Business News & Updates | Developments Across Africa

  • German carmaker Volkswagen has become the second global car dealer to start local assembly of special utility vehicles (SUV) in Kenya. VW Tiguan Allspace is the second SUV to be put together in Kenya after PSA Group and Urysia Limited partnered to assemble Peugeot 3008 utility cars. http://bit.ly/2Uag842
  • German carmaker Volkswagen has become the second global car dealer to start local assembly of special utility vehicles (SUV) in Kenya. VW Tiguan Allspace is the second SUV to be put together in Kenya after PSA Group and Urysia Limited partnered to assemble Peugeot 3008 utility cars. http://bit.ly/2Uag842
  • Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said on Monday. Energy Minister Mohamed Arkab said the country had been in permanent consultations with other oil producers after the collapse on Friday of an OPEC+ supply deal, which led Saudi Arabia and Russia to say they would raise output. Arkab added that a decision was needed very quickly to restore balance to the market and said the lack of a decision was very negative for producers. https://nyti.ms/2TTT3Up
  • The price of gold made a record jump in the Egyptian market on Monday, a result of global fears over the economic fallout of the coronavirus epidemic, prompting investors to take refuge in safe-havens like gold. http://bit.ly/33hUE9I
  • A production slowdown in China presents a growth opportunity for Kenyan firms to reclaim their lost market share in the region, an umbrella private sector body has said.  The Kenya Private Sector Alliance (Kepsa) says most of Kenyan factories have in the last decade been operating at suboptimal capacity, having lost their grip on the East African Community market to cheaper imports from China. Kepsa wants the government to give incentives such as tax breaks and release of value added tax refunds to manufacturers to help them expand capacity and substitute goods from China. http://bit.ly/2TThRM4
  • Tullow Oil is set to invest USD 40 million in its Kenyan operation this year as it gears up for commercial oil production. The announcement by the British multinational came despite the local government rejecting its claim of spending a cumulative KES 204 billion (approx. USD 2 billion) in the Turkana oil fields. Tullow’s exploration and oil field development costs are expected to be recovered over years once production and sale of the commodity starts around 2022. http://bit.ly/39U9fKO
  • Uganda’s gold exports more than doubled in 2019 compared with the previous year, according to data from the central bank seen by Reuters on Wednesday. An official attributed the surge to soaring demand for bullion and larger refining capacity. The east African country shipped USD 1.25 billion worth of gold last year, compared with USD 514.8 million exported in the previous 12 months. http://bit.ly/2wabLxR
  • The continued global outbreak of the deadly coronavirus has left globe oil prices tumbling as travel restrictions across the global intensify, leaving the global market with an oversupply situation against strained demand for the commodity. While the news is stressing for oil producing countries plying their trade under Organisation of Petroleum Exporting Countries, the development is sweet news for net oil importing countries such as Malawi which is keeping its fingers crossed to fully reap from the global fuel price plunge. http://bit.ly/2TPcjCu
  • The rand came under renewed pressure on Wednesday, 11 March 2020, after the World Health Organisation moved to declare the Covid-19 outbreak as a pandemic following a 31 percent surge in the death toll in Italy. Equity markets tanked after the announcement, and futures trended down almost 5 percent. http://bit.ly/2WffVz7