Xerox is planning to make a cash-and-stock offer for personal-computer and printer maker HP, the Wall Street Journal reported late Tuesday evening. The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank. late Tuesday evening. The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank. Xerox, which makes printers and copiers, has a market cap of $8.05 billion, less than a third of HP’s $27.27 billion market value. A spokesperson at HP said the company “doesn’t comment on rumors.” Representatives from Xerox were not immediately available to respond to CNBC’s emailed request for comments. As both companies look to cut costs, sources told the Journal that combining the companies could save more than $2 billion in expenses.

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Tea processed by Nyabihu Tea Factory on Tuesday sold at a record price of $7.22 (about Rwf6,624.89) per kilogram, the highest price in the history of the Mombasa trading where a dozen producers from the region sell their tea. Mombasa is the largest black tea auction center in the world after Colombo, Sri-Lanka. Thushara Pinidiya, the Director of Nyabihu Tea Factory told Business Times that it was all down to the good manufacturing practices and best plantation management. The recent highest bid in October last month on Mombasa auction was earned by the same tea processing company at $6.64 (about Rwf6,096) per kilo. Nyabihu Tea Factory is based in the Nyabihu District, Western Province with tea plantation covering at 1,043.54 hectares. Last year, the company sold 1.5 million kilos of tea with Pinidiya saying that they anticipate selling 1.8 million kilos and 2 million kilos this year and 2020, respectively. According to the National Agricultural Export Development Board (NAEB), last month Rwanda sold 1,968,267 kilos of tea at an average price of $3.07 per kilo at the Mombasa tea auction.

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Tea processed by Nyabihu Tea Factory on Tuesday sold at a record price of $7.22 (about Rwf6,624.89) per kilogram, the highest price in the history of the Mombasa trading where a dozen producers from the region sell their tea. Mombasa is the largest black tea auction center in the world after Colombo, Sri-Lanka. Thushara Pinidiya, the Director of Nyabihu Tea Factory told Business Times that it was all down to the good manufacturing practices and best plantation management. The recent highest bid in October last month on Mombasa auction was earned by the same tea processing company at $6.64 (about Rwf6,096) per kilo. Nyabihu Tea Factory is based in the Nyabihu District, Western Province with tea plantation covering at 1,043.54 hectares. Last year, the company sold 1.5 million kilos of tea with Pinidiya saying that they anticipate selling 1.8 million kilos and 2 million kilos this year and 2020, respectively. According to the National Agricultural Export Development Board (NAEB), last month Rwanda sold 1,968,267 kilos of tea at an average price of $3.07 per kilo at the Mombasa tea auction.

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Senator Rochas Okorocha, Chairman of Senate Committee on Tourism, is seeking Senate’s approval to carry out an N4 billion tourism project. During his presentation to the appropriations committee on Tuesday, November 5, 2019, Okorocha expressed his belief that the project dubbed ‘God Dey’, would boost the country’s tourism sector. Responding to Okorocha’s request, the Senator representing Kano North Senatorial District, Senator Barau Jibrin said that the project would be looked into and the money would be disbursed when made available. Okorocha added that the tourism sector had the potential to change the fortune of the country. According to him, the sector is key to the diversification of the economy from the present monolithic dependence on oil, which he said can no longer meet the country’s needs. Okorocha emphasized the need for the government to develop the sector, saying that most countries like China, Korea, UAE, Singapore, and Malaysia depended on tourism and Nigeria has more natural tourism potentials than these countries. Specifically, he said the music and entertainment industry in Nigeria has a comparative advantage and must be supported and harnessed for the benefit of the country.--- Support this podcast: https://anchor.fm/newscast-africa/support

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Senator Rochas Okorocha, Chairman of Senate Committee on Tourism, is seeking Senate’s approval to carry out an N4 billion tourism project. During his presentation to the appropriations committee on Tuesday, November 5, 2019, Okorocha expressed his belief that the project dubbed ‘God Dey’, would boost the country’s tourism sector. Responding to Okorocha’s request, the Senator representing Kano North Senatorial District, Senator Barau Jibrin said that the project would be looked into and the money would be disbursed when made available. Okorocha added that the tourism sector had the potential to change the fortune of the country. According to him, the sector is key to the diversification of the economy from the present monolithic dependence on oil, which he said can no longer meet the country’s needs. Okorocha emphasized the need for the government to develop the sector, saying that most countries like China, Korea, UAE, Singapore, and Malaysia depended on tourism and Nigeria has more natural tourism potentials than these countries. Specifically, he said the music and entertainment industry in Nigeria has a comparative advantage and must be supported and harnessed for the benefit of the country.

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According to a co-founder of the Ethereum blockchain, Facebook should not be spearheading the libra cryptocurrency project. Joseph Lubin, who also founded blockchain company Consensys, said libra “suffers from its greatest asset” — the Menlo Park, California-based social media giant itself. Unveiled in June, Project Libra was originally introduced along with a list of prominent corporate backers. Since then, it has faced skepticism and scrutiny from regulators, amid concerns over the entrance of Facebook into the financial services space, given the firm’s many reported missteps in handling personal data. To be sure, Facebook will not have unilateral control over libra. Instead, the cryptocurrency will be governed by its panel of backers, which includes Facebook as a member. In October, libra suffered a major setback when major payments firms such as Visa, Mastercard, Stripe and PayPal pulled their support for the project. The exodus preceded the Libra Association’s inaugural meeting, during which Facebook and 20 other members signed the council’s charter.

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The Reserve Bank of Zimbabwe (RBZ) has released the main features of the country's new currency effectively re-designated in June but has had its place held by the surrogate bond notes indicating the only major difference will be the removal of the words "bond note". The new currency is due this month according to RBZ Governor John Mangudya. According to RBZ's Statutory Instrument 231 of 2019, the two-dollar note will maintain a green colour and a dominant feature of Parliament on one side and balancing rocks on the other, similar to its two bond note. The five-dollar note will also maintain its purple colour, a dominant feature of the three giraffes and three palm trees. "There shall be issued, in terms of the Act a two-dollar banknote and a five-dollar banknote. "On the front side of both the two dollar note and the five-dollar note the dominant feature shall be the logo of the RBZ (three balancing rocks) with the visually impaired recognition feature to the left, latent image showing the denomination, optical variable ink with colour shift from gold to green, security thread with the inscription 'RBZ' and see-through of the Zimbabwe bird looking to the left in perfect register," the Apex Bank said in the Government Gazette. "In respect of the two-dollar note, on the back side, there shall be an impression of the Parliament of Zimbabwe Building and the Eternal Flame. In respect of the five-dollar note, on the back side, there shall be an impression of three giraffes and three palm trees." Mangudya announced last week that the RBZ will be introducing the new notes as a way of dealing with cash shortages as well as bringing the currency reforms to finality. The Zimbabwe dollar makes a return 10 years after it imploded out of circulation as the country's economy took a hit from a combination of bad policies and especially the effects of the land reform programme as well as political bickering.

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IN implementing its ambitious massive investment development plan, the Tanzania Port Authority (TPA) through its Tanga office has officially started renovating and upgrading Tanga Port by dredging the entrance channel and the berth. The improvement at Tanga Port aims at turning the gateway into the highly competitive terminal, serving customers in the country, East African region and Great Lakes region as the plan now is to have a 12-metre depth berth from the current five metres. Future plans will also involve the construction of a passenger terminal and a modern Single Mooring Point (SPM) for oil cargo. Speaking to reporters in Tanga on Sunday after a board meeting, TPA Board Chairperson, Prof Ignas Rubaratuka and TPA Director General Deusdedit Kakoko said Tanga Port is a strategic terminal for the country's economy. China Harbour Engineering Company (CHEC) is implementing the project whose first phase that costs 170bn/- is expected to last for 12 months. Project implementation kicked off on October 04, 2019. Tanga port, which is the oldest serving terminal in East African region had its first berth built-in 188 8 during Germany colonial rule while the second one was built in 1954. Despite being the second largest port in the country no major infrastructure improvements have ever been done since then.--- Support this podcast: https://anchor.fm/newscast-africa/support

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IN implementing its ambitious massive investment development plan, the Tanzania Port Authority (TPA) through its Tanga office has officially started renovating and upgrading Tanga Port by dredging the entrance channel and the berth. The improvement at Tanga Port aims at turning the gateway into the highly competitive terminal, serving customers in the country, East African region and Great Lakes region as the plan now is to have a 12-metre depth berth from the current five metres. Future plans will also involve the construction of a passenger terminal and a modern Single Mooring Point (SPM) for oil cargo. Speaking to reporters in Tanga on Sunday after a board meeting, TPA Board Chairperson, Prof Ignas Rubaratuka and TPA Director General Deusdedit Kakoko said Tanga Port is a strategic terminal for the country's economy. China Harbour Engineering Company (CHEC) is implementing the project whose first phase that costs 170bn/- is expected to last for 12 months. Project implementation kicked off on October 04, 2019. Tanga port, which is the oldest serving terminal in East African region had its first berth built-in 188 8 during Germany colonial rule while the second one was built in 1954. Despite being the second largest port in the country no major infrastructure improvements have ever been done since then.

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Nigeria generated a whooping N1.36 trillion from the non-oil sectors of the economy between July and September 2019. This is disclosed in the third quarter 2019 report released by the Central Bank of Nigeria (CBN). The CBN report showed that the non-oil revenue generated in the third quarter rose above the quarterly budget of N1.34 trillion, a surplus of 1.4%. According to the CBN report, Nigeria’s non-oil revenue rose by 16.2% when compared to the sum of N1.17 trillion recorded in the third quarter of 2018. Specifically, the components of Nigeria’s non-oil revenue include Value Added Tax (VAT), Corporate Tax, Customs and Excise Duties and Other sources. Numbers obtained from the CBN report showed that the biggest source of the nation’s non-oil revenue is a corporate tax. Meanwhile, gross oil revenue fell below both the budget target and receipt in the preceding month. In the third quarter, Nigeria generated N1.34 trillion gross oil revenue, representing 49.6% of the total revenue collected by the government.

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