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- Kenyan Manufacturers Raise Objections over Finance Bill 2024 Proposals
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- 2024 Economic Survey: Kenya sparks growth with 848,200 new jobs in a year
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- Kenya’s Marine Potential: Fostering Sustainable Blue Economy
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Industry and Trade
- Finance Bill 2024 Proposals seek to introduce a 25 per cent excise duty on vegetable oils, which KAM says will drive upwards the cost of cooking oil.
- The proposed finance law aims to expand Kenya’s tax base by bringing more economic activities into the tax net.
- This, according to KAM, will lower the cost of living for Kenyans and create prosperity for the country.
The Kenya Association of Manufacturers (KAM) has raised concerns over the state’s proposal to increase the Import Declaration Fund (IDF) from 2.5 per cent to 3 per cent.
In a raft of proposals to the government, the manufacturers highlighted some of the expected impacts of the proposed law on Businesses in the East African nation.
KAM argues that the imposition of IDF will significantly elevate the costs of raw materials, thereby stifling the manufacturing sector’s ability to add value.
In a statement on Monday, May 20, …
- Kenya is pioneering steps towards integrating the concept of the Blue Economy within its governance structure
- Blue Economy has the potential to create direct jobs in the shipping and fishing sectors while indirectly creating jobs
- According to Kenya Maritime Authority (KMA), the industry regulator, Kenya exploits just 8 per cent of the potential of its marine fisheries.
Kenya’s marine potential is vital for social and economic growth and development of the country. Kenya is pioneering steps towards integrating the concept of the Blue Economy within its governance structure have set a precedent for sustainable development in the African continent. With the establishment of the Ministry of Blue Economy, the nation has showcased its commitment to harnessing the vast potential of its marine resources. This move signifies a crucial shift in prioritising the preservation and utilisation of the ocean’s bounty, in line with global sustainability goals.
Kenya has a long coastline …
- The Communications Authority of Kenya has finalised Phase I of the cellular mobile infrastructure project which connected 76 sub-locations.
- The authority also targets the expansion of the postal services and digitally empowering the youth.
- The Authority finalised the rollout of Internet connectivity in 886 public secondary schools spread across 47 counties.
The Communications Authority of Kenya will need at least Sh107 billion ($819.9 million) to protect consumers and foster competitive ICT markets in a bid to establish Kenya as a digital superhighway. While unveiling its five-year strategic for 2023-27, CA Director-General David Mugonyi said the authority would prioritise increased broadband penetration, adoption of emerging technologies and improvement of cyber security as a way of powering the government’s Bottom-Up Economic policies.
The authority also targets the expansion of the postal services and digitally empowering the youth, women and people living with disabilities. “The goals are backed by a robust implementation plan …
ZAMBIA and Tanzania last week agreed to revamp and recapitalize the TAZARA railway and expand the TAZAMA pipeline following a change in objectives from the transportation of crude oil to finished products.
Tanzanian President Samia Suluhu Hassan said the agreement to revive TAZARA was reached when she held talks with visiting Zambian President Hakainde Hichilema at State House in the commercial capital Dar es Salaam.
According to Zambia Daily Mail, TAZARA was constructed as a turnkey project between 1970 and 1975 through an interest-free loan from China, with commercial operations starting in July 1976, covering 1,860 kilometres from Dar es Salaam in Tanzania to New Kapiri Mposhi in Zambia.
President Hassan added that the two leaders have also agreed to work closely in promoting trade and investment through the revival and renovation of key joint post-independence infrastructure projects that were built to link the two nations, including the Tanzania-Zambia Crude …
- Most business executives in Kenya expect a stable economy after the August 9 general elections to support higher industry business growth
- Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations
- Overall, the current CEOs Business Confidence Index by KEPSA stands at 61 points
As Kenya heads to the polls on August 9, 2022, the Kenya Private Sector Alliance (KEPSA) has launched the CEOs Business Confidence Index Report 2022, showing that most business executives expect a stable economy after elections to support higher industry business growth.
According to the index, the current CEOs Business Confidence Index stands at 61 points overall. Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations.
KEPSA CEO Carole Kariuki said the report’s findings come when the ongoing war in Ukraine …
- CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021.
- CIC said the performance was driven by strong growth in the gross written premium and improved performance on the underwriting results
- CIC’s gross written premium grew by 23 per cent to KSh 13.2 billion from KSh 10.7 billion, driven by growth in all its businesses in Kenya and the regional countries
- The company’s total assets increased by 10 per cent from KSh 41 Billion as of 30th June 2021 to KSh 45.8 billion as of 30th June 2022 as investments continued to grow
CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021. The performance represents a 38 …
To maintain compliance with the standards for the China market, KEPHIS is still conducting audits of farms, packhouses, and fumigation facilities interested in exporting fresh avocado to China. Farms and facilities that comply should also be submitted to GACC for approval.
Following the early January 2022 signing of two treaties to promote bilateral commerce, specifically the sale of avocados and aquatic products from Kenya to China by Agriculture Cabinet Secretary Peter Munya and Chinese Ambassador Zhou Pingjian, the export of fresh avocados to China has begun.
Kenya is also preparing to sell black tea to the enormous Chinese market in response to the growing demand generated by the leaf.
According to Kenya’s ambassador-designate to Beijing, Muthoni Gichohi, Kenyan tea is one of the most popular in the East Asian nation, with black tea markets rising due to increased consumption. Some of Kenya’s tea manufacturers have begun collaborating with Chinese marketers …
The findings are quite encouraging for Sonatrach and Algeria, both of which have not seen major increases in their hydrocarbon reserves since the middle of the 2000s.
Since the beginning of the year, Algeria has experienced an increase in the amount of oil and gas being exported via pipeline and sea; Algeria has provided Italy with 13.9 billion cubic metres, which is more than 113 per cent of the amounts that were originally expected.
More recently, Occidental (US), Total Energies (France), and Eni (Italy) came to an agreement worth US$4 billion to develop a site located in the Berkine perimeter and generate 1 billion barrels of oil equivalent. The transaction was signed by all three companies.
Sonatrach and other international oil firms can now enter into production-sharing agreements according to a hydrocarbon law passed in 2019, despite the fact that the legislation sparked some street protests. However, it established a …
De Beers also said the ship’s state-of-the-art dynamic positioning system optimizes its performance in changing weather conditions to minimize energy use. It also generates fresh water through its heat recovery systems and a reverse osmosis plant.
“The Benguela Gem is the first of its kind and represents an outstanding feat of engineering design, technology innovation, and sustainability performance,” said De Beers Group CEO Bruce Cleaver.
The vessel was designed and built in Europe, and the mission equipment was designed and built in Cape Town in large modules parallel to the vessel built in Europe. The mission equipment was then integrated into the vessel in Cape Town by De Beers Marine.
In terms of performance, according to an article by The Namibian dated July 29, 2022, South Africa, Botswana, and Canada all saw diamond production levels dipping at 4%, 4%, and 24%, respectively.…
