• 4 Dec 2020 - Boeing has bagged the first-ever bulk order for its troubled 737 Max aircraft, since its grounding in March 2019. This is after Irish budget airline, Ryanair agreed to buy 75 of the planes, adding to the 135 MAX jets it previously ordered between 2014 and 2018, none of which have been delivered yet…
  • 4 Dec 2020 - Kenya’s banking industry has sufficient capital buffers to shield itself from COVID-19 pandemic shocks. This is despite potential effects of the pandemic on the industry’s asset quality and overall performance. According to The Kenya Financial Stability Report, Issue No 11, published by financial…
  • 4 Dec 2020 - South Africa has announced plans to sell a stake in its national airline, South African Airways (SAA), looking to raise about $400 million. The funds will then be used to re-capitalize the reformed SAA. The government hopes that some of SAA’s lucrative routes and valuable landing slots, such as at…
  • 4 Dec 2020 - Kenya’s Chebet Lesan beat over 22,000 applicants to emerge the Grand winner of the Africa’s Business Heroes Award that comes with a $300,000 (KSh33.3 million) grant. Africa’s Business Heroes Award is a philanthropic initiative by the Jack Ma Foundation that aims to identify and empower African…
  • 4 Dec 2020 - The Central Bank of Kenya( CBK) Weekly Treasury Bills auction raised KSh 9.9 Billion out of the KSh 24 Billion that was on offer, a 45.5% performance rate. This subdued performance is happening as the financial calendar for firms come to a close ahead of the end year holiday season. The CBK…
  • 3 Dec 2020 - Nairobi Securities Exchange( NSE) recorded a significant increase in turnover to KSh 1.08 Billion when trading closed on Thursday, 3rd December, 2020. This was against a turnover of KSh 780.9 Million when trading ended at the bourse the previous Wednesday, 2nd December, 2020. A total of 33,591,800…
  • 3 Dec 2020 - The International Air Transport Association (IATA) has projected that African airlines will lose $3.7 billion between this year and 2021, with global losses projected to hit $157 billion. According to the association, the bulk of African losses ($2 billion) will be registered in 2020, and another $…
  • 3 Dec 2020 - Kenya’s stagnant sugar industry has received another reprieve. This is after the Common Market for Eastern and Southern Africa(COMESA) regional trading block granted it a two-year extension of the sugar import safeguards, beginning March 2021 to February 2023. The current safeguard was due to be…
  • 3 Dec 2020 - The Capital Markets Authority has given the approval for Centum Real Estate to issue a KSh 4 Billion bond to finance ongoing housing projects in Kenya. Centum Re, a subsidiary of Centum Investment, will issue the 3 year bond as zero coupon medium-term notes and zero coupon equity-linked medium-term…
  • 3 Dec 2020 - The National Assembly has passed the Tea Bill, which will see the revival of Tea Board of Kenya and The Tea Research Foundation, which used to carry out research on the sector. The move seeks to facilitate prompt licensing of tea brokers and marketing of tea produce, making this activity more…
  • 3 Dec 2020 - Retail chain, Carrefour Supermarket has debuted in Mombasa, opening it very first branch outside Nairobi at City Mall, Nyali. The new store becomes the chain’s ninth, countrywide. As the Star reports, the new store will create both direct and indirect jobs by employing 190 people, which include a…
  • 3 Dec 2020 - Between January and October this year, the number of international visitors into Kenya fell by 72% to 470,971 from 1,718,550 in the same period in 2019 according to a statement by the Ministry of Tourism & Wildlife. The country suffered the biggest decline in international arrivals between…
  • 2 Dec 2020 - Turnover at the Nairobi Securities Exchange(NSE) rose by 10% to settle at KSh 780.85 Million when trading at the bourse closed on Wednesday, December 2nd, 2020. This is on a volume of 24.65 Million shares from 893 deals compared to a turnover of KSh 710.84 Million, volume of 22.6 Million shares in…
  • 2 Dec 2020 - Deloitte has warned that COVID-19 will severely impact the profitability of underwriters in the region. While insurers have been able to absorb the underwriting impacts of large loss events, the East Africa Insurance Outlook Report 2020/21 says the impact of the pandemic on the insurance industry…
  • 2 Dec 2020 - Metropolitan Health Services, the company that owns Metropolitan Hospital, is the newest entrant into the Ibuka program by the Nairobi Securities Exchange. The NSE Ibuka program was launched in 2018 to prepare companies that wish to list on the Nairobi Securities Exchange. Companies on the program…
  • 2 Dec 2020 - The Kenya Revenue Authority(KRA) has updated its iTax system as it prepares to start taxing firms and individuals who source their income in the digital marketplace, come January 2021. The fully-integrated and automated iTax system, which replaced the Integrated Tax Management System (ITMS), has…
  • 2 Dec 2020 - MPesa has partnered with Visa, the world’s largest retail electronic payments company, to enable Mpesa users to make payments on e-commerce sites like Amazon, send money internationally, and make cross-border payments. According to a report by Citi, “M-Pesa is a principal license holder of Visa, in…
  • 2 Dec 2020 - Airtel Kenya has picked Nokia to modernize Nairobi with high speed 4G and 5G-ready hardware from its comprehensive AirScale portfolio. The agreement, which runs for 3 years, will also future-proof Airtel Kenya’s 4G network, thus giving Airtel an easier transition to 5G. The deployment will consist…
  • 2 Dec 2020 - Boeing 737 Max has received its first airworthiness certificate from the Federal Aviation Administration (FAA), thus ending its 20-month-old grounding order since March 2019 following two fatal crashes that killed 346 people. The FAA’s airworthiness certificate authorizes the aircraft to fly. Each…
  • 1 Dec 2020 - Turnover at the Nairobi Securities Exchange( NSE) declined 57% to KSh 710.84 Million on a volume of 22.6 Million shares in 812 deals. Safaricom was the biggest mover at the NSE with 10.67 Million shares moved, followed by KCB(7.83 Million), KPLC(1.13 Million), ABSA( 480,400) and NSE( 439,900). All…
  • 1 Dec 2020 - Qantas Airways has announced plans to outsource more than 2,000 ground staff roles across ten airports, a move that seeks to lower costs as it faces a financial hit from the global COVID-19 pandemic. This means that Baggage handlers, ramp workers and cabin cleaners at airports including Sydney,…
  • 1 Dec 2020 - Facebook has acquired Kustomer, an omnichannel Software-as-a-Service (SaaS) CRM platform specializing in customer service. The acquisition will cost Facebook $1 billion. The acquisition seeks to build out the services Facebook provides to businesses on its platform, and also generate fresh revenue…
  • 1 Dec 2020 - The Capital Markets Authority says it is reviewing the Collective Investment Schemes regulations to strengthen the industry and make it responsive to market dynamics. The markets regulator, with the help of FSD Africa, has hired a consultant to review the Capital Markets (Collective Investment…
  • 1 Dec 2020 - Rwanda’s Gross Domestic Product (GDP) for Q2 2020 (between July and September) declined by 12.4% compared to the same period in 2019, occasioned by the prolonged impact of the total lockdown imposed in March for almost two months. The Agriculture sector, which contributes over 30% to GDP, dropped…
  • 1 Dec 2020 - Kenya’s November inflation increased to 5.46%, up from 4.84%% in October, a six-month high, last experienced in April this year (5.62%). The Consumer Price Index (CPI) increased by 1.19% from 109.60 to 110.91, month on month. Data from the Kenya National Bureau shows that the month-to-month food…
  • 1 Dec 2020 - Listed firm Eaagads has reported a 121% increase in net earnings in the half-year period that ended on 30th September 2020 to KSh9.2 million from a net loss of KSh43 million in the same period in 2019. The sharp growth was largely driven by a big jump in revenue which increased to KSh67 million…
  • 1 Dec 2020 - S&P Global to Acquire IHS Markit for $44 billion S&P Global announced on Monday it had entered a definitive agreement to buy IHS Markit Ltd. in an all-stock deal valued at $44 billion. Under the terms of the agreement, shares of IHS Markit will be exchanged for 0.2838 shares of S&P…
  • 30 Nov 2020 - Kenya Airways has begun flying directly from Nairobi to New York City after suspending the key route in March this year, due to covid19 pandemic. “The weekly non-stop flight resumed on Sunday 29th November 2020 offering customers who book tickets before 10th December 2020 discounts,” the airline…
  • 30 Nov 2020 - Chamasoft, a fintech firm that has built a platform for automation of savings groups and co-operatives, has won the Akili Kali Challenge award, an initiative that was set up by Cooperative Bank, IFC/World Bank and Think Place Kenya. Chamasoft Limited was picked for its unique solutions that address…
  • 30 Nov 2020 - Investors can now trade Nairobi Business ventures shares at the Nairobi Securities Exchange following the lifting of the suspension from trading. “The lifting of the suspension in the trading of the securities was approved by the Capital Markets Authority (CMA) on November 30, 2020,” NSE said in a…