• 4 Jul 2020 - Business activity in Kenya improved in June mainly due to the change in curfew hours and the relaxation of lockdown in key European cities. The easing of restrictions in Europe triggered demand for flowers and horticulture exports from Kenya and helped push up the level of activity in the private…
  • 4 Jul 2020 - In view of the significant financial resources required to deal with the effects of the COVID-19 Pandemic, the implementation of the’ Big 4′ Agenda has been slowed down. This is according to the second progress report on the implementation of the Big 4 Agenda, covering the period between January-…
  • 4 Jul 2020 - Plans are underway to lease 5 financially crippled state-owned sugar mills to private investors. This is a first step towards reviving their operations, ahead of the state’s planned divestiture from the sugar sector. Agriculture Cabinet Secretary Peter Munya has also disclosed amnesty for loans…
  • 4 Jul 2020 - The Government intends to establish Kenya Aviation Corporation, an entity that it will use to take over operations of Kenya Airways upon it being nationalized and delisted from the Nairobi Securities Exchange (NSE). The draft law (National Aviation Management Bill, 2020), which has already been…
  • 4 Jul 2020 - The weekly Mombasa Tea Auction held on the 29th and 30th June 2020 recorded 12.5 million kilograms offered for sale. The amount on offer recorded an increase from 10.9 million kilograms offered for sale during the same period last year, and a decrease from 12.9 million kilograms last week. Of all…
  • 4 Jul 2020 - EAC Trade volumes have dropped by 40% due to the restrictions on the movement of people and goods. The volumes of EAC trade dropped significantly after February when the onset of coronavirus resulted in tight freight controls at key border points, allowing the passage of agricultural and food…
  • 4 Jul 2020 - The Nairobi Securities Exchange closed the week(Friday, July 3rd) with 6.25 million shares traded, valued at KSh 151.1 million. Top mover of the day was Equity Group with 2.1 million shares traded. Equity shares traded at between Ksh. 32.65 and Ksh. 34.00. Equity turnover for the day was KSh 69.17…
  • 3 Jul 2020 - CBK collected KSh 118.174 billion from the domestic market in June through treasury bills and bonds auction. In June the treasury bonds and bids were oversubscribed indicating huge investor appetite for government securities. For instance, the reopened 5-year and 10-year bond received bids…
  • 3 Jul 2020 - BP will sell its petrochemical business for $5bn (£4.1bn) to INEOS which BP says employs 1,700 staff worldwide. The sale is in line with BP’s plan to sharply cut carbon emissions by 2050 with the funds intended to be invested in the transition to renewable energy. Bernard Looney, BP Chief Executive…
  • 3 Jul 2020 - The Nairobi Securities Exchange (NSE) has given a notice of suspension of trading Kenya Airways shares, following the looming government buy-out. The suspension will remain in place until the deal is closed. “The company’s operational and corporate restructure and Government buy-out is now imminent…
  • 3 Jul 2020 - Nigeria’s OPay has paused some of its services due to a tough business environment. Ride-Hailing, one of the super app’s vertical has taken a hit, following the pandemic and the lockdown. Earlier, the government of Lagos instituted a ban on motorcycles on major roads in the state, leaving only…
  • 3 Jul 2020 - The National Treasury CS says that he will be proposing to the National Assembly to repeal the reintroduction of the excise duty on betting within the next six months. On June 30, President Kenyatta assented the Finance Bill 2020 that saw the scrapping of the 20 percent excise duty of betting wins…
  • 3 Jul 2020 - European planemaker, Airbus has announced plans to slash 15,000 jobs worldwide, translating to 15% of its workforce in the U.K. The job cuts include 5,000 positions in France, 5,100 in Germany, 900 in Spain and 1,700 in Britain. Another 1,300 will be cut at other Airbus sites around the world, and…
  • 3 Jul 2020 - Motorists in Nairobi will soon benefit from hourly parking as the Nairobi Metropolitan Services (NMS) begin automated hourly parking following the presidents’ directive. NMS Director-General Mohammed Badi said that the city has already integrated the facilities in select areas. The automated…
  • 3 Jul 2020 - 4.4 million people filed taxes this year, compared to 3.6 million people who filed in 2019. KRA attributes the growth in tax filings to investment in the iTax system. In the last fifteen days of June, KRA extended the working hours across its support centers and Huduma centers countrywide to ease…
  • 2 Jul 2020 - Kenya is not among the list of countries granted the interim EU Visas after EU opened up non-essential travel. An article by Reuters shows that only 54 countries globally made the first list of countries eligible for interim EU visas, with Rwanda as the only East African Nation on the list. Last…
  • 2 Jul 2020 - The Kenya Wildlife Services(KWS) has reduced park entry fee by 50% for locals and foreigners to rescue the tourism sector. KWS is a state corporation that was established to conserve and manage wildlife in Kenya. It manages 22 National Parks, 28 National Reserves and 5 National Sanctuaries. At…
  • 2 Jul 2020 - Safaricom has notified its customers that today 2nd July 2020, from 2359hrs to 0500hr, the Mpesa platform will undergo scheduled maintenance. In this regard, Safaricom customers will not be able to access Mpesa services such as airtime purchase, sending money, and pay bills services. In a statement…
  • 2 Jul 2020 - Rita Kavashe has been appointed as a non-executive director of the British American Tobacco Kenya effective July 2, 2020. Ms. Kavashe is currently the managing director of Isuzu East Africa Limited (formerly GM East Africa), the largest motor vehicle assembler in East Africa. She has held several…
  • 2 Jul 2020 - Marketers in the country face a new challenge on ways to target consumers, as realities of the pandemic usher different spending habits. A report by agency network SCANAD dubbed ” Understanding the New Normal Customer” reveals that 84% of consumers face financial uncertainty, with less than 30%…
  • 2 Jul 2020 - The International Finance Corporation (IFC), a member of the World Bank Group, and Citi Group have established an $800 Million fund to facilitate trade finance in emerging markets. The fund will support trade flows in developing countries and help businesses cope with the effects of COVID-19…
  • 2 Jul 2020 - Turkey’s national carrier, Turkish Airlines, plans to slash pilot salaries by 50% as well as reduce the salaries of other employees. The move seeks to increase its finances after most of its fleet was grounded due to the global COVID-19 pandemic. According to Ali Kemal Tatlibay, chairman of the…
  • 2 Jul 2020 - Errant insurance brokerage firms could be deregistered by the Insurance Regulatory Authority(IRA). The purge follows the failure by brokers to remit collected premiums to insurance firms and also settle commissions owed to agents. “Fourteen insurance brokers did not respond to our circular. We are…
  • 2 Jul 2020 - Tesla has overtaken Toyota to clinch the first position, becoming the world’s most valuable automaker. Shares of the electric car maker rose nearly 4% to hit an all time high of $1,129.18, driving the company’s market capitalization to about $208 billion. This surpassed Toyota’s market cap of about…
  • 2 Jul 2020 - Nation Media Group(NMG) has announced plans to reduce its workforce, beginning tomorrow Friday, 3rd July 2020. This is as the giant media house seeks to digitize its operations and develop new advertising revenue streams as the media business shifts to the digital space to survive effects of COVID-…
  • 2 Jul 2020 - Zimbabwe will receive a $250 million credit facility from the African Export-Import Bank as the country battles an economic crisis. A Bloomberg source reports that $150 million from the transaction will buy fuel, with the rest funding essential services. The country is currently experiencing a…
  • 2 Jul 2020 - ICEA Lion Insurance Holdings has entered a partnership with LeapFrog Strategic Africa Investment (LSAI), which will see LSAI acquire 24% shareholding in ICEA Lion. An announcement from ICEA Holdings Chairman James Ndegwa to all staff reveals that the partnership will propel the company’s vision to…
  • 2 Jul 2020 - NSE Turnover on Wednesday rose 34% to KSh 480 million compared to Tuesday’s KSh 359 million. NSE Market capitalization stood at KSh 2.09 Trillion with Safaricom making up KSh 1.15 Trillion of this. The telecommunication giant Safaricom was the top mover of the day with 11.5 million shares traded.…
  • 1 Jul 2020 - Nation Media Group(NMG) has announced plans to reduce its workforce as it seeks to digitize its operations so as to survive the negative effects of COVID-19 on the media industry. “This is an extremely difficult decision in the prevailing circumstances. This exercise will be carried out with utmost…
  • 1 Jul 2020 - The Kenya Deposit Insurance Corporation (KDIC) has unleashed a raft of measures that will minimize risk to customers’ deposits in banks. Increased coverage limit The corporation has increased the coverage limit from KSh100,000 to KSh500,000 with effect from July 1, 2020 to reflect the sustained…