The World Bank in its recent Commodity Markets Outlook report, dropped the 2016 prediction for crude oil prices to $37 a barrel from $51 per barrel in its October forecasts. The reduced forecast reveals several supply and demand factors which include unexpected recommencement of exports by Iran, larger resilience in U.S. output as a result of the reduction of expenses and efficiency...

According to the 2016 report by International Data Corporation (IDC) relayed by The Nation, government of Kenya increased by 15% its budget for cyber-security. Indeed, Kshs. 13 billion ($127,400,000) disbursed this year for the fight against cyber criminality. The ramping up of budget falls in line with presidential directive aiming to protect the state’s computer system from any criminal...

The European Bank for Reconstruction and Development announced through its website that it has invested €2.3 billion in southern and eastern Mediterranean countries from September 2012 to November 2015. This sum financed 82 projects in the sectors of road and railways, renewable energies, tourism, and support to small and medium enterprises. Established in 1990 to facilitate transition...

South Africa’s central bank announced on January 28, it has raised benchmark rate by half a percentage point to 6.75% in an attempt to contain inflation and slow Rand slump against US dollar. “Given the deterioration in the inflation outlook, the MPC decided to increase the repurchase rate by 50 basis points to 6.75% per annum, effective from 29 January 2016,” said the central bank’s...

In Tanzania, Addax Energy SA has won the tender to supply petroleum products in the country for March 2016. The oil company defeated other competitors after presenting the lowest bid at 32.349, the lowest premium ever recorded. It offered GASOIL at premium of 32.580, motor spirit at 29.430, JET A-1 at 44.190 and IK at 44.190. The bidding which witnessed the participation of three other bidders;...

Following the unsuccessful completion of a seismic survey, Sterling Energy plc. on Friday announced plans to withdraw its shares in the Block C-3, offshore Mauritania. The company plans to allot its overall 40.5% participating interest in the production sharing contract (PSC) for Block C-3, at no cost to Tullow. Tullow is to be the Operator of the block with 90% when the transfer has been...

To keep temperature from rising no more than 2°C compared to the preindustrial era as they committed to, world countries will have to invest nearly $12,100 billion in renewable energies by 2040 or $848 billion per year. This sum will be used to establish wind, solar, geothermal and biomass power stations of an overall capacity of 12,500 GW. This was revealed in the “Mapping the...

One out of 10 people. That is the proportion of Zimbabweans exposed to hunger this year. According to the UN World Food Programme (WFP) who disclosed the statistic, the country which is recording its worst drought since 1998 will be forced to find means to feed 1.5 million people. Taking their destiny in their hands, some Zimbabweans such as those from the Mofomoti village go many miles to...

Why do internet users block ads? It is because they would simply like to attend to their business without constantly being disturbed by adverts they did not ask for. This is what revealed a recent survey conducted and published by the American firm Research Now. In this survey, 10,000 users from 9 countries (Germany, Argentine, Brazil, Spain, USA, France, Italy, Mexico, and UK) explain why they...

Tanzania has concluded the purchase of a land for the site of a planned liquefied natural gas (LNG) plant and is currently working towards rewarding and resettling villagers in order to advance with its long-delayed project. The country's natural gas reserves are estimated to be above 55tcf. The central bank is confident that with the commencement of work on the massive plant 2 % points can...