Oil prices rebound on signs of output cuts

 Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52.   It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.   Meanwhile, US giant ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production.   Buying opportunity   On Friday, data showed that more than 90 US oil rigs were idled, the.... Read more »

Posted on : Wednesday , 4th February 2015

Kibaki Praises Kenya-Japan Ties, Calls for More Co-operation

Former President Mwai Kibaki has praised the good and long-running co-operation between Kenya and Japan that has translated into many social development programmes in the country. Mr Kibaki said through the collaboration, Kenya had benefited in various development spheres, more specifically in technology training, infrastructure development and food security. “Over the years, Japan has been Kenya’s key development partner in several arenas especially in technology-based.... Read more »

Posted on : Tuesday , 3rd February 2015

Kenya team woos leather investors in Turkey

A government delegation is in Turkey as part of an ongoing campaign to woo investors into the local leather industry.   Industrialisation Cabinet Secretary Adan Mohammed is heading the team that includes officials from the Export Processing Zones Authority and members of Parliament.   Private Kenyan investors are also in the trip.   While there, the delegation is scheduled to hold meetings with Turkish investors as well government officials to market the existing.... Read more »

Posted on : Tuesday , 3rd February 2015

Good news for farmers as Kenya imports cheap fertiliser

Agriculture Cabinet Secretary Felix Koskei received the fertiliser at the Port of Mombasa yesterday.   Mr Koskei called on county governments in the Rift Valley region to support farmers to acquire lime to reverse soil acidity, which has affected maize production in the area.   The CS said the county governments should also complement the national government by importing subsidised fertiliser given that agriculture has already been devolved.   He said another.... Read more »

Posted on : Tuesday , 3rd February 2015

Tanzania Govt to enhance farmers’ access to markets

The project will focus on critical industrial location, whereby relevant factories are to be located in places where crops mainly used as raw materials are produced.   Speaking at IFAD National Roundtable workshop on Tanzania’s recent evalutaion of agricultural programmes across the country, the Minister for Agriculture,Food Security and Cooperatives, Mr Stephen Wasira, said apart from the current private sector initiatives of putting industries near crop producing areas,.... Read more »

Posted on : Tuesday , 3rd February 2015

World Bank gives Kenya Sh1.2b to enhance water and sanitation access

This comes after the bank together with the Global Partnership on Output-Based Aid (GPOBA) and the Kenya government signed a grant agreement approving $11.8 million (Sh1.07b) in funding for water and sanitation in low-income urban areas.   The project is targeted to reach 30,000 low-income urban households – or 150,000 residents. Service providers that provide water and sanitation projects for low-income residents will receive money from the fund, which will be disbursed.... Read more »

Posted on : Tuesday , 3rd February 2015

Kenya: Electricity connection now Sh1,160

The programme dubbed Global Partnership on Output Based Aid will see Kenyans living in informal settlements in urban centres and those in rural areas being connected.   Speaking at Kiganjo Polytechnic Grounds in Gatundu South over the weekend when he launched the programme, Dr Chumo said the programme targets the needy who could not afford to raise the current Sh35,000 for power connection.   “We want to put a smile on the less fortunate in the society this new.... Read more »

Posted on : Tuesday , 3rd February 2015

Africa develops Special Economic Growth Engines Towards Industrialisation & Regional Development

 Special Economic Zones (SEZs) are progressively becoming a policy tool of choice for governments to attract foreign investment to promote export oriented economy and growth, thus creating employment opportunities. Globally, there is a major shift in economic policies in developing countries which attempt to industrialise their economy by becoming more manufacturing based economies, export driven through setting up of free trade zones that are inclusive of SEZs, designed to.... Read more »

Posted on : Tuesday , 3rd February 2015

Africa: NECSA Tooling Centre of Excellence Launched

 The Minister of Trade and Industry, Dr Rob Davies (MP), launched the South African Nuclear Energy Corporation (NECSA) Tooling Centre of Excellence in Phelindaba, Pretoria, on 10 November 2014. The launch was held in partnership with the National Tooling Initiative (NTI) and NECSA. The minister said the tooling sector has been identified by the Department of Trade and Industry (the dti) as a "key programme to develop market and showcase the niche competitive advantages and.... Read more »

Posted on : Tuesday , 3rd February 2015

Tanzania tourism could hit $16 billion

DAR ES SALAAM, Tanzania – The World Bank has said Tanzania’s tourism revenues could bulge four times from $4.48 billion in 2013 to $16 billion annually by 2025 if share benefits from the industry are equitably and evenly distributed to local participation but with quality.   Jacques Morisset, the World Bank Lead Economist said tourism is considered to be a high priority under President Jakaya Kikwete’s development agenda, as well as that of the National.... Read more »

Posted on : Tuesday , 3rd February 2015

Foreign investors on rise in Tanzania

DAR ES SALAAM, Tanzania  - The number of foreign investors in the country has increased dramatically, following the launch of the East Africa Stock Exchange (EASE) market in September last year,.    The market provides a wide chance for Tanzanian companies to be listed in the East Africa Stock Exchange market,” said Chief Operating Officer, of Unit Trust of Tanzania (UTT),  Simon Migangala when briefing journalists on UTT achievements in.... Read more »

Posted on : Tuesday , 3rd February 2015

Manufacturing development a boost to industrilization in Africa

 Africa still accounts for a very low share of global manufacturing value-added (MVA) and global manufacturing exports (1.1 percent and 1.3 percent respectively in 2008). Even more worrying is that Africa's share of global low-technology manufacturing exports, a sector where it should have immediate comparative advantages, fell from 1.5 percent in 2000 to 1.3 percent in 2008, as opposed to East Asia and the Pacific where it rose from 17 percent to 26 percent over the same period..... Read more »

Posted on : Tuesday , 3rd February 2015