According to data released by the Central Bank of Kenya on February 19, remittances in 2015 have hit a record of $1.54 billion for about 3 million Kenyans, thus rising 8.4% from the results in 2014. Money transfers by migrants are an important source of foreign exchange revenues for Kenya alongside tea exports, tourism revenues and horticulture exports. Over the past year, these transfers...

Experts have said that the cooperation between Saudi Arabia, Russia and other countries to freeze production at January level will have slight effect on the oil market as anticipated, whereas there are still great doubts that it will occur. This follows Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu’s, visit to get Saudi Arabia and Russia to cooperate on production cuts so...

Cobalt International Energy, has announced that it will cut its staff by 50%, Offshore Energy Today reports. The company stated that with the assets in Angola awaiting transfer coupled with plans to cut expenses, it is in the course of restructuring its organization in order to better support its post-Angola business needs. In August 2015, Cobalt had signed a sale and purchase deal with...

Africa Oil Corp has announced the finalizing of the recently announced farm-out with Maersk Oil as regards the South Omo and Rift Basin Blocks in Ethiopia. Upon conclusion of the farm-out, Maersk Oil paid Africa Oil $12.8 million. Africa Oil is now the operator of the Rift Basin with 25%, alongside Maersk Oil and Marathon Oil with 25% and 50% interests respectively. While Tullow is the...

AngloGold Ashanti, subsidiary of AngloGold, Africa’s leading gold miner, said this Monday that investors were showing interest in buying and partnering its Obuasi mine in Ghana whose activity has slowed. After the company published its results for 2015, its Chief Financial Officer Srinivasan Venkatakrishnan told journalits: “There is quite a lot of interest, even now, in terms of the Obuasi...

The European Union is currently setting up in Kenya, a banana processing unit for 100 million Shillings. The infrastructure which falls in line with the Taita Taveta government’s Country Integrated Development Plan (CIDP) will improve local production and create jobs. According to Evans Mbinga, county officer in charge of agriculture, this plant could generate an annual turnover of Sh1...

In Burkina Faso, the newspaper “L’Evènement” on February 18, 2016, was suspended by the High Communication Council (CSC) which said it has violated “military secrets”. The penalty is subsequent to the publishing of an article entitled “Les poudrières du Burkina” (Burkina’s powder magazines) in the February 16, 2016 edition. The article is said to disclose technical and...

Zurich Insurance Group AG has initiated the process to sell its general insurance subsidiary in South Africa and Morocco as part of its strategic review to reshape its general insurance business, Bloomberg reported on February 19, citing people familiar with the matter. “Zurich Insurance is working with financial advisers on the sale of the units,” said the people, indicating that no decision...

The International Energy Agency has said that the oversupply in the global market will continue into 2017, restricting any chance of a price recovery in the short term. According to the agency U.S. shale oil output will drawback this year and in 2017, as the price drop affects drilling. The Organization of Petroleum Exporting Countries (OPEC) will increase its market share a little with Iran,...

Libya’s National Oil Corporation (NOC) has said that there might be more attacks on Libya's oil facilities except a United Nations-backed unity government is sanctioned. According to the chairman of Libya’s NOC, Mustafa Sanalla (photo), suspected Islamic State militants had attacked Libya's oil infrastructure again late Thursday or Friday. A production tank was set ablaze and another at the...