- Kenya’s NCBA Group reports 56 per cent jump in net profit to $162.3 million
- UNEP report sounds the alarm on Africa’s growing food waste crisis
- I&M Bank’s profits rise by 15 percent as the lender intensifies regional expansion
- Telco giant MTN reshaping presence in Africa with key exits
- German firm Karcher opens new $3 million distribution center in Kenya
- Equity Group to pay record $114 million in dividend despite 5 per cent profit dip
- Under President Samia Suluhu Hassan, a new economic dawn emerges in Tanzania
- BRICS bank readies to disburse $5 billion in loans this year
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 supervisors
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 …
South Africa is set to topple Nigeria and Egypt as Africa's biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF's World Economic Outlook, South Africa's gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria's GDP will reach $395 billion, with Egypt's GDP reaching $358 billion.
South Africa, the continent's most industrialised nation, is expected to maintain the top spot as Africa's biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF's World Economic Outlook, a report released last week.…
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- Counterfeits and the informal alcohol industry is increasingly eating into EABL’s mainstream market.
- EABL net sales remained flat in the year at $769.5 million, impacted by thinning disposable incomes.
- Uganda and Tanzania top line performance up 17% and 1% respectively, while Kenya declined by 4%.
- EABL’s final dividend decreased by 50% from $0.077 paid in FY’22 to a total dividend of $0.039.
A tough macro environment in East Africa is to blame for subdued earnings posted by the East African Breweries (EABL) for the year ended June 2023. Higher excise taxes, rising cost of inputs and effects of the difficult macro-economic environment saw the regional brewer record mixed performance in Kenya, Tanzania and Uganda markets.
The Diageo–owned biggest manufacturer of branded beer, spirits, and non-alcoholic beverages in East Africa reported a 21 per cent drop in net profit for the year. The giant brewer said its sales for …
Kenya's Mombasa port has for years remained the leading harbour in East Africa, serving traders in the country and neighbouring landlocked states. Uganda is the biggest destination for transit cargo through the Port of Mombasa, accounting for about 83.2 per cent of transit cargo through the Kenyan port. South Sudan takes up 9.9 per cent while DR Congo, Tanzania and Rwanda account for 7.2 per cent, 3.2 per cent and 2.4 per cent, respectively.…
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The demand for carbon offsets is rapidly growing in Africa, unlocking billions for the climate finance needs of economies. Kenya recently hosted a carbon credits auction. The auction is the world’s largest sale, where firms from Saudi Arabia bought more than 2.2 million tonnes of certified carbon credits.…
The Zimbabwe Stock Exchange (ZSE) on June 7 announced a halt in trading for two consecutive days. This comes amid investors flocking to the stock market as an escape from the rapid depreciation of the Zimbabwean dollar. The ZSE All Share index surpassed the 10 per cent threshold on the upside. Consequently, the ZSE exchange had to take immediate action.…
- With tightening monetary policies globally, many African economies are struggling with falling forex reserves.
- Low reserves have sent governments back to the drawing board strategising on how to survive future trends while balancing trade.
- With this, leaders and policymakers in Africa are engaging in the de-dollarisation conversation.
Kenya has sent a strong message to economies in Africa on the need to accelerate dedollarisation of cross-border trade, further amplifying the global conversation on reducing reliance on the US dollar as the main mode of payment.
For over a decade, China and Russia have sought to drastically lower their usage of the US Dollar in what is commonly referred as “dedollarisation”.
This is in a move intended at shielding their economies from possible trade-limiting US sanctions. The strategy also reduces their exposure to adverse effects of US economic and monetary policy, while also asserting global economic leadership.