• 12 Sep 2020 - The Capital Markets Authority (CMA) has granted a fund manager’s license to African Diaspora Asset Managers Limited. The fund manager will target Kenyan and African clients in the diaspora. The firm will offer financial products and services in asset management, unit trusts, financial investment…
  • 12 Sep 2020 - The United Kingdom has secured its first trade deal with Japan after leaving the European, the accord boosting the profile of embattled Prime Minister Boris Johnson-already facing a Brexit rebellion from his own political camp. The trade agreement is expected to increase between the UK with Japan…
  • 11 Sep 2020 - Safaricom was the biggest mover when trading closed at the Nairobi Securities Exchange (NSE) on Friday, 11th September 2020. The telecommunication firm moved 6.19 Million shares trading at between KSh 30.15 and KSh 29.30 resulting in a turnover of KSh 186.05 Million with 82% of the deals driven by…
  • 11 Sep 2020 - Kenya’s economic growth rate as measured by the Gross Domestic Product (GDP) is expected to rebound to 5.3% in 2021. Estimates from National Treasury indicate that GDP will slow down to 2.6% this year due to the adverse effects of COVID-19 pandemic. Dr Julius Muia, Treasury Principal Secretary said…
  • 11 Sep 2020 - It is a sigh of relief for many cash-strapped micro, small and medium-sized enterprises (MSMEs), presently struggling to remain afloat. This follows cabinet approval of plans to set up a credit guarantee scheme to support these businesses, most of them severely battered by effects of the…
  • 11 Sep 2020 - Wallstreet Shares on Wall Street fell on Thursday’s session after the US Senate failed to pass a $500 billion stimulus package. The bill was supported by 52 US senators while at least 60 votes were needed for the legislation to be passed. The Dow Jones Industrial Average fell by over 350 points,…
  • 11 Sep 2020 - Over the past decade, cryptocurrencies have persistently edged their way into mainstream financial markets and transactions. The previously little-known world of crypto is constantly becoming part of everyday conversations and lifestyles. As the world steps into the new decade of the 2020s, many…
  • 10 Sep 2020 - PayPal has extended its partnership with Visa to leverage on Visa tools to power instant global transfers. The partnership will allow small businesses and individuals to send and receive money via the platform, Xoom and Venmo across borders through Visa Direct. The partnership will also allow…
  • 10 Sep 2020 - Visa has appointed Eva Ngigi as the new country manager for Kenya effective 9 September 2020. In addition, Eva will serve as the Senior Business Development leader and be part of the East Africa leadership team. In her new role, she will be tasked with developing and implementing Visa’s growth…
  • 10 Sep 2020 - Equity and KCB both lifted provisions in the first six months of 2020 to brace with the harsh economic environment that has severely affected lending.  Equity Group increased its loan provisions by eightfold from Ksh 0.9 billion in 2019 H1 to Ksh 8 billion in 2020 H1. Similarly, KCB Group more than…
  • 10 Sep 2020 - The International Monetary Fund (IMF) has foreseen a surprise upward revision of Kenya’s Gross Domestic Product (GDP), conflicting IMF’s June projection of a 0.3% shrinkage in 2020 after the global COVID-19 pandemic it the country’s vital industries. Several economic indicators have supported IMF’s…
  • 10 Sep 2020 - Liquid Telecom has launched a new Cybersecurity unit which offers digital security solutions to businesses. The unit provides end to end managed services for business customers, focusing on securing access to people, systems and networks. Speaking on the new service, David Behr, Chief Digital…
  • 9 Sep 2020 - Huawei Troubles Korean tech companies Samsung Electronics and LG Display have announced they will stop supplying smartphone panels to Huawei Technologies due to sanctions imposed by the United States. The decision will be effective mid-September. The US further restricted cooperation with Huawei…
  • 9 Sep 2020 - Turnover at the Nairobi Securities Exchange continued on its downward slide this week, closing at KSh 143.35 Million on 9th September 2020. This is compared to a turnover of KSh 177.66 million on Tuesday and KSh 501.5 Million on Monday. When the bourse closed on Wednesday, a total of 6.01 Million…
  • 9 Sep 2020 - Chevrolet maker General Motors has signed a partnership deal for a $2 billion equity stake in electric truck startup Nikola. The deal will give GM an 11% stake in Nikola. In return, GM will offer services in kind, giving Nikola access to its parts and components. The transaction, subject to…
  • 9 Sep 2020 - Competition for a share of Kenya’s smartphone market has moved a notch higher. This follows entry of the low-cost Kaduda 4G smart devices into the market. Manufactured by ZTE-a Chinese firm, the Android-powered phone series will be sold at all Telkom shops beginning 9th September 2020. The first of…
  • 9 Sep 2020 - Recent unaudited results show that Spire Bank made a net loss of Ksh 556 million for the first six months of 2020 compared to a net profit of Ksh 81.48 million in the same period last year. Financial statements from the bank show that the losses stem from drastic drops in income, and rising…
  • 9 Sep 2020 - The World Bank, through its International Development Association (IDA), has approved $750 million in financing for North Eastern Kenya projects; dubbed the Horn of Africa Gateway Development Project (HoAGDP). The project seeks to create digital connectivity and access to social services for over 3…
  • 9 Sep 2020 - South Africa’s restrictions to curb the spread of the coronavirus pushed the economy into its worst and most prolonged recession. The Country’s GDP shrank an annualized 51% in the period between April and June from the previous January to March quarter when the economy contracted by 1.8%. According…
  • 8 Sep 2020 - Absa Bank was the biggest mover at the Nairobi Securities Exchange(NSE) when trading at the bourse on 8th September, 2020. It traded a volume of 4.13 Million shares at between KSh 9.90 and KSh 9.52, resulting in a turnover of KSh 40.64 Million from 84 deals. When the market closed, ABSA shares were…
  • 8 Sep 2020 - SoftBank Group Corp is reportedly looking for partnerships with local players in India, planning to buy TikTok India. The bidders’ group in talks with SoftBank includes Mukesh Ambani’s Reliance Jio Infocomm and Bharti Airtel. The Japanese conglomerate, already an investor in TikTok’s parent company…
  • 8 Sep 2020 - South Africa’s retail giant Shoprite has indicated plans to shut down its loss-making Kenyan business by December this year. The retail chain is leaving Kenya’s fiercely competitive retail market, barely two years after setting up its first outlet. Shoprite Holdings Limited has already closed down…
  • 8 Sep 2020 - HEVA has partnered with the European Commission and the Agence Française de Développement (AFD) to launch a KSh 41 million growth funds for Creatives in Kenya, Uganda, Tanzania, and Ethiopia. The fund will provide debt financing for creative businesses in restructure interrupted supply chains,…
  • 8 Sep 2020 - Kenya has announced plans to set up a diesel price stabilization fund, a move that seeks to reduce the volatility in the price of the fuel. A stabilization fund is a mechanism that a government sets up to prevent the economy from large influxes of revenue from products such as oil. A primary…
  • 8 Sep 2020 - Ethiopian Airlines unveiled a new terminal at Bole International Airport, pushing the airport’s capacity to 22 million passengers annually. The new terminal makes it the largest gateway to Africa. The airport is now also the biggest in Africa, reflecting the success of its anchor user, Ethiopian…
  • 7 Sep 2020 - Turnover at the Nairobi Securities Exchange(NSE) increased to KSh 501.49 Million at the end of trading on 7th September 2020. This was on a volume of 18.19 Million shares. Equity turnover on Friday stood at KSh192.83 Million on a volume of 16.04 Million shares and 1,336 deals. Safaricom was the…
  • 7 Sep 2020 - The World Bank has appointed Keith Hansen as the new country director for Kenya, Uganda, Somalia, and Uganda effective September 8, 2020. The senior advisor will take over from Carlos Felipe Jaramillo, appointed as the vice president for the Latin America and Caribbean from July 1, 2020. Keith…
  • 7 Sep 2020 - The Central Depository and Settlement Corporation (CDSC) has paid out KSh 935.9 Million to 13,592 M-Akiba Bond investors. This amount includes the principal and final interest on an infrastructure bond that was first floated by the National Treasury on 30 June 2017. This is after a successful pilot…
  • 7 Sep 2020 - CIC Insurance Group Plc has announced that its Annual General Meeting(AGM) will be held via electronic means on 29th September, 2020, at 10.a.m. This follows cancellation of its first notice dated 5th June 2020 that slotted the AGM for 30th June 2020. The meeting was subsequently canceled on June…
  • 7 Sep 2020 - Revival plans of Deacons East Africa appears to have hit a dead end with its administrators intending to liquidate the firm. This is after efforts to sell its assets and find a strategic investor came to naught. According to the firm’s joint administrators, a report will be filed shortly with the…