Expansion Archives - AfricaBusiness.com

13Dec

By Africa BusinessNo Comments

African Banking innovation sees AfDB approving multi-currency line of credit of USD 300m

By Thandisizwe Mgudlwa The African Development Bank has extended the equivalent of USD 300 million to FirstRand Bank Limited to support projects across Africa This week an announcement from Tunis, Tunisia, revealed that the African Development Bank has approved a seven-year multi-currency line of credit for an amount equivalent to USD 300 million to FirstRand Bank Limited (FRB) of South Africa to finance a wide range of projects in local currencies and across Africa. And most African countries are characterized by low discretionary rates of domestic savings. As a result, the intermediation capacity of the financial sectors is limited, leading to the gap currently being filled with borrowings denominated in foreign currency. However, this introduces a currency mismatch in the fi...

3Dec

By Africa BusinessNo Comments

African News

Airtel and Ericsson making history in African network transformation

By Thandisizwe Mgudlwa Airtel has completed the largest network transformation in African Telecoms history - and is partnering with Ericsson for the comprehensive upgrade of a network to deliver superior service. Otherwise known as Bharti Airtel, the leading telecommunications services provider with operations in 20 countries across Asia and Africa, recently said that it has undertaken an end-to-end network transformation program across its mobile operations in 16 African countries. The program, which is the largest of its kind on the African continent, in partnership with Ericsson involved a comprehensive upgrade and expansion of network elements on all of Airtel’s African operations, including switching, radio, network management, data, charging, and consumer-services platforms and sys...

13Nov

By Africa BusinessNo Comments

African News

SkyVision to improve the level of communication in Africa

By Thandisizwe Mgudlwa SkyVision has invested in Africa and will be expanding its local presence. On Monday of this week SkyVision Global Networks Ltd, a leading global provider of IP connectivity over satellite and fibre optic systems, announced in Cape Town, South Africa that it will continue expanding its local presence across Africa. "And following an intense strategic process, it became clear that in order for SkyVision to keep its position as a major African player offering services specifically designed for the rapidly developing African markets, it will also need to enhance its local presence in key African markets. Ben Sira stated: “It was clear from day one that if SkyVision was to enhance its market leadership in Africa, the company would have...

6Nov

By Africa BusinessNo Comments

African News, Uganda News

IMF Concludes Staff Mission to Uganda

KAMPALA, Uganda, November 6, 2012/African Press Organization (APO)/ – An International Monetary Fund (IMF) team visited Kampala from October 24 to November 6, 2012 to carry out discussions with the Ugandan authorities for the fifth review of their IMF-supported economic and financial program. The mission met with Hon. Maria Kiwanuka, Minister of Finance, Planning, and Economic Development, and Professor Emanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, as well as other senior government officials, development partners, and representatives of the private sector and civil society. At the end of the mission, Ms. Ana Lucía Coronel, IMF senior resident representative and mission chief for Uganda, issued the following statement: “Uganda’s economic growth rate declined fro...

6Nov

By Africa BusinessNo Comments

African News

Lubricant Demand Growth Stalls in Mature Markets, Strong Growth on the Horizon for New Emerging Markets, Sees Kline

PARSIPPANY, N.J., Nov., 2012 /PRNewswire/ -- Despite the challenges of a precarious economic environment, the 2011 global lubricant market grew a resilient 2%, with global lubricant demand estimated at 38.6 million tonnes. This growth was largely fuelled by the BRIC countries' resurgent industrial activity and expansion in the commercial and passenger vehicles sales, according to the recent Global Lubricants: Market Analysis and Assessment report by international consulting and research firm Kline & Company. The United States remains the largest lubricant market, but its near 22% global share continues to decrease. China and India are the next biggest markets with a combined total of over 26%, with Russia's consumption expected to surpass Japan's and consequently be the fourth...

6Nov

By Africa BusinessNo Comments

African News

Air Products Supplying ASUs for Copper Smelter Project in Zambia

LEHIGH VALLEY, Pa., Nov. 6, 2012 /PRNewswire/ -- Air Products (NYSE: APD) today announced it has been awarded the contract to supply two oxygen plants at the site of a copper smelter being built in Zambia by Kansanshi Mining Plc. The scope of the agreement includes Air Products supply of two 750 metric ton per day oxygen plants, and all air separation unit (ASU) related equipment and design. The construction of the facility will be undertaken by Kansanshi Mining Plc, with cooperation from Air Products. The ASUs are planned to be onstream in 2014. Air Products has oxygen plants operating at other copper mines also located in Zambia and the local expertise and work at those facilities was of benefit in winning this contract. "The basis for the design of this new plant for K...

3Nov

By Africa BusinessNo Comments

Science

Obscura’s Experiential Technology Connects Visitors to an Exciting New Era of NASA’s Human Space Exploration Program

An immersive 360-surround theater tours the country, showcasing a dynamic and educational virtual journey into deep space that's entertaining for all ages. LOS ANGELES, Nov. 3, 2012 /PRNewswire/ -- Obscura partnered with NASA and the National Institute of Aerospace to invite the public to virtually explore the new frontiers of deep space and the expansion of the space program through an immersive educational experience set within a 50-foot geodesic dome. The multi-city tour premiered at the Intrepid Sea, Air and Space Museum in New York City in July, followed by a simultaneous showing at the California Science Museum in Los Angeles and the Kennedy Space Center in Cape Canaveral, currently underway through November 4th. Photos and Video: http://www.obscuradigital.com/wor...