The Top Business News in Africa

Top Business News In East Africa

KENYA

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* The Nairobi Securities Exchange is banking on the recently rolled out derivatives trading to deepen capital markets, where turnover and trading activity has remained flat in recent years. (Read full article here) http://bit.ly/2XKPDlt

* Heavy domestic debt maturities have further cut the stock of outstanding Treasury bills, which now account for 34.2 percent of total domestic debt compared to 36.7 percent at the beginning of May. (Read full article here) http://bit.ly/2LRlf6S

* Pension administrator Zamara Group says it will next month unveil a product targeting Kenyans in the informal sector in a bid to cover the segment that has seen most of workers retire into poverty due to lack of adequate social protection. (Read full article here) http://bit.ly/2Y2vDz0

* The Kenya Revenue Authority is preparing to raid drinking water and other beverages from September in an effort to raise an additional KES 3.6 billion (approx. USD 35 million) from excise tax following introduction of additional excise stamps. The roll-out of Excisable Goods Management System will see manufacturers from September 1 required to affix the new generation excise stamps on bottled water, juices, soda, energy drinks, non-alcoholic beverages, food supplements and cosmetics. (Read full article here) http://bit.ly/2xJhEiP

* Mobile and financial sector regulators have warned against Parliament’s quest to split the popular money transfer service, M-Pesa, from telecoms giant Safaricom. The Ministry of ICT, Central Bank of Kenya and Communications Authority of Kenya Wednesday asked MPs to be cautious in their push to de-link mobile money services such as M-Pesa, Airtel Money and T-Kash from their parent mobile telecommunication firms. The warning comes even as Members of Parliament prepare to debate the Kenya Information Communications (Amendment) Bill, 2019, that is seeking the registration of mobile money services as separate business units. (Read full article here) (http://bit.ly/2JwZXtJ)

* The Asian Fintech event bringing up to 5,000 delegates to Nairobi has received a financial boost with several corporates donating funds towards its sponsorship. (Read full article here) (http://bit.ly/2O6RD8n)

UGANDA

* Uganda received one of the largest sums in remittances in 2018, according to data from the World Bank. The country was the second and sixth largest to receive remittances in eastern and sub-Saharan Africa, respectively.  (Read full article here) (http://bit.ly/2GaVF99)

* Umeme has integrated five mini-hydroelectricity plants in Kasese District to boost power reliability. Electricity supply has been relatively unstable in the Kasese sub-region with Hima Cement and other factories facing the biggest share of losses. However, the USD 2.7 million project has enabled Umeme to build switching stations to route power to Kasese. (Read full article here) (http://bit.ly/2Y1goX9)

* State Ministry for Works Edward Katumba Wamala has asked contractors in Uganda to form partnerships to explore other markets, especially in DR Congo and South Sudan. (Read full article here) (http://bit.ly/2SccvJC)

TANZANIA

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* Business mogul Rostam Aziz, one of the Tanzania’s most successful businessmen, has built a USD 65 million liquefied petroleum gas storage and filling facility in Dar es Salaam, Tanzania. According to a report by Tanzania’s Citizen newspaper, the facility, which was constructed by Taifa Gas, one of Rostam Aziz’s companies, is located in the Kigamboni area of Dar es Salaam. The plant was officially launched late June at a ceremony chaired by President John Magufuli and attended by several high profile members of Tanzania’s political class. (Read full article here) (http://bit.ly/2Sdl0nS)

* Tanzanian President John Magufuli downplayed fears that a hydro-electric dam planned for a fabled nature reserve would affect the environment, despite UNESCO expressing “grave concern” over the scheme. Tanzania awarded a USD 3 billion contract to two Egyptian firms in December to construct the dam. (Read full article here) (http://bit.ly/2Jw5a4L)

* The African Development Bank is considering upgrading Tanzania’s profile to enable the country borrow more from the continental lender, according to a senior official. (Read full article here) (http://bit.ly/2NRiiWw)

* Tanzanian Prime Minister Kassim Majaliwa has called on the Egyptian business community to invest in Tanzania, saying they would benefit from the incentives the Tanzanian market offers relating to the tax umbrella, which has been improved to jump-start Tanzania’s economy and trade. (Read full article here) (http://bit.ly/2LOMkHz)