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Somali Business News

AU Announces Progress Against Somali Militants in Mogadishu

The African Union says it is making progress against militants for control of Somalia's capital. Officials said Saturday African Union and pro-government troops had recaptured strategic districts in Mogadishu from al-Shabab insurgents. Al-Shabab is trying to overthrow the United Nations-backed government and set up a strict Islamic state.  The al-...

Fighting in Somali Capital Kills 17

New clashes in Somalia's capital have killed at least 17 people, as pro-government troops continue to battle militants for control of a popular commercial site.Somali government troops backed by African Union peacekeepers are trying to take Mogadishu's Bakara market from al-Shabab insurgents.Medical officials say heavy fighting between the two...

Security Council Demanding Results From Somali Government

As the campaign to oust Islamist insurgent group al Shabab intensifies, the U.N. Security Council is warning Somalia’s Transitional Federal Government to resolve its internal differences or lose backing from the international community.With the internationally approved mandate of Somalia’s Transitional Federal Government set to expire in August,...

Difficult Fight Seen for Mogadishu’s Bakara Market

As international troops close in on Mogadishu's Bakara market, a stronghold of the militant group al-Shabab, an analyst from the International Crisis Group is warning that seizing the critical position could prove to be complicated and costly.Much of the military campaign in Somalia's war-torn capital, Mogadishu, has been a battle for Bakara...

Journalists: Ethiopia Hijacked Press Freedom Day Conference

An Ethiopian observance of World Press Freedom Day was marred Tuesday by a walkout of independent journalists after a dispute with a rival group of state-run media employees.  It was organized as a conference on critical topics of interest to Ethiopian journalists.  But before the meeting began, staff members of Addis Ababa’s private newspapers...

Somalia Analysts Suggest Better Strategies to Fight Piracy

The killing of four Americans by suspected Somali pirates in the Arabian Sea is putting the spotlight on challenging international military and legal efforts to end widespread piracy off of Somalia.  Experts are suggesting a range of other approaches, including more economic engagement, strategic attacks and reducing ransom payments as possible...

Pirates Seize Oil Tanker with $200 Million of Crude

Armed pirates have hijacked a U.S.-bound oil tanker carrying about $200 million worth of crude off the coast of Oman. Authorities say the Greek-flagged vessel has a crew of 25, including 17 Filipinos, seven Greeks and one Georgian. This is the second pirate seizure of an oil tanker in as many days. Experts say that while the price tag of the...

Leaked Cables Detail Kenya's Role in Arming South Sudan

The latest batch of secret diplomatic cables released by WikiLeaks is shedding new light on Kenya's role in the controversial sale of arms to the government of South Sudan. The tidal wave of controversy surrounding the release of classified US cables has finally hit Kenyan shores. On Thursday, WikiLeaks released several secret communiqués from the...

Somalia Pirates Release Maltese Flagged Ship

Somali pirates on the early morning hours of Thursday released the Maltese flagged merchant vessel MV FRIGIA that they were holding for the past four months, Radio Garowe reports. The ship was hijacked on 23 March 2010 and the crew held hostage for 128 days. The pirates seized the ship approximately 1000 nautical miles east of the Northern Somali...

Somalia President Endorses Puntland Agreement

Sheikh Sharif Ahmed, the Somali president who is currently in the U.S., said the agreement signed between Somali Prime Minister Omar Abdirashid Ali Sharmake and Puntland President Abdirahman Mohamed Farole in August was a "positive step in the right direction." "The agreement between the [Transitional] Federal Government (TFG) and Puntland was to...

Somali govt ties with Medco, Kuwait Energy

Somalia: PT Medco Energi Internasional and Kuwait Energy Co. have formed a petroleum venture with the Somali government, Investor Daily Indonesia reported, citing Hilmi Panigoro, president commissioner at the Indonesian company. Medco and Kuwait Energy will each have 24.5 percent stakes in the venture in Somalia, while the Somali government takes...

Somalia: Canadian oil company showes disgust about Puntland leader's relative

Somalia: Officials working for a Canadian oil company which has a contested exploration agreement in a northern region of Somalia have expressed their distaste with an individual playing a key role in the saga, inside sources tell Garowe Online. Gen. Adde Muse, leader of the Puntland State of Somalia, urgently traveled to the port city of Bossaso...

UK plans to review Somalia aid support

Somalia: The foreign aid Somalia gets to rebuild the country and keep the peace in the Horn of Africa is often siphoned off to clan militias. Now the UK - one of its key donors - is reviewing how it can continue its support of the East African nation. The money that is supposed to be used to strengthen security and democracy in Somalia seems not...

Canadian company aims oil exploration in Somalia soon

Somalia: A Canadian company will soon begin exploring for oil in northeastern Somalia, a regional minister said Sunday, despite Somalia having neither a stable government nor a law governing such projects. A ship belonging to Africa Oil Corp. and carrying oil exploration equipment has docked at the port of Bossaso, and the Canadian company will...

Somalia: Despite violence Chinese goods getting popular

Somalia: "Ninety-five percent of our goods are Chinese made products," said Abdinur Ahmed Ali, a salesman at QualityComputers Shop in Bakara market south of Mogadishu, the Somali capital. The computers and accessories salesman said the products from China are gaining popularity among Somalis because they are cheap and have good quality...