• Kenyan and Nigerian stores will soon experience absence of Procter & Gamble (P&G) products, as the American multinational embarks on a phased withdrawal.
• In Kenya, P&G has set its sights on leaving Nairobi by June 2024, citing high cost of doing business, dollar shortages, and dip in sales.
• P&G’s response to these challenges involves increased pricing as a strategy to mitigate currency impacts, but this has seen it lose market share to rivals.

The shelves of Kenyan and Nigerian stores will soon experience a noticeable absence of Procter & Gamble (P&G) products, as the American multinational consumer goods manufacturer embarks on a phased withdrawal from these markets.

The decision stems from the challenging macroeconomic and fiscal conditions prevailing in both countries. Specifically, in Kenya, P&G has set its sights on leaving Nairobi by June 2024, citing a confluence of factors such as the high cost of doing business, dollar shortages, …

• Since ascending to office in September 2022, President Ruto has remained relentless in his bid to boost Kenya’s agricultural productivity.
• Agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens.
• President Ruto has focused on implementing policies and programs to enhance productivity, improve farmers’ incomes, and ensure food security.

Agriculture as a bedrock of Kenya’s economic prosperity

Kenya has made impressive economic strides in innovation and entrepreneurship, private sector enterprise, infrastructure, and human skills development. However, agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens. The importance of agriculture has been highlighted in Kenya’s Vision 2030

Moreover, research has demonstrated that agriculture remains a major driver of economic prosperity for most African countries. In addition to driving economic growth, agriculture creates jobs for most rural communities and is essential …

• Glencore spin off of its coal business is the result of mounting pressure from its shareholders over Environmental Social and Governance (ESG) and climate concerns.
• The company resolved to spin off its coal activities after finalizing its acquisition of the coal assets belonging to Teck, a Canadian mining company.
• Glencore had initially sought to acquire Teck Resources entirely but was thwarted by the target company’s controlling shareholder.
• Shareholders in the company have since 2021 rejected the company’s climate report and its disclosures leading to the resolution to spin off its coal business.

Glencore spin off, the background

Glencore, one of the largest mining companies in the world, that is listed on the Johannesburg Securities Exchange and the London Stock Exchange announced that it would demerge its coal assets and list them as a separate business on the NYSE and JSE in two years’ time.

This follows pressure from shareholders that …

Business conditions in Kenya remained in a steep decline halfway through the final quarter of the year, according to the latest Purchasing Managers’ Index (PMI) by S&P Global.

This comes amid sizeable falls in output, new orders, and employment in November, as indicated by the PMI, which closely monitors market-moving economic indicators, covering more than 30 advanced and emerging economies worldwide.…

• Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million to expand into five new African markets to increase insurance penetration in markets characterized by low uptake.
• Company Founder and CEO Adelaide Odhiambo says the investment would be raised over the next three years.
• The insurer is partnering with Mobile Network Operators and banks to distribute affordable micro-insurance products, with plans to enter Uganda, Nigeria, Ethiopia, Malawi, DRC, Tanzania, Rwanda, and Zambia.

Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million as the firm seeks to expand into five new African markets, aiming to increase insurance penetration in regions characterized by low uptake. Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, stated that the investment would be raised over the next three years to support the expansion plans.

Bluewave Insurance Agency’s new target markets

The company has forged partnerships with large aggregators, specifically Mobile Network Operators …

• About 130 countries participated in IATF2023, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.
• The sheer scale of IATF2023 reflects a shared commitment to fostering economic integration and development on the continent.
• The next edition of the IATF will be hosted in 2025 by Algeria.

The African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.

IATF2023 brought together representatives from 130 countries, fostering collaboration and partnership in diverse sectors. With 1,939 exhibitors and 28,282 participants attending physically and through the IATF virtual platform, the trade fair emerged as a pivotal platform for connecting businesses across borders.

In a comprehensive breakdown, the organisers revealed that the concluded deals spanned 21 sectors and involved 52 countries. This extensive …