George's Feed
Sep 3, 2013

Kenya holds key interest rate, inflation on target

NAIROBI, Sept 3 (Reuters) – Kenya’s central bank held its
key lending rate at 8.50 percent on Tuesday, in
line with market expectation, saying inflation was within an
acceptable margin of its medium target.

A Reuters poll ahead of the decision had forecast Kenyan
policymakers would leave the bank’s benchmark rate unchanged
until at least the end of the year to help counter inflationary
pressures and a bearish currency.

Aug 29, 2013

Kenya Commercial Bank aims to grow subsidiaries’ profit

NAIROBI, Aug 29 (Reuters) – Kenya Commercial Bank (KCB)
said it would focus on increasing the contribution of
existing East African regional subsidiaries this year to reach
15 percent of pretax profits before it expands into other

Kenya’s largest bank, measured by assets, also operates in
Tanzania, Rwanda, Uganda, South Sudan and Burundi.

Aug 19, 2013

Seychelles, Mauritius plan joint offshore oil, gas exploration

NAIROBI, Aug 19 (Reuters) – Seychelles and Mauritius plan to
jointly explore for petroleum in an area in the Indian Ocean
that they both own.

East Africa has become a focal point for exploration after
oil discoveries in Uganda and Kenya and natural gas deposits in
Tanzania and Mozambique.

Aug 15, 2013

Kenya expects temporary airport terminal in eight weeks

NAIROBI, Aug 15 (Reuters) – Kenya expects a temporary
passenger terminal to be ready at Nairobi airport in eight weeks
after fire gutted the arrivals building and will accelerate work
on a new terminal already under construction, officials said on

Passengers using makeshift marquees still face long delays
and cancellations after the blaze at Africa’s fourth-busiest
airport last week.

Jun 19, 2013

Uganda aims for commercial oil output by 2016

NAIROBI, June 19 (Reuters) – Uganda is aiming for commercial
output of oil by 2016 at the earliest, as the landlocked east
African nation seeks cheaper energy and funds for infrastructure

Explorers struck oil in east Africa’s third largest economy
in 2006 and Uganda estimates its crude reserves at 3.5 billion
barrels, but wrangling over taxes and the viability of a local
refinery have stalled production.

Apr 8, 2013

Africa Oil eyes commercial finds in Kenya

NAIROBI (Reuters) – An intensive drilling campaign with partners this year should bring Africa Oil Corp (AOI.V: Quote, Profile, Research, Stock Buzz) much closer to confirming that Kenya has commercial quantities of oil, it said on Monday.

Chief Executive Keith Hill, whose Canadian-listed firm has interests in its 12 blocks covering 250,000 sq km in the region, told Reuters about $468 million would be spent in 2013 to drill at least 10 wells in Kenya and other locations in east Africa.

Mar 25, 2013

China’s Xi tells Africa he seeks relationship of equals

DAR ES SALAAM (Reuters) – China’s new president told Africans on Monday he wanted a relationship of equals that would help the continent develop, responding to concerns that Beijing is only interested in shipping out its raw materials.

On the first stop on an African tour that will include a BRICS summit of major emerging economies, Xi Jinping told Tanzanian President Jakaya Kikwete that China’s involvement in Africa would help the continent grow richer.

Mar 24, 2013

Trade relations in focus before China’s Xi gives Africa speech

DAR ES SALAAM, March 25 (Reuters) – China’s trade ties with
Africa will be under the spotlight on Monday when President Xi
Jinping outlines his country’s relationship with the continent,
which Beijing is increasingly turning to for both its resources
and as a market place.

Xi’s tour of Africa on his first overseas trip is seen as a
reflection of the strategic importance of Africa’s oil and
mineral resources to the world’s second biggest economy.

Mar 24, 2013

China’s Xi arrives in Africa with focus on trade ties

DAR ES SALAAM, March 24 (Reuters) – African dancers and a
21-gun salute welcomed Chinese President Xi Jinping in Dar es
Salaam on Sunday at the start of an African tour that underlines
the continent’s strategic importance for China both for its
resources and as a marketplace.

Visiting, Tanzania, South Africa and Republic of Congo on
his first trip abroad as president, Xi will aim to build on
expanding economic relations that many Africans see as a healthy
counterbalance to the influence of the West.

Mar 24, 2013

Africa’s trade ties with China in spotlight as President Xi visits

DAR ES SALAAM, March 24 (Reuters) – Chinese President Xi
Jinping faces growing calls from policymakers and economists in
Africa for a more balanced trade relationship between the
continent and China as he arrives in Tanzania at the beginning
of an African tour on Sunday.

China’s ties with the continent dates back to the 1950s,
when Beijing backed African liberation movements fighting to
throw off Western colonial rule. It has built roads, railways,
stadiums and pipelines to win access to Africa’s oil and
minerals like copper and uranium to feed its booming economy.