Author: Martin Mwita

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

Central Bank of Kenya’s Monetary Policy Committee has lowered the Central Bank Rate for loans to 8.50 per cent from 9.00 per cent, despite the removal of interest rate capping in the country. READ ALSO:Why Kenya’s Central Bank has retained base lending rate at 9% The MPC met on November 25, 2019, to review the outcome of its previous policy decisions and recent economic developments. The meeting came at the backdrop of a domestic macroeconomic stability, the recent repeal of interest rate caps, and heightened global uncertainties and volatility in international markets. READ:No more lending controls in Kenya as rate…

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Trade and investment between Kenya and the United Arab Emirates is set for a major boost after chambers of commerce from the two countries reached a new agreement. The Sharjah Chamber of Commerce & Industry and Kenya National Chamber of Commerce and Industry have signed an MoU to open a satellite trade office in the United Arab Emirates. READ ALSO:Kenya seeks mineral market in the United Arabs Emirates The agreement will enable and provide strategic bilateral cooperation between the business communities in Kenya and UAE with an objective to foster cooperation in trade, investment, joint activities, information and services and…

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Uganda Revenue Authority assistant commissioner IT James Kizza is the winner of the East Africa CIO of the Year Award 2019. He has been recognized for his “crucial role” in the trail-blazing digital development of the URA. READ ALSO:Uganda Revenue Authority(URA) disagrees with importers over payment method According to the judges, the role of the chief information officer (CIO) continues to evolve at a breakneck pace, and only those executives who advance in lockstep will enjoy prolonged success and better the enterprises that they dedicate their energies to serve. The 2019 East Africa CIO100 jury led by Professor Louis Fourie, former VC…

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Kenya’s local low-cost carrier Silverstone could soon be back in full operations after the country’s aviation regulator lifted a suspension on part of its fleet. The Kenya Civil Aviation Authority (KCAA) had last week suspended the carrier’s Dash- 8 fleet from flying for seven days to allow inspection after a sequence of mishaps. The move affected eight of its 14 fleet of aircrafts which also includes Fokker and CRJ Series aircrafts. “KCAA wishes to inform the public that the provisional suspension of the Silverstone Air Services limited Dash 8 Series Aircraft Operations imposed on November 12, 2019, has now been lifted,” Director…

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Real Estate developer Superior Homes Kenya is putting up a Sh7 billion ($68.8 million) residential development in Kenya’s coastal town of Kilifi, as it moves to expand its real estate portfolio in the country. Dubbed ‘Pazuri at Vipingo’, the master-planned site will consist of 372 houses and associated infrastructure and amenities covering more than 100 acres. READ ALSO:Property developer superior homes announces Sh30 billion investment The development, which commenced early this year, consists of 2, 3 and 4 bedrooms with phase One of the project comprising of 63 units expected to be ready for occupation in June 2020. “Pazuri at Vipingo has…

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Kenya and Somalia have agreed to normalise bilateral relations starting with the restoration of the issuance of travel visas on arrival arrangement for citizens of the two nations. The restoration of the visa on arrival arrangement is aimed at enhancing free and unhindered movement of people and commerce between Kenya and Somalia. READ ALSO:Is oil wealth pitting Kenya against Somalia? The agreement was reached during a meeting between Presidents Uhuru Kenyatta and Mohamed Abdullahi Mohamed of the Federal Republic of Somalia on the sidelines of the just concluded Nairobi ICPD25 summit. During the meeting, the two leaders reaffirmed the invaluable…

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More than 66 per cent of total employment is Sub-Saharan Africa is from the informal sector, the International Labour Organization (ILO) has revealed, the biggest provider of employment in Africa. Informal economies are typically characterised by low productivity and non-exportable goods and services. READ ALSO:Sectors that will grow West Africa’s 15 economies On the other hand, the sector also provides crucial livelihoods to the most vulnerable of the urban poor. It is projected that the informal sector is likely to absorb many of the continent’s young employment seekers who are mainly today’s millennial digital natives – educated, learned and very adaptive to…

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Kenya’s top commercial law firm MMC Africa Law has teamed up with Africa’s international law firm ASAFO & CO to form MMC ASAFO, in a merger likely to shake the continental space. In order to provide a unique and integrated offering of top-tier legal services exclusively dedicated to the African continent, the MMC ASAFO team is based in different offices, with a balanced presence in France and in the major African business hubs of Nairobi, Abidjan, Casablanca and Johannesburg. The merged entities are keen tap on the African Continental Free Trade Area which came into effect this year, congregating over…

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Kenya and the Kingdom of Lesotho have signed three key pacts that are geared towards boosting bilateral cooperation between the two countries. The deals signed at the end of talks held between President Uhuru Kenyatta and the Right Hon. Dr Motsoahae Thomas Thabane, Prime Minister of the Kingdom of Lesotho at State House, Nairobi , were an agreement on the establishment of a Joint Commission for Cooperation (JCC), a Memorandum of Understanding for bilateral consultations as well as a Memorandum of Understanding in the Field of Sports. Prime Minister Thabane, who arrived in the country on Sunday evening for a…

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