Month: June 2019

Kenya Airways is launching new routes to new destinations as it seeks to turn around years of loss-making despite the airlines’ losses prediction worsening its situation.…

Over seven hundred and eighty  micro, small and medium enterprises (MSMEs) in Kenya’s Lake Region are set to benefit from the new, ultra-modern Kenya Bureau of Standards (KEBS) regional headquarters in Kisumu.

The new facility not only houses the KEBS regional offices but is also equipped with four laboratories including Food and Agriculture, Microbiology, Biochemistry and Instrumentation. The laboratories will offer testing, metrology and calibration services to the Lake Region industries including fishing and fisheries, water purification and bottling, tea factories, grains and cereals, sugar, animal feeds, fertilizers and the hospitality sector.

Speaking during the official opening of the facility, KEBS Ag. Managing Director Lt. Col (Rtd). Bernard Njiraini reiterated the institution’s commitment to promoting standardization in industry and trade at the county level through investing in requisite resources and infrastructure for standards development, conformity assessment, testing and metrology.

 “The Kisumu office will ensure that the region receives adequate support …

Cloud9xp, leading online marketplace, booking service and distributor for leisure experiences with a Kenyan base has announced that they have joined forces with one of the fastest growing and tech-enabled tours and travel companies in the region, Heartbeat Adventures.

The deal finally came to a positive conclusion after several weeks of negotiations. The two companies will continue with operations under the Cloud9xp brand, with HeartBeat Adventures’s Founder, Winnie Kimathi, being appointed as the new Managing Director to oversee day to day operations of the company, open new doors for revenue generation through curated travel packages and lead the next phase of the company’s’ growth.

Following a recent round of undisclosed investment and launching their new mobile applications earlier in the year, Cloud9xp has been on an upward trend.

The merger will allow a better customer experience and bigger product basket size. This includes in-destination management, flight and accommodation bookings …

Kenyan government’s move  to introduce new currency has brought ripple effects, in the neighbouring countries.

On June, 7^th 2019, the Tanzanian government suspended the conversion as well as the extradition of Kenyan bank notes in a bid to combat counterfeited money.

“CBK has suspended currency conversion and repatriation of all Kenyan currency to restrict illicit financial flows and counterfeits into the Republic of Kenya, and will not accept Kenyan currency with immediate effect,” read the official statement.

The Bank of Tanzania also received a directive to immediately freeze the Currency Collection Account of the CBK even as the government amplifies efforts to stop illicit financial flows (IFF) in the country.

Factors that prompted demonetisation

The increase in cases of money laundering and other forms of corruption in the recent times countrywide has reached an alarming level. It therefore came as a great relief when the CBK issued new currency …

Kenyan authorities have unearthed an international car smuggling racket targeting the East Africa region, one in many that have been busted in recent times.

On May 9, 2019, Customs officers in Mombasa received intelligence to the effect that two 20-foot containers on board a ship sailing to the Port of Mombasa was suspected to be stolen motor vehicles from the United Kingdom.

The containers arrived at the Port of Mombasa on May 11, 2019 aboard MV. MSC Positano from Oman and had not been declared.

Authorities subjected the two containers to x-ray cargo scanning where the images revealed the presence of top of the range motor vehicles.

According to import documents, the Range Rover Sport cars, which were subject of an international motor vehicle crime and smuggling investigation, were on transit to Uganda.

“a multi-agency team led by Customs officials undertook a verification exercise on  May 28,  2019 confirming the …

Six months after hosting the first global conference on ‘Sustainable Blue Economy’, Kenya is keen to invest in international shipping, as it remains focused on tapping its maritime resources for economic growth.

The government has set-off a number of initiatives that could see the country reap big from the maritime industry, which drives 92 per cent of its international trade.

Policies, institutional changes, incentives and funding are being put in place to optimize gains in the sector, which has the potential to contribute up to Ksh500 billion (US$4.9 billion) to the GDP annually.

READ:Kenya’s Maritime Transport Policy takes shape

Shipping industry 

Top on the list is the revival of the Kenya National Shipping Line (KNSL) which has been dormant for the last 22 years, after mismanagement sent it into debt and loss of business in an untapped Ksh304 billion(US$2.9 billion) business potential—an amount Kenyan importers pay as freight charges …

Early investors in Twiga Foods have partially sold their stake as part of a strategy to accommodate the later stage and longer-term investors.…

Today marks 17 years since the International Labour Organisation (ILO) declared a fight against child labour.

June 12^th is World Day Against Child Labour, the day is meant to raise awareness and activism to prevent child labour.

Child labour are all forms of work by children under the age laid down in ILO standards. Worst forms of child labour include slavery, debt bondage, prostitution, pornography, forced recruitment of children for use in armed conflict, use of children in drug trafficking and other illicit activities, and all other work likely to be harmful or hazardous to the health, safety or morals of girls and boys under 18 years of age.

The ILO has recently estimated that some 246 million children aged 5-17 years are engaged in child labour around the world. Of these, some 179 million are caught in the worst forms of child labour.

Africa has the greatest …

At this year’s UN Commission on the Status of Women in New York, employers were accused of failing to adhere to and practice corporate accountability.…

RENEW’s Impact Angel Network (IAN), one of the most active equity investors in Ethiopia with an expanding presence in East Africa, have successfully exited two investments to a regional private equity fund and a family office.

RENEW and the IAN provided two rounds of angel financing to support the launch of an Ethiopian production company that exports to international markets. With the recent buyout of these positions, these investments realized gross internal rates of return (IRR) of 26.70% and 17.58%, respectively.

The IAN’s investments helped a start-up company become a leader in its industry in Ethiopia. The company has received international awards and certifications on account of a superior product and exceptional processes.

It now purchases from thousands of smallholder farmers and employs hundreds of Ethiopians in permanent and temporary positions.

The company’s success can be attributed to the strong leadership and disciplined management of a visionary entrepreneur and committed …