Somalia |

African Union Begins Pulling Forces Out of War-Torn Somalia

MOGADISHU (Capital Markets in Africa) – The African Union mission in Somalia said it has started gradually withdrawing its forces from the war-torn nation and will have 1,000 fewer troops there by the end of the year. Troop movements have begun in various parts of the Horn of Africa country and will continue in the coming weeks, the mission known as Amisom said Tuesday on its Twitter account. Security responsibilities will be gradually transferred to Somali national…

Deadly Somalia Bombings Highlight Failed Bid to Quash Al-Shabaab

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Three deadly bomb attacks in Somalia’s capital this month have highlighted the failings of a decade-long international effort to quash an al-Qaeda-linked insurgency in one of the world’s poorest countries. While African Union troops helped the federal government drive the Islamist group known as al-Shabaab out of Mogadishu in 2011, the group has continued to stage assaults in the city. The U.S. blamed it for the country’s deadliest-ever attack — an Oct….

Somalia Confirms Capture, Deportation of Ethiopian Rebel Leader

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Somali agents captured a senior Ethiopian rebel leader and handed him over to the authorities of his home country, the head of Somali intelligence said. Abdikarim Sheikh Muse, a member of the Ogaden National Liberation Front’s executive committee, was detained in the central town of Adado, 500 kilometres (311 miles) north of the Somali capital, Mogadishu, on Aug. 25, National Intelligence & Security Agency Director Abdullahi Mohamed Ali told…

Bank seeks to raise $10 mln via share sale in war-torn Somalia

Posted on by The Editorial Team

NAIROBI (Reuters) – International Bank of Somalia (IBS), one of only a handful of commercial banks operating in the war-torn country, wants to raise $10 million in a public share offering that would be the first of its kind since civil war broke out in 1991.Somalia does not have a stock exchange and most banking is done on informal basis through money transfer firms, but IBS Chief Executive Hassan Yusuf said those ploughing money into…