• 3 Mar 2021 - Electricity distributor, Kenya Power, has announced plans to install charging points for electric cars along major highways, parking lots and malls, countrywide. The move seeks to bring new revenue streams and boost demand for cars that don’t use petrol and diesel. Although the company did not give…
  • 3 Mar 2021 - US Trade Representative Nominee Katherine Tai has told a US Senate Finance Committee that she will review all trade agreements between the US and Kenya if the US Senate confirms her to this position. President Joe Biden’s nominee as US Trade Representative, Katherine Tai disclosed plans to review…
  • 3 Mar 2021 - The Nairobi Securities Exchange (NSE)tech sophistication has gone a notch higher. This follows the introduction of real-time Derivatives Market data on the Elektron Real-Time platform offered by Refinitiv. Elektron Real Time will provide investors level one real-time updates on the bourse’s single…
  • 3 Mar 2021 - The International Monetary Fund has raised Kenya’s 2021 economic growth forecast from 4.7% to 7.6% after reaching a financing agreement with Kenyan authorities. The IMF, on February 16, 2021, revealed that it had reached a 3-year $2.4 billion financing agreement with Kenya to support the country’s…
  • 2 Mar 2021 - Rolls-Royce has completed the taxiing of the “Spirit of Innovation” aircraft, a step toward its plan to set a record for the world’s fastest all-electric plane. For the first time, the aircraft hit the runway, powered by a 500hp (400KW) electric powertrain and the latest energy storage technology.…
  • 2 Mar 2021 - Bitcoin on Tuesday pushed above $50,000 for the first time in six days, as it continued to recover from last week’s 21% sell-off, the most since the coronavirus-fueled rout of March 2020. Bitcoin (BTC) traded around $49,444 as of 12:37 UTC (7:37 p.m. ET) and cooling slightly, having risen to a 24…
  • 2 Mar 2021 - The Central Bank of Kenya (CBK) is set to regulate all digital money lenders’ activities. This is as soon as the Central Bank of Kenya( Amendment) Bill 2020, currently, before the National Committee on Finance and Planning, is debated and passed approved by Members of Parliament. On the radar of…
  • 2 Mar 2021 - Cameroon’s fintech startup, Diool, has raised $3.5 million in its latest funding round that was led by the Lundin group of companies plus existing investors. The round takes the startup’s total secured investment to $5.6 million. According to the startup’s chief executive officer (CEO), Serge…
  • 2 Mar 2021 - Square Inc announced its entry into banking operations after completing the approval process by the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions, bringing banking capabilities inhouse. The operations will run under its independently governed…
  • 2 Mar 2021 - Tanzania is likely to emerge in the coming months as the fastest growing economy in Africa in 2020. This projection is based on data collected by Citi Researchers for Q3, 2020 which puts Tanzania’s Gross Domestic Product(GDP) growth at 4.8% in 2020. “In part, this reflects that the country has had…
  • 2 Mar 2021 - Volvo has announced plans for its entire car line-up to be fully electric by 2030, all of which will only be sold online. The Swedish carmaker said 50% of its global sales should be fully-electric cars by 2025 and the other half hybrid models that use a battery and an engine. The carmaker’s global…
  • 2 Mar 2021 - United Airlines has announced plans to add 25 planes to its order for Boeing 737 Max jets, bringing its total to 180 in the coming years. The airline expects to receive 24 aircraft this year, followed by 40 next year and 54 in 2023. Andrew Nocella, United’s chief commercial officer, says that the…
  • 2 Mar 2021 - Wallstreet Major indices in the US stock markets closed higher on Monday mainly driven by positive economic data, the progress on the $1.9 Trillion stimulus package and the news around the COVID-19 vaccine. At market close, the Dow Jones was up 1.95%, the Nasdaq 100 closed 2.89% higher while the S…
  • 1 Mar 2021 - Saudi Central Bank has launched Sarie, an instant payment system, to promote the national payments’ ecosystem and enhance its infrastructure According to the Saudi Central Bank Governor Dr Fahad bin Abdullah Al-Mubarak, the new instant payment utility will empower the national infrastructure for…
  • 1 Mar 2021 - Trading platform Robinhood Markets Inc is considering confidential Initial Public Offering in March 2021. According to a Bloomberg report, the fintech held discussions with underwriters last week, planning to submitted IPO documents as soon as this month. In December 2019, Reuters reported that…
  • 1 Mar 2021 - Britam Holdings, one of East Africa’s largest insurance companies, has announced a new organizational restructure that targets the executive team. According to a public statement released by the insurer, the restructuring will lead to a leaner executive team with fewer reporting layers and thereby…
  • 1 Mar 2021 - The Central Bank of Somalia has issued the first Mobile Money license to the country’s largest telecommunications provider, Hormuud Telecom. The move seeks to formalize the country’s digital payments system and integrate it with the global financial system. Hormuud Telecom runs the Electronic…
  • 1 Mar 2021 - Astral Aviation, a Kenyan-based Cargo airline, has linked up with Sharjah International Airport (SHJ) Cargo Centre to create a hub and increase its presence in the Middle East Cargo market. “We are truly honoured to have this deal with Sharjah Airport, which will become Astral’s Middle Eastern Hub…
  • 1 Mar 2021 - The jump in the price of fuel and some food items last month pushed up the February inflation rate to 5.78%, the highest level in nine months. The inflation rate rose from 5.69% in January 2021. The consumer price index, which measures the price of everyday household goods such as food, clothing,…
  • 1 Mar 2021 - The EAC (East African Community) has appointed President Uhuru Kenyatta as chair while Burundi’s Evariste Ndayishimiye chosen as the community’s rapporteur. President Uhuru Kenyatta, in turn, appointed Kenya’s Peter Mutuku Mathuki as the next East African Community Secretary-General, by protocol of…
  • 1 Mar 2021 - Oil prices rallied more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a drop in China’s February factory activity growth capped gains. Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 0410 GMT. The April contract expired…
  • 1 Mar 2021 - The weekly Mombasa Tea Auction held on the 22nd, 23rd, and 24th February 2021 had 13.4 million kilograms of tea offered for sale. The amount on offer decreased from 13.6 million kilograms offered in the same period last year, and from 14.1 million kilograms offered in the previous sale. Of all the…
  • 28 Feb 2021 - Nation Media Group Wants to do Buybacks In this edition of the Baobab Weekly, Nation Media Group (NMG), Kenya’s largest media house, proposed to buy back up to 10% of its issued shares. A share buyback is when the issuing company intends to repurchase some of its outstanding shares originally…
  • 27 Feb 2021 - The consortium of Carbacid Investments PLC (Carbacid) and Aksaya Investments LLP (Aksaya), have opened a 30-day offer period to acquire shares in listed BOC Kenya Plc (BOCK) for Ksh 1.2 Billion. The offerors said they have placed a joint bid to acquire up to 100% of the issued share capital of BOCK…
  • 27 Feb 2021 - Since our inception, The Kenyan Wallstreet has strived to provide reputable up and up to date information in the capital markets in Kenya and Africa at large. We have since grown in leaps and bounds to a team of professionals who cover various companies and institutions and reported our stories…
  • 27 Feb 2021 - Jumia Technologies AG posted a 12% increase in gross profit of US$ 33.8 Million(€27.9 Million) for the period ended December 31st, 2020. The e-commerce company published both Q4, 2020 financials, as well as the 2020 end year earnings. Merchandise sold by Jumia The total value of merchandise sold…
  • 26 Feb 2021 - Bitcoin, the world’s largest digital currency, lost around 10% of its value on Friday after the panic among retail traders triggered a $100 billion sell-off in the crypto market. As of writing, BTC is trading near $46,200 with a total market cap of $860 billion. The cryptocurrency later parred with…
  • 26 Feb 2021 - The energy-generating company, Kengen’s net profit for the half-year period that ended on December 31 2020 dropped to KSh5 billion, from KSh8.17 billion in December 2019, a 38% drop. The firm’s revenue fell by 3% to KSh21.8 billion compared to KSh22.4 billion the year before. Kengen attributed the…
  • 26 Feb 2021 - Unga Group, a listed miller, has posted a decline in its half-year earnings to KSh 83, 476,000 for the six months ending 31st December 2020. These earnings are compared to a net profit of KSh 151,322,000 over a similar period in 2019. Unga Group Plc is a Kenya-based holding company that has a…
  • 26 Feb 2021 - French energy group, EDF has announced the buying stakes in two Kenyan companies; a 50% stake in solar energy firm Econet Energy Kenya and a 23% stake in off-grid energy company Bboxx Kenya. The move seeks to boost the group’s presence in Africa and in renewable energy. However, they did not…