Iraq upgrades oil-rich Basra Province

Iraq Oil refinery in Basra

The South Refineries Company (SRC), part of Iraq’s Ministry of Oil, has granted a contract to Technip SA and Tokyo-based UNICO International Corporation for the rehabilitation of its 140,000 barrels per day (b/d) refinery in Basra. The contract covers a complete overhaul of the place including engineering, construction, commissioning, and warranty management phases. The worth of the project covered by the contract was not revealed to the public. The rehabilitation of the refinery in Basra is expected to increase gas production and meet the increasing demands for hydrocarbon products. Apart from the rehabilitation, Iraq’s Ministry of Oil is thinking about constructing four additional refineries in order to further increase its … Continue reading

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Ade Ayeyemi appointed new Ecobank Group CEO

University of London

By Richard Uku Ecobank Transnational Incorporated, parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, is pleased to announce the appointment of Ade Ayeyemi as its new Group Chief Executive Officer. His appointment is effective from 1 September 2015.  Mr Ayeyemi, 52, will replace Albert Essien, who retires on 30 June, 2015 after 25 years of meritorious service with the Group. An interim arrangement will be made by the Ecobank Board for the management of the Group during the period 1 July through 31 August, pending the resumption of the new GCEO. Mr Ayeyemi is a highly experienced banker who has … Continue reading

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Nigerian Minister to replace Kaberuka as AfDB President

Nigeria

By Joe Bavier in Abidjan Nigeria’s Agriculture Minister Dr Akinwumi Adesina is set to replace Donald Kaberuka as the new president of the African Development Bank (AfDB), a post that will see him guide the institution through Africa’s increasingly complex financial environment. During six rounds of voting, Adesina defeated seven rivals from across the continent. He won around 60 per cent of the votes by the Bank’s board of governors in an election held in Ivory Coast, where the AfDB is based. Adesina will take over from the current president, Donald Kaberuka of Rwanda, to become the 50-year-old body’s eighth leader. “I want to assure you that, as president of … Continue reading

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London Stock Exchange to host second BVRM conference

Nialé Kaba, Côte d

The Bourse Régionale des Valeurs Mobilières (BRVM) is to hold a high-level meeting at the London Stock Exchange on 28 April 2015. The conference, which will be attended, amongst others, by Ms Nialé Kaba, Côte d’Ivoire’s Minister of Economy and Finance, will provide an opportunity to present the financial centre of the West African Economic and Monetary Union (UEMOA) to international, and especially British, investors. The London Stock Exchange is Europe’s premier financial centre.  “Following the success of the BRVM Investment Days in Paris in October 2014, the British capital was the natural choice for the second round. The London Stock Exchange is developing cooperation with African finance and constitutes … Continue reading

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Rising food prices in Uganda biting into people’s budgets

BOU Governor Emanuel Tumusiime Mutebile: "...core inflation was seen rising to around 5 per cent by the middle of 2015, and to 7.9 per cent by June 2016."

By Ruth Namatovu in Kampala – Uganda Prices in the Ugandan capital Kampala for a range of food staples from maize, beans, groundnuts, rice, potatoes, to eggs, dairy products and animal feeds are rising, squeezing consumers still struggling to make ends meet. Those shopping for beans, rice, and eggs, are socked with some of the biggest increases as prices jumped by nearly or over 20 per cent. Overall inflation remains unstable as the Uganda Shilling (UGX) continues to weaken against the US dollar despite Bank of Uganda (BOU)’s interventions to curb inflation. Prolonged dry spells, weather changes especially from a dry to a wet season, inflation or  disease outbreak  are … Continue reading

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Uganda facing dilemma over digital switch

Signet-Uganda, a subsidiary of the Kenya Broadcasting Corporation which has been contracted by Uganda Broadcasting Corporation to provide digital transmission.

By Ruth Namatovu With just 10 weeks to the UN global deadline for  migrating from analog to digital transmission, Uganda like many other African states  is still shuffling through various options to beat the analogue switch-off date of June 17th 2015. Uganda’s last hope to a fully digital terrestrial television broadcasting system lies with Signet –Uganda, a subsidiary of the Kenya Broadcasting Corporation which has been contracted by the Uganda Broadcasting Corporation (UBC), the state broadcaster and official signal distributor to do the job. Broadcasters have since the announcement of digital migration deadline contested UBC’s sole signal distributorship, citing bias and lack of fairness, owing to its being a state … Continue reading

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Investors reminded Africa comprises of 54 countries – not one

Ecobank

Investors attending the 4th Conference on Managing Africa have been told to view Africa not as one country but a continent of 54 countries. Giving the keynote speech at the conference held in Munich Wednesday, Ecobank Group CEO Albert Essien offered strategies for managing risk in Africa’s growth markets. Against the backdrop of what he outlined as a generally positive outlook for Africa, Mr Essien advised investors against viewing Africa as one, but rather 54 countries with different growth prospects, different infrastructure, trade agreements, tax regulations, culture and levels of technological development. Mr Essien urged investors to be prepared to engage with African countries on a long-term basis and avoid … Continue reading

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Libya calls for protection against oil pipeline saboteurs

Libyan oilfields have become a target among the warring tribes of the country since Col Gaddafi was overthrown.

Libya’s National Oil Corporation is urgently calling for more official protection for its installations after an oil pipeline from its El Sarir field was sabotaged, halting flow to Hariga port. No group claimed responsibility for Saturday’s pipeline sabotage, but oil infrastructure, ports and pipelines in the North African OPEC member state are often targets of attack. Libya is riven by conflict, with two rival governments operating their own armed forces under separate parliaments, nearly four years after the civil war that led to the overthrow and death of Col Muammar Gaddafi in 2011. The fighting also involves Islamist militant groups, former rebels, soldiers who fought for Gaddafi, and tribal and federalist factions … Continue reading

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New TZ Transport Minister castigates Air Tanzania over debts

Tanzania Transport Minister Samuel Sitta (left) accused Air Tanzania officials of negligence and sabotage.

The recently-appointed new Minister of Transport in the Tanzanian government, Samwell Sitta, wasted no time to take aim at the ailing national airline Air Tanzania (ATCL) over accumulated debts amounting to tens of billions of Tanzania shillings. The Minister was quoted to have used phrases like ‘negligence’ and ‘sabotage’ in his broadside against the management of the company, with those responsible for the massive losses long gone, either resigned or fired from their jobs. Past managers had ended the company paying for aircraft which hardly ever flew and engaged in deals which cost the company dearly, counting on continued bailouts from government. Minister Sitta was also quoted to have said, … Continue reading

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ECB unveils massive Quantitative Easing boost for eurozone

ECB President Mario Draghi on why the bank has decided to implement QE

The European Central Bank (ECB) says it will inject at least €1.1 trillion into the ailing eurozone economy. The ECB will buy bonds worth €60bn per month until the end of September 2016 and possibly longer, in what is known as quantitative easing (QE). It has also said eurozone interest rates are being held at the record low of 0.05%, where they have been since September 2014. ECB president Mario Draghi said the programme would begin in March. The eurozone is flagging and the ECB is seeking ways to stimulate spending. Earlier this month, figures showed the eurozone was suffering deflation, creating the danger that growth would stall as businesses … Continue reading

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