Author: Martin Mwita

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…

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…

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…

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…

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…

China dominates as Kenya’s top import source globally  Uganda is Kenya’s biggest trading partner within the East Africa Community (EAC), latest data show, with China dominating the global scene. The Economic survey (2019) shows total trade volumes (import and exports) between Kenya and Uganda in the year 2018, were valued at Ksh111.3 billion (USD1.09 billion). Tanzania comes in a distant second with a total trade value of Ksh47.6 billion (USD468.9 million) while Rwanda is third with Ksh19 billion (USD187.2 million). Trade with DR Congo, South Sudan and Burundi, mainly export markets for Kenya, were valued at Ksh15.2 billion (USD149.6 million),…

NIC Bank and CMC Kenya have entered a deal for Ford Ranger vehicles CMC Motors, the sole distributor of the Ford Ranger vehicles, and NIC Bank, have signed a partnership agreement that will see CMC- Ford customers receive up to 95 per cent financing on all Ford ranger vehicles. The deal is based on a 60-months-repayment plan, the latest in an effort to grow the uptake of commercial motor vehicles in the country. This promotion scheme will ease the acquisition of Ford Ranger vehicles as customers will be able to enjoy maximum loan tenure of 60 months; 60 days repayment…

It was suspended from trading at the NSE in May 2017 Troubled logistics firm-Atlas Development and Support Services (ADSS) has been delisted from the Nairobi Securities Exchange (NSE) . The delisting took effect on April 25, bringing to an end a five-year stint at the Nairobi bourse. Registered in Guernsey, UK, in 2002, Atlas was admitted to trade at the NSE in December 2014, where it was cross-listed in the London Stock Exchange (LSE)’s Alternative Investment Market (AIM) segment. In December 2015, the firm decided to close its operations in Kenya, placing its Kenyan subsidiaries into liquidation by way of…

It has invested Ksh100 million to grow its fleet Pewin Cabs has officially rebranded to PTG Travel in a bid to increase its market share by offering diversified service in the Kenyan market. The firm, which is now moving beyond cabs after 10 years, was among the first to launch its cab-hailing App in 2013, a move that contributed significantly to corporate transport solutions in Kenya. Speaking at the launch of PTG Travel, Managing Director Justus Kirigua, said: “We are excited about the opportunities the new brand offers us.  The transition to PTG Travel is anchored on a three-year growth strategy…

The economy generated 840,600 new jobs compared to 787,800 in 2017 Kenya’s economy expanded by 6.3 per cent in 2018, the economic survey released on Thursday indicates, a notable comeback from a 4.6 per cent growth recorded the previous year. This came as the country recovered from the effects of the persistent drought experienced in 2017, coupled with uncertainties associated with general elections held in the same year. READ:Kenya’s economy falls below Tanzania and Rwanda, records 4.9% growth The growth has principally been attributed to increased agricultural production, accelerated manufacturing activities, sustained growth in transportation and vibrant service sector activities.…