Wireless operator, Celtel International, launched a borderless network in East Africa. Mobile phone users in Kenya, Uganda and Tanzania will be able to use same voice and data services without having to switch tariffs or make extra payment. The network will tap into the growing business and travel sectors within East Africa.

AU to Receive Ksh. 5 bn from EU

The Africa Union will receive Ksh. 5bn from the European Union. The funds will be used to meet running costs as the African Union helps develop closer ties among African countries and encourage democracy, peace and development in the continent.  

EAPCC Signs a contract with Polysius

The East Africa Portland Cement Company (EAPCC) signed a Ksh 1.8 billion contract with Polysius from South Africa. Polysius will build an extra mill in 24 months therefore increasing production capacity of East Africa Cement Company. The management is expected to use the raised capacity to increase its local and regional market share.  

Africa Needs Accountants 

Africa has been urged to invest more in the training of accountants to match the growing demand. Sixty percent of the accounting professionals in Africa are in South Africa and Kenya.  Kenya’s Finance minister, Amos Kimunya said while opening a workshop for accountants drawn from the continent, in Nairobi. The theme of the workshop was “The Role of Accounting Profession in Economic Development”  

Hope on Preferential Trade

The European Union and Eastern and Southern African countries will beat a 2008 deadline guaranteeing preferential trade. The EU is negotiating with six regions in Africa, the Caribbean and the Pacific to put trade deals or economic partnership agreements (EPAs) in place by January 1, 2008  

A Rise in TPCC Shares

Tanzania Portland Cement Company (TPCC) shares rose to 61 percent on the first day of trading at the stock market. Tanzania’s government sold its 305 stake in the firm in an initial public offering open exclusively to the citizens. To encourage more companies to list in the stock market, the government has lowered corporate income tax to 25 percent from 30 percent for three years from the date of listing for companies that offer at least 35 percent of their shares to the public.  

Tourists Spend Less in Kenya

According to a World Bank analysis, tourists spend less in Kenya than in the other East African countries. Although Kenya has the most developed tourism sector in the region, visitors to Uganda and Tanzania spend more on food and accommodation, shopping, travel and entertainment among others. Kenya also receives the highest number of tourists in the region.

Mwanawasa Retains Presidency

Presidential incumbent Levy Mwanawasa was sworn-in on Tuesday Oct 3, 2006 after winning a second and final term in office. He had 42 percent of the vote after his nearest rival conceded defeat and called on his supporters not to dispute the results.