Britam Holdings has shrugged off the bearish run at the Nairobi Securities Exchange (NSE) to raise profits 184 per cent in the six months to the end of June, helped by increased investment income.

Britam, which has insurance, asset management and property development businesses, posted a profit of Sh1.77 billion in the half year, up from Sh624 million in a similar period a year earlier.

This marks a turnaround for the firm, which posted a full year loss of Sh1 billion in the period to December due to lower valuations of the companies the firm has invested in at the NSE.

"The overall business is looking healthy, and the shift in investments that made us lower our share of equities cushioned us from the NSE bear run," said Gladys Karuri, Britam's finance and strategy director, adding that Britam sold some shares and pumped in more cash in government securities and fixed deposit accounts.

Its share of equities stood at 16 per cent of its Sh81.7 billion assets, down from 25 per cent last year. It raised investments on fixed bank deposits and government securities to 38 per cent from less than 20 per cent last year.

Investment income was up 41 per cent to Sh2.4 billion.

The benchmark NSE 20-Share Index lost 21.9 per cent last year following a steep drop in stock prices that saw investor wealth at the bourse as measured by market capitalisation shrink by Sh251 billion.

The index is down 15 per cent since the start of the year.

Management of Gaso Petroleum, one of the fastest growing oil marketing companies in the country has opened a new service station in the Cape Coast metropolis.

This forms part of the company's strategy to develop its operations in the oil marketing industry and the outlet, located at Ekon Brafoyaw is the first in the metropolis and second in the Central Region.

The company which received its license in January 2015 from the National Petroleum Authority has more than 25 fuel and liquefied Petroleum Gas (LPG) stations, across the country.

Mr Baffour Osei Yamoah, Managing Director of Gaso Petroleum, speaking on behalf of the Board chairman, said it is the vision of the company to establish at least two service stations in each region of the country.

He said this would help create more jobs for the teaming unemployed youth to contribute to the socio-economic development of their communities.

Mr Yamoah said company believes in offering excellent services and quality product to consumers of petroleum products in the country and assured customers in the metropolis of quality services and value for money.

He said the outlet in Cape Coast would not only sell petroleum products but operate a mart shop, a lube bay for vehicle servicing and oil changing as well as other services.

"Gaso Petroleum is committed to doing business in an environmentally friendly and socially responsible manner whilst supporting the communities in which we operate. We have come to partner this community in its developmental agenda", he said.

Exploration of oil at Block 2A in Wajir County has been paralysed for the last five days after locals vandalized part of the working equipment.Herders cut cables at the site protesting against the ongoing work by Simba Energy Company.

In a press statement, the company's director James Jenkins said they had suffered huge losses as a result of the standoff between them and members of the pastoralist community.

Mr Jenkins said that some individuals had misled locals to oppose the ongoing works.

"As a company, we are here to do our work, we will abide to all the rules given by the local clans and the Wajir county government. Unfortunately, we have been hindered by few individuals who do not share our ideology," he said.

"The community was getting the wrong information on what we are doing and think that we are going to disrupt their lives," he said.

However, a local committee claimed the company had failed to honour a Memorandum of Understanding (MoU) with the community to start development projects.

"The company has floated all our engagements," added Mr Abdinur Abdi Abdullahi, the committee's secretary.

But another elder, Mzee Mohamed Dakane, differed saying the company had employed more than 250 locals as staff.

"The people are not happy with the action of the committee which was responsible in paralyzing company's activities," said Mr Dakane.

Visiting Indian Minister of Tribal Affairs Shri Jual Oram has called on Botswana and Indian government to work together to implement the project for establishment of India-Africa Diamond Institute. Speaking at the reception hosted by the Indian Commission Oram said that the early establishment of the IADI will be mutually beneficial to Botswana and India with Botswana now being the Diamond Hub. Indian Diamond Institute (IDI) is all set to support the government of Botswana in setting up a state-of-the-art diamond institute in the country

According to the IDI, the courses to be taught at the institute in Botswana would include diamond cutting, polishing and grading along with jewellery manufacturing. A team from India will be in Botswana for three months to provide training to the professionals. Another area which Botswana can benefit from India, according to Minister Oram, is in the area of solar energy. "There is great potential for bilateral cooperation in the solar energy sector, with International Solar Alliance in place," he said, adding that India has skills and resources which can be beneficial to Botswana.

Hundreds of miners and Marikana residents were on Tuesday commemorating the shooting of 34 Lonmin workers by police four years ago.

The miners were carrying knobkerries and making their way to one of the two koppies where the shooting took place.

Association of Mineworkers and Construction Union (Amcu) president Joseph Mathunjwa and some of the relatives of those killed were expected to speak. An EFF-branded tent, with a poster of party leader Julius Malema pinned to its side, had been erected near the site.

According to Amcu's Twitter account, R2m had been donated to the Marikana Massacre Amcu Trust Fund to help the families of those killed. The union appealed for more donations.

On August 16, 2012, police shot dead 34 striking Lonmin miners, apparently in an attempt to disperse them and end their strike. Ten people, including two police officers and two Lonmin security guards, were killed in the preceding week.

President Jacob Zuma subsequently established a commission of inquiry, chaired by retired Judge Ian Farlam, to investigate the shooting.

The commission found that no senior government officials, including Lonmin non-executive board member Cyril Ramaphosa, were responsible for the shooting. It however recommended a probe into national police commissioner Riah Phiyega's fitness to hold office.

Zuma suspended Phiyega in October last year, pending an inquiry into her fitness to hold office. In May this year, the inquiry heard that she had changed a statement prepared by police, shortly before addressing the media about the shooting.

She removed reference to the number of people killed and added that police were forced to use "maximum force" to defend themselves, Lindela Mashigo – a brigadier at the time and responsible for the police's communications department – told the inquiry.

On August 17, Phiyega dictated to him the changes to a statement to be read to journalists about the previous day's events.

The commission concluded its work in June.

In the second Growth and Transformation Plan, the country is working tirelessly to boost various industries that support the journey to industrialization

For several years, a lot of cloths that are usually displayed in a number of textile shops are mostly imported products. They are often transported into the country on the expense of huge amount of money. Unlike the previous trend, it seems that Ethiopia has become aware of the existing potential that enables it to produce the products on its own instead of simply producing them. Realizing the benefits, the nation has begun investing in the textile industry.

Accordingly, in the second Growth and Transformation Plan, the country is working tirelessly to boost various industries that support the journey to industrialization. The country's suitable climate is also very supportive for animal fiber and cotton production which are believed to be significant ingredients in the textile industry. On the other hand, the plenty of young human resource will assist every engagement in the sector.
 

The nation's commitment to encompass industrial villages seems to be appropriate decision. Recently, in addition to the Bole Industry Village, similar industry village has been marked in Hawassa. Furthermore, simultaneously the construction of extra industrial villages (parks) is underway throughout the country.

Hawassa Industrial Park (HIP) construction has costed more than 5 billion Birr. The expansion of such huge industrial park is the indication of the nation's progress to the industrialization. Since the nation has high potential in the sector, the nation has big chance to meet the demands of various customers. Development in the sector also necessitates the importation of modern technological equipment and transfer of knowledge so as to strengthen the production and productivity. Moreover it paves the way for experience sharing and training from the world textile partners. However, if the country could not compete on the world market, it would be a great loss. Because competing on the international market is not a preference rather it is an obligation, according to Fasil Tadesse, Managing Director of Kebire Enterprise and African Cotton, Garment and Textiles Federation Board and Ethiopian Textile Industries Associations President.

According to him, expanding industry villages has a number of benefits including attracting various companies, involving competent national organizations and accelerating the sector's business throughout the country and the world. Nowadays, the nation is on the right track through direct foreign exchange. The world giant garment industry companies are coming to Ethiopia. Therefore, the coming of these companies might be followed by other small but critical companies that are producing string, button and other similar bolstering textile materials. This could help the nation to reduce the import cost by producing these materials at home.

On the other hand, the situation facilitates the opportunity for technological transformation. Indigenous garment fabrics will share important experience from their foreign business partners. The training opportunity will also be managed. Other foreign based Ethiopian garment industries also will come back to use the opportunity. This shows the significance of the expansion of industrial zones.

Fasil believes that simply constructing industrial villages could not be a change, it needs the involvement of sector factories and companies. Especially, the participation of indigenous textile companies will play a significant role in building nation's capacity through enabling national producers to look for their nation brand.

On the other hand, the participation of the indigenous factories is important scheme to safe the sector from the influence of fluctuation of foreign companies. Here, the role of the government is vital to encourage national companies to engage in the sphere whether the foreign companies are engaged or not.

Noticing the experience of Bangladesh's textile firm, Fasil explained that over 80 percent of companies in the Bangladesh textile industry village are national companies. These could be happen for the reason that their government has been making notable encouragements for national companies by facilitating financial and material subsidies. It also provided useful training for the companies. Ethiopian government should learn from this. Fasil also noticed that in Ethiopia there are two main problems in the garment industry sphere. The first one is that most of the individuals who have the training and knowledge of the sector have no the capital to spent for it. Contrary to this, those who have not the understanding and educational background owned the capital. Moreover, the main problem is lack of mediation to coordinate these crucial business partners to work together so that they would be profitable in the textile industry.

The government should also facilitate the assistance of finance to the middle capital industries. On the other hand, the joining of foreign companies in the Ethiopian textile industry will be the bolstering companion to the indigenous companies. The expansion of industry villages is one of the most significant measure in the development of the sector. The accumulation of these measurements may reduce the problems related to the textile sector.

"The other problem in the Ethiopian textile industry is lower capacity of native factories and companies on investment. Therefore, to reduce such chains of problems the Ethiopian Textiles Industries Association is doing its level best through building the capacity of native companies and enabling them to be competent on market. It is also facilitating market opportunities," Fasil stated. The association is also working with stakeholders to address problems that are need the support of the government and other partners, he added.

The association is incorporated of over 80 native and foreign textile private owners and these companies could create over 60 thousand jobs nationwide. Last year, the textile factories have availed some 200 million USD of foreign exchange to the nation. However, this year this number decreased to only 100 million dollar. As it is clearly illustrated in the aforementioned statements the main problem is lack of capital, trained man power and management systems. Therefore, so as to manage the problem and ensure the country's gain from the sector, all stakeholders should work together; the government also need to make a continuous monitoring work beside the infrastructural development and expansion of industrial zones.

Lotlhakane East — Permanent Secretary in the Ministry of Minerals, Energy and Water Resources, Mr Kgomotso Abi, has commended Debswana for the spirit of benevolence.

Mr Abi said this when officially opening Olorato Children Care Centre and English medium, which was donated by Debswana in Lotlhakane East on August 18.

He reminded the community that the gesture by the mining company was not enough and implored residents to come on board and assist in children welfare.

Olorato Children Care Centre and English Medium board chairman, Ms Gloria Ramogola said the school aimed at accommodating orphans and vulnerable children.

She therefore called on residents to enrol many children at the centre; something she said would help the school raise the much needed finance for the day to day running of the school.

According to Ms Ramogola, the school, which has a capacity of 97 children, was built by Debswana mines with a budget of 1.3 million.

The American embassy also donated the furniture worth over P90 000 to the school.

For his part, Kanye South MP, Mr Abram Kesupile thanked all who contributed towards the success of the project.

East African Metals, a Canadian mine development company with an interest in exploration projects, has requested a license from the Ministry of Mines, Petroleum & Natural Gas, to start the large scale extraction of gold and silver in Ethiopia.

The company has submitted its application to produce the minerals, in Tigray regional state, Terakimti locality.

The company has been active in the exploration of gold in Ethiopia since 2011. East Africa owns 70pc of the Harvest Tigrai Gold project, near Shire town, 1,065km north of the capital. Back then, the company discovered 17,000 ounces of gold and 812,000 ounces of silver.

East announced on August 11, 2016, that the total amount of mineral resources in the licensed area is estimated to be 1.12 million tonnes.

A local company hired by East, Beles Engineering plc, has already completed its environmental impact and socio-economic assessment study for the project.

As far as gold mining is concerned, MIDROC is the only company involved in the sector on a large scale. It extracts gold in the Oromia region, at the Legedembi Gold Mine. Moreover, two companies, KEFI Minerals and Ezana Mining, have a large scale gold mining license.

The Ministry is now reviewing the application by the mining company.