Business

Innovation as a catalyst of growth

Policy makers all over the world are now emphasising on innovation as one of drivers of economic growth in an economy.  Innovation as driver of economic growth already proved its credibility in developed countries and now it’s time for developing countries to follow suit. Based on...

Monday, August 13, 2018 - 10:05pm

Tesla’s CEO Elon Musk sued for fraud

Tesla Inc and Chief Executive Elon Musk were sued twice on Friday by investors who said they fraudulently engineered a scheme to squeeze short-sellers, including through Musk’s proposal to take the electric car company private. The lawsuits were filed three days after Musk stunned investors...

Monday, August 13, 2018 - 12:26pm

Ethiopian Airlines could set up planned Nigerian airline

Ethiopian Airlines is the frontrunner to set up and manage a new national carrier for Nigeria, its chief executive said on Friday. “We are among a small group with an interest in establishing a national carrier (in Nigeria)...we do not know the results (of the tender), though we are...

Monday, August 13, 2018 - 12:22pm

UAE plans Ethiopia-Eritrea oil pipeline

The United Arab Emirates plans to build an oil pipeline connecting Eritrea and Ethiopia, the latest sign of the Gulf state’s increasing involvement in the Horn of Africa. The pipeline will run from Eritrea’s port city of Assab to Ethiopia’s capital Addis Ababa, an Ethiopian...

Monday, August 13, 2018 - 12:13pm

Samsung eyes young buyers with gaming, music-friendly Galaxy Note 9

Samsung Electronics Co Ltd unveiled the Galaxy Note 9 “phablet” in New York on Thursday in a key product launch that it hopes will attract younger customers with stepped-up features and services for gamers and music-lovers. Launching the Note 9 at 11 a.m. in New York, or Friday...

Saturday, August 11, 2018 - 1:25am

Trade war threatens reign of luxury stocks

An escalating trade war between the United States and China could abruptly end a glittering stock market run for luxury goods firms, with some investors already put off by lofty valuations in a sector powered by shoppers in the two countries. From pricey handbags to designer shoes, booming sales...

Saturday, August 11, 2018 - 1:22am

Insurance sector harmonises motor vehicle insurance certificates

Local insurers will, beginning September, adopt harmonised motor insurance certificates which will replace certificates issued by individual firms. The move by Rwanda Insurance Association is aimed at bringing uniformity of proof of Motor Third-Party Insurance across the insurance market....

Friday, August 10, 2018 - 8:57am

UN urges EAC to liberalise trade services to spur manufacturing sector

The United Nations Economic Commission for Africa (UNECA) on Monday urged the East African Community (EAC) to liberalise trade in professional services in order to spur growth of the manufacturing sector. Stephen Karingi, the Director of Capacity Development Division at UNECA, told Xinhua in...

Friday, August 10, 2018 - 8:53am

30 teams compete for seed capital in social venture challenge

30 teams composed of 71 budding African social entrepreneurs will tomorrow, Thursday, compete in a Social Venture Challenge. The challenge is part of the Baobab Summit organised by the Mastercard Foundation in collaboration with The Resolution Project and it brings together scholars from across...

Thursday, August 9, 2018 - 8:04am

Rwandan entrepreneur nominated for international export awards contest

Diego Dieudonné Twahirwa, a 30 year old Rwandan entrepreneur has been nominated for the Young Entrepreneur Awards at 2018 World Forum for Export Development 2018 (WEDF 2018). The award is an initiative of the International Trade Centre (ITC) youth and trade programme, which aims at connecting...

Thursday, August 9, 2018 - 7:59am

Shell, BP move to acquire two petroleum firms in Rwanda

Two renowned global oil and gas firms, Shell and BP Plc, are in the process of acquiring leading petroleum dealers in Rwanda in two separate deals.  The firms are set to join a market, which currently has about 20 active players by acquiring existing operators. Royal Dutch Shell, through its...

Wednesday, August 8, 2018 - 8:49am

COMESA to tighten surveillance to enhance consumer protection

The Common Market for Eastern and Southern Africa (COMESA)'s competition watchdog plans to tighten surveillance in order to enhance consumer protection, officials said on Monday. George Lipimile, Chief Executive of the COMESA Competition Commission, told journalists in Nairobi that restrictive...

Tuesday, August 7, 2018 - 11:46pm

Facebook in talks with banks to expand customer service

Facebook Inc said on Monday it is in talks to deepen links with banks and financial institutions, saying it can help the firms improve their customer service. The social media company said users of financial firms such as PayPal, Citibank and American Express could link their financial accounts...

Tuesday, August 7, 2018 - 11:44pm

Kenyatta to meet Trump for trade talks as ties improve

Kenyan President Uhuru Kenyatta will hold talks with his US counterpart Donald Trump on August 27 in Washington, the White House confirmed on Monday. The meeting will focus on growing trade between the two countries and finding a long-lasting solution to insecurity in neighbouring Somalia and...

Tuesday, August 7, 2018 - 11:43pm

Carpentry entrepreneur shares experience of a startup firm

Intare Gitori is a carpenter and the founder of  Ibyiwacu Bamboo, a firm which produces furniture out of bamboo. The emerging firm,  located in Masaka, also engages in interior and exterior designs. His journey began immediately after graduating from university in 2013 when Gitori sought...

Tuesday, August 7, 2018 - 9:17am

Microfinance institutions to ease loan application process for youth

The Association of Microfinance Institutions in Rwanda has signed a Memorandum of Understanding with Akazi Kanoze Access, a local youth initiative, to improve access to small loans as a measure to curb unemployment among the youth. Aimable Nkuranga, the Executive Director of Association of...

Tuesday, August 7, 2018 - 9:15am

Rwanda targets $92 million from tea export in 2018

National Agriculture Export Board (NAEB) has projected  tea export revenues to increase from $88M last year to $92m this year. Rwanda’s tea exports for 2017 increased by 15 per cent compared to 2016 and is further expected to do better owing to increased brand promotional activities....

Tuesday, August 7, 2018 - 9:14am

CNBC Africa’s Maggie Mutesi moves to BBC

CNBC Africa has lost another business anchor to BBC Africa in just days. Maggie Mutesi on Monday announced her departure from CNBC Africa to BBC Africa.  Mutesi, who had joined CNBC Africa from Rwanda Television early this year, will now move from Kigali to Nairobi, where BBC Africa...

Tuesday, August 7, 2018 - 12:50am

Do I have the skills to be successful?

As a business owner, you need many different skills for your business to succeed. You may be a first-class engineer, but unless you can sell your product, your business could fail. Likewise, you could be a wizard financier, but unless the people you employ are well managed, your business could...

Tuesday, August 7, 2018 - 12:48am

Former World Bank chief economist: Bitcoin will fail

Three major American economists have recently spoken negatively about Bitcoin’s (BTC) chances for survival in an interview with Financial News today. Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini all made statements arguing that Bitcoin will fail as a currency, namely criticizing the...

Tuesday, August 7, 2018 - 12:36am