Kevin Mwanza, 6:10 am
Kenya, one of Africa’s leading economies, is enjoying an investor boom amid the economic crisis that has hit South Africa and Nigeria occasioned by a persistent commodity prices slump. The leading economy in East Africa grew by 5.7 percent last year and it is projected to expand at an average of six percent up to 2018. The stability of the Kenyan Shilling has been a major attraction for investors.
Kevin Mwanza, 5:51 am
South Africa’s minister of State Security, David Mahlobo, has been linked to the illegal poaching of rhinos in the nation, alongside top-ranking officials of the Chinese presidential delegation in an investigate expose by Al Jazeera’s Investigative Unit. A Chinese rhino horn trafficker, Guan Jiang Guang, who also owns a massage parlour in Mbombela, said he has close ties with the minister
Kevin Mwanza, 6:55 am
Nigerian police arrested several black market currency dealers on Thursday, after the government ordered the intelligence service to crack down on the dealers in efforts to strengthen its struggling local currency, the Naira. The traders have also been ordered not to sell the dollars for more than 395 Naira, as the Central bank raises more concerns over the official and black market rates for the exchange.
Kevin Mwanza, 6:35 am
Kenya Commercial Bank (KCB), the country’s largest by assets, is set to enter the Southern Africa market after it signed a deal with Motswedi Securities, a brokerage firm, to raise funds and trade at the Nairobi and Botswana Stock Exchanges. The move is part of the lender’s efforts to spread operations outside the Eastern Africa region and reduce reliance on the Kenyan market that accounts for 90 percent of its revenue.
Kevin Mwanza, 6:23 am
The Confederation of African Football (CAF) increased the prize money for all its competitions starting next year, after the continental soccer governing body signed a deal French with oil and gas multinational company, Total. The deal signed in July, which sees firm become the official CAF’s sponsors will run for the next eight years and is worth $250 million.
Kevin Mwanza, 8:45 am
Kenya will go on with plans to construct its first ever nuclear plant to fill its power deficit, defying calls from Italian and German experts who urged the nation to instead focus on developing its renewable energy. East Africa’s biggest economy identified possible sites near Lake Turkana, Lake Victoria and the Indian Ocean, targeting to use the vast water resources to cool off the reactors once they start generating power.
Kevin Mwanza, 9:39 am
The South African Rand edged Mexico’s Peso as the world’s most politically volatile currency, driven by political events in Africa’s biggest economy that have pit President Jacob Zuma and his Finance Minister, Pravin Gordhan. Investors have used Peso’s fluctuations to rate Donald Trump’s chances of being elected the president of United States of America in an election set for early Wednesday morning.
Kevin Mwanza, 6:26 am
The textiles and garments industry in Lesotho, exported at least $330 million worth of products to the U.S. last year, making it the country’s largest private-sector employer as the nation reaps big from the African and Growth and Opportunity Act (AGOA). The tiny Southern African nation is one of the African nations benefiting from the trade pact signed in 2000, allowing at least 6,000 products from 38 sub-Saharan African to enter the U.S. market duty free.
Kevin Mwanza, 6:00 am
The High Court of Uganda ordered the closure of 63 low-cost private schools funded by Bill Gates, world’s richest man, Facebook founder Mark Zuckerberg and JP Morgan. The British government has however dismissed the decision as being politically motivated. The private schools, owned by Bridge International Academies, received $6.8 million in aid last year, have about 12,000 students across the East African nation.
Kevin Mwanza, 7:08 am AFKI Original
The Democratic Republic of Congo (DRC) has experienced years of civil war mainly due to fights for political power and control of the country’s vast mineral deposits. The Central African nation was set to hold its presidential election in November, this year, but the poll was postponed to next year, a move that has led to wide-spread violence across the country.