Kenya: Latest News
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.
Peter Pedroncelli, 3:10 am AFKI Original
The Africa International Film Festival will be held from November 13-20 at Eko Hotels and Suites, on Victoria Island in Lagos, as the annual event attracts increased interest. Africa’s cinematic celebration is stocked with a list of movie premieres, film screenings, industry sessions, master classes and other festival programmes. Here are 12 things you didn’t know about The Africa International Film Festival.
Tom Jackson, 9:55 am AFKI Original
Around 650 million people in Africa live without access to electricity. The electrification rate is as low as 14.2 per cent in rural areas. In East Africa, only 23 per cent of Kenyans and 10.8 per cent of Rwandans have access to an electricity supply. The majority of these people as a result use costly and unhealthy forms of energy. But in the power of the sun, Africa also has the answer to this problem.
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.
Dana Sanchez, 12:57 pm
More than 70 percent of the world don’t have a street address, and sub-Saharan Africa leads. About 200 million people live in slums — home to the informal economy that is creating jobs. Big box stores like Cape Town-based clothing retailer Foschini Group are tapping in to the economic buying power of informal settlements. They’re coming up with innovative solutions to deliver e-commerce purchases to people who don’t have addresses.
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.
Dana Sanchez, 5:52 pm
Ghana hasn’t had a national long-haul carrier since Ghana Airways, one of Africa’s oldest airlines, stopped flying in December 2015. Getting one will remove one of the stumbling blocks that prevented Accra from becoming a West African hub for air travel. There is no strong airline and no airport hub in West and Central Africa. Ghana made up for the absence of a strong carrier by issuing other airlines rights to carry passengers from Accra.
Dana Sanchez, 3:32 pm
Language is a barrier to investment in Africa, but economists say African innovators should think beyond English when developing innovations aimed at solving local problems. There are more than 3,000 languages spoken in Africa by some counts. Language barriers — especially an inability to communicate in English — have hampered trade in Mozambique, where Portuguese is spoken by more than half the population, and Rwanda, where Kinyarwanda is spoken by most Rwandans, but English is an official language.
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