Business

International lenders warn on capacity constraints in Africa

Global and African financial heads have identified country risk as the biggest challenge to their ability to lend more to African countries. Speaking in Abidjan during a one-day forum on investment risks in Africa hosted by the African Trade Insurance Agency (ATI) experts acknowledged that the...

Monday, July 2, 2018 - 12:17am

New EABC Chairperson keen on developing strategic networks

The East African Business Council on Friday appointed Nicholas Nesbitt, the Chairman of Kenya Private Sector Alliance (KEPSA), as the new EABC Chairman for the period 2018/2019. This was in Nairobi, Kenya, during the body’s 19th Annual General Meeting (AGM), the supreme policy making organ...

Friday, June 29, 2018 - 7:53pm

MTN’s annual volunteer programme wraps up

This year’s MTN’s employee volunteerism programme, 21 Days of Y’ello Care, has seen employees from 20 countries across the MTN footprint taking part in activities to benefit lives of the surrounding communities. The programme ended on 21 June. In Rwanda,  initiatives ranged...

Friday, June 29, 2018 - 7:48pm

Young innovators compete for Bank of Kigali interest-free loans

Bank of Kigali has announced that 5 outstanding young entrepreneurs are set to receive interest-free loans at the end of a competition dubbed, Urumuri. Urumuri initiative aims at discovering new ideas with potential business men and women to develop and broaden their business concepts. So far...

Friday, June 29, 2018 - 12:02pm

Ethiopia to begin extracting crude oil and natural gas

Ethiopia will begin extracting crude oil on a test basis from reserves in the country’s southeast this week, state-affiliated media and the prime minister’s office said on Wednesday. Fitsum Arega, chief of staff in Prime Minister Abiy Ahmed’s office, said on Twitter that Abiy had...

Thursday, June 28, 2018 - 11:54pm

East Africa’s exports to EU rise by $200m

The value of the East African Community’s exports to European Union rose to $2.5 billion in 2017, up by eight percent. They shot up amidst trials to harmonise standards, the latest International Trade Centre (ITC) report has shown. According to ITC, the region exported goods worth $2.5...

Thursday, June 28, 2018 - 11:52pm

Facebook eases ban on cryptocurrency ads

Facebook said Tuesday that it is taking steps to ease a January policy banning financial products and services associated with cryptocurrency. Rob Leathern, product management director at Facebook, said in an official blog post Tuesday that the world’s largest social media network has...

Wednesday, June 27, 2018 - 11:28pm

Gold prices fall as dollar firms

Gold prices hit a fresh six-and-a-half-month low on Wednesday as the U.S. dollar steadied and investors turned to other safe-haven assets amid expectations of more interest rate hikes by the U.S. Federal Reserve. Spot gold fell for a third straight session and was down 0.3 per cent at $1,255.51 an...

Wednesday, June 27, 2018 - 11:27pm

Why loans to private sector went down in 2017

Lending to the private sector slowed down in 2017 with banks approving fewer loans compared to the previous year. Statistics from the Central Bank showed that outstanding loans increased by 12.6 per cent in 2017 while in 2016, the increment was at 14.3 per cent. The drop in lending growth was...

Wednesday, June 27, 2018 - 9:14am

East African ministers praise the role of Standard Gauge Railway

East African ministers responsible for regional affairs on Monday praised Kenya’s Chinese-built Standard Gauge Railway (SGR), saying it has not only helped ease the cost of doing business in the region but also set an example on the transformation an investment of that nature can bring about...

Wednesday, June 27, 2018 - 9:09am

BK makes sweeping tariff changes to promote digital banking

Bank of Kigali has announced a series of tariff changes on its digital services and products, which according to the bank are aimed at making it easier for Rwandans to transact digitally and consequently promote a cashless economy. The bank has, among other things, revised transaction fees on...

Tuesday, June 26, 2018 - 1:38pm

How American businessman turned defunct Rwandan coffee facility into a global brand

Before 2009, the once mighty Rwandex was exporting between 5,000 to 7,000 tonnes of ordinary coffee fetching between $9 million and $10 million annually. But financial problems hit the company hard and it soon folded. The troubled company, which had two branches; Rwandex Gikondo and Rwandex...

Tuesday, June 26, 2018 - 1:31pm

Northern Corridor initiative resumes meetings

Foreign Affairs Ministers of the Northern Corridor Integration Project (NCIP) initiative are convening in Nairobi, Kenya yesterday. The ministerial meeting will make way for a Heads of State Summit slated for today. The body has not held summit level sittings since April 2016, which had led to...

Monday, June 25, 2018 - 10:41pm

Ellen Johnson Sirleaf to chair new panel driving transformation of Africa’s economies

Ellen Johnson Sirleaf, former president of Liberia, was named chair of a new panel set to drive the transformation of Africa’s economies. The news was announced at the African Transformation Forum (ATF) in Accra. The African Transformation Leadership Panel will focus particularly on...

Monday, June 25, 2018 - 10:38pm

Kwese launches Mobile video service in Nigeria

Kwesé iflix and 9mobile have launched a mobile video service in Nigeria which enables consumers to stream or download content. Kwesé iflix, the joint venture of Econet Media, Africa’s leading pan-regional media company and broadcast network, and iflix, the leading entertainment service for...

Monday, June 25, 2018 - 10:23pm

Rwanda’s tourism opportunities

Private sector and public organizations are increasingly interested in the economic impacts of tourism at national and local levels. Rwanda has made tremendous strides in tourism industry. But there are areas that require more input of private sector such as improving local participation in the...

Monday, June 25, 2018 - 10:20pm

U.S. stocks post lower weekly result amid trade fears, data

U.S. stocks traded on a relatively downbeat note in the past week as trade tensions between the United States and its major trade partners lingered, weighing on the market. All three major indices reported negative results, with the Dow, the S&P 500 and the Nasdaq declined 2.03 percent, 0.88...

Monday, June 25, 2018 - 12:49am

OPEC, non-OPEC oil producers to jointly boost oil output

OPEC and non-OPEC oil producers on Saturday agreed to jointly increase oil production. The meeting between OPEC and non-OPEC oil producers including Russia decided to stick to 100 percent conformity of the oil production cap set in the meeting in 2016 in which the agreement to cut oil output by a...

Monday, June 25, 2018 - 12:46am

BRD, Swedish body in $40m deal to boost energy sector

The Swedish International Development Cooperation Agency (Sida) and the Development Bank of Rwanda (BRD) have signed two energy agreements guarantees that will see the bank lending to energy sector investors. The signing ceremony was held Thursday at BRD headquarters between the Head of...

Friday, June 22, 2018 - 11:12pm

Popularity of smart wearables rising fast

Wearables, specifically smartwatches, have been a rapidly growing category and the data collected is similarly as immense. Smartwatches have been designed to integrate themselves into every moment of the wearers life, whether awake or asleep, they record heartbeats, sleep patterns, workouts, you...

Friday, June 22, 2018 - 8:50pm