Business

Nairobi, Kenya | AFP | The Tanzanian government said Sunday it had confiscated diamonds worth nearly $30 million after accusing British company Petra Diamonds of having declared a lower value when trying to export the gems. Speaking on government television channel TBC 1, Finance Minister Philip Mpango said the diamonds extracted …

Norway’s wealth fund – a jumbo piggy bank to be used prudently Oslo, Norway | AFP |  Norway has the world’s largest sovereign wealth fund — a treasure chest nearly $1 trillion (830 billion euros) to be set aside for rainy days but also to help fund today’s election promises. …

Nairobi, Kenya | THIS WEEK |   Kenyan-based Direct Pay Online Group, an online payments processing solution in Africa, has acquired Virtual Card Services (VCS) South Africa. VCS is said to have over 20 years of experience in developing and implementing credit, debit and smart card processing systems for major card issuers in …

Kampala, Uganda | THIS WEEK | New East Africa Business Council (EABC) boss Kassim Omar on Sept.05 passed on following a blood clot operation at Nakasero hospital. Omar was elected as chairman of the regional private sector body in June taking over from Mr Audace Ndayizeye, of the Federal Chamber of Commerce and Industry …

Kigali, Rwanda | THIS WEEK |  The entry of Burera Garment Factory in Rwanda is expected to tighten competition in the country’s textile industry. The firm that plans to start its operations in Burera District soon, is a joint venture by Burera District and Noguchi Holdings, a Japanese venture capital firm as …

Kigali, Rwanda | THIS WEEK |  In an effort to promote Rwanda as a conference hub, a South African firm, Crystal Events Africa,  has entered into an   agreement with Ikaze Professional Conference Organisers  to market the east African country as a top conferences centre and must-visit tourist destination on the continent. “The …

Kampala, Uganda| THIS WEEK | On Sep. 04, MTN Uganda unveiled a new promotional campaign dubbed “start a new life with MTN” to attract new customers. MTN Chief Marketing Officer, Olivier Prentout, said new customers joining MTN will each get 30 Free Minutes, 100 Free MBs, 100 Free SMS and Shs 1,000 worth …

Kampala, Uganda| THIS WEEK |  Regional retail chain, Nakumatt Holdings, could soon be leaving the Ugandan market after Uganda Revenue Authority closed its head office at Kumambogo Gayaza and the main branch at Oasis Mall over tax arrears. The Kenyan supermarket chain, which started operations in Uganda in June 2009 pioneered the 24-hour …

Beijing, China | AFP | China’s factory price inflation, a key barometer of the industrial sector, accelerated sharply in August, reflecting strong demand and a reduction in excess capacity which has plagued China’s economy. The producer price index (PPI), which measures costs for goods at the factory gate, rose 6.3 percent …

Caracas, Venezuela | AFP | Venezuelan President Nicolas Maduro announced Friday his government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US-imposed sanctions on the embattled country. “I have decided to start selling oil, gas, gold and all other products that Venezuela …