Business & Economy Africa | News & Updates

  • Some KES 18 billion (approx. USD 177.4 million) worth of listed corporate bonds issued by Centum, EABL and Commercial Bank of Africa mature this year, further weakening a market segment that has been inching towards oblivion for the past five years. http://bit.ly/2SXrDNh
  • Transportation of petroleum products faces a major hitch in the early weeks of 2020 as the government moves to implement stringent rules on tanker drivers. Energy and Petroleum Regulatory Authority says only the drivers holding special certificates will be allowed on the roads after 15 January 2019. http://bit.ly/2MWbt2Z
  • TANZANIA’S embassy in China has expressed its determination to attract more investors, tourists, scholarships and explore additional markets for local products in the south eastern Asian country which is the world’s second-largest economy. http://bit.ly/2SWo1v0
  • Uganda said it plans to borrow 6.9 trillion shillings ($1.89 billion) from external lenders in the 2020/2021 (July-June) fiscal year to partly finance its budget, which could come under pressure as veteran leader Yoweri Museveni seeks re-election. https://reut.rs/39ETOGP
  • Egypt and Sudan will begin operating a joint electricity grid from 12 January 2020 with a capacity of 50 megawatts, Egypt’s state news agency MENA said on Sunday. The project’s cost has reached USD 31.74 million and spans 1,000 km. https://reut.rs/39ETOGP
  • Trade disputes valued at KES 38 billion (approx. USD 375.6 million) in courts are denying Kenyans jobs and derailing business opportunities that would have generated taxes for national development. A report by the Court Annexed Mediation Committee reveals that 16.7 percent of civil suits referred to mediation since 2016 were concluded after parties settled disputes amicably allowing projects and contracts to continue to fruition. http://bit.ly/2STZYwQ
  • National carrier RwandAir has forged a partnership with Optiontown that will allow its clients to enjoy savings on their flights. Optiontown is a pioneer in travel options that seeks to create a win-win for travelers and travel providers such as airlines, hotels and car rentals. The partnership will see clients access to enjoy savings from their ticket purchases. http://bit.ly/2SQVjf3
  • Egyptian regulators have approved Uber’s USD 3.1 billion acquisition of regional rival Careem after agreeing to a set of commitments proposed by the U.S.-based ride-hailing service meant to reduce harm to competitors. https://reut.rs/37zXEPB
  • Morocco has been ranked among the best five destinations to discover in 2020 according to the French information website Boursorama. The Friday publication by Boursorama saw the North African country being praised for its infrastructure and eco-friendly development. It also highlighted about Morocco’s cultural richness. http://bit.ly/2QLDRWK
  • Egypt’s central bank said that its monetary policy meeting on interest rates had been postponed to 16 January 2020. The central bank cut rates by a combined 350 basis points at its last three consecutive meetings and 100 bps in February. Overnight rates are at 12.25 percent for deposit and 13.25 percent for lending. https://reut.rs/2tzxAVS