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Author: Martin Mwita
Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.
NSE 20 share Index which tracks top listed companies at the bourse was down 16.21 points
Trading at the Nairobi Securities Exchange (NSE) opened the week with low activities as shares traded close Monday at a total of 10 million, valued at Ksh302.5 million (USD 2.9 million).
This was down compared to 19.8 million shares valued at Ksh560 million (USD5.5 million) posted on Friday before the market took a break for the weekend.
On Monday, the NSE 20 share Index, which tracks blue chip companies was down 16.21 points to stand at 2783.01. All Share Index (NASI) shed 2.40 points to settle at 157.79 while the NSE 25 Share index dropped 52.07 points to settle at 3886.48.
Banking
The banking Sector had shares worth Ksh148 million transacted which accounted for 49.16 per cent of the day’s traded value. Equity Group Holdings was the day’s biggest mover with 1.9 million shares …
It targets agricultural,building,construction and waste management sectors in the country
Leading construction and building equipment supplier, Ganatra Plant & Equipment Ltd and NIC bank have partnered to finance purchases of new JCB Back-hoe Loaders in Kenya.
This is in the wake of a credit crunch in the market occasioned by the interest rate cap law, which has lowered the purchasing power of majority of investors.
READ:Why Kenya’s Central Bank has retained minimum lending rate at 9%
The partnership is seeking to reduce the financial load from the customers by offering them flexible financing terms including a cost reduction of 20 per cent.
In the financing partnership signed in Nairobi this week, NIC will offer an 80 per cent financing, thus offering small medium enterprises and corporate organisations the opportunity to acquire the Back- hoe Loader through asset financing.
The move will therefore free up cash that can be directed …
33% of manufacturers in the country plan to reduce the number of full time employees
Only 48 per cent of manufacturers in Kenya have expressed optimism that the sector would grow this year, a latest survey has revealed, as investments in the country continue to face headwinds.
According to the Q1 ‘Manufacturing Barometer’ by the Kenya Association of Manufacturers (KAM), the biggest worry by industry players over the next six months (61 per cent) is the high cost of raw materials, which is making their products uncompetitive both locally, regional and in the international markets.
About 57 per cent are worried about pressure from increased wages, 54 per cent are concerned over decreasing profitability while 48 per cent fear that taxation policies in the country will affect their businesses.
Oil and energy prices which have remained high worries 43 per cent of the surveyed manufacturers in the country, the study …
Equity Bank says branches are making it easy for SMEs to access products that are right for them
Equity Bank continues to enhance its Small and Medium-sized Enterprises (SME) offering through its supreme banking branches, as the bank embraces new technology and ways of working to meet the retail customer needs.
Thanks to the growing adoption of digital banking which has seen banks shift from brick and mortar expansion (branches), the space at banking halls has enabled SMEs to largely access supreme banking which has been targeting high net worth individuals.
Currently, 96 per cent of transactions at Equity are being done on digital platforms, the Nairobi Securities Exchange (NSE) listed lender has reported.
READ:Banks in Kenya battling for digital lending space
“This has allowed the bank to transform the branches into advice-giving arms. This branch based venture offers preferential services customized banking solutions with exclusive privileges and unrivalled …
The two have agreed to implement a Single Customs Territory (SCT) to enhance clearance of goods and promote trade
After close to two years of a trade tension between Kenya and Tanzania on free market access of locally produced goods, the two neighbours have agreed to call a truce.
Back-to-back trade talks have seen the two agree to open their borders for trade while they move to jointly implement a Single Customs Territory (SCT), as agreed, to enhance the process of clearance of goods.
The SCT is a step towards a full customs union, achievable by the removal of restrictive regulations and reducing internal border controls on goods moving between partner states. The ultimate goal is the free circulation of goods.
The tiff
The two East Africa Community (EAC) member states have recently been entangled in a trade raw on local content which led to a tit-for-tat ban on some …
How Kenya is banning gambling advertising
The Kenyan government has banned outdoor advertisement of gambling as it moves to introduce a raft of new measures to tame growing addiction and expansion of the lucrative multi-billion industry, which has found a strong foothold in Africa.
Advertisement of gambling on all social media platforms has also been banned in Kenya, dealing a blow to gambling firms which have been spending billion—cumulative—on adverts to lure millions into their businesses.
In a notice to betting, lotteries and public gaming license holders dated April 30, the Betting Control and Licensing Board (BCLB) has also banned adverts between 6am and 10pm, which means all adverts on television and radio will run during watershed hours(after 10pm), a move it says is intended to protect consumers from effects of gambling.
“We wish to remind you that gaming is a demerit good and all demerit goods have the potential …
The funds will support the Kenya Mortgage Refinance Corporation
The World Bank has approved a USD250 million International Bank for Reconstruction and Development (IBRD) loan to support housing projects in Kenya.
The funds are expected to enhance access to affordable housing finance for Kenyans who are unable to access long-term housing finance.
The Kenya Affordable Housing Finance Project (KAHFP) will support the establishment and operationalization of the Kenya Mortgage Refinance Corporation (KMRC), a largely private sector-owned and non-deposit taking financial institution under the supervision of the Central Bank of Kenya.
KMRC’s goal is to drive affordability of mortgages by providing more long-term funding to financial institutions, an incentive to enable them to offer long tenure loans to homebuyers.
The project will also assist the Ministry of Lands and Physical Planning to improve property registration and address structural constraints in the land management system in Kenya.
“We believe that Kenya’s vibrant …
Fuel, personnel and cost of aircraft remain top drivers of the airline’s costs
Kenya’s national carrier-Kenya Airways has posted a Ksh7.558 billion (USD74.6 million ) net loss for the year ended December 2018, as higher operating costs continue to eat into its improving revenues.
The airline which has changed its reporting period (end year) from March 31 to December 31, had a Ksh6.418 billion (USD63.5 million) loss in the 9-month period between April 1, and Dec 31, 2017.
This is despite the airline’s growth in total revenue for the 12 months which increased to Ksh114.45 billion (USD1.13 billion), compared to Ksh80.79 billion (USD789.7 million) for the nine month period ended December 31, 2017.
According to the management, fuel, personnel and the cost of aircraft remain the top three drivers of the airline’s costs, contributing to about two thirds of total operating costs.
“Fuel price volatility remains a major challenge for …
Kenya has deferred extension of the SGR project, secures avocado deal
As global leaders and the business community met in Beijing, China, for the second Belt and Road Forum for International Cooperation (BRF), Kenyan’s were keenly watching to see what will unravel.
The forum which took place last week brought together about 37 Heads of States, top government officials and business leaders from over 100 countries, who met to discuss issues of inter-continental connectivity for global trade.
A project of President Xi Jinping, China is using the Belt and Road Initiative (BRI) to enhance both China’s development and its cooperation with global partners.
President Uhuru Kenyatta led a strong delegation from Kenya to the summit which also included High Level Heads of State Meetings and sideline business forums.
It had earlier been expected the government will use the Beijing meeting to secure additional funds from China for construction of Phase …
The first batch is intended to test the international markets
Kenyan crude oil could test the global markets before the end of this year, latest developments indicate, as stocks of the commodity continue to pile up at a storage facility in the port city of Mombasa.
In its latest operational update for the period January 1-April 25, 2019, British firm-Tullow Oil plc (Tullow), says the first export cargo is expected in the third quarter of 2019, even as exploration and drilling intensifies in the Turkana region.
This comes as the Early Oil Pilot Scheme continues to truck 600 barrels of oil per day (bopd) to Mombasa, where 80,000 barrels of oil are being stored ahead of export.
READ:Kenya oil exports gains momentum as Tullow bounces back to profitability
The crude oil from the Turkana oil fields is being stored at the defunct Kenya Petroleum Refineries Ltd (KPRL) (refinery) facility …