Latest African business news, economy, corporate, markets updates

Tanzania: Come, Dar Tells Cuban Investors

President John Magufuli yesterday invited Cuban investors to develop pharmaceutical industries in the country as the two friendly nations agreed to cooperate in five areas.

Dr Magufuli asked the visiting Cuban Vice President, Mr Salvador Valdes Mesa, to help in persuading the Cuban investors to Tanzania, saying the establishment of pharmaceutical industries in the country will guarantee drug availability at affordable prices.

Posted on : Wednesday , 5th October 2016

Tanzania, Congo sign deal for joint petroleum exploration

Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika.

The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world's second largest by volume and second deepest, according to officials.

"We have signed a memorandum of understanding to exchan.... Read more »

Posted on : Wednesday , 5th October 2016

Now Kenya makes plans to produce industrial sugar

Kenya plans to relax rules for the production of industrial sugar in a bid to save the economy $90 million worth of forex spent annually on imports.

Kenya will thus become the first East African Community member to produce the commodity, but experts warn that the high cost of production could render industries such as confectionery that rely on refined sugar uncompetitive across the region. Under the EAC Rules of Origin, industrial sugar, as a raw .... Read more »

Posted on : Wednesday , 5th October 2016

Kenya opens tallest hotel in Africa

Hilton Worldwide has signed a management agreement with Jabavu Village Ltd to open a 255 guest-room and suite hotel in Nairobi, Kenya’s capital.

The hotel is set to open in 2020 and joins 50 Hilton Hotels & Resorts properties trading or under development in 17 countries across Africa.

“In recent years Upper Hill has grown to become a hub for international businesses and organisations, with a number of .... Read more »

Posted on : Wednesday , 5th October 2016

Kenya Power changes tack in war on transformer vandals

Kenya Power transformer suppliers will have to shift to converters that contain aluminium windings, as opposed to copper ones currently in use as the utility firm moves to tame vandals who have cost it dearly.

The electricity distributor says its suppliers will now be required to adhere to new guidelines to save the company from losses that it incurs on vandalism.

The new specifications are intended to increase durabi.... Read more »

Posted on : Wednesday , 5th October 2016

Seimens to support gas-to-power generation in South Africa

Siemens has stated that it is committed to support gas-to-power generation in South African through its supplier and enterprise development initiative

“Adding gas-to-power generation to the South African energy mix will be a major driver of economic prosperity, adding billions of rands to GDP and thousands of new jobs”, said Sabine Dall’Omo, CEO of African engineering giant Siemens.

Generating clean and efficient power.... Read more »