Shell and Partners Commence $80Mn Gas drilling in Tanzania
Royal Dutch Shell and its joint venture partners, Pavilion Energy and Ophir Energy, have announced the start of their drilling programme covering two wells in the Mafia Deep basin offshore [...]
Safaricom named African Mobile Operator of the Year'
Safaricom has been named the African Mobile Operator of the Year' in the annual CommsMEA Awards for 2016. Safaricom was nominated for the award which is distributed by CommsMEA, a [...]Vodacom South Africa posts flat profit on one-off item, weak forex
By Nqobile Dludla David Goodman South Africa's biggest mobile phone operator Vodacom Group reported flat half-year earnings on Monday, hurt by a one-off tax adjustment and currency effects. The mobile operator [...]Securities Africa Group sets up Kenyan subsidiary
Source; Business Daily Stock broking and financial services firm, Securities Africa Group, has launched a Kenyan subsidiary after it was granted licence by Kenya's Capital Markets Authority (CMA) and admitted as a trading [...]South Korea Pledges $155Mn In Loans to East Africa
According to the East African, South Korea has pledged a total of $155 Million in loans to support various development projects across Kenya, Tanzania, Uganda and Ethiopia. The biggest beneficiaries of [...]Morocco's biggest lender Buys 75pc Stake in Rwanda’s Cogebanque Bank for $41M
One of Morocco's biggest lenders Attijariwafa Bank has acquired a 75 percent stake in Rwanda's second-largest bank, Cogebanque few weeks after it opened a subsidiary in Chad and a successful acquisition of Barclays Egypt operations. [...]The Carlyle Group is set to acquire Amrod a South African Supplier of Promotional Products and Clothing
Global Alternative Asset Manager The Carlyle Group today announced that it has agreed to acquire a majority stake of Amrod, a fast-growing supplier of promotional products and clothing, serving distributors [...]Jumia Posts €35.4 Million Loss, Revenue Falls By 56%
Jumia's Parent company, Rocket Internet has reported a consolidated loss of EUR617 million for the first half of 2016. Its eCommerce business in Africa under the Jumia Brand recorded EUR35.4 million loss within [...]Naira crashes to all time low as FX reserves fall below $25bn
The naira fell to an all-time low of 436 to a single dollar on Thursday at the parallel market, as scarcity of the greenback continues to hurt the forex market. [...]Obama says American Govt has confidence in Buhari
President Muhammadu Buhari has assured the United States President Barrack Obama of his determination to resolve the crisis in the Niger Delta region which has contributed to the disruption of [...]African firms growing faster are more profitable than global peers
Africa’s biggest companies are growing faster and are more profitable than their global peers, the McKinsey Institute said last week. In the second edition of its widely-circulated Lions on the Move report, [...]Uganda Central Bank opposes lending caps after Kenya move
Uganda’s central bank is opposed to capping commercial lending rates in the way Kenya has because it could halt lending to smaller firms deemed more risky or encourage banks to [...]
