Business News | Africa

  • The State-controlled National Social Security Fund has bought an additional 19.6 million shares in KCB Group with a current market value of KES 719.4 million (approx. USD 6.6 million), boosting its stake in the country’s biggest bank. https://bit.ly/388j8qt
  • The State-controlled National Social Security Fund has bought an additional 19.6 million shares in KCB Group with a current market value of KES 719.4 million (approx. USD 6.6 million), boosting its stake in the country’s biggest bank. https://bit.ly/388j8qt
  • The East African Business Council has petitioned Kenya and Tanzania to lift restrictions on movement across their shared border points at Taveta-Hoili and Isebania-Sirare, citing suppressed business. https://bit.ly/3efodOJ
  • Taxes on fuel, M-Pesa transfers and an KES 18 (approx. USD 0.16) a litre levy on kerosene are contained in 23 laws that were yesterday declared illegal after the High Court ruled were passed without the input of the Senate. https://bit.ly/2HOtIrU
  • Air Tanzania has resumed its twice-a-week Dar-es-Salaam-Harare flights, becoming one of the first airlines to return to the skies after a six-month hiatus precipitated by the outbreak of COVID-19. https://bit.ly/2HUWZRD
  • The Egyptian government targets to inject about EGP 136.4 billion (approx. USD 8.69 billion), equivalent to 18.5 percent of the country’s total investment plan for fiscal year 2020/21, in the urban development sector, according to Minister of Planning and Economic Development. https://bit.ly/323wzUt
  • Rwanda’s principal minerals cassiterite, wolfram and coltan fetched USD 31.6 million in revenues in the first half of 2020, down from USD 56.6 million in the same period last year, largely due to disruption in the sector occasioned by the coronavirus pandemic. https://bit.ly/3kV8Iy0
  • South Africa’s National Treasury has defended a controversial USD 641 million lifelines for its bankrupt national airline, saying that setting it on the path to recovery will entice private shareholders. https://bit.ly/324enKs
  • Co-operative Bank of Kenya will require up to KES 12.5 billion (approx. USD 114.8 million) to revive the fortunes of the acquired of Jamii Bora, now trading as Kingdom Bank, a valuation report commissioned by the lender shows. https://bit.ly/2HW60cE