SolarAfrica delivers East Africa’s largest industrial solar system

SolarAfrica delivers East Africa’s largest industrial solar system

SolarAfrica has announced the official handover of the 991 kWp PV hybrid system developed for Kenya’s largest, most progressive salt producer, Krystalline Salt Limited. The bespoke solar solution will generate approximately 1.6 gigawatt-hours of electricity per year, saving Krystalline around 22% of their electricity costs. SolarAfrica partnered with SMA Sunbelt and Kenyan based installation partners, Harmonic Systems to construct and execute the project efficiently and to the highest industry standard, resulting in the project being…

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Kenyan banks urged to embrace Chinese Yuan

Kenyan banks urged to embrace Chinese Yuan

Kenya’s umbrella body of the banking industry is encouraging its members to embrace the Chinese Yuan due to the increasing importance of the Chinese economy globally, officials said on Monday. Kenya Bankers Association (KBA) CEO Habil Olaka told journalists in Nairobi that China has become one of the biggest trading partners of Kenya. “As a result, Kenyan banks should facilitate the conversion of the Chinese Yuan to the Kenya shilling in order to facilitate the…

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Mahindra bets on Africa

Mahindra bets on Africa

India’s largest utility and tractor producer, Mahindra and Mahindra , has set up an Africa-focused business unit as it looks to maintain double-digit growth levels in the continent, the company said on Tuesday. With an active presence in 20 African countries, Mahindra and Mahindra hopes the aggressive expansion will help spur a 10-fold increase in business over the next five to seven years. “There is no doubt that the African continent holds tremendous potential and…

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Crude oil hits record highs: OPEC

Crude oil hits record highs: OPEC

Despite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June. Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports. Riyadh and its gulf allies have opposed any reduction…

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Shock! Uganda’s population growth rate declines

Shock! Uganda’s population growth rate declines

LATEST statistics from the Uganda Bureau of Statistics (UBOS) reveal that the country’s population growth rate has plummeted from 3.2% in 2002 to 3% today. =(   The new population growth figure was revealed at a public symposium organised by UBOS at Statistics to discuss results of the 2014 national census.   However, experts warned that the population growth rate had not declined enough to enable Uganda to reap demographic dividend.   Demographic dividend is…

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DHL’s big Push across the continet

DHL’s big Push across the continet

DHL says it is planning millions of Euros of investments in Africa this year. Although the number of foreign direct investments (FDI) fell by 8.4 percent in 2014, capital investment into Africa surged to $128b, a year-on-year increase of 136 percent, according to the recently released EY 2015 Africa Attractiveness Survey and the average investment increased to $174.5m per project, up from $67.8m in 2013. Charles Brewer, Managing Director of DHL Express Sub-Saharan Africa (SSA),…

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The Naira is defenceless

The Naira is defenceless

The Africa Economist/Managing Director, Citi Bank, Mr. David Cowan has predicted a further devaluation of the naira, arguing that the value of the country’s external reserves is too low to sustain the defence of the currency. Specifically, Cowan said the Central Bank of Nigeria would once more devalue the naira towards the end of the year. He stated this yesterday at the EuroFinance conference in Lagos. Cowen said: “What the central bank is battling is…

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National Bank of Kenya in privatization talks

National Bank of Kenya in privatization talks

In Summary National Bank on Tuesday acknowledged receiving instructions from the Treasury to draw up privatisation options, including a possible merger with other government-owned banks. The option of selling a majority stake of NBK to a strategic partner who can inject capital and boost managerial expertise at the bank has also been on the table. National Bank of Kenya (NBK) has confirmed that the Treasury wants it to merge with other State-owned lenders, sending a…

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EAC: Cross border transactions to halve

EAC: Cross border transactions to halve

Policy makers in the East African region have recently concluded procedures for an interconnected financial switch for electronic banking services in the bloc, a move meant to lower the cost of cross-border banking transactions by more than half. The fee charged on automated teller machine (ATM) withdrawals from different banks across regional borders will drop from $2.5 to $0.8 per transaction by the end of the year as the inter-operability of card switches project goes…

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Nestle Cuts African jobs by 15%

Nestle Cuts African jobs by 15%

Swiss food and drinks company Nestle SA  is cutting 15 percent of its workforce in 21 African countries because it says it overestimated the rise of the middle class, the Financial Times reported. “We thought this would be the next Asia, but we have realized the middle class here in the region is extremely small and it is not really growing,” Cornel Krummenacher, chief executive for Nestlé’s equatorial Africa region, told the Financial Times in…

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