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This is an exclusive new report designed to give you an overview about Africa countries tackling Economic, Political, Stock Market and Company transactions issue.
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- Kenya coffee registered the first price drop since the auction resumed in January 2019, shedding off 6% in this week trading. The average price of a 50-kilogram bag declined to 22,900 KES (228 USD) compared to 24,442 KES (243 USD)during the previous sale.
- Kenya National Bureau of Statistics announced that the annual inflation declined in January 2019 recording 4.7% y-o-y compared to 5.7% in December 2018, supported by falling transport prices as it declined by 1.43%.
- The Central Bank of Kenya (CBK) has reopened the recently floated two- and 15-year bonds in a bid to raise 12 BN KES (119.68 MM USD).
- The Central Bank of Uganda announced that remittances to Uganda in 2018 reached 4.5 TR UGX (1.21 BN USD), boosted by earnings from labor exports to Middle East.
- Nigeria House of Representatives approved legislation, which was proposed last week, increasing the country's minimum wage by 50%.
- Ethiopia inaugurated the terminal expansion for Addis Ababa Bole International Airport worth 363 MM USD, which was funded and built by China. The expansion will triple the yearly passenger capacity from its current 7 million to 22 million passengers annually.
- Addis Ababa, Ethiopia Prime Minister and the President of the European Union Commission, signed three financing agreements worth 130 MM EUR to fund sustainable energy development projects, establishment of agro-industrial parks and job creation.
- The Zambian Government has projected a 4.6% economic growth in 2019 compared to 3.4% in 2018 and that this will be achieved through partnerships with stakeholders such as the American Chamber of Commerce.
- The Economics Association of Zambia (EAZ) announced that it will hold its first ever National Economics Summit in June 2019, to discuss economic matters affecting the country and the world.
- According to the World Economic Forum, Rwanda is the world's gender equality champion and ranked sixth for its effort to reduce the gender gap preceded only by four Scandinavian countries and Nicaragua.
- The World Bank Group private sector arm, International Finance Cooperation (IFC), is seeking to increase its investment in Rwanda in several sectors such as agriculture, real estate and Small and Medium Enterprise development.
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- The United Nations announced that 10% of Niger population need humanitarian aid because jihadi violence that forced people to flee their homes has worsened the country's food crisis.
- The Zambian government intends to investigate claims that foreign mining companies in Zambia are extorting the country's mineral wealth to enrich their respective countries back home.
- Kenya was ranked 144 out of 180 globally in the Transparency International (TI) 2018 global Corruption Perception Index (CPI), a drop from 143 in 2017. The country's state of corruption ranking also slipped one point to 27 in 2018 compared to 2017.
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Major Companies Transactions
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- Commercial Bank of Africa (CBA) and National Industrial Credit (NIC) Bank have confirmed their merger plan whose completion will see the unified banks listed on the Nairobi Securities Exchange (NSE).
- Technology firm Huawei Kenya has partnered with Odyssey Capital's Lipa Later facility to allow users to pre-order and purchase devices on credit.
- Indonesian oil giant Medco Energi has struck a 51.7 BN KES (515.6 MM USD) deal to buy London-listed Ophir Energy, which announced sale of its Kenyan oil and gas exploration interests almost three years ago.
- E-hailing app firm Taxify, international transportation network company, has partnered with Stanbic Bank to offer 100% financing for vehicles from Simba Corporation's sub-brand Renault. Drivers with a 4.7-star rating will access 36-month loans at an interest rate of 14% to purchase Renault KWID cars which have an engine capacity of 800cc.
- Sri Lankan liquefied petroleum gas (LPG) supplier LAUGFS Gas has announced plans to venture into Kenya as it seeks to tap the region's fast-growing market.
- City Hall is set to change its electronic revenue platform as it moves to retire the Local Authority Integrated Financial Operations Management System (Laifoms) ahead of expiry of the JamboPay deal. The county required a private firm to install an integrated city revenue management system (ICMS) to replace the Laifoms that has been in use alongside the JamboPay e-payment platform.
- Tanzania will earn 180.2 MM USD (18 BN TZS) from its stock of cashew nuts after it entered into an agreement with a Kenyan-registered firm, Indo Power Solutions Ltd, for the purchase of 100,000 tons of the product.
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Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel:
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epter Office Building
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New Cairo, Egypt.
P.O. Box:
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Kenya Office:
Block C, Ground Floor, Fortis Office Park Muthangari Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800
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