Trending
- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- Transport and food prices drive down Kenya’s inflation to 5% in April
- Payment for ransomware attacks increase by 500 per cent in one year
- History beckons as push for Kenya’s President Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
Africa
- Kenya and Tanzania, already reeling from nature’s fury, now confront the looming threat of Cyclone Hidaya.
- Cyclone Hidaya’s trajectory places the eastern coast of Tanzania squarely in its crosshairs as neighbouring Kenya braces for floods.
- The relentless deluge gripping East Africa finds its origins in the El Nino weather pattern.
Millions of people in Tanzania and Kenya are on edge as Cyclone Hidaya, a formidable tempest, barrels toward the region, exacerbating the havoc wrought by ongoing heavy downpours and catastrophic floods that have claimed hundreds of lives across East Africa.
Kenya and Tanzania, already reeling from nature’s fury, now confront the looming threat of a cyclone poised to unleash further devastation, with forecasts predicting a grim landfall later on Friday, May 3rd.
At the moment, Cyclone Hidaya’s trajectory places the eastern coast of Tanzania squarely in its crosshairs, with fears mounting over its potential impact on neighbouring Kenya. As …
- US Congress members ask Speaker Mike Johnson to invite President Ruto to address the assembly.
- President Ruto will be visiting the US on May 23 to mark 60 years of US-Kenya diplomatic ties.
- If invited, President Ruto would become the first Kenyan Head of State to address a joint session of US Congress.
In a historic plan highlighting the deepening ties between the United States and Kenya, House Foreign Affairs Committee chairman Michael McCaul (Republican – Texas) and Ranking Member Gregory Meeks (Democrat – New York) have jointly sent a letter to Speaker of the House Mike Johnson (Republican – Los Angeles, asking him to extend a formal invitation to President William Ruto of Kenya to address a joint session of Congress during his upcoming visit to the US, slated later in May.
“This year, we are celebrating the historic 60-year anniversary of the U.S.-Kenya diplomatic relationship. Such an invitation …
- The IMF has identified South Sudan, Burundi, and the DRC as East African Community member states poised for significant economic growth in the 2024–2025 period.
- GDP growth in Burundi is projected to increase from 4.3 to 5.4 percent and in the DRC from 4.7 to 5.7%.
- Kenya leads regionally with a projected GDP of $104 billion, ranking 7th overall among the continent’s largest economies.
The economic outlook for East African Community member states South Sudan, Burundi, and the Democratic Republic of the Congo (DRC) is poised for significant economic growth in the 2024–2025 period. This prognosis by the International Monetary Fund (IMF) comes despite these nations grappling with conflicts, marking them as among the most fragile in the region.
In its latest regional economic outlook report for Sub-Saharan Africa, the IMF forecasts a noteworthy 1.2 percent gross domestic product (GDP) growth for South Sudan, from 5.6 to 6.8 percent, despite …
The young and the restless are befitting words to vividly depict the status quo of the countless educated but unemployed African youth; a ticking time bomb threatening the future of the continent.
Is it the lack of proper skill sets or the intermittent nature of opportunities that has resulted in the shrinking job market? This remains a puzzle yet to be unraveled. Upon graduation from tertiary institutions, the almost assured optimism by young people of landing top jobs on the basis of their qualifications is swiftly replaced with the icy glare of disillusionment. As desperation creeps in hope for a bright future slowly seeps out for many young people; moving from office to office wielding briefcases filled with job applications, whilst others frequent internet cafés to fill out a dozen more steadfast in their quest for jobs. Pushed to the brink, it is not a rarity to find young people …
Kenyan-based lender Family Bank Limited has officially rang the bell to mark the listing and the commencement of trading of its corporate bond at the Nairobi Securities Exchange (NSE).
The country’s Capital Markets Authority gave a nod to list the first tranche of its Medium Term Note under the Fixed Income Market Segment at the NSE after a successful offer that raised a total of US$40.6 million against a US27.8 million target, marking a subscription of 147.3 percent.
Early in June, the Authority allowed the mid-tier lender to issue an US$74.1 million multicurrency Medium Term Note (MTN) programme in tranches.
“The response that this bond has generated demonstrates the confidence the market has in the Family Bank brand despite constrained liquidity in the money market as evidenced by the tough economic environment due to the COVID-19 pandemic,” said Family Bank Chief Executive Officer Rebecca Mbithi.
“The capital raised will definitely …
A new report has revealed that ICT and Agriculture are the leading host sectors for Micro, Small and Medium-sized Enterprises (MSMEs) in Kenya.
The 2021 MSMEs Survey Report by Kenya Bankers Association also ranks manufacturing and construction among the dominant hubs for the enterprises that collectively create an estimated 15 million employment opportunities in the economy.
The study, conducted by the KBA Centre for Research on Financial Markets and Policy in collaboration with the Japan International Cooperation Agency (JICA) in May this year, further indicates over 90 percent of the 279 MSMEs sample analyzed were registered, signaling a high level of formalization.
The Findings
Based on entrepreneur characteristics, majority of MSMEs owners are males at 77 percent, highly educated with 54.5 percent having a bachelor’s degree level of education.
In addition, close to two-thirds or 63 percent of enterprise owners had been in employment for more than six years before …
After facing unprecedented changes in the wake of the COVID-19 pandemic, Small and Medium Enterprise (SME) confidence in Sub-Saharan Africa is on the rise, according to the latest research by Mastercard.
The inaugural Middle East and Africa (MEA) SME Confidence Index found 74 percent of SMEs in Sub-Saharan Africa are optimistic about the next 12 months. In fact, 68 percent of SMEs in Sub-Saharan Africa are projecting revenues that will either grow or hold steady. Almost half at 48 percent are projecting an increase.
Upskilling, training, development support and access to credit for future growth
As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium sized businesses in Sub-Saharan Africa have identified upskilling staff for the future (73%), access to training and development support (69%), and easier access to credit (69%), as the top three drivers for growth.
Among all …
The East African Community has tabled before the East African Legislative Assembly the budget estimates for the 2021/2022 Financial Year totaling US$91,784,296.
The Chairperson of the Council of Ministers and Kenya’s Minister for EAC, Adan Mohamed, in the Budget Speech read on his behalf by Chief Administrative Secretary, Ken Obura, said that the 2021/2022 budget was coming at a time the COVID-19 pandemic had ravaged economies through lockdowns and economic shutdowns that had affected economic performance in the entire region negatively.
The 2021/2022 Budget is themed Economic Recovery through Industrialization and Inclusive Growth.
On priorities for the 2021/2022 FY, Mohamed said that the EAC would focus on 10 priority areas.
These are private sector development, peace and security, health/covid-19 response and trade development.
Others are infrastructure development, EAC digitalization agenda, agriculture, nutrition, biodiversity, environment and circular economy AMONG OTHERS.
Here is how the monies were allocated for EAC Organs and …
Kenya’s national carrier Kenya Airways PLC has announce the resumption of flights to Heathrow, London from Nairobi’s Jomo Kenyatta International Airport (JKIA) after a three-month break.
The direct flights, which begun on 26th of June 2021, follows the lifting of the suspension of flights to from the United Kingdom by the Government of Kenya.
The ban was effected on April 9, in retaliation of a similar move by the UK, when they placed Kenya in a list of its prohibited destination.
According to the airline, flights from London will include a one-stop connection through Nairobi to the rest of Kenya and Africa’s key destinations.
Commenting on the development, the airline’s Chief Commercial and Customer Officer Julius Thairu said the the resumption of flights to London, United Kingdom is in line with KQ’s plans to grow and expand their routes even as restrictions related to COVID-19 lift.
“The move will positively …
