Browsing: Global pandemic

The real estate sector in East Africa was under pressure pre-pandemic, but the virus has highlighted the resilience of many of its sub-sectors as well as its future opportunities.

This has come up during the conference at this year’s East Africa Property Investment (EAPI) Virtual Summit. The summit which is featuring 69 regional and international speakers, providing tangible insights on how the property sector has weathered the Covid-19 pandemic, and what the future holds for the sector.

Driven by the theme ‘Think Different’ and with more than 1,000 delegates attending from over 35 countries, the virtual conference is presenting evidence that the East African real estate sector remains attractive to international, local and regional developers and investors, said EAPI Virtual’s host, Kfir Rusin.

“The benefit of an online conference is we have been able to gather the leading regional and international real estate figures active in the region to provide …

There will be little tourism, scarce investment and falling trade if the global pandemic is not contained in Kenya, President Uhuru Kenyatta has warned.

The president was speaking during the 10^th presidential address on the covid-19 status in the country. Nationally, 17,603 persons have so far tested positive for the virus.  The virus has now infected Kenyans in 44 counties out of 47.

The president has put in place measures to further curtail the spread of the virus in the country even as the numbers keep soaring day by day.

Among the measures is the move to extend the nationwide curfew by a further 30 days.

Also Read: Kenya’s manufacturing sector gears up for the reopening of the economy

“My greatest concern at the moment is the aggressive surge of infections among young Kenyans who are in turn infecting their elders. Contact tracing of the recent surge of infections …

An understandable response to the economic fallout of Covid-19 is for governments, industries and businesses trying to predict the path that the global economy will take in the coming months and years. However, given that this is a challenging exercise at best, it is probably a better investment of valuable time and effort to ponder the many lessons – some very hard to swallow – that the pandemic has taught us, and integrate them into our future business and investment plans and strategies, so that we are more prepared for what the future brings, irrespective of what that is.

For the African property sector this approach is especially vital. As a largely developing continent, Africa’s advantage over its so-called developed economy counterparts is that, in almost every aspect, it has the capacity to reset its economic development compass on the back of Covid-19. Property is a case in point. Where …

The East African Business Council (EABC) has urged the EAC Partner States to fast the track opening of air transport services to boost regional trade, tourism and hospitality sectors.

Recently, EAC partner states have expressed their intentions to resume domesstic and international flights, a move seen as key in the recovery of the aviation as well as tourism sector.

EABC has therefore lauded the partner states for the move saying this is an important move that will help the economies bounce back after the global pandemic shock.

Tanzania resumed international flights on 18th of May 2020, chartered flights in Rwanda restarted on 18th June 2020, Kenya has planned to open domestic air travel on 15th July 2020 and international flights in Kenya and Rwanda are expected to resume on 1st August 2020.

In May this year, EAC-CASSOA in cooperation with AMREF Flying Doctors (AFD) organized an emergency COVID-19 Intervention Training …

Local manufacturers have demonstrated their capacity to continue with production amidst the COVID-19 pandemic as the country gears up for the phased reopening of the economy.

According to the Ministry of Industrialization, Trade and Enterprise Development Cabinet Secretary, Ms Betty Maina local manufacturers have invested in innovations that have enabled them to continue with operations during the current crisis.

“The investments put in by Kenyan manufacturers is impressive. They have adhered to the set-out standards and regulations, which have enabled business continuity. This has enabled them to stand by the country as we face the crisis together. I urge Business Membership Organizations to establish workplace committees to ensure their members continue to comply with COVID-19 Business Protocols and Guidelines,” noted CS Betty.

The Cabinet secretary also added that all Manufacturing Sectors have played their part in cushioning the country from the impact of COVID-19 by providing support in their specific …

The post-Covid-19 era will not be good for the economy, especially the insurance sector. The economy has taken a beating and premiums are not being paid leading to lapsing of policies. Cars are not being imported therefore motor insurance premiums are being lost. Premiums from travel insurance are not being realized because airlines have been grounded…the situation can only get worse. 

Moreover, coupled with that are the moribund laws being enacted in the insurance sector deliberately crippling insurance intermediaries. The recent passing of the Tax Laws (Amendment) Act 2020 ostensibly to take care of the small man was anything but. Value Added Tax (VAT) was introduced to insurance intermediaries leading to them being the most taxed group in Kenya seeing that they are paying withholding tax and income tax at the same time.

No one bothers to find out the stakeholders’ views on these laws and the regulator needs to …

As African oil and gas countries struggle with Covid-19’s devastating impact on demand, two international groups seem to be celebrating it.

Earlier this month, the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA) described the low oil prices caused by the pandemic as a “golden opportunity” for governments to phase-out fossil fuel support and usher in an era of renewable energy sources.

“Subsidising fossil fuels is an inefficient use of public money and serves to worsen greenhouse emissions and air pollution,” OECD Secretary-General Angel Gurría said in a joint OECD-IEA statement. “While our foremost concern today must be to support economies and societies through the Covid-19 crisis, we should seize this opportunity to reform subsidies and use public funds in a way that best benefits people and the planet.”

I would argue that the OECD and IEA don’t necessarily know what’s best for the people …