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East Africa
- Tanzania has offered the Uganda National Oil Company (Unoc) to use the Dar es Salaam port for oil importation.
- This presents a strategic alternative amid the ongoing importation stalemate between Uganda and Kenya.
- The legal dispute between Uganda and Kenya over oil importation policies is pending before the East African Court of Justice (EACJ), with indications that Uganda may withdraw the case.
Tanzania has stepped forward with an enticing proposition that Kampala finds hard to ignore, especially regarding the ongoing deadlock in Nairobi-Kampala oil imports.
Tanzania has extended an offer to the Uganda National Oil Company (Unoc) to utilise the Dar es Salaam port for its fuel importation needs. This development comes as Uganda explores alternatives in response to Kenya’s steadfast position on Kampala’s oil importation demands.
Uganda’s grievance at the East African Court of Justice (EACJ) remains pending amid these unfolding events, casting a shadow of uncertainty over …
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
According to the Quarter 4 of 2022 claims …
KLM Royal Dutch Airlines is set to launch the latest version of the Boeing 787-10 aircraft on the Amsterdam- Nairobi route next month, months after flying the aircraft to Tanzania.
The fuel-efficient aircraft will offer passengers on the route a more comfortable flying experience with its top of the range features offering more comfort and less fatigue.
The Dutch national carrier is introducing the latest version of the Boeing 787-10 aircraft into its fleet in a move that will see Kenya become the second destination in KLM’s global network to receive the new aircraft, after Tanzania in July this year.
READ ALSO:KLM CEO resigns from KQ Board
This underscores KLM’s efforts in investing in Africa and local markets.
KLM is the first European carrier to fly this new type of aircraft, cementing its position as a pioneer in aviation. It is one of the airlines that continues to make …
Diamond Trust Bank (DTB), the East African banking group, has joined African payment services provider DPO Group, and Mastercard, in the rollout of a business to business (B2B) virtual payment card in Kenya and Tanzania.
The DPO Virtual Card will improve the reach and ability of businesses to make instant digital payments to other businesses in Africa and across the world without the need for a physical credit card, debit card or bank account, improving cash flow for firms and opening up African businesses to other markets.
READ ALSO:Global tech giants eyeing Kenya’s digital payment pie
Merchants of the DPO Virtual Card will receive a 16-digit card number, security code and expiry date and this acts like a digital account which can be used worldwide much like a physical card.
The virtual card will enable secure, swift online payments to be made to any vendor both within and outside …
Renault Trucks has opened a local assembly plant in Thika, an industrial town in the outskirts of Kenya’s capital of Nairobi, as it seeks to cement its business in Kenya and expansion in the East Africa region.
The move follows the establishment of a long-term partnership with the local exclusive importer CMC Motors and unveiling of their new C and K ranges in Mombasa and Nairobi.
READ:Renault taps CMC Motors to distribute its heavy commercial trucks
The plant, which was commissioned by Industrialization Principal Secretary Dr. Francis Owino in the presence of Renault Trucks President Bruno Blin and Al-Futtain Group Senior Managing Director Colin Cordry, will see the company and CMC Motors create over 200 new jobs with additional opportunities set to be generated across the value chain.
In alignment with the 2030 Kenya industrialization vision, Renault Trucks vehicles count with a guaranteed French origin, but are assembled locally. …
East African Community (EAC) countries rank among the top 20 global trades markets with the potential to grow their economies.
This is despite the existing trade disputes and prevalence of non-tariff barriers (NTBs) in the region.
A new study carried out by the British Standard Chartered Bank shows that Kenya leads the East Africa region in terms of putting in place the right foundations to support future growth trade such as physical and digital infrastructure, e-commerce and ease of doing business.
Uganda and Tanzania followed while Rwanda and Burundi were not included in the study.
Kenya was ranked second after china globally with Uganda coming at number 17 and Tanzania number 19.
According to the report, Kenya is the only East African Community country that has improved its trade readiness, which is paying off through investments in infrastructures and improvement in its business environment.
Tanzania has made significant steps in …
Swiss food and beverage global leader Nestle has warned its suppliers primarily in Brazil and Indonesia that it will be performing more tests on coffee beans after the company found higher levels of the weedkiller glyphosate – the key ingredient of weedkiller Roundup, originally designed and sold by Monsanto.
This has sent jitters among other coffee-growing areas across the globe as more scrutiny is being put on the use of the chemical whose producer Bayer is facing numerous suits it inherited when it purchased American firm Monsanto.
A statement quoted by Blomberg notes, “We actively monitor chemical residues, including glyphosate, in the green coffee that we purchase.” The Nestle said in a statement continued, This monitoring program has shown that in some green coffee lots chemical residue levels are close to limits defined by regulations. We are reinforcing our controls working with suppliers to ensure that our green coffee continues …
The anticipated East African Crude Pipeline project (EACOP) involving Tanzania and Uganda, has just been postponed by oil-goliath Total SA until further notice.
The reason given for the shelving of the project is due to a broken deal pertaining Tullow Oil Company failure to sell its stakes to Total SA and China National Offshore Oil Company (CNOOC), which occurred last week.
According to Reuters, a Ugandan official cited the project halt of the costly $3.5 billion with 1445km long, featured some marred issues, involving a taxing dispute with Uganda authorities.
“All East African Crude Oil Pipeline (EACOP) activities including tenders have been suspended until further notice because of the collapse of the deal” the official commented, under conditions of anonymity adhered.
According to a report by Bloomberg, Tullow Oil forcibly abandoned plans to sell a stake in Ugandan project and resume the deal afresh after-tax negotiations foundered the deal.
“The …
