The Retirement Benefits Authority has announced an 8 percent year-on-year increase in the total assets under management by fund managers and approved issuers in Kenya.

According to the recently released RBA Retirement Benefits Industry report for December 2018, 16 fund managers and 15 approved issuers, submitted 1,236 scheme reports with a total fund value of Ksh. 980 billion representing an 8 percent increase compared to the December 2017 values.

The report further confirms that the total assets managed by fund managers amounted to Ksh. 813 billion while the approved issuers managed Ksh. 167 billion at the end of December 2018.

In terms of investments by fund managers and approved issuers, Sanlam Investments East Africa Company Limited (SIEAL) maintained its industry lead as the fund manager with the largest pension scheme assets under management, totaling Ksh. 202 billion which constitutes 20.6 percent of Kenyan pension sector assets.

The RBA report states …

Global oil prices which have been on an upward trend since January are putting pressure on Kenya’s economy, as the country’s population continues to dig deeper into their pockets to meet the cost of living.

This is in the wake of a rising inflation in Kenya which rose to 6.58 per cent in April from 4.35 per cent in March, the highest increase in the cost of living in 19 months, mainly driven by high food prices.

Crude oil prices have been on the rise since January after edging up from USD59.50 per barrel in December. In January, a barrel traded at USD60.95.This went up to USD66.35 in February, USD 68.60(March) and USD73.05 in April.

Brent, which is a benchmark crude, is currently trading at USD71.90, with overall oil prices projected to surge.

Kenya which prices its oil products on the previous month’s market prices (due to the import period), …

The European Union (EU) has reiterated its commitment to continue supporting the government towards achieving its industrialization strategy and middle income status by 2025.

The European Union Charge d`Affaires to Tanzania, Charles Stuart made the remarks on Thursday in Dar es Salaam during the commemoration of the 69^th anniversary since the signing of the Schuman Declaration which marked the birth of the EU.

The occasion was also attended by heads of diplomatic mission in the country, government officials, representatives of Non-governmental organizations (NGOs) and civil society organizations.

He said that Tanzania and the EU have been partnering in ensuring high quality livelihood, peace, stability and unity, good governance, educated and learned society. He mentioned others as a competitive economy capable of producing sustainable growth and shared benefits. He said the above mentioned matters have been worked together since that partnership began.

` Our trade and economic relations are maturing …

South Korea has managed to maintain its first position on 2018 Bloomberg Innovation Index for the fifth consecutive year.

The 2018 Bloomberg Innovation Index results published on January 22, 2019 which compiles the index based on data from sources including the World Bank (WB), International Monetary Fund (IMF) and Organization for Economic Co-operation and Development (OECD), credits South Korea`s top ranking to Samsung. The electronics giant is South Korea`s most valuable company and has received more US patents than any company other than IBM since the start of the millennium.

This innovation trickles down the supply chain throughout South Korea`s economy. It was divided into seven assessment categories namely, research and development (R&D), manufacturing, Hi-tech density showing the number of domestic high-tech companies, tertiary efficiency showing the total enrollment in tertiary education, research personnel and activity showing resident patent filings, total patent grants and patents in force per million population.…

Tanzania`s vast geographical boundaries and mobile phone penetration among its demographics have attributed to a shift of many Tanzanians from traditional cash transactions to emerging mobile payment solutions.

Mobile solutions are being used to send money home, facilitate informal business transactions, pay bills, or buy pre-paid electricity. Notably, low-income people, especially in the rural areas, find value in remote digital payment solutions.

According to the second National Financial Inclusion Framework 2018-2022 (NFIF2), mobile payment solutions have contributed to an increasing number of adults in the formal financial systems, from 58 per cent in 2013 to 65 per cent in 2017.

The framework further asserts that the combined efforts between the government and the private sector are a main factor for the upsurge in financial inclusion.

The World Bank also maintains that the inclusion of people in the formal financial system will enable communities, especially businessmen to access financial services with …

Less than a fortnight after a thousand visitors from the Middle East toured Tanzania, the country has just received the first batch of expected 1,000 tourists from the Far East.

Landing at the Kilimanjaro International Airport (KIA) on Sunday 13^th May, 2019 evening, more than 350 tourists from China kicked off their itinerary by sampling Northern Zone attractions, including the Ngorongoro crater and Serengeti National Park.

They were received at the airport terminal by the Prime Minister, Kassim Majaliwa, who described the entourage as yet another indication that Tanzania is becoming a lucrative destination for visitors and investors from overseas.

The 10,000 visitors from China will be touring Tanzania through the `Tour Africa – New Horizon` program coordinated by Touch Road International Holding Group, which in addition to opening doors for tourists from the Far East, is hatching a new initiative where some visitors are going to identify potential …

China`s economic miracle is a combination of several factors, including globalization, openness and cooperation, a prominent Chinese national stated.

Speaking during a high-level business talk in Dar es Salaam, board member, deputy secretary and member of the party committee at Moutai Group, Wang Yan, said 40 years ago, China was poorer than most African countries at present.

The business talk, which was graced by former Prime Minister, Mizengo Pinda held in Dar es Salaam, was part of the `Cultural Moutai, Colourful Guizhou` – China Kweichow Moutai Belt and Road Branding Initiative in Tanzania.`

The business talks also coincided with the launch of Moutai liquor in Tanzania.

`Africa is still developing. China`s development miracle from being the poorest country in the world to today has showcased the profound power globalization, openness and cooperation have over people`s lives……I remember vividly that over 40 years ago, the income of these families was extremely …

Tanzania is on the right track in implementing the Africa Mining Vision (AMV)-a continental initiative aimed at seeing minerals drive development of endowed countries, it has been observed.

Speaking in Dar es Salaam on 9^th May, 2019 during the regional dialogue on `Enhancing National Ownership in the mining sector, the United Nations Development Program (UNDP) Resident Representative Natalie Boucly said that Tanzanian government has undertaken key reforms which are constituent with the AMV principles.

The Africa Mining Vision was adopted by Heads of State at the February 2009 AU summit following the October 2008 meeting of African Ministers responsible for Mineral Resources Development. It is Africa’s own response to tackling the paradox of great mineral wealth existing side by side with pervasive poverty.

Boucly said it was according to the overall findings of the Gap analysis study conducted by UNDP in collaboration with the Uongozi Institute to analyze AMV …

The East and Southern Africa Breeding Network (ESABN) on 4^th May, 2018 launched the accelerated genetic gain in rice (AGGRI) project aiming at the empowering women involved in rice value chain in the region.

The launch of the project was on the sideline of the just- concluded three-day 11^th East and Southern Africa Breeding Network meeting held in Dar es Salaam.

Speaking soon after launching the initiative, representative of International Rice Research Institute (IRRI) for Eastern and Southern Africa, Abdelbagi Ismail said that the beneficiaries will be unified by a set of standards developed to make breeding decisions consistent with the demand of regional farmers, consumers and processors.

Funded by Bill and Melinda Gates Foundation (BMGF), the Initiative is also aimed at expanding International Rice Research Institute (IRRI) `s variety testing network into a globally aligned, modernized, rice breeding `community of practice`

In another development, IRRI`s targets …

The Tanzanian shilling is expected to hold steady against the United States dollar in the second quarter of 2019 due to increased inflows of the greenback from tourism,  agriculture exports and demand from corporate to meet the 2018 dividend obligations.

The National Microfinance Bank (NMB) Market Digest said in its report that the second quarter will witness increase of inflows from tourism and agriculture thus bolstering the local unit.

The report stated that with traditional inflows mostly from tourism and agriculture expected to increase by June, the local unit is to hold steady with minimal volatility as the central bank continues its liquidity management efforts to preserve calm market conditions.

Further, according to the report, the local currency ended the quarter strongly after trading weaker during the first two months of the year to appreciate by 2.1 per cent. The quarter opened at Tshs.2,300 per dollar, traded to a high …