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Regional Markets
- East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive cables for domestic and industrial lighting and power electricity transmission.
- The sale is subject to regulatory and shareholders’ approval.
- Upon completion of the sale, EAC Tanzania will cease being a subsidiary of the company.
Msufini Tanzania Limited (MTL), a chlorine and sodium hydroxide manufacturer, is set to buy a majority stake in East African Cables’s Tanzanian subsidiary if regulators and stakeholders approve an agreed deal between the two firms.
East African Cables, which is listed on the Nairobi Securities Exchange, has entered into a share purchase agreement with Msufini for the sale of 16 218,000 ordinary shares at a value of Tsh10, constituting 51 per cent of the issued share capital of East African Cables (Tanzania) Limited.
East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive …
- UNCTAD estimates that the weekly transits going through the Suez Canal decreased by 42 per cent over the last two months.
- The ongoing conflict in Ukraine has triggered substantial shifts in oil and grain trades, reshaping established trade patterns.
- Simultaneously, the Panama Canal, a pivotal conduit for global trade, is grappling with diminished water levels, resulting in a staggering 36 per cent reduction in total transits over the past month compared to a year ago.
The escalating geopolitical tensions and climate change related issues affecting key shipping routes are now threatening global trade, the United Nations Conference on Trade and Development (UNCTAD) has warned, with potential to curtail economic development mainly in poor countries.
The United Nations trade and development body has expressed concerns over the disruptions, particularly stemming geopolitical tensions affecting shipping in the Black Sea, recent attacks on shipping in the Red Sea affecting the Suez …
- East Africa’s insurance sector regulators held the 7th Special Meeting of the Executive Committee (ExCo)of the East African Insurers Supervisors Association (EAISA) in Kenya on Friday.
- The East African insurance supervisors have resolved to promote the development of cross-border insurance products and services jointly.
- The members have also agreed to coordinate joint innovation initiatives relating to insurance development in member states.
Joint resolve for East Africa’s insurance sector supervisorsÂ
The East African insurance supervisors have resolved to jointly promote the development of cross-border insurance products and services to address the challenges of low insurance uptake and penetration in the region.
The members have also agreed to coordinate joint innovation initiatives relating to insurance development in member states.
Working under the auspices of the East African Insurance Supervisors Association (EAISA), the supervisors, at their 7th Special Meeting of the Executive Committee (ExCo) meeting held in Eldoret, Kenya, also agreed to employ …
- Ethiopia-Somalia port dispute has seen the European Union, the Organisation for Islamic Cooperation and the Arab League declare support for Somalia.
- The deal on the port agreement has rattled a section of Somalians who took to the streets in Mogadishu to protest against the agreement.
- The Horn of Africa, region comprises countries such as Djibouti, Eritrea, Ethiopia, and Somalia, and has long been a strategic crossroads for trade and commerce.
Hundreds of millions of dollars in lost trade deals could be on the line as the Ethiopia-Somalia port dispute intensifies tension across the volatile Horn of Africa region.
Ethiopian Prime Minister Abiy Ahmed and Somaliland’s leader Muse Bihi Abdi signed an agreement granting Ethiopia a 50-year lease on a naval base, effectively allowing access to Somaliland’s Berbera port for commercial marine operations.
As per the Memorandum of Understanding, landlocked Ethiopia was granted the right to utilize facilities in the Gulf …
- This year, ILO report notes that an additional two million workers are expected to be seeking jobs in Africa and across the globe.
- Last year, the global unemployment rate stood at 5.1 percent, reflecting a modest improvement from 2022 when it was at 5.3 percent, accounting for roughly 191 million people.
- Additionally, the global jobs gap and labour market participation rates showed improvement in 2023. However, a new report highlights that beneath these numbers, fragility is starting to emerge.
An additional two million people are projected to be seeking work this year, potentially raising the average unemployment rate in Africa and across the world by about two per cent to 5.2 per cent from last year’s 5.1 per cent.
In its World Employment and Social Outlook Trends: 2024 report, the International Labour Organization (ILO) notes that this trend will accelerate growing social inequalities, a key pain point for policymakers across …
- The East African region and the Common Market for Eastern and Southern Africa (COMESA) were the single biggest trade blocs that consumed Kenya’s exports.
- According to the Kenya National Bureau of Statistics (KNBS), the value of Kenya’s exports to the EAC totaled $496.7 million (Ksh77.9 billion) up from $431 million (Ksh67.7 billion).
- There was an increase in earnings from exports to Uganda (27.7%), Tanzania (32.1%), South Sudan (64.4%) and the Democratic Republic of Congo (78.6%).
Kenya’s exports to her East African Community (EAC) neighbours increased in the third quarter of 2023, as the country continued to push volumes amid efforts to cut the high import bill.
This comes as Africa increasingly remained Kenya’s biggest export market, even as economies edge closer to operationalizing the African Continental Free Trade Area (AfCFTA).
The East African region and the Common Market for Eastern and Southern Africa (COMESA) were the single biggest trade …
- Major shipping lines among them Mediterranean Shipping Company (MSC) and Maersk have been avoiding the Red Sea and the Suez Canal route.
- This move follows attacks by the Iran-backed Houthi rebels in Yemen, who have been targeting ships travelling to Israel.
- The Houthis have declared their support for Hamas in the ongoing war Israel war in Gaza that erupted following October 7 Hamas attacks.
The East African region remains exposed to high freight costs even as shipping lines indicate they are resuming voyages through the Red Sea after a hitch in December, caused by attacks by Houthi rebels.
Major shipping lines, including the world’s leading container carrier, the Mediterranean Shipping Company (MSC), and the second-placed Maersk, have been avoiding the Red Sea and the use of the Suez Canal.
This decision came after persistent attacks by the Iran-backed Houthi rebels in Yemen, who have been targeting ships traveling towards Israel.…
- AFDB has revised its short to medium-term macroeconomic forecast for Africa, for 2023 and 2024 downwards to 3.4% and 3.8%, from 4.0% and 4.3%.
- The bank cites the effects of COVID-19, geopolitical conflicts, climate shocks, a global economic slowdown, and limited fiscal space as constraints to Africa’s recovery.
- AfDB is calling on governments to scale up investment in human capital and infrastructure to boost productivity, and regain momentum in economic growth.
Global shocks have prompted the African Development Bank (AfDB) to revise its short to medium-term macroeconomic projections for Africa in 2023 and 2024, reducing the forecast to 3.4 per cent and 3.8 per cent from the earlier estimates of 4 per cent and 4.3 per cent.
AfDB cited persistent global shocks impacting African economies in the period under focus. The bank said the enduring impacts of COVID-19, ongoing geopolitical tensions and conflicts, climate-related shocks, a worldwide economic deceleration, and …
- The advent of BRICS Pay could further strengthen these ties, offering African nations an alternative to the dollar-dominated trade and financial systems.
- BRICS Pay is a bold step towards a more multipolar world economic order.
- Its impact on US-Africa trade will depend on various factors, including its adoption by businesses and financial institutions across the coalition of nations.
The launch of BRICS Pay, a digital payment platform developed by the BRICS nations (Brazil, Russia, India, China, and South Africa), marks a pivotal moment in international trade dynamics. This innovative system promises to streamline transactions among these emerging economies, potentially challenging the long-standing dominance of the US Dollar in global trade.
BRICS Pay is a testament to the growing influence of these five major emerging economies. By facilitating payments in local currencies, the system is poised to reduce reliance on the US Dollar, fostering a more diversified and resilient global …