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East Africa
- The Uganda National Oil Company (UNOC) is directly importing petroleum products from Vitol Bahrain, aiming to reduce reliance on Kenyan firms and mitigate high fuel prices.
- UNOC’s direct importation and sale of fuel to OMCs in Tanzania and Uganda is a significant step towards fostering stronger regional ties, promoting economic growth, and ensuring energy security.
Uganda National Oil Company (UNOC) has started the sale of petroleum products to oil marketing companies in both Uganda and Tanzania.
This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This maneuver signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms.
Breaking New Ground: Uganda National Oil Company Direct Importation Deal
For years, Uganda’s fuel supply chain was heavily dependent on Kenyan OMCs. However, …
- Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new General Manager for the East African region.
- This encompasses Kenya, Ethiopia, Uganda, Rwanda, Burundi and Tanzania.
- Effective June 3, 2023, Lufthansa will expand its current connection from Frankfurt, Germany into Nairobi for the summer flight schedule from five to seven weekly flights.
The Lufthansa Group has re-affirmed its commitment to East Africa by relocating the commercial responsibility for the passenger business back to Kenya.
Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new General Manager for the East African region.
This encompasses Kenya, Ethiopia, Uganda, Rwanda, Burundi and Tanzania.
With his position and team permanently based in Nairobi, he will be able to better focus on the needs of regional customers and through a physical presence in the region be closer to the market.
Markette succeeds Dr. André Schulz, who has been appointed Head of …
- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
According to the Quarter 4 of 2022 claims …
The programme has also engaged over 50 official partners in addition to 35 linkage partners and who have enabled the project to link 37,851 youths to digital and digitally enabled jobs on more than 56 digital work platforms.
Carole Kariuki, KEPSA Chief Executive Officer said that (63%) of adult Kenyans nationally were aware of the digital gig economy and that awareness of the Ajira Digital Programme had increased from 5.5 million people (14%) in 2019 to 7.3 million people (29%) in 2021.…
The Uganda Securities Exchange (USE) in partnership with MTN Mobile Money Uganda has launched a digital service to facilitate convenient Securities Central Depository (SCD) account opening, using the MTN Mobile Money platform.
In a statement, the partners said deal is envisaged to simplify the process of opening an SCD account, which is a requirement for individual investors to participate in the securities market.
While launching the digitized SCD account opening service Paul Bwiso, the Chief Executive Officer of the Uganda Securities Exchange noted that the new digital SCD account opening platform will bolster participation of the everyday Ugandan in the country’s stock market.
He added that the move will allow more people to open their SCD accounts remotely and subsequently be able to invest in any of the companies and debt instruments listed on the USE.
“Since embarking on its digital transformation journey in 2015, USE had been intentional about …
There has been growth in searches and bookings to East African Community countries with Tanzania leading as a leisure destination.
This is according to data by the Kenya Association of Travel Agents (KATA) and Amadeus search and agency booking which shows a very slight improvement in both outbound and inbound search demand and booking volumes for 2021 year to date, while compared to the same period in 2020.
The booking agency indicates that travel demand remains significantly below pre-COVID-19 levels owing to international travel restrictions in key markets in Europe, North America and Asia.
According to KATA, there has been a growing demand for inbound travel into Kenya from USA, Germany and UK.
“Domestic travel searches remain high as people are looking to travel more within the country. However, overall travel demand to and from Kenya stands at -69.9% in June 2021 compared to same time in 2019,” the travel …
Kenya Electricity Generating Company PLC (KenGen) has received carbon credits from its Olkaria I, Units 4 and 5 Geothermal Power plant at a time when it is working to solidify its lead in climate action in Africa.
According to the power producer, the milestone follows the issuance of an additional 2,040,515 Carbon Emission Reductions (CERs) for the Naivasha based project by the United Nations Framework Convention on Climate Change (UNFCCC).
This brings the amount of carbon credits issued to KenGen to date to 2,591,496 tonnes of Carbon Dioxide Equivalent (CO2e) valued at USD.3,887,244 which are now available for sale.
The sale process of the carbon credits has been initiated as guided by the applicable disposal laws and regulations for the public sector organizations.
The 140MW Olkaria I Additional Units 4 and 5 power plant, will reduce CO2 emission through the displacement of electricity generated by fossil fuel fired power plants …
Equity Group Plc said it intensified its ‘shared prosperity’ business model in the first half of 2021 by investing US$ 496 million (approx Sh54.3 billion) in social impact projects through Equity Group Foundation.
The Group said the projects are anchored around the Foundation’s key pillars, namely: health, energy and environment, food and agriculture, enterprise development and financial inclusion, education and leadership development, and social protection.
Equity Group Managing Director and CEO Dr. James Mwangi said he believes the Group’s principle of putting people before profits has greatly contributed to the Group’s impressive performance in the just-released half-year financial results.
“We recognize that beyond a regulator license we also get a license from our host communities and we have continued to treat them as significant stakeholders and invest in them through our shared prosperity programme,” said Dr. Mwangi
In the health sector, the Group said it rolled out a massive Covid-19 …
In Kenya, businesses are condemning the high cost of doing business, amidst the economic challenges brought about by the COVID-19 pandemic.
Through the Kenya Association of Manufacturers, business owners have expressed concern on the current focus on politics without practical solutions to bring local businesses back on the recovery track
The Association’s Chairman, Mucai Kunyiha, raised concerns on the severity of the additional taxes imposed on businesses in addition to inflation adjustment on specific rates of duty.
“It is becoming more expensive to operate in Kenya due to the introduction of taxes, fees, levies and charges,” he said.
Kunyiha pointed out the Crop (Nuts and Oil Crops) Regulations 2020 which introduced new fees and levies as a measure to control thirteen (13) scheduled crops.
“Through the 2021 Finance Act, the government has introduced excise tax on raw materials and 16 percent VAT on the supply of some products, effectively increasing …
