capital and KenTV we are giving them an opportunity to convert across two currencies into M-pesa and send money affordably without any hidden costs – directly to the mobile phone of the recipient.”

mwanamwiwa

October 14th, 2009, 09:11 PM

Car & General expands to Rwanda

By NATION Reporter
Posted Wednesday, October 14 2009 at 15:01

Car & General will also be taking advantage of this expansion to distribute Cummins generators, for which they are the appointed distributors in Kenya, Djibouti, Ethiopia, Eritrea, Seychelles, Tanzania, and Uganda.

Car & General, the Nairobi Stock Exchange listed car dealer, has announced plans to strengthen its presence in the East African region by opening a branch in Kigali, Rwanda, by the end of this month.

The new outlet in Rwanda will stock the company’s extensive range of products including Cummins generators, Briggs and Stratton engines and water pumps, TVS and Suzuki motorcycles, Piaggio three and four wheelers and TAFE tractors.

“The opening of the Rwanda branch is part of the company’s objective of covering all the East African Community states and building a solid regional organisation. The Kigali outlet will handle the sales, spares and service of all the Car & General lines,” the managing director, Mr Vijay Gidoomal, said.

The company’s lines will be looking to tap into the growing agriculture sector to sell its TAFE tractors.

Like Kenya, Rwanda’s highest foreign exchange earnings come from sale of agricultural products.

The sector also employs the largest population.

Coffee, tea and tobacco are grown for export and cereals, vegetables and rice are grown as food crops.

“The company anticipates that there will be steady sales of the TAFE tractors in this sector,” Mr Gidoomal added.

Rwanda’s rapid expansion has been returning one of the highest economic growths in the region, creating increasing demand for stationary engines, generators, water pumps, compressors and construction equipment.

Car & General will also be taking advantage of this expansion to distribute Cummins generators, for which they are the appointed distributors in Kenya, Djibouti, Ethiopia, Eritrea, Seychelles, Tanzania, and Uganda.

“We are glad to include Rwanda as an outlet of these products,” Mr Gidoomal added.

mwanamwiwa

October 16th, 2009, 06:27 PM

China pledge for Kenya projects

By PMPS in China
Posted Friday, October 16 2009 at 18:13

The Chinese Government has given Kenya Sh600 million to fund the development of infrastructure and promised to provide more funding as soon as Nairobi provides its list of priority projects.

The pledge came on the first day of Prime Minister Raila Odinga’s visit to China on a mission to woo investors and for help to construct a port at Lamu and a road and railway network through Ethiopia and Sudan.

Making the announcement in Chengdu, Chinese Premier Wen Jinbao said the Sh600 million was in addition to the Sh1.08 billion given to Kenya by his government for the expansion of Thika Road.

Speaking when he held talks with Mr Odinga in Chengdu, Mr Jonbao said China will give more scholarships to Kenyan students to pursue training in specialized fields in Chinese universities, especially in science and technology.

Old ties

Mr Odinga called for greater cooperation with China and asked investors to increase their trade and investment portfolio in Kenya.

He said China has long ties with Kenya dating back to the struggle for independence adding that China’s route to industrialization is relevant to Kenya because the two countries have similar backgrounds.

The Premier at the same time called for balance of trade which was currently in favour of China.

He said: “We would wish to have more Kenyan tea, coffee, beef and flowers exported to China to increase the volume of Kenya’s exports to China.”

The Prime minister is accompanied by Ministers Franklin Bett, Amos Kimunya and Chris Obure and assistant Minister Charles Keter.

mwanamwiwa

October 16th, 2009, 11:42 PM

East African States seek to build borderless tourism

http://www.ismoshi.com/gif/flags/eac2.gif

Updated 3 hr(s) 55 min(s) ago

Renowned as the cradle of mankind, East Africa has always ranked among Africa’s top tourist destinations.

Combined, the five East African states — Kenya, Uganda, Tanzania, Rwanda, and Burundi — boast of rich and varied tourist attractions.

Talk of beach holidays at the Coast, the big five animals, cultural displays, the snow-capped peaks of Mt Kilimanjaro and Mt Kenya, mountain gorillas in Rwanda and magnificent waterfalls in Uganda. Even for lovers of dark tourism, the Gisozi Genocide Memorial Centre in Kigali now offers an opportunity for those who want to recall the events of the 1994 Rwanda genocide, Africa’s worst genocide in modern times.
Tourists at Maasai Mara. Photo: File/Standard

But it is ironical that despite the great endowment of all the tourism resources, East Africa continues to trail its continental counterparts in tourism earnings and tourism destination ranking.

Mauritius, Tunisia, South Africa and Egypt have a consistently remained at the top.

They have reputation as premier destinations for both business and pleasure-based tourism in Africa. South Africa currently hosts about 23 per cent of Africa’s business tourism meetings.

Most competitive

According to the 2009 Travel and Tourism Competitiveness Index (TTCI), only Kenya and Tanzania make it to the top 10 Africa’s most competitive countries for travel and tourism. The two are ranked ninth and tenth respectively. They trail Mauritius, Tunisia, South Africa, Egypt, Morocco, Botswana, Namibia and Gambia, in that order. The two were ranked 97th and 98th in the world respectively.

This begs the question: What is the missing link as far as the region’s tourism is concerned, and where does the solution lie?

Prof Mauri Yambo, a lecturer in Tourism at the University of Nairobi, says East Africa has a hill to climb before it closes in on the leading pack in African tourism.

"South Africa has become a leading destination because of high-profile marketing and its advanced infrastructure and facilities," explains Yambo.

He says Egypt has also used proper marketing and state-of-the-art facilities to complement its famed pyramids, deserts and beaches.

"East African countries have failed to market themselves properly and put in place the desired infrastructure and services," Yambo states.

But desperate for a solution, East African nations have agreed on a plan to jointly market the region as a single tourist destination. The move aims at maximising the benefits of tourism and wildlife in the region as stipulated in the treaty for the establishment of the East African Community.

Negotiations on a common market protocol are at an advanced stage and upon completion, the road map to adopt free movement of people, goods and services will be agreed upon. This will give the region clear the way for a common tourist visa.

Partner states will also have a common code of conduct for private and public tour and travel operators, and harmonise the professional standards of agents in the tourism and travel industry within the community.

Mobilise resources

East African Tourism and Wildlife Co-ordination Agency will be mandated to mobilise resources and co-ordinate tourism bodies of the partner states. It will harmonise required policies to brand the region as a powerful tourist destination.

Under the plan, classification of hotels and restaurants within the region will be standardised. A hotel that passes for a five-star in Burundi will from January have similar quality of service and facilities as any other under the same ranking in Kenya, Rwanda, Tanzania or Uganda.

Each country will operate under its own budget but when going for trade fairs abroad, they will operate under one roof. In this regard the countries will continue to compete and co-operate with each other, a move aimed at bringing out quality and efficiency.

According to Tourism Minister Najib Balala, this could be the start of a new era in the region’s tourism.

"Our determination to market EAC as a single tourist destination will help us to counter the immense global competition in the tourism industry," the minister notes.

But Yambo is pessimistic about the idea. He says although it looks simple on paper, it is difficult to implement.

"It will be very hard to have a confederation of sovereign countries with different budgets and different tourist attractions. Unless we have one government with one Treasury, such things are not going to happen soon," Yambo says.

The tourism expert says Kenya has been unable to adequately address Tanzanians’ concerns over its business dominance.

But he notes a common visa will no doubt increase the number of tourists to the region. The visa will allow a foreign tourist to tour attractions in two or more East African countries under one visa.

Currently, a foreigner has to apply for a visa at every entry point and this has financial constraints on tourists.

Mr Mwangi Gakunga, the public relations officer at the Ministry of Tourism, says immigration offices are already being opened within cross-border national parks to spare tourists the hustle of travelling all the way to administrative towns for travel documents.

mwanamwiwa

October 17th, 2009, 02:32 AM

Kenya to host southern hemisphere oil and gas secretariat

By KENNEDY SENELWA
Posted Friday, October 16 2009 at 18:04

Kenya has agreed to host the southern hemisphere oil and gas (hydrocarbons) secretariat, to support new producers manage fossil fuel resources effectively.

The Kenyan Government had accepted to host the hydrocarbons secretariat to help new producers understand the implications of contractual obligations, Planning minister Wyclife Oparanya said.

He said that Kenya would provide $100,000 (Sh8 million) to support the secretariat initially, backed by United Nations Development Programme (UNDP). Liberia and Surinam will provide more funds.

Mr Oparanya was speaking on Thursday evening on behalf of Prime minister Raila Odinga at Windsor Country and Golf Club in Nairobi, during the closure of the South-South hydrocarbons conference, organised to promote transparency in the use of revenue from oil and gas resources.

Hydrocarbon wealth, Prof Akin Iwayemi of University of Ibadan in Nigeria said, had had mixed reception in the southern hemisphere due to serious economic and fiscal problems related to revenues.

Hydrocarbons

“Despite earning billions of dollars from hydrocarbons, most countries suffered serious economic and fiscal problems directly or indirectly related to the use of the revenues,” he said on Friday.

He said that reducing economic dependence of a country on hydrocarbons through growing other sectors was vital, backed by political, legislative and institutional reforms to attain sustainability.

Prof Iwayemi said transparency in oil and gas transactions was required to promote good governance with commitment to sustainable fiscal policy to underpin non-inflationary economic growth and inclusive development.

The Prescient360 Group, a consulting firm, said Kenya’s quest to attract investment in oil and gas exploration should not raise unnecessarily high demands from local communities.

Dr Thomas Stephens, group managing director, said government, private sector and the public need to drive a collective interest in the resources, to avoid high demands that slowed investment as had happened in some countries.

“Corporate social responsibility (is integral to operations of oil and gas, but communities need to know governments are mandated to develop roads and schools among others,” he said on Friday.

Transparency was critical for oil and gas resources to be of benefit to the people and business, he said.

......

mwanamwiwa

October 20th, 2009, 09:28 PM

Huge market opens up for Kenyan firms

By KABURU MUGAMBI
Posted Monday, October 19 2009 at 19:00
In Summary

It’s just a matter of months before the East African Customs Union becomes a reality, creating a level playing field that will benefit local export companies.

After waiting for five years, Kenyan businesses will from January next year start exporting their products to the other four East African Community member states duty-free.

The East African Community (EAC) Customs Union started in January 2005, but is expected to be fully operational from January 1, 2010, such that trading goods between the five member countries will be without any customs duties and tariffs, but the union will apply a common external tariff on imports from third countries.

Following extensive complaints by Ugandan and Tanzanian manufacturers about the expected stiff competition from Kenya’s more advanced manufacturers, an agreement was reached to allow the two countries to charge tariffs on Kenya’s exports at a reducing rate and to fully removed by January 2010.

Under the East African Community Customs Union Protocol, goods from Tanzania and Uganda are being exported duty-free to Kenya, while the commodities originating from Kenya to Uganda and Tanzania attract 10 to 25 per cent tariff for a transition period of five years.

The protocol on the establishment of the Customs Union came into force on January 1, 2005, in the three founding partner states of Tanzania, Kenya and Uganda. Rwanda and Burundi signed the Accession treaties on July 1, 2007, and made a commitment to commence implementation of the Customs Union on July 1, 2009.

Although attempts to re-establish the East African Community took a decade to materialise in January 2005, local manufacturers are ruing the time lost, saying they would have made huge strides had it been operational earlier.

Consultations to restart the community started in 1995, but suspicions were rife with Uganda and Tanzania fearing their infant industries would collapse under the weight of the better-heeled Kenyan manufacturers.

However, a compromise was mooted in form of an asymmetrical principle, allowing Uganda and Tanzania to export to Kenya duty-free while some goods from Kenya exported to the two states attracted duty, as it were, on a reducing basis until the duty comes to zero after five years, which is now just two months away.

In the late 1990s, a Kenyan delegation resisted this idea saying it was unfair. But a breakthrough came in 2003 when the Kenyan delegation under the leadership of Kenya Association of Manufacturers (KAM) embraced the principle of asymmetry after all. Former KAM chairman Aruni Devani said the long-term benefits of accepting such a compromise would be increased market for Kenyan goods to a population of over 100 million people.

Mr Devani said in 2005 — the first year into the Customs Union — Kenya’s earnings from exports to the East African Community partner states increased by 55 per cent last year.

“Where could we be if we had agreed on the Customs Union nine years earlier? Now it would be foreign investors looking for us not us looking for them,” he said in phone interview.

Unilever Kenya Managing Director David Mureithi said without the give-and-take arrangement the region cannot progress. And in the grand scale of things, five years was a short time, he said.

“I keep saying that if we had agreed in 1998 the principle of asymmetry we would have started trading at zero duty across the sub-region long time ago,” Mr Mureithi said.

Unilever has benefited immensely from the union, he said.

“The day the first phase of the EAC Customs Protocol kicked off in January 1, 2005, on average the duties we pay for our exports into Uganda and Tanzania came down by at least 50 per cent,” Mr Mureithi added.

So one could have looked at it and said we should have liked to have the 100 per cent duty removed at one go,” he said, “But for me, getting 50 per cent then and the rest of it in those instalments represents a big step forward.”

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Mr Devani said the union’s expansion to include Rwanda and Burundi creating a market of 107 million people is an opportunity for manufacturers. “I am willing to bet that in few years to come foreign investors will be falling over themselves to invest in this market,” he said.

Kenya’s exports to the region rose from Sh50.7 billion in 2002 to about Sh101.4 billion in 2007. The rate of increase of exports for Kenya to the region has been higher after the launch of the Customs Union in 2005.

Overall, Kenya had a favourable trade balance in the EAC, gradually increasing over the years.

In 2007, Kenya’s total exports to the partner states were 22 per cent while imports from the countries stood at a mere one per cent. Uganda remained the largest destination of Kenyan products, accounting for 60 per cent of total exports to the region, while Tanzania was the largest exporter to Kenya in the EAC with 65 per cent.

Exports to the EAC accounted for 51.6 percent of the total exports to Africa in 2008, according to the Economic Survey 2009. Exports to Rwanda, Burundi, and Uganda increased by 54.3, 43.5 and 26 percent respectively. Burundi absorbed more exports of flat-rolled products of iron and non-alloy steel.

Generally, EAC countries are Kenya’s largest buyers, with Uganda and Tanzania importing over Sh60 billion worth of goods annually and growing.

Kenya’s major exports to Uganda are mineral fuels, mineral oils and related products (salt, sulphur, earths and stone and plastering materials), paper and paperboard, plastics and articles, iron and steel, beverages, spirits and vinegar, and pharmaceutical products.

On the other hand, Kenyan exports to Tanzania are composed largely of wood and articles of wood, charcoal, paper and paperboard, articles of paper pulp, cotton, copper, textile articles, clothing and textile articles and rags.

While Uganda and Tanzania are among the leading export destinations for Kenyan exports, a big percentage of the exports to the two countries constitute re-exports.

The integration, Mr Mureithi said, enables manufacturers to implement a much more sensible sourcing strategy. For example, Unilever produces soap, both laundry and toilet in Uganda for Uganda, but it also services Rwanda and Burundi. In 2005 the company invested in laundry and toilet soap factory in Tanzania as well.

The decision was taken post EAC, so that the company can have a rational structure. For example, Mr Mureithi said margarines, which are capital intensive requiring extreme hygienic manufacturing processes are better to centralise their production.

“But for different other products are better manufactured as close as possible to the market,” he said.

Consequently, the company is able to construct a sourcing strategy and business structure that is suited to the market and not constrained by artificial barriers such customs duties.

And to further support regional trade integration, EAC Partner States need to harmonize their cyber laws as recommended in the EAC Cyber Laws Framework, 2008 that mandates every Partner States to be compliant by 2010. This will allow the EAC Partner States to participate in the digital economy and to start exporting urgently needed ICT skills to the COMESA region. Kenya and Uganda have Cyber Laws that meet international best practices! :cheers:

mwanamwiwa

October 20th, 2009, 09:29 PM

...................

mwanamwiwa

October 21st, 2009, 06:10 AM

Zambia hires Kenyan firm to co-import fuel

By ELIAS MBAO in LUSAKA, Zambia
Posted Tuesday, October 20 2009 at 13:49

Zambia has hired a Kenyan company, Dalbit Petroleum Limited, to co-import petrol and diesel to cushion the country against fuel shortages that have persisted for close to two weeks.

The scarcity of particularly petrol has affected most parts of Zambia especially the capital city Lusaka.

The government has since suspended a 25 per cent duty on fuel imports after oil marketing firms’ demand for the removal of the tax to enable them quickly import oil at cheaper prices.

The suspension will last for the period that it will take to bring things back to normal.

Energy minister Kenneth Konga said the current petrol shortage was as a result of the refinery catalyst and reforming unit at Indeni Oil Refinery that needed replacement earlier than envisaged.

The breakdown has affected the technical performance of the firm hence halting its output.

Indeni was shutdown on Monday for a scheduled two-week maintenance.

“As regards the importation of fuel during the period of the shutdown, the government has engaged the Independent Petroleum Group (IPG) of Kuwait and Dalbit Petroleum Limited of Kenya to import 50 million litres of diesel and 30 million litres of petrol,” Mr Konga told Parliament in response to MPs query on the fuel shortage.

A check at most filling stations in Lusaka found long queues some with over 1,000 vehicles waiting for petrol.

The E.N.D

October 23rd, 2009, 10:21 AM

Lonmin moving head office to SA
CHARLOTTE MATHEWS
Published: 2009/10/23 06:20:13 AM
PLATINUM miner Lonmin , which is listed on the London and Johannesburg stock exchanges, would move its head office from London to Johannesburg, it said yesterday, taking the opposite direction from many dual-listed companies.

CEO Ian Farmer, who was appointed in September last year, launched a number of initiatives to turn around Lonmin’s performance and cut costs after several years of missing production targets and a hostile bid from Xstrata late last year, which was dropped because of market conditions.

He said yesterday that the move was not driven primarily by cost savings, though it would save money in the long run. The main motivation was to be closer to the South African operations and stakeholders, as “managing platinum mines in SA is not easy”, he said.

A small proportion of Lonmin’s shares are held by South Africans, with most of the shares held by UK institutions.

Though Farmer would be based in Johannesburg from January 1, chief financial officer Alan Ferguson had decided not to relocate from London and would resign.

Lonmin sold 682955oz of platinum in the year to last month, 6% less than last year, after closing unprofitable open-cast operations as well as because of safety- related stoppages, which lost 513000 tons of mining production. It had met its target of selling between 680000oz and 700000oz of platinum this year, including sales from stockpiles rather than present production.

London-based investment house Fairfax said in a note to clients that platinum sales were at the bottom end of Lonmin’s target, showing it was still struggling.

Safety stoppages, the strong rand and local inflation had offset the recent improvement in platinum group metals prices. Fairfax also warned of the potential for strike action over union demands for a 20% wage hike, against the company’s offer of 6,5%.

mathewsc@bdfm.co.za
source : http://www.businessday.co.za/articles/Content.aspx?id=84788

mwanamwiwa

October 23rd, 2009, 08:23 PM

KenolKobil rewarded by KRA

By SATURDAY NATION Reporter
Posted Friday, October 23 2009 at 20:31

KenolKobil Ltd has been rewarded by the Kenya Revenue Authority for posting the most improved percentage growth in corporation tax payment in the country.

The company says this growth is due to increased profits for the 2007/2008 versus 2008/2009 year.

This is the third year the company has been recognised as a top taxpayer, having been recognised as overall second top taxpayer in 2004 and third best in 2005.

The company recently announced it had acquired Engen’s assets in Burundi, where it has a new subsidiary.

Date set for signing EAC market protocol

By ZEPHANIA UBWANI in Arusha
Posted Friday, October 23 2009 at 20:11

The signing of the long-awaited East African Community Common Market Protocol will finally take place during the climax of EAC’s 10th anniversary on November 20, 2009 in Arusha, Tanzania the secretariat has confirmed.

This will mean that when the protocol comes into force next July, there will be free movement of goods from one EAC country to the other. Industries in the region will also have to set their sights on serving a larger market comprising over 100 million people within the region.

The protocol will be signed by the five EAC heads of state during their summit here, according to a statement by the directorate of corporate information and public affairs.

The EAC common market is among key areas of regional economic integration, which was launched in January 2005. It will also be a significant step towards the envisaged monetary union.

The foundation stone for EAC’s headquarters complex to be constructed in Arusha will also be performed by the presidents of Tanzania, Uganda, Kenya, Burundi and Rwanda

..........

Xusein

October 24th, 2009, 02:00 AM

Sounds good, the protocol will hopefully harmonize business laws between the EAC nations.

They truly are ambitious and I hope for the best.

Xusein

October 24th, 2009, 02:00 AM

Sounds good, the protocol will hopefully harmonize business laws between the EAC nations.

They truly are ambitious and I hope for the best.

mwanamwiwa

October 25th, 2009, 12:32 AM

......................

mwanamwiwa

October 25th, 2009, 12:35 AM

Sounds good, the protocol will hopefully harmonize business laws between the EAC nations.

They truly are ambitious and I hope for the best.

Yes,the protocol was one of the final hurdles.I cannot wait to see the community happen. Now the member states will only need policies that will deliberately promote cross-border business.:cheers:Slowly but surely we are getting there. After South Sudan gains full independence, they too ought to be incorporated into the EAC.

KCB opens landmark 200th branch in Juba

Published on 23/10/2009
by John Oyuke

Kenya Commercial Bank (KCB) branch network in East Africa region has hit the 200 mark, with the opening of a new branch in Juba, Southern Sudan.

Group Chief Executive, Martin Oduor-Otieno said the milestone reflected the bank’s commitment to taking financial and banking services closer to the marketplace.

"To operate 200 branches in five countries is a major milestone for the bank and a big statement on the direction we want this business to take as a leader in financial intermediation in the region," he said yesterday.

He added that the bank this week opened its 199th branch in Kigali, Rwanda.

KCB currently operates in Kenya, Uganda, Tanzania, Rwanda and in Juba, Rumbek, Yei and Bentiu urban centres in Southern Sudan.

Meanwhile, KCB’s Quickserve ATM network has been boosted by the installation of another 25 units across the region bringing the total number of machines to 280.

Customer convenience

KCB Deputy Chief Executive, Group Businesses, Peter Munyiri, said the additional machines would complement the bank’s other channels in providing added customer access and convenience.

"We are strategically growing our Automated Teller Machines (ATMs) network targeting our branches, malls and supermarkets as well as petrol stations to increase customer access and convenience," said Munyiri.

KCB recently launched a modern contact centre that has improved the way it interacts with its customers.

u.g boy

October 25th, 2009, 12:50 PM

The Sseesamirembe ECO City will be a trade free zone . it will be designed to house 500,000 people and will sit on a 200 sqkm peice of land. it will house afrias first solar powered airport and many useful facilities.
because of this it will be africas newest and cleanest city at the moment once its built.
aiport
http://www.sseesamirembe.com/images/airport_small.jpg

Kenguy

October 25th, 2009, 03:20 PM

Kenguy

October 25th, 2009, 03:25 PM

Sounds good, the protocol will hopefully harmonize business laws between the EAC nations.

They truly are ambitious and I hope for the best.

...next will be the currency. The East African shilling.

mwanamwiwa

October 27th, 2009, 07:13 AM

Kenya's Equity Bank profit stays stable at Sh4.3bn

By JOSEPH BONYO
Posted Monday, October 26 2009 at 10:30

Equity Bank has realised Sh4.3 billion in its third quarter pre-tax profit. The results are the same as those it posted during a similar period last year.

According to the bank’s managing director James Mwangi, the performance was largely attributed to new investments that are yet to break even.

“We have registered losses in Southern Sudan, Uganda, our Investment Banking as well as in 35 new branches we opened this year,” Mr Mwangi told an investor briefing in Nairobi on Monday.

Equity, however, made a significant increase in its net interest income that grew by 40 per cent in the period under review.

As a result of setting up new branches, the bank’s operating expenses in the third quarter rose by 31 per cent coupled with an up-scaling of its information communication technology platform.

With an estimated 4.1 million customers, Equity’s deposit increased by 38 per cent from Sh47.5 billion in September 2008 to Sh65.6 billion.

However, its provision for bad debts doubled from 0.9 per cent previously to 1.8 per cent in the financial period under review.

In its half-year results, the bank posted a 15 per cent fall in pre-tax profit in its history of positive results.

This was attributed to heavy investment costs it incurred, which Mr Mwangi noted, was deliberate.

“The Sh12 billion we put in for infrastructure growth was intended as we are seeing it paying off in our future growth,” he explained.

With the operating environment for commercial banks largely remaining the same, Equity expects to grow its profits from the agricultural sector.

The bank expects to handle about 20 per cent of the bonuses earned by tea farmers.

Best quarter

“This (fourth) is going to be our best quarter as we are already looking at the tea bonuses that have been paid. Equity will handle nearly 20 per cent of the Sh17 billion paid to the sector,” said Mr Mwangi.

Going forward, the bank projects a robust fourth quarter that it holds will translate to a 20 per cent profit growth in its entire business for the full year.

This is also anchored on the performance of other ventures it holds stakes in like Housing Finance and its insurance arm.

Kwame

October 29th, 2009, 01:32 AM

^^
Where exactly? (location)

I did a little digging and found this: http://www.sseesamirembe.com/

http://img691.imageshack.us/img691/8536/lvftz.jpg

http://www.sseesamirembe.com/images/areamap_country.jpg

Xusein

October 30th, 2009, 01:43 AM

This new development has the potential to revolutionize the whole remittance industry. See, good news does happen there!

Dahabshiil is really becoming a very impressive Somali company. Down the line, I wish to see it turn into a general bank that issues credit.

Somalis get first-ever debit card

http://newsimg.bbc.co.uk/media/images/46628000/jpg/_46628010_dahabshiilceowithecashdebitcard.jpg
Dahabshiil CEO Abdirashid Duale
The firm says Somalis have the same needs as British or Americans

A money-transfer company has made a piece of banking history in Somalia - introducing the first-ever debit card in the breakaway region of Somaliland.

The firm, Dahabshiil, hopes eventually to roll the system out to all Somali-speaking areas from Djibouti to Kenya.

They say large shops and hotels in areas with good internet connection and electricity can sign up to the service.

The card was launched in Somaliland's capital Hargeisa because of insecurity elsewhere in the region.

'Cashless society'

Somaliland declared itself independent from Somalia in 1991, when the country's central government collapsed.

Since then, Somaliland has forged a relatively stable state, despite its lack of international recognition.

Most of the rest of Somalia has been wracked by violence and Islamist insurgencies while

Dahabshiil boss Abdul Rashid Mohamed Said told the BBC's Focus on Africa programme he regretted that people overseas hear only bad news from Somalia.

"We believe Somalis here have the same needs as people in the UK or America and that's why the debit card will make their lives easier," he said.

He said he hoped to create a "cashless society" by encouraging customers to link their accounts directly to their cards.

The BBC's Jamal Abdi says people he spoke to on the streets of Hargeisa hope the new cards will reduce the long queues outside money-transfer agencies.

Dahabshiil has made its name by handling cash transferred by Somalis living overseas to their relatives back home.

Some estimates say as much as $1bn (£610m) is sent into Somalia from the emigrants.

Link: http://news.bbc.co.uk/2/hi/africa/8330569.stm

desert burner

October 30th, 2009, 06:29 AM

This new development has the potential to revolutionize the whole remittance industry. See, good news does happen there!

Dahabshiil is really becoming a very impressive Somali company. Down the line, I wish to see it turn into a general bank that issues credit.

Link: http://news.bbc.co.uk/2/hi/africa/8330569.stm

^^wonderful news and good info for my ears:cheers::cheers:

mwanamwiwa

November 4th, 2009, 05:36 PM

http://www.businessdailyafrica.com/image/view/-/639456/highRes/94407/-/maxw/600/-/whvpd8z/-/tourists.jpg

Tourists leave Moi International Airport, Mombasa. Tourists to Kenya are largely Europeans. Photo/FILE

Tourism seen picking up to 2007 levels

By WANGUI MAINA
Posted Wednesday, November 4 2009 at 00:00

A full recovery in Kenya’s tourism sector could come earlier than anticipated following positive signs in the world economy that is expected to uplift travel market.

The sector is optimistic it could reach the 2007 highs of two million guests sooner though revenues are not expected to reach Sh65 billion due to discounting offered this year in a bid to attract visitors.

Numbers are only 12 per cent down compared to 2007.

Tour operators mainly make bookings in advance but tourists have a 30-day release period within which to choose to cancel planned travel.

“This is good for us as we could see bookings being realised. This could take effect as early as this holiday season,” said Mrs Agatha Juma, the chief executive of Kenya Tourism Federation (KTF).

The Coast is gearing up to receive more charters next month, showing more visitors are expected.

Mr Paul Norman, the general manager of Holiday Inn, said this year has been promising for the city hotels compared to 2008 and the improving economies “can only be good” for the sector.

He noted that business travel and corporate business has sustained players in the city and there is currently a pick in leisure travel that is expected to increase.

In the first nine months of the year, arrivals grew by 38 per cent to 496,056 compared to the same period last year and only 12 per cent below 2007 figures.

Revenues increased by 10 per cent as of August 2009 to Sh36.64 billion compared to the same period last year.

This growth has been attributed to the recovery strategy the country put in place after the post-election violence and after the economic crisis hit the travel market.

Since last year, the government and sector players have invested billions of shillings to open new markets and tell source markets that he country was safe.

This recovery optimism is shared by the UN World Tourism Organisation (UNWTO) that says that the sector as a whole is on the road to recovery by 2010.

In a statement the secretary-general of UNWTO, Mr Taleb Rifai, recently noted that tourism was showing signs that confidence is returning and that demand was improving for both business and leisure travel.

Though much uncertainty persists, there are signs that the turning point may also have been reached in the tourism sector,” he said.

Africa has shown positive results recording a four per cent growth as of July 2009 as all other regions recorded a decrease in arrivals for the first seven months.

The growth in Africa, according to UNWTO, has mainly been driven by North African destinations, South Africa, Swaziland and Kenya.

Players are optimistic the country’s recovery will be faster than was earlier anticipated going by the number of arrivals.

Markets like South Africa, China, UAE, Russia, Tanzania and Uganda have fully recovered and surpassed 2007 levels.

Key source markets to Kenya have shown over 70 per cent recovery with the US recording 98 per cent with 78,691 arrivals.

UK recorded 122,327 arrivals, an 80 per cent recovery, while Germany and Italy recorded 48,573 and 45,184 visitors.

The recovery in Kenya shows that the strategy that was put in place since last year following the post-election violence and the economic crisis has borne fruits.

Players focused on the country’s safety and reaching new markets.

Tourism has been a major foreign exchange earner for the economy.

InterCon to to open second five-star hotel in Nairobi

Posted Monday, November 2 2009 at 00:00

The InterContinental Hotel Group (IHG) will on Monday morning announce its investments plans that will see it open a new five star hotel in a bid to capture the growing conference and business travellers market.

The new 182 room hotel, Crowne Plaza, will be opened next month in Nairobi’s growing Upper Hill and it comes at a time when the country is witnessing the recovery of the tourism industry.

This will be IHG second five starbrand in Kenya after the Inter Continental Hotel and it sets the stage for a control of conference and business travellers among city hotels, including Hilton, Serena and Sarova.

“We trust this market and we are here to stay because our Nairobi hotel has been doing well despite the economic downturn,” said Karl Hala, the group’s director of operations in Africa and the General Manger of the Nairobi hotel.

Boost presence

The five-star hotel is expected to help the group boost its presence in the country and tap into the Nairobi market that is first emerging as the regions hub for leisure, conference and business tourism.

Local tourism is showing strong signs of recovery after suffering from last years post-election violence and the financial crisis that pushed world travel to record lows.

Official data show that tourism earnings rose 10 per cent to Sh36.64 billion in the first half of the year and the sector is optimistic it could reach the 2007 highs of Sh65 billion with two million guests.

The 2007 boom was short-lived due to the post-election violence and the financial crisis that affected the world economy.

The change is attributed to increased marketing and efforts to reach out to new zones in the last eight months of the year— a campaign expected to continue in the industry’s recovery path.

As a result, players such as IHG are angling to get a larger piece of this market.

Globally, IHG owns Holiday Inn, Hotel Indigo, Staybridge Suites, Candlewood Suites, Crowne Plaza, and InterContinental Hotels.

Crowne Plaza is part of the group’s expansion plans in the region where it has planned to open up to eight new units in coming months.

IHG has its sights set on moving to Angola, Nigeria, Tanzania, Senegal and South Africa.

Africa is currently the focus of many other hospitality groups who are looking at the potential of investing in the region.

For Fairmont group acquiring properties from Lonhro in 2005 was a step into moving into the region.

Since then it has refurbished three of the key properties - Norfolk, Mount Kenya Safari Club and Mara Safari - to Fairmont standards, it also acquired a property in Zanzibar.

IHG has had presence in the Kenyan market for 40 years, having celebrated its birthday over the weekend, under the InterContinental Hotel in Nairobi, which the Kenyan government has a 33.8 per cent stake.

The group though had to struggle last year following the slump in the sector that saw room occupancy slightly impacted.

However, business travel sustained the unit during the rough patch.

Tourism gets boost as charter flights to Mombasa increase

By GITHUA KIHARA
Posted Wednesday, November 4 2009 at 00:00

Traffic of charter airlines at the Mombasa-based Moi International Airport has risen in the past few weeks, a sign that the tourism industry is getting back on its feet, according to industry players.

A Belgian chartered airline from Brussels has called at the airport for the first time.

The airline will fly in tourists weekly until the end of winter in Europe early next year.

This will open up the huge Belgian market, according to Ms Sharon Davies, an operations manager at Thomson Airline, an affiliate of Tui Airline Belgium which is operating the airline.

There are high expectations that Kenya will receive a Turkey charter plane this year, Moi International Airport manager Yatich Kangugo said.

Another airline from Amsterdam is expected to resume weekly flights on Wednesday this week.

The airline withdrew flights to Mombasa airport last year following the post election violence.

Other charters being operated by Tui Airline are direct flights from Paris, Amsterdam and Gatwick.

“The new flight will for the first time operate from Brussels to Mombasa during summer and winter,” Sharon said, adding that the charter has been launched to cater for Belgians’ growing demand for the local and Tanzania destinations.

Mr Kangugo said passengers traffic through the airport had also picked up.

In September the airport received 82,045 passengers compared to 67,393 passengers received the same month last year.

Airline movement

Airline movement through the airport during September was 1,810 this year compared to 1,651 recorded in the same month last year.

Passenger traffic is expected to grow to 120,000 by December, Mr Kangugo said, adding that impressive numbers will be recorded in months to come.

“The number will slightly go down in December due to the holidays, but it will peak again in the month of January,” Mr Kangugo said.

Two officials, one from Moi International Airport and the other from Jomo Kenyatta International Airport, will be sent to the World Tourism Center (WTC) to market Kenya as a prime destination.

Following the post election violence, triggered by the 2007 disputed presidential election, most tourist operators either cancelled flights or diverted bookings to other neighbouring destinations, with Zanzibar emerging as the biggest beneficiary, Mr Kangugo said.

Tourists to Kenya are largely Europeans, with Londoners leading the pack.

The Kenya Tourist Board (KTB) estimates that tourist arrivals between January and October 2008 dropped by 34.7 per cent, from 873,000 to 565,000, due to the political unrest that jolted the country and a weakened global economy.

Recovery signs

Current data from the Kenya Bureau of Statistics shows that the tourism sector declined by 34.7 per cent last year.

Hoteliers in Mombasa have started seeing signs of recovery. Most have recorded over 50 per cent booking with the percentage expected to reach 100 by close of the year.

This is largely attributed to marketing campaigns carried out by KTB since last year.

Kenya is now stable and international tourists are eyeing the destination.

The country has been a popular destinations in Africa, drawing two million international arrivals in 2007.

Kenya’s Tourism Strategic Plan includes raising tourism earnings to Sh200 billion, increasing international tourist arrivals to three million, and hotel bed capacity to 65,000 by 2012.

........

mwanamwiwa

November 5th, 2009, 10:56 PM

UK seeks investment opportunities in Kenya

Published on 05/11/2009
By james anyanzwa

Foreign investors from the United Kingdom (UK) are seeking to build partnerships and increase investment in Kenya.

A delegation led by Birmingham Chamber of Commerce and Industry (BCCI), one of Britain’s leading support organisations, is in the country to explore new investment opportunities.

The group include companies wanting to invest in key development sectors like water, roads and renewable energy and offering goods and services tailored to the Kenyan business and consumers.

The trade mission is also expected to travel to Uganda and Tanzania to look for other regional investment opportunities.

Mr Jonathan Webber, head of the delegation and director of the International Trade at BCCI, is also expected to push for the strengthening of local chambers of commerce in Kenya, Uganda, Ethiopia, Burundi and Mauritius.

Amongst the companies representatives include solar experts (Daima Energy Solutions) and Octagon Europe Ltd.

clean energy

Daima’s plans to manufacturer solar energy products locally is expected to have real impact in Kenya by providing affordable clean energy, creating job opportunities particularly targeted at the youth and raising environmental awareness amongst consumers.

Octagon Europe, which offers sustainable and affordable housing solutions, hopes to work with agencies, Government and local business to ensure that slum dwellers, refugees and internally displaced people have access to decent and durable housing.

The British High Commission’s UK Trade and Investment team (UKTI), which facilitated the visit, have created targeted programme for each of the delegates in the mission, focusing on meetings with local businesses.

The move is part of UKTI’s efforts to encourage investments in Kenya and build on the strong commercial links that exists between the two countries.

The British High Commission said the current BCCI mission underlined the interest from UK companies in doing business in Kenya, and the East African region.

StormShadow

November 8th, 2009, 02:12 AM

Kalahari Lists on NSX , Invests N$500 Million

Windhoek — Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of uranium, gold and base metal interests in Namibia has began trading on the Namibian Stock Exchange.

This dual listing is in line with the company's commitment to Namibia and its strategy to increase its exposure in the country, in order to attract further interest in its stock amongst Namibian nationals and to develop in the countries activities and presence.

Kalahari Chairman, Mark Hohnen said the listing is a hugely important step in the development, and one which underlines our ongoing commitment to the country and the development of its huge resource potential.

Hohnen said Kalahari has a serious and vested long-term interest in Namibia, having operated in the country since 2005.

"Our group has invested circa N$500 million to date across our portfolio of uranium, gold and base metals assets, and in particular we have supported the development of Extract Resources, including the Nambianisation of its board and corporate structure," he said.

He said the progress made by Extract, in which the company have a circa 40% shareholding, has been exceptional.

"The world-class Rossing South uranium project, on which a Feasibility Study is currently being conducted on Zones 1 and 2 by Extract, consistently delivers outstanding results, and Kalahari will be continuing to work closely with Extract over the coming years to rapidly develop it into production.

As reported by Extract, preliminary cost estimates indicate that Rossing South could support a profitable, long life, low cost, low technical risk uranium mine producing 14.8 million pounds of uranium oxide per year, making it one of the world's largest uranium mines, which is obviously outstanding news for Extract, and, of course, for Kalahari and its shareholders, as well as for Namibia itself."

In addition to its uranium interests, the company has also retained our interest in gold and base metal projects in Namibia through our relationship with North River Resources.

"These assets, on which we have spent approximately Â£8 million on to date, will be jointly developed by Kalahari and North River, effectively pooling together the commercial and management expertise and financial support required to develop the assets towards production. Initial development will be

focussed on the appraisal of the heap leach copper projects and the Namib Lead/Zinc mine, with a view to production in the medium term," he said.

@ http://allafrica.com/stories/200911060648.html

Uranium to Boost Erongo Economy

Windhoek — The Erongo region has been experiencing a uranium boom due to increases in the price of uranium over the past few years.

The governor of the region, Samuel Nuuyoma says the mining of low-grade deposits had become viable, and that the country has become an attractive investment haven for many mining companies due to Namibia's competitive investment regime.

Nuuyoma was speaking at the opening of the Erongo Trade Expo, which was held in Walvis Bay last week.

He said the importance of Walvis Bay as an import and export harbor is underlined by the fact that cargo can be shipped between the SADC region, Europe and the Americas up to seven days faster than some of those ports on the coast of south-eastern Africa.

"The region also saw the establishment of the Walvis Bay Corridor Group in 2000 as a public-private partnership to promote the utilisation of the Walvis Bay Corridors, which is a network of transport corridors comprising the Port of Walvis Bay, the Trans-Kalahari Corridor, the Trans-Caprivi Corridor, the Trans-Kunene Corridor and the Trans Orange Corridor," Nuuyoma said.

Trade volumes along these corridors have grown from a bit more than 282 000 tonnes in 2007/2008 to nearly 550 000 tonnes in 2008/2009, which is an increase in tonnage of more than 94%. Walvis Bay also receives approximately 3 000 vessel calls, and handles about five million tonnes of cargo per year.

"The existing container terminal at the port can handle about 250 000 containers per year. It is expected that this facility will reach its full capacity by 2012."

Nuuyoma said, because the current stacking area cannot be increased, Namport is planning a new container port facility on reclaimed land inside current port limits. He said this will provide room for about double the containers to meet future demand.

"Namport has recently also announced the acquisition of a state of the art container terminal operating system, an investment of N$13.5 million, one of a number of developments to increase productivity," he added. The Namibian Airports Company (NAC) is currently upgrading the Walvis Bay Airport to become Namibia's second international airport.

"The runway will be expanded to handle the world's biggest aircraft, such as the new Airbus A380. This is a further step in handling more goods and fish to export markets", he continued.

"Due to the various developments in the Erongo region, a demand for more housing is exerted. We are witnessing various new property developments at Swakopmund and Walvis Bay, as well as on the coastal area between the two towns," he said.

"With this bulky package of development opportunities in Erongo, it is indeed essential that events like the Erongo Trade Expo 2009 and the Wesbank Auto Show are organized in order to prepare our businesses for the future," he added.

@ http://allafrica.com/stories/200911060647.html

Kenguy

November 8th, 2009, 03:05 PM

I did a little digging and found this: http://www.sseesamirembe.com/

http://img691.imageshack.us/img691/8536/lvftz.jpg

http://www.sseesamirembe.com/images/areamap_country.jpg

Very nice. I wasnt expecting the project to be built in Rakai though. At least we have an idea where the first dollars from oil will end up.

sseki2010

November 9th, 2009, 08:42 AM

Very nice. I wasnt expecting the project to be built in Rakai though. At least we have an idea where the first dollars from oil will end up.

MAN THIS PROJECT IS JUST COOL, THIS WIIL BE THE NEXT aFRICAN DUBAI

mwanamwiwa

November 11th, 2009, 10:23 PM

Common Market treaty to be signed next week

http://www.worldstatesmen.org/eac_97.gif

Updated 1 hr(s) 45 min(s) ago

A date has finally been set for the signing of the much-anticipated East African Community Common Market Protocol.

The protocol will be signed on Thursday, next week, by regional Heads of States in Arusha, Tanzania.

After the signing, a team of experts is expected to design ways of addressing key administrative challenges before the protocol is implemented.

The Permanent Secretary in the Ministry of EAC, David Nalo, cited the application of the common external tariff and the rules of origin, as some of the major challenges.

The PS said one of the concerns raised by the business community and investors, is double taxation.

"Already the business community is pushing East African Community to have double taxation agreement, in a move to protect investors," he said.

"Proposals on what practical actions are needed to address these issues were discussed and arrived at last month," said Nalo during a media briefing in his office.

Cushion investors

Nalo said failure to harmonise taxation laws within the bloc had also delayed the process.

Double taxation agreements are designed to cushion investors from being taxed more than once within the same economic zone, upon repatriation of the business entities.

"Double taxation rates have been defined by member states although an agreement has not been signed," added Nalo.

Member states have reduced withholding tax to 5 per cent and royalties to10 per cent.

The double taxation treaties are expected to market EAC as a single investment destination to investors.

"These agreements allow investors to pay taxes in their country of residence, enjoying exemption from taxation in the other country," Nalo explained.

He explained that a surcharge would be imposed on imports from other regions, so as to protect indigenous industries.

Numerous challenges

Nalo pointed out that skewed distribution of benefits, and the need to put in place an efficient mechanism for sharing benefits and compensating losers, was another challenge.

He said concrete measures have been put towards the integration, including freely exchangeable currencies, and ultimately a single currency and a double taxation accord.

"This will be achieved through the establishment of a Customs Union as the entry point of the Community, a Common Market, subsequently a Monetary Union, and ultimately a Political Federation of the East African States," said Nalo.

mwanamwiwa

November 12th, 2009, 10:50 PM

Co-op Bank profit up 10 per cent on interest income and commissions

Updated 3 hr(s) ago
By James Anyanzwa

The Co-operative Bank of Kenya has announced a 10 per cent growth in pre-tax profits for the nine months period ended September 30, 2009.

The bank’s profit before tax climbed to Sh2.85 billion from Sh2.59 billion in a similar period last year.

Gideon Muriuki, the Group’s managing director and chief executive described the performance as ‘impressive’ against hard economic times and the global recession.

"This is a commendable growth notwithstanding the challenging economic environment and the global downturn," Muriuki said.

According to the bank’s interim financial figures released yesterday, total customer deposits rose 18 per cent to Sh76.6 billion from Sh64.7 billion in a similar period last year.

Product diversification

Net loans and advances ascended by 24 per cent to Sh60.5 billion from Sh48.7 billion mainly aided by the bank’s diversified product lines and a competitive pricing mechanism.

Interest income surged 27 per cent to Sh4.9 billion from Sh3.87 billion while fees and commissions constituted 40 per cent of the Groups revenues.

Operating expenses rose by 16 per cent to Sh5.37 billion from Sh4.61 billion due to expansions the bank has undertaken to increase its footprint in the country.

Total assets soared by 26 per cent to Sh98.8 billion from Sh78.5 billion in the same period last year.

Muriuki attributed the bank’s sustainable growth to investments in various growth strategies such as alternative banking channels, cost management programmes and new business lines.

Among the bank’s alternative banking channels include Front Office Service Activity (Fosa) Project, Sacco link and Point of sale banking.

Muriuki said the bank has invested significantly in cost management initiatives such staff optimisation by leveraging on new outlets, automation of business processes and leasing option for all new bank outlets and some equipment that is cheaper and tax-efficient.

Co-op Bank’s new business lines include stockbroking, mortgaging, coffee marketing and regional expansions.

The bank is on course, making headway into Southern Sudan with five branches already running. It is also currently negotiating a strategic partnership with the Co-operative movement in Uganda and Rwanda.

In addition, Co-op Bank played a key role in setting up a coffee marketing society by the smallholder coffee growers.

The Kenya Co-operative Coffee Exporters limited is now fully operational, marketing coffee for the various coffee societies in the country.

Coffee farmers have been receptive to this initiative because among other things, it has increased the coffee prices.

This has injected the much-needed energy in the over Sh12 billion coffee industry.

Co-op Bank is the financier of the arrangement and will benefit from the key foreign exchange and other commissions income.

Xusein

November 13th, 2009, 03:17 AM

Don't know where else to put this. :D

A new shopping center recently opened in Bosasso, Puntland, Somalia. Here are some pics of the opening ceremony.

It's called "Qasim Mall". Apparently, it has an internet cafe, Golis Telecom Somalia phone store, and clothing.

http://i37.tinypic.com/2wbx946.jpg

http://i33.tinypic.com/1zlsxgh.jpg

http://i37.tinypic.com/1ztbg4.jpg

http://i38.tinypic.com/5nk8zr.jpg

http://i34.tinypic.com/v83bt2.jpg

http://i36.tinypic.com/9azm0n.jpg

desert burner

November 13th, 2009, 09:50 AM

^^:applause:

mwanamwiwa

November 14th, 2009, 04:18 AM

Kenya eyes cruise tourism spill-over from S Africa

http://www.theeastafrican.co.ke/image/view/-/670818/highRes/106950/-/maxw/600/-/115opnbz/-/home+pix.jpg

A cruise ship at the port of Mombasa. The government is looking for strategic partners to enable it increase efficiency at the port.

By Benard Sanga
Posted Wednesday, September 30 2009 at 00:00

Stakeholders in Kenya’s cruise tourism are looking forward to reaping from a spill over of visitors to South Africa.

There are hopes that the region could benefit from South Africa’s expected bumper crop that will attract both birds and tourists.

Foreign visitors are expected to flock to the country’s shores this coming summer as some of the world’s leading cruise ships follow migratory birds heading south, away from Europe’s winter.

According to statistics from Ports and Ships, a newsletter printed in Southern Africa, Durban expects 53 calls including multiple calls of Mediterranean Shipping Company’s cruise ship MSC Sinfinia between November and April 2010.

Other ships include the giant Queen Mary Two that is expected to call at Cape Town and Durban; P&O’s Aurora; Crystal Cruises’ Crystal Serenity; Fred Olsen’s Balmoral; Seven Sea’s Voyager, and Holland America’s Amsterdam.

Later in the year, Noordam and Westerdam will visit and remain in South African waters until after the 2010 Fifa Soccer World Cup.

“We expect to benefit from ‘cross cruising’ even though we lack facilities for such huge visits. The Kenya Tourism Board should start marketing the country as a cruise destination, particularly now that the World Cup tournament is coming to South Africa,” said Abercrombie and Kent Kenya director Auni Kanji.

Other stakeholders predict a bright future for the sub sector following the recent formation of the Cruise Indian Ocean Association (CIOA). The organisation was formed in May to market eastern Africa and western Indian Ocean islands as cruise ship destinations.

Kenya has fared badly in the sector, with arrivals plunging to record lows three years ago. The country has not shown signs of recovery since, chiefly because of piracy along the Indian Ocean coast.

Increased surveillance
Stakeholders said that even with increased surveillance on the Somali coastline, the business needed huge investment if its potential is to be realised.

“The cruise ship business in Mombasa, Dar es Salaam and Zanzibar ports has nose-dived to record lows largely due to insecurity, but the trend is also accelerated by lack of proper infrastructure,” said Mr Kanji. The business’ full potential remains untapped due to lack of suitable infrastructure in some destinations.

For instance Lake Victoria, which is the largest fresh water lake in the world connecting the three African states of Kenya, Uganda and Tanzania, is a virgin destination.

In 2006 the Ministry of Transport shelved plans to construct a modern cruise terminal at Mombasa port after failing to find a strategic partner to invest in the facility.

The terminal plan, contained in the port’s 25-year master plan and its strategic plan of 2005 currently under review, would have re-developed Berth One and Two into a world class cruise ship facility at the cost of $3million.

According to Mr Kanji, the country requires another master plan on how to revamp the sector which remains the fastest growing business in the tourism industry.

Making call visits
According to Cruise Lines International Association (CLIA), a ship carrying 2,000 passengers and 950 crew generates an average of $322,705 per call at the home port, while a similar ship making call visits generates $275,000 in onshore spending.

CLIA estimates that 14 million people are expected to use cruise ships during the current year. The peak season is between November and March, during the European winter season.

“The economic value of enticing cruise operators to send more ships to the region is huge. In Kenya, each cruise tourist spends approximately $200 per day. Many of them return for land based holidays,” said Mr Kanji.

Research shows that between 50 and 70 per cent of passengers say they would like to return after visiting a country for the first time.

Mr Kanji said cruise calls at Mombasa port had dropped from 20 vessels in the 2005/2006 season to just eight.

The port expects to receive eight to 10 vessels this season, which would start in November and end next April.

u.g boy

November 14th, 2009, 06:13 PM

^^
Where exactly? (location)

in mutukula rakai district

mwanamwiwa

November 15th, 2009, 02:07 AM

Next year promises good tidings to tourism sector

http://www.safari.tc/kenya/images/animatedkenyasafari478x319b.gif

Updated 7 hr(s) 54 min(s) ago
By Macharia Kamau

Next year promises good tidings for the tourism industry.

Tourism Minister Najib Balala said the sector is already showing signs that it will have made 93 per cent recovery in the first quarter of the year.

Balala, however, said there was need to invest more in marketing the country if the sector is to post impressive growth in the future.

"Despite the challenges facing the country, it is important for us to communicate our products to our existing and potential tourist source markets," Balala said.

"Unless we invest more in marketing activities, our abundance in tourism would remain wasted and unexploited."

The sector’s strong showing is touted to match record revenues posted in 2007, which was, however, hit hard in the aftermath of the post-election disruptions early last year.

Strong recovery

In 2007, the sector earned the country Sh65.2 billion and saw close to two million international tourist arrivals.

This, however, nose-dived last year to Sh52.7 billion with tourist arrivals dropping to just under one million. In nine months to September, the sector has already made over 80 per cent recovery.

In the period, tourism earnings rose by 10 per cent to Sh36.64 billion, compared to Sh33.24 billion over the same period last year, while arrivals stood at 687,664, compared with 496,056 last year.

Balala spoke Friday evening during the annual Marketing Society of Kenya’s (MSK) gala dinner.

During the event, marketers were challenged to adopt Information and Communication Technology (ICT).

Paul Kukubo, the Kenya ICT Board Chief Executive said local marketers have been slow to adopt technology in their line of work.

"Globally, the most valuable brands are those that have ridden on technological platforms to position themselves in the market," he said.

"This is, however, not happening in the country as marketers shy away from engaging the services of ICT professionals as much as they should."

During the event, Balala, Bidco Chief Executive Vima Shah and Scan Group Chief Executive Bharat Thakrar were named as MSK fellows. Also named, as MSK fellows were founder of research firm Steadman – now Synovate – Kenya Roger Steadman and academician Prof Francis Kibera.

The MSK fellow is the highest honour in the marketing profession locally and the fellows are supposed to be advisors to the Society.

mwanamwiwa

November 16th, 2009, 10:16 PM

Card firms eye Africa’s unbanked population

Published on 15/11/2009
By Jackson Okoth

Global card companies are eyeing Africa’s non-bank account holders, who still have no access to formal financial services.

In Kenya, plans are underway to issue prepaid credit cards to this un-banked population, a segment so far accessible only to mobile phone companies, through their money transfer services.

" We need to capture this market and provide solutions," Victor Ndlovu, Visacard Africa, said at the recent CardExpo East Africa 2009 held in Nairobi. A prepaid credit card account is opened when a client deposits money into that account, and the card can be used anywhere, just as one would a regular credit card.

Diaspora remittances

Visa is also looking at the international money transfer business.

" There is also a card to card transfer technology, which is available for diaspora remittances," said Ndlovu.

Visa is also eyeing African Governments, whose transactions are still mostly paper-based. Using digital currency could reduce procurement costs.

" For those without bank accounts, a pre-paid card can assist in building up one’s credit history, enabling them to access credit from the bank," said Bernard Matthewman, MD, Paynet Group of companies.

While mobile phone companies dominate the pre-paid accounts, card companies are seeking to increase their penetration.

" It is critical for mobile phone companies to partner with banks. Although integrating a phone and card is still a long way from being a reality, enormous opportunities exist," said Matthewman.

Commercial banks are limited by their distribution networks in reaching out to the, mostly rural, un-banked segments. On the other hand, mobile phone companies need the cash to give to their subscribers.

" Market education is still lacking in the card space and this has affected their uptake," said Matthewman.

Visa and MasterCard credit cards are considered the most widely accepted cards in Kenya. Other credit cards much less so.

However, there are many shops, supermarkets and retail outlets without automatic dial-up systems for credit card transactions.

Credit fraud

And although no reports of massive credit card frauds have been reported, manual systems, like the swap machines in some more up-market places in Nairobi, are more susceptible to fraudulent transactions.

The tussle for the pre-paid market is happening as most commercial banks launch their mobile banking platforms.

This new technology targets millions of mobile phone users who lack access to bank accounts.

It is expected that soon, those with bank accounts will begin to use their mobile phones to pay for their cost of shopping, the same way as credit cards.

mwanamwiwa

November 18th, 2009, 03:04 AM

Kenya seeks to tap into green energy sources

By NATION Correspondent
Posted Tuesday, November 17 2009 at 19:38

Kenya will next week host a green electricity conference to develop a mixed power generation plan to meet rising needs.

Energy PS Patrick Nyoike said the two-day event which starts on November 23, will identify the most competitive short, medium and long-term power production solutions in Kenya.

He said participants will develop a practical road-map of future generation choices of stable affordable electricity to sustain Kenya’s economic growth.

“Ministry of Energy has a key role in powering overall economic growth by providing sufficient, reliable and affordable electricity to domestic and commercial users,” said Mr Nyoike during a media briefing on Tuesday.

High level

He said findings from the meeting will not only be presented by Prime Minister Raila Odinga to the Copenhagen climate conference in December, they will also facilitate investment in power infrastructure for Kenya.

The Nairobi green electricity conference is structured as a high-level consultation bringing together key stakeholders in the energy sector, the private sector and some financial and donor institutions.

French Development Agency said the event which comes when a lot of attention is being paid to green energy, aims to promote competitive electricity production and preserve the environment.

The agency’s regional director Jean-Pierre Marcelli said the question of how much electricity is generated, cost and reliability is a universal one that directly impacts on everyone.

Plan their costs

“Companies need to plan their costs of production of which electricity forms a big part and this has an impact on cost of goods in the market and the end user of these products,” he said.

Mr Marcelli said Kenya needs more power noting that it will take time to build the kind of generation facilities it needs for the long term as geothermal plants take about eight years to install.
He said there are short and mid-term solutions that can then be put in place to bridge the energy gap.

United Nations Environment Programme said Kenya could become a zero-emission nation while delivering energy to spur development with the right international and national policies in place.

mwanamwiwa

November 18th, 2009, 03:17 AM

East African Community

Uhuru calls for elimination of trade barriers

oVApWvLne8Y

Balala calls for faster EA integration

PcT_8XzT9aE

mwanamwiwa

November 18th, 2009, 03:45 AM

Yu launches cheapest cross network tariff in the market

Updated 8 hr(s) 13 min(s) ago
by Morris Aron

Competition in the telecommunication sector went a notch higher yesterday following a move by the fourth mobile operator to go after market share held by the giants by unveiling the cheapest call rates in the market.

Under the new plan by Essar Telecom Kenya Yu branded mobile service, consumers will now be able to call for a flat tariff rate of Sh6 a minute to any network.

The new tariff dubbed — amua — makes Yu brand the lowest priced mobile tariff in the country after months of debate over high interconnection fees that have seen that have rendered ineffective decisions to lower call rates by various players in the market.

By reducing tariffs, Essar has brought its voice call costs down by 40 per cent.

Essar Telecom Kenya’s Chief Commercial Officer Kunal Ramteke, said Yu subscribers will now enjoy round the clock flat rate of Sh6 for voice calls, which will be billed per second, a rate applicable regardless of the network one is calling.

Call patterns

Typical call patterns indicate that for an average Kenyan user, the average call rate in the market is close to Sh10.

This initiative will in actual fact give the consumer a saving of 40 per cent on their call rates.

With the launch of amua tariff, current yu subscribers have an option to migrate to the new amua tariff, or they can continue on their existing tariffs,

The move by Essar follows a recent decision by Safaricom to adopt an intelligent billing system — Supa Ongea — that calculates call charges based on the location, time and how busy the network before charging.

desert burner

November 18th, 2009, 08:04 AM

by Presidential Press Service

Kenya and Ethiopia will jointly implement infrastructure projects essential to the development of both countries.

Speaking during a bilateral meeting in Addis Ababa ahead of the African Summit of the Group of Ten on Climate Change on Tuesday, President Kibaki and Ethiopian Prime Minister Meles Zenawi expressed the need to implement joint projects to improve the lives of Kenyans and Ethiopians.

President Kibaki said plans were under way to put up a port in Lamu to be used by neighbouring countries as an outlet to the rest of the world.

The project is part of a second transport corridor scheme that includes construction of a railway line and tarmac road to Moyale.

Maintain peace

The Ethiopian Prime Minister said his government would construct a railway line from Addis Ababa to Moyale to boost trade between the two countries.

The two leaders discussed the need to maintain peace along the common border by containing cattle rustling and curb influx of firearms and other weapons.

The two leaders reaffirmed their commitment to strengthening Igad and use it in promoting security and economic development in the region.

They supported the Transitional Federal Government of Somalia in its endeavour to address challenges in restoring peace in the Horn of Africa country.

The Kenya delegation at the bilateral talks included ministers Moses Wetang’ula, John Michuki, Yussuf Haji and Noah Wekesa and Assistant Minister Orwa Ojode.

At a separate function, President Kibaki held talks with a leading Saudi investor, Sheikh Mohammed Hussein Al-Amoudi, who paid him a courtesy call.

During the meeting, the President reiterated Kenya’s determination to create a conducive environment that would attract foreign investment to spur economic growth and create jobs for the youth.

Hurdles to investment

President Kibaki said the Government was working towards removing hurdles to investment.

On his part, Sheikh Al-Amoudi indicated his interest in investing in Kenya’s infrastructure development, livestock sector, conference and tourism.

Present during the meeting were Deputy Prime Minister Uhuru Kenyatta, ministers Moses Wetang’ula, Mohammed Elmi and Yussuf Haji, among others.
http://www.standardmedia.co.ke/news/InsidePage.php?id=1144028586&cid=159&

desert burner

November 18th, 2009, 08:06 AM

^^welcome sheikh to kenya the country is ripe for investment:cheers:

desert burner

November 18th, 2009, 08:08 AM

http://www.businessdailyafrica.com/C...z/-/index.html

^^ the way to go:banana:

Matthias Offodile

November 18th, 2009, 10:00 PM

New big oil discovery in Angola

http://www.subseaworld.com/img/news/200911/3430_0.jpg

2009.11.17 - Subsea Headlines
The Sociedade Nacional de Combustíveis de Angola, Sonangol E.P. and Petrobras announce a new oil discovery made through well Manganês-01, in Block 18/06, in deep waters, located 200 kilometers away from the city of Luanda.

Drilled at a depth of 1500 meters from the waterline, the Manganês-01 well proved the existence of excellent quality reservoir in an 82-meter column in sandy Miocene reservoirs. In testing operations, oil of some 20 degrees API was produced at high flows and with an excellent productivity index.

Sociedade de Combustíveis de Angola is the concessionaire of Block 18/06. Petrobras is the block’s operator, holding 30% of the stakes for it; Sonangol Sinopec International Limited (SSI) holds 40%; Sonangol P&P, 20%; Geminas, 5%; and Falcon Oil the remaining 5% of the stakes.

desert burner

November 19th, 2009, 01:42 PM

http://www.businessdailyafrica.com/-/539552/687916/-/5a0wvt/-/index.html

desert burner

November 19th, 2009, 01:59 PM

Kenya, Morocco sign Tourism MoU

http://www.nation.co.ke/image/view/-/691480/medRes/114026/-/h/400/w/600/-/9xwb7fz/-/bal+1.jpg

Morocco's Tourism and Craft minister, Mohamed Boussaid (left) and Kenya's Tourism minister, Najib Balala exchange signed Memorandum of Understanding on development of Tourism between the two countries on November 19, 2009.

http://www.nation.co.ke/image/view/-/691484/medRes/114027/-/h/400/w/600/-/a8wd7ez/-/bal+2.jpg

http://www.nation.co.ke/image/view/-/691486/medRes/114028/-/h/400/w/600/-/11wnosmz/-/bal+3.jpg

Morocco's Tourism and Craft minister, Mohamed Boussaid (left) receives a plaque from his Kenyan counterpart Najib Balala after signing a memorandum of understanding on November 19,2009 on development of Tourism between the two countries.

http://www.nation.co.ke/business/news/-/1006/691490/-/ie36p7z/-/index.html

mwanamwiwa

November 19th, 2009, 06:40 PM

NIC posts 12 p.c. increase in pre-tax profit

http://www.businessdailyafrica.com/image/view/-/639478/highRes/94450/-/maxw/600/-/14tnwjiz/-/NIC-MD-James-Macharia.jpg

NIC Bank MD, Mr James Macharia (right).
Photo/FREDRICK ONYANGO

By JOSEPH BONYOPosted Thursday, November 19 2009 at 12:29

At a time when its peers are recording single digit growth in profitability, NIC Bank’s focus on trade financing as one of its key growth drivers, has paid off.

The bank posted a 12 per cent increase in its profit before tax for the third quarter ending September 30, 2009.

The group recorded Sh1.2 billion, up from Sh1 billion registered during a similar period last year.

According to managing director, Mr James Macharia, the performance was a satisfaction on the achievement of a long term strategic goal in income diversification.

“On all fronts and as specifically demonstrated by our growth in foreign currency and trade finance incomes over the years,” said Mr Macharia

The banks total operating income grew to Sh2.8billion in the period under review from Sh553 million recorded last year.

Customer deposits in the quarter grew by 19 per cent from Sh1.1 billion in 2008 to Sh1.4 billion.

However, an aggressive branch and regional expansion by the bank resulted in a 24.1 per cent increase in operating expenses.

Recently, the bank set up a subsidiary in Tanzania.

The bank is celebrating 50 years this month since its inception in 1959.

It previously operated as National Industrial Credit Bank, before converting into a commercial bank in 1995.

mwanamwiwa

November 20th, 2009, 05:13 AM

Barclays tops off profit run by big banks

Updated 8 hr(s) 54 min(s) ago
By Jackson Okoth

Barclays Bank Kenya’s pre-tax profit rose 4.7 per cent for the nine months to September 30. The bank recorded a Sh6.6 billion profit, up from the Sh6.3 billion recorded over the same period last year.

Intense trading on the counter preceded the announcement of the bank’s third quarter results, with BBK shares reaching a high of Sh44, before closing at Sh43.25.

The bank said the increase was due to better risk management.

"Going into the year, we faced significant challenges with the slow economic growth. Against this backdrop, we set out to support our customers and to ensure the optimisation of our existing resources, while continuing to invest in new products and capabilities," said BBK Managing Director, Adan Mohamed.

BBK’s strategy, he said, was to grow by expanding its product offering and cutting costs.

"One of the key drivers of our growth in profits was the strong quality of our loan book, compared to previous quarters. We reduced impairments through a continued focus on responsible lending, and by working closely with our customers to help them manage through this downturn," said Mohamed.

BBK is the last of the bigshots in the banking industry to release its third quarter results.

Co-operative Bank reported a 10 per cent growth, KCB recorded one per cent and Standard Chartered reported the highest growth at 46 per cent the highest.

Equity Bank’s pre-tax profit drop, as a slow economy and rapid expansion took its toll on the bank.

appropriate action

During the third quarter, Barclays extended banking hours at its premier Queensway Branch in Nairobi, and held seminars for small and medium-sized business clients to share best practices in financing, accounting and management.

Barclays Business Club, which caters for small business owners, and is the largest club of its kind in Kenya, facilitated a national trade fair, and organised business trips for members to Singapore, Malaysia, Thailand and China.

Over 140 club members participated in the trips that were endorsed by the Ministry of Trade, forging valuable relationships with potential new customers and suppliers.

"We have delivered a resilient performance in this economic environment and remain profitable, strongly capitalised and well positioned for growth," said Mohamed.