Author: Wanjiku Njugunah

East African Breweries PLC (EABL) has reported a profit of KSh 8.7 billion for the half year ended on December 31, 2022, at the back of the rising cost of operations, including an increase in taxes The company reported KSh 57.3 billion in net sales during the period, representing a 4 per cent growth compared to the same period in 2021 The EABL Board has recommended an interim dividend of KSh 3.75 per share, similar to 2021’s period East African Breweries PLC (EABL) has reported a profit of KSh 8.7 billion for the half year ended on December 31, 2022,…

Tullow Oil has reiterated its commitment to scale up the development of Project Oil Kenya in 2023 The global independent oil and gas exploration and production firm said it plans to invest KSh 1.24 billion (US$10 million) in Project Oil Kenya Tullow and its Joint Venture partners (Africa Oil and Total Energies) are also working closely with the local government agencies seeking to finalise the firm’s field development plan (FDP) Tullow Oil Plc has reiterated its commitment to scale up the development of Project Oil Kenya in 2023. The global independent oil and gas exploration and production firm said it plans…

The 2022 Ibrahim Index of African Governance (IIAG) by the Mo Ibrahim Foundation has ranked Kenya 13th for Overall Governance across Africa The East African nation’s overall governance score has improved over the last decade (2012-2021), but the pace of improvement has slowed over the most recent five years (2017-2021) Kenya has deteriorated in security and the rule of law, driven by a decline in the sub-categories of security & and safety, accountability & transparency African Governance reported that African governance has flatlined since 2019 because of factors including disruptions caused by a combination of the COVID-19 pandemic and increased…

Kenyan Small and Medium Enterprise (SME) Cake City has opened a new branch along Kiambu Road as part of its proactive expansion strategy The new outlet is located at EBC Centre within Shell Petrol Station near Evergreen Centre and now brings Cake City’s total operating outlets to nine, and it is the first store to be opened in 2023 Cake City CEO Mohamed Zahir said the decision to expand along Kiambu Road was also supported by rapid development and expansion activities being witnessed in the area Cake City, an award-winning small and medium enterprise in Kenya, has opened a new…

A report by the Institute of Public Finance has projected that Kenya’s economy will remain subdued in 2023, growing at a projected 5% The growth will be at the back of a persistent rise in commodity prices, global events and a high risk of debt distress Support for the agricultural sector and easing of fiscal pressure through budgetary consolidation are among the areas that are likely to shape economic performance during the current budget cycle A new report has projected that Kenya’s economy will remain subdued in 2023, growing at a projected 5%, owing to a persistent rise in commodity…

Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco) Kwara also announced the acquisition of IRNET, a software provider owned Kuscco Investors in the round include existing backers DOB Equity, Globivest and One Day Yes and Base Capital Kenyan startup Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco). On January 13, 2022, Kwara announced the acquisition of IRNET, a software provider owned by the national…

A finding by online marketplace Airduka has found that small-scale sellers in Kenya are optimistic that the business environment will remain stable in 2023 The study found that 75% of small scale sellers expect the trading environment to be calm over the next twelve months now that risks associated with threats such as COVID-19 and the general elections have settled As per the finding, 60% of sellers said they expect their revenues to remain steady in the first half of the year, with growth expected in the second half Small-scale sellers in Kenya are optimistic that the business environment will…

American investment bank Goldman Sachs plans to lay off 3,200 employees this week Goldman Sachs typically trims about one to five per cent of its employees each year and targets underperforming staff The upcoming trim is expected to be deeper than usual in light of the uncertain economic outlook Major U.S. banks, manufacturers and tech companies announced significant corporate layoffs in 2022, amid high inflation, and five rounds of interest rate hikes sparked fears of a recession New data has revealed that American investment bank Goldman Sachs plans to lay off thousands of employees this week. Multiple sources, including Capital…

Kenya’s Cake City has been named East Africa’s leading cake shop in this year’s Pacesetters Awards  The Pacesetters Awards is an annual industry leadership recognition programme organised by the Jubilant Stewards of Africa (JSA), a Non-Governmental Organisation Cake City emerged as the winner of the hotly contested Pacesetter in Cake Shop of the Year 2022, following an intensive survey conducted by JSA across East Africa  Kenya’s Cake City has been named East Africa’s leading cake shop in this year’s Pacesetters Awards (PSA). The Pacesetters Awards is an annual industry leadership recognition programme organised by the Jubilant Stewards of Africa (JSA),…

A survey by the European Investment Bank has revealed that most Kenyans believe climate change and environmental damage have affected their income or source of livelihood Losses associated with climate change in Kenya include severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes The survey also found that most Kenyans, at 81%, said that investing in renewable energy should be prioritised A new survey now shows that most Kenyans, at 97%, say climate change is already affecting their everyday lives. The first edition of the European Investment Bank’s 2022 Climate Survey found…