• 2 Apr 2020 - Fixed internet connections in Kenya crossed the 500,000 mark for the first time in the quarter ending 31 December 2019 boosted by growth of the major service providers. Overall, the total number of customers of fixed internet connections rose by 10% from 454,840 in September 2019 to 500,888 as at…
  • 2 Apr 2020 - US-based Moody’s Corporation, one of the world’s leading credit rating agency, has warned that measures put in place to shield Kenya’s banks from disruptions associated with the coronavirus outbreak, might not hold should the situation worsen. In its latest research note analyzing the impact of…
  • 2 Apr 2020 - Safaricom’s M-PESA now commands 99.6 percent of the total value of all mobile money deposits. This is from the latest data by the Communications Authority for the period between October and December 2019. In the three months to December 2019, M-PESA deposits amounted to KSh 604.9 billion, compared…
  • 1 Apr 2020 - Huawei Technologies said on Tuesday that its revenue for 2019 amounted to 858.8 billion yuan ($123 billion), marking a 19.1% rise from the previous year but missing the company’s target. Rotating Chairman Eric Xu noted that the revenue was in-line with original expectations but that came $12…
  • 1 Apr 2020 - CBK weekly bulletin for the week ending Friday 27 March reveals that Kenya forex reserve continued to decline standing at USD 7,965 million (4.84 months of import cover) as at March 26. This is from the previous week’s USD 8,298 (5.04 month of import cover) as at March 19. Low forex reserves and…
  • 1 Apr 2020 - Dubai’s state-owned airline, Emirates, has received a government bailout to enable it to remain afloat during this COVID-19 pandemic. The airline has seen its passenger fleet grounded since 24th March 2020. Dubai’s deputy ruler, Sheikh Hamdan bin Rashid Al Maktoum, said that the government is…
  • 1 Apr 2020 - United Bank for Africa(UBA) Kenya Limited, in the league of small tier banks, recorded KSh 67.6 Million in net profit at the close of 2019. This is compared to KSh 53.1 Million made the previous year. With three branches in Nairobi, its Customers’ deposits increased to KSh 6.9 billion from KSh 6.6…
  • 1 Apr 2020 - Local airlines are seeking a KSh3 billion government bailout, through the Ministry of Transport, to settle staff salaries and pay navigation and landing charges at airports during the Covid-19 Pandemic. The local airlines seeking a bailout include Fly 540, Safarilink, East African Safari Air…
  • 1 Apr 2020 - NCBA bank has announced plans to temporarily close eight of its branches in Kenya in a bid to curb the spread of the COVID-19 virus. The closure is with effect from today, 1st April 2020, until further notice. “Your health and safety is our number one priority and due to this, we have decided to […]
  • 1 Apr 2020 - Airbnb has suspended all its marketing activities amidst numerous cancellations over the COVID-19 global pandemic. The move seeks to save the company $800 million throughout this year, as they struggle to remain afloat. Additionally, the company’s founders, Brian Chesky, Joe Gebbia and Nathan…
  • 1 Apr 2020 - The representatives of the Paris Club Creditors have agreed, together with the government of Somalia, to cancel 67% of the latter’s debt, translating to $1.4 billion. This debt restructuring is per the Club’s Heavily Indebted Poor Countries (HIPC) initiative that seeks to provide interim debt…
  • 1 Apr 2020 - Somalia becomes the latest nation to join the Multilateral Investment Guarantee Agency (MIGA), following normalization of its financial relationship with the World Bank. Somalia is the Agency’s 182nd member, thereby gaining access to long-term financing for economic prosperity. In a statement on it…
  • 1 Apr 2020 - CIC Insurance Group intends to sell approximately 200 acres of land subject to receipt of all regulatory approvals. Company Secretary Gail Odongo says they will seek shareholders’ approval prior to the sale of land as required by law. CIC postponed its Annual General Meeting (AGM) in line with…
  • 1 Apr 2020 - The much-awaited assumption into office of Peter Ndegwa at the helm of Safaricom commences today; 1st April 2020. Ndegwa joins Safaricom from Diageo PLC where he was the Managing Director of Diageo Continental Europe. Ndegwa’s appointment came in October 2019 following the demise of Bob Collymore.…
  • 31 Mar 2020 - Clients to receive one-off cash benefit of KSh 10,000 if they test positive for coronavirus KSh 2,500 daily if hospitalised or quarantined in a government facility  KSh 5,000 per day if under intensive care in hospital First of its kind in Kenya, the extended cover benefits take effect April 1 …
  • 31 Mar 2020 - UK budget airline EasyJet has grounded its entire fleet of planes for an undisclosed period citing unprecedented travel restrictions due to COVID19 pandemic. The airline has 331 planes serving 1051 routes plying 159 airports. The airline had cancelled most services and had only been running rescue…
  • 31 Mar 2020 - The Kenya National Bureau of Statistics has rebased Consumer Price Index (CPI) and Producer Price Index (PPI) to reflect the current situation. The new Consumer Price Index features a basket of 330 items compared to 234 items previously used in the computation of the index. Further, the weights in…
  • 31 Mar 2020 - Afrexim Bank (The African Export Import Bank) has set up a $3 billion emergency fund to help African countries survive economic disruptions caused by COVID-19 pandemic. According to Afrexim, the fund, dubbed Pandemic Trade Impact Mitigation Facility (PATIMFA), will be available through direct…
  • 31 Mar 2020 - HF Group’s net loss narrowed to KSh110 million in 2019, an 82 percent improvement from KSh598 million net loss booked in 2018. The housing finance company cut its total operating expenses by 17 percent to KSh6.7 billion from KSh8.0 billion in 2018. HF Group reduced its workforce by 9% in 2018, an…
  • 31 Mar 2020 - Kenya Airways (KQ) has applied for a state bailout to avoid its collapse, after the suspension of all its international passenger flights with effect from 25th March 2020, so as to curb the spread of the global COVID-19 pandemic. The suspension in turn resulted in grounding of its aircraft, cutting…
  • 31 Mar 2020 - The East African Breweries Limited appointed Kathryne Maundu as the new company secretary on 28th March 2020. She replaces Joyce Munene who resigned from the position on 27th March. Kathryne is an accomplished expert in corporate governance within the East African region. She is a Partner at…
  • 31 Mar 2020 - The weekly Mombasa Tea Auction held on the 25th and 26th March 2020 recorded 12.5 million kilograms of tea offered for sale. There was a decline in the offered kilograms as compared to the previous auction held on 16th and 17th March, which saw 13.1 million kilograms offered, and 12 million sold.…
  • 30 Mar 2020 - Today’s podcast comes on the back of uncertainty in the global markets. Equiti global analyst Gaurav Kashyap in Dubai and Mark Lee in London take us through their weekly outlook. We hope some of the insights will give our audience a better idea on how to navigate the financial markets in this…
  • 30 Mar 2020 - The International Monetary Fund (IMF) has noted that the global economy is already in a recession propelled by COVID19 outbreak. The fund’s Managing Director Kristalina Georgieva said that the depth and length of the recession will depend on containing the virus and having a coordinated response to…
  • 30 Mar 2020 - The National Treasury has allowed Export Processing Zones (EPZs) to sell 100% of their produce in the local market, albeit temporarily, countering the earlier law that restricted them to only 20% sales. The move seeks to cushion the industry from losses inflicted by the global COVID-19 pandemic.…
  • 30 Mar 2020 - The Government of Kenya through the Kenya Bureau of Standards has appointed new inspectors of imported cars, mobile equipment, and spare parts, a move that seeks to enhance the efficiency of the Pre-Export Verification of Conformity to Standards services. The newly appointed inspectors of imported…
  • 30 Mar 2020 - Germany has given a $54 billion aid package to small businesses in the country, including the creative and cultural sectors. The move seeks to help them survive the global COVID-19 pandemic. According to the country’s Minister of Culture, Monika Grütters, the virus outbreak resulted in almost 80,…
  • 30 Mar 2020 - The 13th US-Africa Business Summit, initially slated for 9th to 12th June 2020 in Morocco, has been postponed over concerns of the COVID-19 pandemic. The government of Morocco, in conjunction with the Corporate Council on Africa (CCA), has said they will announce a later date only after they have…
  • 30 Mar 2020 - Co-operative Societies especially those that operate Deposit-Taking business, are changing the business models and encouraging members to use available online and mobile platforms. “We have optimized all our ICT platforms to reduce number of members in our banking halls. Our customer support…
  • 30 Mar 2020 - There’s no doubt Kenya’s dusk to dawn shutdown is hurting productivity and businesses nationwide. Some of the areas that are most affected include; food industry, transport sector, informal workers, and the hospitality sector. FOOD INDUSTRY “Normally, agricultural food items are transported during…