Kenya's KenGen emerged as Africa's (excluding South Africa) top performing stock according to Nex Rubica data. The power generating company gained eight per cent last week topping the leader board in a line up that included Moroccan company Omnium Nord Africain and the State Bank of Mauritius. Nex Rubica said the index stood at 1,597.52 as at the end of trading last week, after ending the previous week at 1,656.92, its highest level of the week. The laggards in the continent last week were led by Zenith Bank which was down 30.4 per cent with First Bank of Nigeria slumping 21.9 per cent and the Nigerian Bottling Co. registering a price decline of 10.9 per cent. The Nex-Rubica methodology ranks shares with a minimum market cap of $500M and a free float of greater than 25 per cent within each issuer.

Sweden Reduces Number of Countries to Offer Aid 

Sweden plans to reduce the number of countries to which it grants bilateral aid to focus on poverty in Africa. The number of countries will be reduced from 70 to 33, but the $1.38bn earmarked for bilateral aid will remain largely unchanged and will be redistributed, said Minister of International Development Co-operation Gunilla Carlsson. Among those countries that will no longer receive aid are China and Vietnam.

WFP Spends US$430 Million to Feed South Africans  

According to the UN agency, the World Food Programme has spent nearly 430 million dollars (315 million euros) to feed needy people in southern Africa over the past five years. In a statement in Johannesburg, the WFP said that it has bought more than two million tonnes of food in local markets since 2002 when the region was first hit by recurring food crises. The funds were used to purchase cereals, pulses, vegetable oil, corn-soya blend, salt and sugar in eight countries across the region, mainly in South Africa, Zambia, Malawi and Mozambique.

Eagle Africa Insurance Brokers to Launch New Policy

Eagle Africa Insurance Brokers has finalized plans to launch a policy that will cover risks to the tune of Ksh.70 billion and offset motor passenger liabilities for up to Ksh.1.4 billion. The company says the product is meant to increase Kenya's tourism competitiveness and increase the number of tourists coming to Kenya. The product includes medical and evacuation services.  

Stringent Laws to Combat Money Laundering Needed 

African governments have been urged to implement stringent laws to combat money laundering and terrorism on the continent. During the official opening of the council of ministers meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) in Gaborone,  Financial Action Task Force (FATF) president, James Sassoon  observed  that consistent application of recognized international standards is essential to ensure that criminals and terrorists do not have access to the financial system. 

French President to Preside Over a Meeting on Peace and Security in Africa 

French President Nicolas Sarkozy will preside over a United Nations Security Council meeting dedicated to discussing the issue of "peace and security in Africa" in New York on September 25, 2007. The president announced this while addressing the opening session of the Conference of French Ambassadors. "In order to mobilize the international community to tackle the problem of peace and security in Africa, I have decided to chair a UN Security Council meeting on September 25, in New York, at the level of heads of state and government," the President said while giving the keynote speech on French foreign policy to the 108 French ambassadors attending the conference.

The Second Mwanza East Africa Trade Fair 

The Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) is organising the Second Mwanza East Africa Trade Fair from August 31 to September 10.  The trade fair targets consumers and producers of industrial products, services, machinery and technology from the East African Region.  Over 300,000 guests are expected.  

Shikwati Attends African Green Revolution Conference 

James Shikwati, Director Inter Region Economic Network left for Oslo to attend this year’s African Green Revolution Conference (Aug 29 – Sept 1).  Under the theme Partnership for Productivity, the conference will focus on the value of public private partnerships. The agenda will cover a full range of topics from identifying scaleable solutions for the business of farming to its impact on the emerging African marketplace. In attendance are business leaders, policy makers, scientists, and farmers.

Compiled by Anne Mugoya
Inter Region Economic Network