Month: August 2019

There are fears that Kenya will soon be facing challenges of food insecurity yet again despite the lack of a coherent plan on addressing this annual occurrence.

Coming at a time when food imports from neighbouring countries are continually increasing, the shilling is weakening making it even worse for millions facing starvation.

This food deficit is not unique to Kenya but it also characterises many African countries stuck in a cycle of inadequate food.

Maputo Declaration on financing agriculture

Ironically, many countries in Africa have vast arable land and a favourable weather. This means that it is easy to sustain agricultural activities. But, there is no political will to make this a reality.

Africa has the potential to feed not only itself but also the world but investments towards agriculture have been limited. Governments have failed to meet the Maputo Declaration on financing agriculture.

In the 2003 declaration, African governments …

Regional financial services group—I&M Holdings (plc) has announced a 17 per cent after tax profit growth for its 2019 half year financial results bouyed by a strong non-interest income.

The lender’s net profit for the year to June 30 closed at Ksh4.5 billion compared to Ksh3.9 billion recorded in a corresponding period last year.

READ ALSO:I&M quarter three profit jumps 20.4% on higher income

Durng the period, the Group’s loan book expanded six per cent to close at Ksh172.1 billion up from Ksh162.8 billion for the similar period last year.

On the other hand, customer deposits recorded a 12 per cent growth from Ksh210.9 billion in June 2018 to close at Ksh237.2 billion as at June 2019.

On account of increased allowances for loan losses, the net Non-Performing Assets (NPAs) recorded a decline of 28 per cent to Kshs 9.2billion.

Total assets recorded an impressive growth to …

When Mr. Innocent Rwetabura strode into the interview room, he didn’t have the temperament that would be associated with someone of his stature – holding a top tier position at one of the leading Telecom companies in the country.

To the contrary, Rwetabura was unassumingly gentle. He patiently sat there, readying himself to be bombarded with questions.

Perhaps his extensive experience in the financial and telecom sector at some of the biggest companies in and outside of Tanzania elevated not only his skills as a finance expert, but his overall demeanor.

Rwetabura’s history speaks for itself. He moved to Tigo with vast experience having held various top positions at other companies, some trading in the Telco industry.

According to him, accounting has always been in his blood. Yes, dealing with numbers comes with the package, but his motivation has not always been remuneration and perks that come with the profession, …

Kenya Airways has reported its half-year performance for the half-year to June 30 amid losses at the national carrier.

KQ, as it is known by its international code, posted a Ksh8.563 billion loss for the period, a slip from Ksh4.035 billion in a similar period.

READ:Kenya airways in trouble as loss deepen to US$74 million

This came as total operating costs jumped 15.5 per cent to Ksh61.5 billion from Ksh53.2 billion, a move that eroded gains made in total income which increased to Ksh58.6 billion during the period.

This was up from Ksh52.2 billion income realised in a corresponding period last year.

“Some of these losses can be attributed to the return in to KQ service of two Boeing 787’s that were on sub-lease to Oman Air, investment in new routes and adoption of the new International Financial Reporting Standard (IFRS 16),” KQ chairman Michael Joseph told investors …

More than 800 travel agencies will simplify travel payments, book clients’ trips, hotel accommodation, hire transport and use M-Pesa to pay…

Sub-Saharan African clothing and footwear market is worth $31 billion US dollars and growing. In a series of articles about the industry in Sub Sahara Africa, we will explore the policies, trade and the budding creative fashion industry in the region. This is the second part of the series where we focus on the raw material for the textile industry.

Read the first of our series:  Africa Fashionomics: Making sense of the $31 Billion industry

Kenya has taken years to review and establish a commercially viable production of a variety of cotton laced with foreign genes from the naturally occurring bacterium Bacillus thurigensis. By the start of the year, the government announced it was ready to go full commercial in production of this variety to push the availability of raw materials.

It is highly expected that adoption and commercialization of Bt cotton will revitalize the textile industry and by extension …

The Kenya National Chambers of Commerce and Industries(KNCCI) has raised concerns over mishandling of investors in the ongoing crackdown on tax evaders.

KNCCI President Richard Ngatia on Monday criticized the manner in which the operation is being conducted.

He has called on the government and the Kenya Revenue Authority(KRA)to look for compassionate ways of engaging the business persons suspected of evading taxes payment, rather than treating them in a way that will cause their businesses to shut down.

Ngatia who was accompanied by KNCCI Embu chairman John Mugo among others said if business persons suspected to have defaulted in revenue payment are treated harshly, they will close down.

This, he said, will have several implications including job and revenue losses by the government.

“There are ways that you can negotiate with them, there are ways that you can have payment plans with them, and there are ways you can …

FMD negatively affects farmers to the tune of USD 2.3 billion but its control is not a priority among many governments.…

Kenya has finally sent its first crude oil into the global market marking a major milestone in the country’s quest to become a net oil exporter.

President Uhuru Kenyatta flagged off the country’s maiden crude oil at the Kipevu Oil Terminal in Mombasa.

The oil tanker-Mv Celsius Riga will deliver the consignment of 200,000 barrels in Malaysia.

Kenyatta has since called for peace, warned against corruption and urged for prudent use of resources for the benefit of all Kenyans and the country.

“The government will ensure that the local communities benefit from the oil,” the Presdeint said, “I urge all those in charge to avoid any misuse of the resource that would deny others Its benefit.”

Petroleum Cabinet Secretary John Munyes said plans are underway to construct a pipeline between Turkana and Lamu Port to ease transportation of the commodity.

READ ALSO:Pipeline deal inked as first Kenyan

Sub-Saharan African clothing and footwear market is worth $31 billion US dollars and growing. In a series of articles about the industry in Sub Sahara Africa, we will explore the policies, trade and the budding creative fashion industry in the region.

The African Fashion catchment

Africa drink, eat, and sleep fashion. The diversity of the culture of this huge continent ensures its almost 1.3 billion inhabitants wear or dream to wear certain clothing and apparel. With the population of the continent becoming younger by the day, the demand for fashion that sends a message and identity of an individual is becoming more relevant.

This diversity comes with its strengths and challenges. West Africa has a rich African infused fashion while East and Southern Africa has western influenced fashion and manner of dressing. Most of Northern Africa has a fashion industry dictated by middle eastern and Islamic culture.

Fashion is big …