You have probably watched those Nigerian movies and marveled at the common theme of African magic. Or, if you have lived in Africa long enough, you have heard those who claim to be victims or beneficiaries of witchcraft proclaim its supernatural powers.
Author: Editor
If we don’t end corruption, it will kill this country and its people. We thought the entry of a new government would end graft but this vice has muted into an art with government officials still asking for bribes. The most notorious is Aridhi House where ministry of Land employees hide files to extort money from desperate Kenyans. Such scenes are replicated in most ministries and their departments countrywide.
The Commercial Bank of Africa has granted a Sh1.75 billion ($20 million) facility to Shelter Afrique for the provision of affordable housing in selected member countries within Africa.
INVESTMENT GUIDE We initiate coverage of the insurance sector with an analysis of the six listed insurance companies and an update on UAP that currently trades Over-The-Counter (OTC). The most prominent themes shaping industry developments are consolidation, regional expansion, and regulatory reform. Through a string of mergers and acquisitions, consolidation has become the favoured strategic option for increased premium generation, earnings diversification and regional expansion. It as a viable alternative to insolvency for smaller players.
FUNDRAISINGKenya raised $2 billion (Sh170 billion) from international investors, the largest debut for an African country in the sovereign bond market amid strong demand from pension funds, insurers and sovereign wealth funds seeking higher-yielding assets.
Tanzania’s plan to produce 1.5 million tons of soda ash annually has raised fears that the breeding ground for flamingos would be whipped out at Lake Natron.
When President Uhuru Kenyatta announced he was taking a 20% pay cut, and was followed by his deputy, we expected this to automatic. But the Salaries and Remuneration Commission revealed recently that the law doesn’t allow it to cut the salaries without parliamentary approval. Cabinet secretaries had also pledged to voluntarily reduce their salaries by 10%, while parastatal heads were asked to take a 20% slash. The Judicial Service Commission and the Parliamentary Service Commission should also come up with ways of reducing the salaries of senior civil servants and other public servants.
Leading consumer electronics brand XTOUCH has officially launched its smartphones and other products in the Kenyan market. Founded in Dubai, XTOUCH has focused on providing high quality and affordable products to the market which has seen it grow market share considerably across the Middle East, Europe and Africa.
Developing countries are headed for a year of disappointing growth, as first quarter weakness in 2014 has delayed an expected pick-up in economic activity, according to the latest World Bank’s Global Economic Prospects report.
POST BANKSKenya Post Office Savings Bank (Postbank), PostBank Uganda Ltd and Tanzania Postal Bank have teamed up to set up a converged ATM service for their customers, which is expected to result into greater financial inclusion. Under the umbrella of the Association of Savings Banks of East Africa (ASBEA), these banks have initiated an ATM service that will enable customers of member banks’ access their accounts whether in Kenya, Uganda or Tanzania using their respective bank’s debit cards.