n NEWS
n NEWS
n FEATURE
Uganda to revive Cooperative Bank
RwandaUganda talks to boost business
Turning discarded hair into good cash
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VOL. 8, ISSUE 8 SEPTEMBER 30 - OCTOBER 6, 2013
UNVEILING OPPORTUNITIES KSH40; TZSH1000; USH1,500; RWF600; BIF 1,500; 5BIRR,SS£ 2.5
Kenya pushes back horror week BY HUMPREY LILOBA nNAIROBI, kENYA -Nairobi is slowly getting back to business following the horror, uncertainity, tension and grief of last week. Heavily armed terrorists walked into the upmarket Westgate Shopping Mall in the Westlands suburban opening fire on unarmed civilians in a siege that took security forces close to five days to contain. As the dust settled on the attack, over 70 are believed to have died with hundreds still hospitalized while tens remain unaccounted for. The Nairobi Securities Exchange ( NSE) took an immediate beating from the attack with the number of shares traded during the Thursday trading session going down by 50 per cent to 14.2 million compared to 28.4 million traded last Friday, just a day before the attack. The NSE 20 share index also went down 12.40 points to close at 4, 739.42 points as of Monday last week.The Kenyan Shilling was not spared weakening on Monday trading at a mean of Sh87.42 to the dollar. “Our face is bloodied by our heads remain unbowed. We will not succumb to terrorists,” these were the words of Kenyan president Uhuru
Infamy at Westgate
FOR MANY KENYANS THESE IMAGES STILL CAST A DARK SHADOW ON THE THEIR DESIRE TO MOVE ON AND GET BACK TO NORMAL LIFE AGAIN. FILE PHOTO
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New note for Rwanda Uganda to BY DIAS NYESIGA
nKIGALI, RWANDA- The National Bank of Rwanda last week introduced a new Rwf 500 note measuring 135 x 72 millimetres. Observers speculate the move is intended to enhance security features which will discourage counterfeiting. “The National Bank of Rwanda wishes to inform the general public that it has issued a new Rwf500 banknote,” the statement from the
Central Bank reads in part. The note that will be used alongside the old one has new features which represent the country’s achievements and ambitions for Vision 2020. These include four children with laptops and a three exotic cows in a farm which replaces farmers picking tea and a front view of the Central Bank building. Other features include, an elecTO PAGE 2
speed up laws BY BAZ WAISWA nKampala, Uganda –Members of Parliament last week agreed to fast track the process of harmonization of national laws to conform to those that are passed regional level by the East Africa Legislative Assembly (EALA). They said this will help in the ongoing integration of the East African CommuTO PAGE 2
Tz aims for top iron producer BY PATRICK KISEMBO nDAR ES SALAAM, TANZANIA - A multibillion dollar iron production project at Liganda and Mchuchuma is to start in 2018 or 2019 and will make Tanzania one of the four major iron producing countries in Africa. Tanzania will follow South Africa, Egypt and Libya as sub-Sahara’s top producers if the project bears fruit. The $3billion project expects to raise the country’s revenue to a tune of $1.7 billion per year when the production starts. The National Development Corporation (NDC)’s Public Relations and Communication Manager, Abel Ngapemba, said the country expects to produce one million tons of iron per year when production starts. Ngapemba said the iron production project will be implemented under the Tanzania China Mineral Resources Limited, which is a partnership between the NDC and Sichuan Hongda Group (SHG) of China. He said production of iron will go hand in hand with the mining of Titanium and Vanadium. “If the project is completed, we shall be able to produce 219 million tons of iron that can last for more than 70 years,” Ngapemba said. Other minerals resulting from the mining of iron like Titanium can be produced to a tune of about 175,400 tons per year and Vanadium 5,000 tons per year, he added. According to him, the production of iron will enable Tanzania to be the fourth country in Africa behind other countries like South Africa, which produced 8.5 million tons per year, Egypt, 8.0 million tons per year and Libya 2.0million per year. “This is one of the two projects under the agreement signed between NDC and SHG signed in September 21, 2011 of the establishment of coal mine and construction of a power station with a capacity of producing 600MW at Mchuchuma area,” Ngapemba said. Other projects include the construction of 220KV power distribution line between Mchuchuma and Liganga, and the establishment of the iron mine with the construction of the steel processing factory, construction of a TO PAGE 2