Browsing: COVID-19

The focus over this period, undoubtedly, is on a number of listed corporates reporting their earnings. Taking a step back, Centum, BAT Kenya and East African Breweries Limited (EABL) started this round of earnings’ campaign with release in July.  

Centum reported financials for the year ending 31st March 2021 a drastic decline in its earnings per share to a loss of KES0.90 per share. The company’s profit after tax improved albeit in the negative territory while operating profits declined 75% y/y to KES 245Mn on a 59% y/y drop in investment income to KES1.5Bn. The company’s comprehensive income declined 10% y/y to KES4.8Bn on account of a 334% y/y rise in unrealized gains from the sale of rental units that are only recognized upon registering and transfer of ownership to the respective buyers.

The bulk of the Group’s KES2.3Bn loss was driven by the full consolidation of the Two …

Kenya Airways has reduced its half-year loss by 19.6 per cent to Sh11.5 billion, from Sh14.4 billion posted during a similar period last year, on account of cost-cutting initiatives implemented during the period.  

In a statement, the airline says the measures helped to partially offset a deceleration in revenues.

During the period under review, the airline’s total operating costs declined by 10.4 per cent to Sh34.6 billion from Sh38.6 billion recorded the previous period.

Meanwhile, total revenue reduced by 9 per cent to Sh27 million, which is attributable to the cessation of domestic scheduled operations in the month of April 2021.

Read: African airlines’ passenger traffic increase by 9.9 per cent in six months to June 2017

It was also on the back of travel restrictions, and lockdowns due to a surge in virus cases in key domestic and international markets including the UK, India, China, UAE, and the US.…

The next step in harmonizing policies and operating modules, is the need centralizing the related revenue administration and collection, because; “When we harmonize our tax administration we shall not compete with each other as EAC member states,” the sector experts reasoned.

There is also the matter of Visa fees which gravely affect the ability of traders to move between countries. It is now expected that the Republics of South Sudan, Uganda, and Kenya will expedite the removal of visa fees while the rest of the EAC partner states still need to remove what was described as ‘discriminatory fees, levies, and charges’ that hinder trade and persons movement across borders.…

Africa is at the heart of tomorrow, it is an important region in the world, it is definitely a growing region and a clear focus market for us. In the big picture, Africa is among Alcatel-Lucent’s most promising markets with ultra-broadband access and IP networking being very important for the development of the continent.

Many Countries across the world have felt the ravaging effects of Covid-19, ever since the first case was reported in Wuhan, China and spread all across other Continents that prompted to measures and directions imposed aimed to curb the spread of the lethal virus that has since claimed millions of people across the globe.

Historically, sectors like education and healthcare have been points of issue for many African countries, as governments strive to improve access to, and experiences in, these sectors.

The fight with COVID-19 has put a spotlight on the way these industries are operating …

The 5^th Generation mobile network launched in Madagascar by Telma Madagascar and Ericsson’s collaboration in 2020 was a landmark moment for technology advancement not only on the Indian Ocean island but for Africa too.

The launch on the 26th of June 2020 put Telma among the first operators in Africa to commercially go live with  5G, proving, yet again, that Telma is one of the Information and Communications Technology (ICT) pioneers in Africa.

The precedent set in nurturing partnerships between Ericsson and telecommunications service providers like Telma Madagascar has critical implications for the digital transformation that will propel Africa’s economy.

In the 20th edition of the Ericsson Mobility Report, the industry-leading projections and analyses of the latest trends in the mobile industry, the outlook for connectivity in Sub-Saharan Africa is bright. According to the report, mobile subscriptions will continue to grow through till 2026 and in the first quarter …

Kenya received a further 180,000 doses of AstraZeneca vaccine on Friday, even as the number of those who have been vaccinated surpass 1.7 million.

In a statement, the Ministry of Health says the addition will serve as a boost to the ongoing vaccination efforts amid increased Covid-19 cases across the country.

So far, a total of 209, 823 cases have been reported Kenya.

The latest consignment, which was a donation from the Greek government, pushes the number of vaccines received in the country to 2,323,100.

Speaking at JKIA after receiving the consignment, National Taskforce on Vaccine Deployment Chair Dr. Willis Akhwale said the donation was a welcome boost to the ongoing vaccination exercise.

Akhwale said the government expects to have vaccinated 10 million people by the end of this year.

At the same time, Deputy Head of mission at the Embassy of Greece in Kenya Counsellor Sotirios Demestichas, said the …

Other world markets followed suit documenting record lows across the board. On the Johannesburg Stock Exchange (JSE), Business Day reported that the worst losses around the same period were approximately ZAR3.3 trillion which was at that time around two-thirds of South Africa’s GDP.

“SA’s main stock index plunged almost 10% on Thursday (12th March 2020), the biggest drop since October 1997 when global markets were in the midst of the Asian financial crisis.” …

Low confidence in established financial institutions like banks and savings cooperatives was evident in the survey as they scored a meagre 0.4 per cent and 1.3 per cent as sources of funding for the predominantly informal sector that dominated household enterprises.  

Many of the doubts these business owners have towards expanding their businesses are down to the strained relationship these entrepreneurs have with financial institutions like banks.   …

The Executive Board of the International Monetary Fund (IMF) has approved a three-year arrangements under the Extended Credit Facility and the Extended Fund Facility for the Cameroon for SDR 483 million which is equivalent to about US$ 689.5 million, or 175 percent of Cameroon’s quota to support the country’s economic and financial reform program.

The Approval of the ECF/EFF enables immediate disbursement of about US$ 177.2 million, usable for budget support.

This latest movement follows a Fund emergency support to Cameroon under the Rapid Credit Facility (RCF) totaling SDR 276 million, of about US$ 382 million or 100 percent of Cameroon’s quota.

Cameroon faces significant development challenges heightened by the pandemic. An upsurge in COVID-19 cases since January 2021, has raised concerns about growth prospects and the external and fiscal positions. Additionally, security risks in parts of the country persist. The pandemic could reverse improvements in poverty reduction and development …