Dutch technology firm Royal Philips has announced the establishment of its first Africa research laboratory in Nairobi, highlighting Kenya’s growing status as the continent’s tech hub.
The facility will be tasked with developing and deploying application-focused scientific and user studies that will aid in improving access to lighting, affordable healthcare, as well as creating new inventions to meet needs of Africa's growing middle class.
The Philips Africa Innovation Hub will be located at the Philips East African headquarters in Nairobi, and will kick-off with ventures that are under development as well as those in pilot phase.
The Amsterdam-based firm says international researchers together with African talent will operate on the concept of “open innovation” and will work in close collaboration with the R&D ecosystem of Kenya and Africa.
Philips is in discussions with local organisations and universities on R&D collaborations to co-create meaningful solutions for Africa.
“With Kenya as a leader in the continent in science and entrepreneurship as well as a hub of collaboration on technology and innovation, Nairobi, is the ideal location to establish Philips’ African research presence. We want to tap into the city’s vibrant R&D ecosystem and contribute to the process of co-creating new solutions, new business models and meaningful partnerships to provide innovations that make an impact,” saidJJ van Dongen, Senior Vice President and CEO Philips Africa.
The setting up of the research centre comes after US tech giant IBM opened an innovation hub in Nairobi to match IT innovators with investors who will help develop the ideas commercially.
Showing posts with label Africa. Show all posts
Showing posts with label Africa. Show all posts
Saturday 22 March 2014
Royal Philips has announced the establishment of its first Africa research laboratory in Nairobi, highlighting Kenya’s growing status as the continent’s tech hub.
Dutch technology firm Royal Philips has announced the establishment of its first Africa research laboratory in Nairobi, highlighting Kenya’s growing status as the continent’s tech hub.
The facility will be tasked with developing and deploying application-focused scientific and user studies that will aid in improving access to lighting, affordable healthcare, as well as creating new inventions to meet needs of Africa's growing middle class.
The Philips Africa Innovation Hub will be located at the Philips East African headquarters in Nairobi, and will kick-off with ventures that are under development as well as those in pilot phase.
The Amsterdam-based firm says international researchers together with African talent will operate on the concept of “open innovation” and will work in close collaboration with the R&D ecosystem of Kenya and Africa.
Philips is in discussions with local organisations and universities on R&D collaborations to co-create meaningful solutions for Africa.
“With Kenya as a leader in the continent in science and entrepreneurship as well as a hub of collaboration on technology and innovation, Nairobi, is the ideal location to establish Philips’ African research presence. We want to tap into the city’s vibrant R&D ecosystem and contribute to the process of co-creating new solutions, new business models and meaningful partnerships to provide innovations that make an impact,” saidJJ van Dongen, Senior Vice President and CEO Philips Africa.
The setting up of the research centre comes after US tech giant IBM opened an innovation hub in Nairobi to match IT innovators with investors who will help develop the ideas commercially.
Monday 15 April 2013
$88 million missing in Congolese mining taxes
(Reuters) - Tax authorities in Democratic Republic of Congo have failed to account for $88 million in revenue from the boomingmining sector, according toa representative of a globalanti-corruption campaign.
Congo has attracted international firms including Freeport-McMoRan, Glencore and Randgold to mine its rich copper, cobalt and gold deposits, but remains one of the most corrupt countries on earth.
The missing funds date from 2010 and tax bodies should have paid them into the central bank, said Mack Dumba Jeremy, national coordinator in Congo for the Extractive Industries Transparency Initiative (EITI).
But he said the DGRAD taxagency had been unable to prove that the payment was made. Attempts to findthe money had been going on since January, said Jeremy, who stopped short of accusing the authorities of corruption.
"DGRAD must prove that the money actually arrivedin the public treasury in 2010. If they can't then the executive committee ofEITI will go to the courts in order to launch an inquiry into the whereabouts of this $88 million," Jeremy told journalists.
EITI is an international initiative which aims to improve transparency in resource-rich countries by tallying up the amount paid by companies and how much governments say they receive.
Congo is currently a candidate to become a fullmember of EITI although it is unclear whether it will meet the standards required.
No one from DGRAD or the government was immediately available for comment. Prime Minister Augustin Matata Ponyo hasrepeatedly promised to tackle corruption.
Matata Ponyo survived a challenge to his authority on Monday after more than 40 legislators who had previously signed a motion of censure against him withdrew their signatures.
That scuppered opposition attempts to force a vote of no confidence in the government for various alleged failings, including mismanagement of government funds.
Watchdog Transparency International ranks Congo 160th out of 176 countries in its Corruption Perceptions Index for 2012, with a score of just 21 out of 100
Congo has attracted international firms including Freeport-McMoRan, Glencore and Randgold to mine its rich copper, cobalt and gold deposits, but remains one of the most corrupt countries on earth.
The missing funds date from 2010 and tax bodies should have paid them into the central bank, said Mack Dumba Jeremy, national coordinator in Congo for the Extractive Industries Transparency Initiative (EITI).
But he said the DGRAD taxagency had been unable to prove that the payment was made. Attempts to findthe money had been going on since January, said Jeremy, who stopped short of accusing the authorities of corruption.
"DGRAD must prove that the money actually arrivedin the public treasury in 2010. If they can't then the executive committee ofEITI will go to the courts in order to launch an inquiry into the whereabouts of this $88 million," Jeremy told journalists.
EITI is an international initiative which aims to improve transparency in resource-rich countries by tallying up the amount paid by companies and how much governments say they receive.
Congo is currently a candidate to become a fullmember of EITI although it is unclear whether it will meet the standards required.
No one from DGRAD or the government was immediately available for comment. Prime Minister Augustin Matata Ponyo hasrepeatedly promised to tackle corruption.
Matata Ponyo survived a challenge to his authority on Monday after more than 40 legislators who had previously signed a motion of censure against him withdrew their signatures.
That scuppered opposition attempts to force a vote of no confidence in the government for various alleged failings, including mismanagement of government funds.
Watchdog Transparency International ranks Congo 160th out of 176 countries in its Corruption Perceptions Index for 2012, with a score of just 21 out of 100
Wednesday 14 November 2012
Banks in Kenya full list
The Government has reformed banking to make it internationally competitive. In 2007, the Ministry of Finance proposed to raise bank capital from Sh250 million ($3.1 million) to Sh1 billion ($12.5 million) by 2010. This deadline has since been pushed to 2012. Foreign banks (Nigerian, South African and others) are investing in low-capital institutions.
After the profit growth of the first five years of the Kibaki administration, bank expansion has since crossedborders to Tanzania, Rwanda, Southern Sudan and Uganda. Local banks such as Equity, KCB and Cooperative are present in the region.
A significant development in banking has been the licensing of two Sharia-compliant commercial banks. First Community andGulf African were licensed in 2007. Consequently, the sector had 45 institutions – 43 commercial banks, two mortgage finance companies – by the end of 2008. of the 45,33 were local and 12 foreign-owned.
In 2009, the banks’ total assets were worth Sh 1.37 trillion ($17.1 billion). Profit before tax was a whopping Sh48.7 billion ($608.7 million). The Kenya Commercial Bank is the biggest in Kenya, with assetsworth Sh191 billion ($2.38 billion) in 2008. At the Nairobi Stock Exchange, banks and their holding companies are worth Sh270billion ($3.375 billion).
List of Banks in Kenya
1. African Banking Corporation Ltd.
2. Bank of Africa Kenya Ltd.
3. Bank of Baroda (K) Ltd.
4. Bank of India
5. Barclays Bank of Kenya Ltd.
6. CFC Stanbic Bank Ltd.
7. Charterhouse Bank Ltd
8. Chase Bank (K) Ltd.
9. Citibank N.A Kenya
10. Commercial Bank of Africa Ltd.
11. Consolidated Bank of Kenya Ltd.
12. Co-operative Bank of Kenya Ltd.
13. Credit Bank Ltd.
14. Development Bank of Kenya Ltd.
15. Diamond Trust Bank (K) Ltd.
16. Dubai Bank Kenya Ltd.
17. Ecobank Kenya Ltd
18. Equatorial Commercial Bank Ltd.
19. Equity Bank Ltd.
20. Family Bank Ltd
21. Fidelity Commercial Bank Ltd
22. Fina Bank Ltd
23. First community Bank Limited
24. Giro Commercial Bank Ltd.
25. Guardian Bank Ltd
26. Gulf African Bank Limited
27. Habib Bank A.G Zurich
28. Habib Bank Ltd.
29. Imperial Bank Ltd
30. I & M Bank Ltd
31. Jamii Bora Bank Ltd.
32. Kenya Commercial Bank Ltd
33. K-Rep Bank Ltd
34. Middle East Bank (K) Ltd
35. National Bank of Kenya Ltd
36. NIC Bank Ltd
37. Oriental Commercial Bank Ltd
38. Paramount Universal Bank Ltd
39. Prime Bank Ltd
40. Standard Chartered Bank (K) Ltd
41. Trans-National Bank Ltd
42. Victoria Commercial BankLtd
43. UBA Kenya Bank Ltd.
After the profit growth of the first five years of the Kibaki administration, bank expansion has since crossedborders to Tanzania, Rwanda, Southern Sudan and Uganda. Local banks such as Equity, KCB and Cooperative are present in the region.
A significant development in banking has been the licensing of two Sharia-compliant commercial banks. First Community andGulf African were licensed in 2007. Consequently, the sector had 45 institutions – 43 commercial banks, two mortgage finance companies – by the end of 2008. of the 45,33 were local and 12 foreign-owned.
In 2009, the banks’ total assets were worth Sh 1.37 trillion ($17.1 billion). Profit before tax was a whopping Sh48.7 billion ($608.7 million). The Kenya Commercial Bank is the biggest in Kenya, with assetsworth Sh191 billion ($2.38 billion) in 2008. At the Nairobi Stock Exchange, banks and their holding companies are worth Sh270billion ($3.375 billion).
List of Banks in Kenya
1. African Banking Corporation Ltd.
2. Bank of Africa Kenya Ltd.
3. Bank of Baroda (K) Ltd.
4. Bank of India
5. Barclays Bank of Kenya Ltd.
6. CFC Stanbic Bank Ltd.
7. Charterhouse Bank Ltd
8. Chase Bank (K) Ltd.
9. Citibank N.A Kenya
10. Commercial Bank of Africa Ltd.
11. Consolidated Bank of Kenya Ltd.
12. Co-operative Bank of Kenya Ltd.
13. Credit Bank Ltd.
14. Development Bank of Kenya Ltd.
15. Diamond Trust Bank (K) Ltd.
16. Dubai Bank Kenya Ltd.
17. Ecobank Kenya Ltd
18. Equatorial Commercial Bank Ltd.
19. Equity Bank Ltd.
20. Family Bank Ltd
21. Fidelity Commercial Bank Ltd
22. Fina Bank Ltd
23. First community Bank Limited
24. Giro Commercial Bank Ltd.
25. Guardian Bank Ltd
26. Gulf African Bank Limited
27. Habib Bank A.G Zurich
28. Habib Bank Ltd.
29. Imperial Bank Ltd
30. I & M Bank Ltd
31. Jamii Bora Bank Ltd.
32. Kenya Commercial Bank Ltd
33. K-Rep Bank Ltd
34. Middle East Bank (K) Ltd
35. National Bank of Kenya Ltd
36. NIC Bank Ltd
37. Oriental Commercial Bank Ltd
38. Paramount Universal Bank Ltd
39. Prime Bank Ltd
40. Standard Chartered Bank (K) Ltd
41. Trans-National Bank Ltd
42. Victoria Commercial BankLtd
43. UBA Kenya Bank Ltd.
Sunday 11 November 2012
Chinese slow down would hurt African growth
A slowing Chinese economymay weaken demand for Africa’s raw materials, damaging a key driver of growth for the world’s poorest continent, said Mthuli Ncube, chief economist of the African Development Bank.
“What could be a big surprise factor in Africa’s economic growth is China,” Ncube said by phone from Tunis yesterday. “If the slowdown in China reducesits demand for oil, copper and base metals, the question is how much will that impact on commodity prices. That could really hurt Africa.”
China’s commodity demandhas helped propel economic growth in sub-Saharan African nationsincluding Zambia, the region’s biggest copper exporter, Nigeria, the continent’s largest oil producer, and Congo and Gabon, which both producetimber. Economic growth in the region is forecast to accelerate to 5.5 per cent in 2013 from about 5 per cent this year, Ncube said.
China in 2010 consumed one-fifth of global non-renewable energy resources, 23 per cent of major crops and 40 per centof metals, after increasing itsmarket share “sharply” over the past decade, according to the International Monetary Fund.
While China’s expansion cooled to a three-year low of 7.4 per cent in the third quarter, gages of manufacturing and retail sales have pointed to a recovery. Growth will probably pick up to 7.7 percent this quarter and 7.9 per cent in the three months through March 2013, according to a Bloomberg survey.
European crisis
Africa is also withstanding Europe’s debt crisis, thoughgovernments are failing to ensure the growing wealth reduces poverty, Ncube said. North Africa is seeing rising oil production and strong economic policies in East and West Africa are helping buoy growth there,while South Africa, the continent’s largest economy,is facing challenges from mining- labor unrest, Ncube said.
The financial upheaval in Europe is creating an opportunity for African nations to sway Chinese investors to redirect their exports and investment, said Ncube.
“If China is looking for new markets for its exports then Africa could benefit, the same for investment,” he said.
Trade between Africa and China is currently worth$166 billion after growing 30 per cent in 2011 and 25 per cent in the first half of this year, according to Jeremy Stevens, a Beijing- based economist at Standard Bank Group, Africa’s biggest lender.
Bloomberg
“What could be a big surprise factor in Africa’s economic growth is China,” Ncube said by phone from Tunis yesterday. “If the slowdown in China reducesits demand for oil, copper and base metals, the question is how much will that impact on commodity prices. That could really hurt Africa.”
China’s commodity demandhas helped propel economic growth in sub-Saharan African nationsincluding Zambia, the region’s biggest copper exporter, Nigeria, the continent’s largest oil producer, and Congo and Gabon, which both producetimber. Economic growth in the region is forecast to accelerate to 5.5 per cent in 2013 from about 5 per cent this year, Ncube said.
China in 2010 consumed one-fifth of global non-renewable energy resources, 23 per cent of major crops and 40 per centof metals, after increasing itsmarket share “sharply” over the past decade, according to the International Monetary Fund.
While China’s expansion cooled to a three-year low of 7.4 per cent in the third quarter, gages of manufacturing and retail sales have pointed to a recovery. Growth will probably pick up to 7.7 percent this quarter and 7.9 per cent in the three months through March 2013, according to a Bloomberg survey.
European crisis
Africa is also withstanding Europe’s debt crisis, thoughgovernments are failing to ensure the growing wealth reduces poverty, Ncube said. North Africa is seeing rising oil production and strong economic policies in East and West Africa are helping buoy growth there,while South Africa, the continent’s largest economy,is facing challenges from mining- labor unrest, Ncube said.
The financial upheaval in Europe is creating an opportunity for African nations to sway Chinese investors to redirect their exports and investment, said Ncube.
“If China is looking for new markets for its exports then Africa could benefit, the same for investment,” he said.
Trade between Africa and China is currently worth$166 billion after growing 30 per cent in 2011 and 25 per cent in the first half of this year, according to Jeremy Stevens, a Beijing- based economist at Standard Bank Group, Africa’s biggest lender.
Bloomberg
Saturday 10 November 2012
Exxon shuts pipeline after oil leak offshore Nigeria
ABUJA (Reuters) - Exxon hasshut a pipeline off the coast of Nigeria 's Akwa Ibom state after an oil leak started by anunknown cause, the company's local unit said on Saturday.
The U.S. major's outage will add to production problems in Africa's biggest crude exporter, after fellow oil majors Shell and Eni reportedrecent disruptions at onshoresites due to Nigeria's worst flooding in 50 years.
"( Exxon Nigeria ) confirms that on November 9 an oil release occurred offshore Akwa Ibom State," Mobil Producing Nigeria , a joint venture between Exxon and the state oil firm, said in an emailed statement.
"The source of the leak was identified and the pipeline was isolated and shutdown."The company said it was investigating the cause of theleak but didn't give any details on the amount of oil production lost.
There was an oil spill in August near an Exxon facilitythat residents said left a slick running for miles along the coastline of Akwa Ibom. Exxon said it cleared up the spill but didn't confirm the source of the leak.
Italian oil firm Eni said on Friday it had declared force majeure on Brass River oil loadings from Nigeria due tofloods, which have submerged part of the southern oil-producing Niger Delta in recent weeks.
Flooding combined with oil theft, prompted Shell to declare force majeure on twoother large Nigerian oil streams, Bonny Light and Forcados, in late October.
Oil spills are common in Nigeria's onshore Niger Delta due to widespread theft by oil gangs tapping into pipelines and the poor maintenance of some ageing infrastructure.
But offshore spills are less common. Last December, an accident at Shell's offshore Bonga facility spilled an estimated 40,000 barrels, oneof the largest in Nigeria's history.
Nigerian regulators told parliament in July that Shell should be fined $5 billion for environmental damaged caused by the spill but the company has said there is nolegal basis for the fine.
The U.S. major's outage will add to production problems in Africa's biggest crude exporter, after fellow oil majors Shell and Eni reportedrecent disruptions at onshoresites due to Nigeria's worst flooding in 50 years.
"( Exxon Nigeria ) confirms that on November 9 an oil release occurred offshore Akwa Ibom State," Mobil Producing Nigeria , a joint venture between Exxon and the state oil firm, said in an emailed statement.
"The source of the leak was identified and the pipeline was isolated and shutdown."The company said it was investigating the cause of theleak but didn't give any details on the amount of oil production lost.
There was an oil spill in August near an Exxon facilitythat residents said left a slick running for miles along the coastline of Akwa Ibom. Exxon said it cleared up the spill but didn't confirm the source of the leak.
Italian oil firm Eni said on Friday it had declared force majeure on Brass River oil loadings from Nigeria due tofloods, which have submerged part of the southern oil-producing Niger Delta in recent weeks.
Flooding combined with oil theft, prompted Shell to declare force majeure on twoother large Nigerian oil streams, Bonny Light and Forcados, in late October.
Oil spills are common in Nigeria's onshore Niger Delta due to widespread theft by oil gangs tapping into pipelines and the poor maintenance of some ageing infrastructure.
But offshore spills are less common. Last December, an accident at Shell's offshore Bonga facility spilled an estimated 40,000 barrels, oneof the largest in Nigeria's history.
Nigerian regulators told parliament in July that Shell should be fined $5 billion for environmental damaged caused by the spill but the company has said there is nolegal basis for the fine.
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