Wednesday 18 October 2017
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008 and offers accommodation ranging from single bedrooms to whole homes in 65,000 cities in 191 countries. The company announced Tuesday that it would invest $1 million (850,000 euros) in Africa by 2020 to "promote and...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive the 2017 World Food Prize on Thursday October 19, announced a press release issued by the AfDB on October 16, which also said “the prize is to agriculture what the Nobel Prize is to peace, science and literature.” The World...
(Reuters (Eng) 10/10/17)
CAPE TOWN (Reuters) - Nigeria’s Oranto Petroleum has signed two production sharing agreements with Uganda to explore for oil and gas around Lake Albert, the company said on Tuesday. Oranto was among several companies, including Australia’s Armour Energy, that last year bid in Uganda’s first competitive oil exploration licensing round. “We are excited to enter this agreement ... Lake Albert is home to some prime petroleum acreage,” Prince Arthur Eze, chairman of Oranto Petroleum, said in a statement. The deal...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(APA 10/05/17)
APA:Juba (South Sudan) - South Sudan and Uganda have signed an agreement to extend electricity from Uganda to the border areas, reports said on Thursday. According to the agreement, Uganda will extend electricity inside South Sudan border towns of Kaya, Kajo-keji (former central equatoria state, Southern East) and Nimule (formerEast Equatoria, South). Local media reports said both countries will form a joint technical committee to quantify the scope of work. The Minister for electricity, energy and dams says the move is important for socio-economic development in the country. “This can create socio-economic development, can minimize even the rural town migration,” Dr Dhieu on Wednesday...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(APA 10/04/17)
APA-Kampala (Uganda) - Uganda’s central Bank has reduced the Central Bank Rate (CBR) by 0.5 percentage points to 9.5% from 10%. The move seeks to revamp the country’s economic and private sector credit growth rate. In the monetary policy statement for October released Wedneday morning, Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said: “Given that the annual inflation forecast is to remain around the medium-term target of 5 per cent and economic activity is slowly gaining momentum, a cautious easing of...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(The East African 09/21/17)
Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase) is investigating Bank of Uganda over payment of legal fees to private law firms, despite having a full-fledged legal department. The committee heard that top city law firms were paid more than Ush1.4 billion (about $390,000), with an accrued balance of Ush15.8 billion ($4.4 million). The BoU matters handled by hired lawyers include representation in court cases and offering legal opinions and processing of land documents. The Committee chairperson, Abdu...
(The East African 09/21/17)
East Africa has received $1.6 billion from foreign investors, Kenya taking the bulk of the 55 deals recorded in the past eight months. Data from I&M Burbidge Capital shows that the initial public offering of Vodacom Tanzania, and the purchase of Sadolin Paints by Japanese firm the Kansai Paint were some of the region’s biggest deals. The Vodacom IPO raised $213 million, with foreign investors buying 40 per cent. Tanzania emerged as the second largest market for private equity deals,...
(The East African 09/21/17)
Kenya and Uganda will hold talks with China Exim Bank officials October, which could unlock funding for the Malaba-Kampala standard gauge railway. Ministers of finance and transport from both countries will meet with China Exim Bank officials in Beijing in October, where Uganda is expected to receive the final funding approval. “The ministers for transport and finance of Kenya and Uganda are supposed to have engagements with China Exim Bank on the sections of Kisumu to Malaba to Kampala. “Uganda...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...
(Bloomberg 09/13/17)
Uganda should fairly compensate landowners affected by a pipeline that will transport oil to an Indian Ocean port after accusations that some people reimbursed for earlier public projects were left worse-off, Oxfam International said. The London-based charity said it’s concerned that “community participation, livelihoods and land rights could be overlooked in a quest to meet the schedule for land acquisition” for the 1,445-kilometer (898-mile) conduit that will link Uganda’s western oilfields with Tanga in Tanzania. Total SA, China’s Cnooc Ltd...
(New Vision 09/12/17)
Katumba said there is need to streamline the legal and regulatory framework to unlock the country’s Public-Private Partnership (PPP) potential. The minister of state for works Gen. Katumba Wamala has said the Government is open to different means of financing for the increasing number of infrastructure projects. Katumba said there is need to streamline the legal and regulatory framework to unlock the country’s Public-Private Partnership (PPP) potential and asked relevant stakeholders to improve their knowledge of PPP financing. “The constrained...
(New Vision 09/12/17)
The Uganda shilling maintained a firm stance during the week, trading in the range of 3595/3605 supported by improved inflows mainly from commodities. Demand remained low. A report by Alpha Capital Partners Stephen Kaboyo shows that there was sufficient liquidity in the interbank money market as rates remained stable with overnight funds trading at an average of 7% while 1 week money traded at 10%. In the fixed income market, Bank of Uganda reopened the 5 year and 15 year...
(Bloomberg 09/07/17)
African Rainbow Minerals Ltd., the miner chaired by South Africa’s richest black businessman, will pay a record dividend this year as rising iron-ore and manganese prices boosted earnings at its ferrous unit. ARM will pay investors 6.50 rand a share, almost triple that of the previous year, and its 11th consecutive dividend, the Johannesburg-based company said in a statement Thursday. The company benefited from a 45 percent increase in prices received for exported iron ore and 93 percent more for...

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