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Global Reinsurance Outlook Maintained at Negative—Redundant Reserves, Benign Catastrophes Mask Reality

by Africa Business on Dec 21, 2015



A.M. Best is holding its 2016 outlook for the global reinsurance sector at negative, citing the significant ongoing market challenges that will hinder the potential for positive rating actions over time and may eventually translate into negative rating pressures. The Best’s Briefing, titled, “Reinsurance Outlook Maintained at Negative—Redundant Reserves, Benign Catastrophes Mask Reality,” notes that …Read More

European Union Working with Kenya on Vital Coffee Research

by Africa Business on Dec 18, 2015



During his visit to Kenya’s Coffee Research Institute (CRI), EU Commissioner for Agriculture and Rural Development Phil Hogan today urged Kenya to improve the competitiveness of export products through disease control and research as a way of promoting market access and productivity of agricultural commodities. Commissioner Hogan’s visit comes during the ongoing 10th WTO Ministerial …Read More

IMF Executive Board Concludes 2015 Article IV Consultation with Benin

by Africa Business on Dec 18, 2015



On December 11, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Benin. For the third consecutive year, Benin is expected to reach solid economic growth in 2015 at around 5 percent, despite recent headwinds from the economic slowdown in Nigeria—Benin’s major trading partner. In 2016, increased public investment …Read More

Highly Pathogenic Avian Influenza in West and Central Africa: stakeholders meet for increased vigilance in the poultry sector

by Africa Business on Dec 18, 2015



From 15 to 17 December, the Food and Agriculture Organization of the United Nations (FAO) has convened a regional consultation with the stakeholders of the poultry sector from West and Central Africa on risk management for the prevention and control of Highly Pathogenic Avian Influenza (HPAI) along the poultry sector value chain. The meeting is …Read More

Country branding key for investment, economic sustainability, communicators tell emerging economies

by Africa Business on Dec 18, 2015



A key finding of the recent World Conference for Public Relations and communications in Emerging Economies (WCPREE) hosted by the Public Relations Society of Kenya (PRSK) The compelling story of Africa and other emerging economies can only be told effectively when the emerging economies appreciate the role of country brands where people are proud of …Read More

Norway and Kenya to cooperate in Oil for Development programme

by Africa Business on Dec 18, 2015



OSLO, Norway, December 18, 2015/APO (African Press Organization)/ –‘Kenya has requested assistance from Norway in developing its petroleum sector. Through the programme Oil for Development, Norway will support Kenya in improving management of its natural resources and protection of the environment with the objective that oil and gas resources to benefit the country and its …Read More

Statement by the IMF Mission at the Conclusion of a Visit to Tunisia

by Africa Business on Dec 18, 2015



A mission from the International Monetary Fund (IMF), led by Mr. Amine Mati, visited Tunis during December 9–18, 2015 to review recent economic developments and progress on the Tunisian authorities’ economic reform agenda and learn about the reform priorities that underpin the authorities’ five-year economic vision. A Stand-By Arrangement in the amount of SDR 1.146 …Read More

IMF Executive Board Concludes 2015 Article IV Consultation with Malawi

by Africa Business on Dec 18, 2015



On December 11, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the 2015 Article IV consultation1with Malawi. Bold economic reforms undertaken in mid-2012, namely the devaluation of the currency, the adoption of a floating exchange rate regime, the liberalization of foreign exchange markets, and the introduction of an automatic fuel price adjustment …Read More

Canada announces funding that will help women entrepreneurs succeed in Tanzania

by Africa Business on Dec 17, 2015



The Honourable Chrystia Freeland, Minister of International Trade, together with the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced funding that will provide opportunities for Tanzania’s poorest and most vulnerable people by fostering a better environment for small and medium-sized enterprises. Canada is contributing $15 million to the project over five …Read More

EWE TEL Selects Infinera for 100G Metro WDM and Carrier Ethernet 2.0 Deployment

EWE TEL Selects Infinera for 100G Metro WDM and Carrier Ethernet 2.0 Deployment

by Africa Business on Dec 17, 2015



Infinera, provider of Intelligent Transport Networks, and EWE TEL announced the selection of the Infinera TM-Series to support the next generation of Carrier Ethernet 2.0 (CE2.0) based business Ethernet services and 100 gigabit per second (Gb/s) wavelength division multiplexing (WDM) for high-bandwidth access to its customers in Northern Germany. The TM-Series 100 Gb/s based packet-optical …Read More

SWIFT to host Innotribe Startup Challenge for Africa

by Africa Business on Dec 16, 2015



SWIFT’s annual African Regional Conference will take place 17-19 May 2016 in Mauritius. For the second consecutive year, SWIFT will also host an African round of its financial technology Startup Challenge alongside the conference SWIFT’s African Regional Conference (ARC) 2016 will take place from 17-19 May 2016 in Mauritius. ARC, now in its 23rd year, …Read More

New Study: Illicit Financial Flows Hit US$1.1 Trillion in 2013

New Study: Illicit Financial Flows Hit US$1.1 Trillion in 2013

by Africa Business on Dec 16, 2015



US$7.8 Trillion drains from Developing World from 2004-2013 Trade Fraud Responsible for Illicit Outflows of US$6.5 Trillion China, Russia, Mexico, India, Malaysia are Biggest Exporters of Illicit Capital over Decade Sub-Saharan Africa Still Suffers Largest Illicit Outflows as % of GDP WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to US$1.1 trillion …Read More

Nigerian Army Clash with Islamic Movement of Nigeria

by Africa Business on Dec 16, 2015



ABUJA, Nigeria, December 16, 2015/APO (African Press Organization)/ –The United States is deeply concerned by reports of violent clashes between members of the Nigerian Army and the Shiite group Islamic Movement of Nigeria in Zaria, Kaduna State over the past several days.  While many details of the incidents that reportedly began on December 12 remain …Read More

DR Congo: Kidnappings Skyrocket in East

by Africa Business on Dec 16, 2015



Create Special Police Unit to Address Threat At least 175 people have been kidnapped for ransom during 2015 in the Democratic Republic of Congo, Human Rights Watch said today. Former and current members of armed groups appear responsible for many of the kidnappings. The vast majority of the cases documented by Human Rights Watch were …Read More

November Persian Gulf-Arabian Sea and East Africa cement and clinker prices fall, Med Basin prices stabilize

by Africa Business on Dec 16, 2015



CW Research’s Med Basin, Persian Gulf–Arabian Sea and East Africa clinker November monthly bulk FOB, prompt delivery cargo price assessment shows a significant deterioration. On a monthly basis, FOB prices for ordinary grade bulk clinker contracted again in November, dropping about one percent MoM for Med Basin exporters and falling by almost 10 percent MoM …Read More

Refreshing Weekend Getaway at Sodere

Refreshing Weekend Getaway at Sodere

by Eden Sahle on Dec 16, 2015



Sliding into a bathtub after a long day is one of life’s little treats, and there’s nothing quite like the restorative dip in the healing hot springs at Sodere. This stunning spa complex is so trendy that people come to bathe in its therapeutic pools from all over the country. It’s found at 110 km …Read More

IMF Staff Completes 2015 Article IV Mission to Mauritius

by Africa Business on Dec 16, 2015



An International Monetary Fund (IMF) mission led by Mauro Mecagni visited Port Louis on December 2–16, 2015 to conduct the discussions for the 2015 Article IV consultation with Mauritius. At the conclusion of the visit, Mr. Mecagni issued the following statement: “The Mauritian economy has remained resilient in 2015, despite some difficult domestic developments and …Read More

Canada announces funding to provide training to small-business owners in Kenya

by Africa Business on Dec 16, 2015



The Honourable Chrystia Freeland, Minister of International Trade, together with the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced funding that will help Kenya’s poorest and most vulnerable people benefit from the country’s growing resource-based economy. Canada is contributing $19.5 million to the project over seven years, until 2021. Minister Freeland made …Read More

President Kenyatta calls for successful MC10 at China Round Table on LDC accessions

President Kenyatta calls for successful MC10 at China Round Table on LDC accessions

by Africa Business on Dec 15, 2015



Speaking at the Fourth China Round Table in Nairobi on 14 December, Kenya’s President Kenyatta called for a successful outcome at the WTO’s Ministerial Conference starting tomorrow (15 December) so as to improve the welfare of people around the world, particularly in Africa. The Government of China pledged at the Round Table to contribute a …Read More

Integrating East Africa: progress, challenges and future prospects

by Africa Business on Dec 15, 2015



Remarks by British High Commissioner, Nic Hailey, at Trade and Development Symposium – Nairobi 2015 LONDON, United Kingdom, December 15, 2015/APO (African Press Organization)/ –Thank you to TradeMark East Africa for hosting us today.  This country may well be the place that trade began. Two million years ago, early humans were transporting stones 12 kilometres …Read More

Egypt Launches safeguard investigations on polyethylene terephthalate (PET)

by Africa Business on Dec 15, 2015



On 14 December 2015, Egypt notified the WTO’s Committee on Safeguards that it initiated on 8 December 2015 a safeguard investigation on Polyethylene Terephthalate (PET). The notice of initiation by the investigating authority was published in the Official Gazette on 10 December 2015. In the notification, Egypt indicated as follows: “Interested parties must make themselves …Read More

IMF Staff Completes Review Mission to Guinea

by Africa Business on Dec 15, 2015



An IMF mission led by Abdoul Aziz Wane visited Conakry during December 2-15, 2015, to conduct discussions on the sixth and seventh reviews of the authorities program supported by an arrangement under the Extended Credit Facility (ECF).[1]The IMF Executive Board approved the arrangement for Guinea on February 24, 2012 for SDR 128.52 million, about US$ …Read More

IMF Executive Board Completes Second Review under the Extended Credit Facility Arrangement for Chad and Approves US$28.7 Million Disbursement

by Africa Business on Dec 15, 2015



The Executive Board of the International Monetary Fund (IMF) today completed the second review of Chad’s economic performance under the program supported by an Extended Credit Facility (ECF)1 arrangement. Completion of the review enables the immediate disbursement of the equivalent of SDR 20.65 million (about US$28.7 million). This brings total disbursements under the arrangement to the …Read More

IMF Executive Board Completes First Review under the Policy Support Instrument (PSI) for Senegal

by Africa Business on Dec 15, 2015



The Executive Board of the International Monetary Fund (IMF) completed the first review of Senegal’s economic performance under the program supported by the Policy Support Instrument (PSI)[1] approved on June 24, 2015 (see Press Release No. 15/297). The Board’s decision was taken on a lapse of time basis[2]. The macroeconomic outlook remains favorable insofar as …Read More

RiskMap 2016: Excitement over “People Power” in Africa will not continue in 2016

RiskMap 2016: Excitement over “People Power” in Africa will not continue in 2016

by Africa Business on Dec 14, 2015



People power witnessed in 2014 and 2015, for example in changes of government in Burkina Faso and Nigeria, will be proved limited in 2016. A combination of elections, constitutional pressures and financial difficulties will test governments across the region, including in Chad, Uganda, Congo (Brazzaville), Angola and South Africa. Incumbents will however retain their hold …Read More

RiskMap 2016: West African nations striving to escape the commodities downturn in an era of increasingly transnational security threats & issues

RiskMap 2016: West African nations striving to escape the commodities downturn in an era of increasingly transnational security threats & issues

by Africa Business on Dec 14, 2015



African governments will need to be resilient to withstand the electoral, constitutional and financial pressures that will test governments across the region in 2016. This is one of the key messages of RiskMap 2016, published today by global business risk consultancy Control Risks (www.ControlRisks.com). RiskMap highlights the most significant underlying trends in global risk and …Read More

Food will get festive tills ringing

Food will get festive tills ringing

by Africa Business on Dec 14, 2015



Although some retailers put out their festive displays as early as October, Antoinette Coetzee, retail analyst for Redefine Properties, says the festive trading period is likely to  be a short one this year, characterised by shoppers opting for quality over quantity, and driven by promotions and the desire for experiential offerings. Coetzee points to the …Read More

IMF Executive Board Concludes 2015 Article IV Consultation with Swaziland

by Africa Business on Dec 14, 2015



On December 9, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Swaziland. Swaziland’s growth has been recovering since the 2010‒11 fiscal crisis, albeit at a slower pace recently. Growth recovery following the fiscal crisis was broadly supported by the manufacturing and service sectors. In 2015, however, growth is …Read More

World Screenless Display Market is Estimated to Generate $5.7 Billion, Worldwide By 2020 – Allied Market Research

by Africa Business on Dec 14, 2015



A new report by Allied Market Research titled, “World Screenless Display—Market Opportunities and Forecast, 2014–2020,” forecasts that the world screenless display market would generate revenue of $5.7 billion by 2020, registering a CAGR of 29.9% during the forecast period, 2015–2020. In 2014, North America was the highest revenue-generating region, owing to early adoption of technology …Read More

The African Union reiterates its deep concern regarding the situation in Burundi and calls for an inclusive dialogue to find a solution to the crisis

by Africa Business on Dec 14, 2015



The Chairperson of the Commission of the African Union (AU), Dr. Nkosazana Dlamini Zuma, is deeply concerned by the escalation of violence in Burundi, illustrated by yesterday’s attacks against military camps in the capital, Bujumbura, and in the Bujumbura Rural area, as well as by the subsequent acts of violence. The Chairperson of the Commission …Read More

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