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East African countries are set to attend the ninth East African Petroleum Conference and exhibition to discuss investment opportunities to enhance socio-economic transformation.
This year`s conference is themed:` East African Region – the destination of choice for Oil and Gas Investment Opportunities to enhance Socioeconomic Transformation.`
Chairperson of the organizing committee, Marin Heya said over the weekend that over 1,000 local, regional and international delegates will be attending the three-day conference that will be in Mombasa from May 8.
`The conference will help attract investors on oil and gas into the region given the potential in the region, ` Heya said.
He revealed that the Chinese geo-spatial and survey firm BGP and CNOOC are among the companies that are expected to attend the three-day conference.
The official also stated that the East African Community (EAC) member states, including Kenya, Uganda, Tanzania and Rwanda will exhibit at the conference alongside international …
It targets agricultural,building,construction and waste management sectors in the country
Leading construction and building equipment supplier, Ganatra Plant & Equipment Ltd and NIC bank have partnered to finance purchases of new JCB Back-hoe Loaders in Kenya.
This is in the wake of a credit crunch in the market occasioned by the interest rate cap law, which has lowered the purchasing power of majority of investors.
The partnership is seeking to reduce the financial load from the customers by offering them flexible financing terms including a cost reduction of 20 per cent.
In the financing partnership signed in Nairobi this week, NIC will offer an 80 per cent financing, thus offering small medium enterprises and corporate organisations the opportunity to acquire the Back- hoe Loader through asset financing.
The move will therefore free up cash that can be directed …
33% of manufacturers in the country plan to reduce the number of full time employees
Only 48 per cent of manufacturers in Kenya have expressed optimism that the sector would grow this year, a latest survey has revealed, as investments in the country continue to face headwinds.
According to the Q1 ‘Manufacturing Barometer’ by the Kenya Association of Manufacturers (KAM), the biggest worry by industry players over the next six months (61 per cent) is the high cost of raw materials, which is making their products uncompetitive both locally, regional and in the international markets.
About 57 per cent are worried about pressure from increased wages, 54 per cent are concerned over decreasing profitability while 48 per cent fear that taxation policies in the country will affect their businesses.
Oil and energy prices which have remained high worries 43 per cent of the surveyed manufacturers in the country, the study …
The two have agreed to implement a Single Customs Territory (SCT) to enhance clearance of goods and promote trade
After close to two years of a trade tension between Kenya and Tanzania on free market access of locally produced goods, the two neighbours have agreed to call a truce.
Back-to-back trade talks have seen the two agree to open their borders for trade while they move to jointly implement a Single Customs Territory (SCT), as agreed, to enhance the process of clearance of goods.
The SCT is a step towards a full customs union, achievable by the removal of restrictive regulations and reducing internal border controls on goods moving between partner states. The ultimate goal is the free circulation of goods.
The two East Africa Community (EAC) member states have recently been entangled in a trade raw on local content which led to a tit-for-tat ban on some …
Cash transfers equal to the cost of common development programs have the same impact
Just last year, the World Bank asked Kenya to expand its cash transfer programs to the poor noting that these programmes were having a great impact than the traditional aid. The Bank urged the Kenya;s Treasury to ramp up allocations for direct cash transfer programmes beyond the 519,878 Kenyans covered as at 2015 under the social safety net plan.
In the World Bank report titled “Fiscal Incidence Analysis for Kenya” which analyses the impact of the direct cash programmes in Kenya, the multilateral lender says the elderly cash transfer programme covered only around three percent of all households in Kenya in 2015/16.
This call is now being backed by research as more people evaluate the effects of cash transfer programmes in Africa replacing the old model of donor dictating the project and how a beneficiary can …
Dimension Data Solutions Ltd & SAP has announced a strategic partnership in the East Africa that will give customers the ability to leverage intelligent enterprise solutions localised for the African market that can be integrated with SAP solutions
Africa is welcoming a new dawn in adoption of technologies that are making the continent remain relevant among other global peers. These technologies are guided by evolving needs of consumers which dictate that a the need to integrate technology in all aspects of their life. Such technologies include Artificial Intelligence (AI) and Internet of Things (IoT).
Dimension Data, a USD 8 billion global technology systems integrator and managed services provider is seeking such integration through global partnerships steered at making the African tech user safe and efficient. This is also guided by the desire to tap into the strengths of different players in the industry to offer holistic IT solutions.
Fuel, personnel and cost of aircraft remain top drivers of the airline’s costs
Kenya’s national carrier-Kenya Airways has posted a Ksh7.558 billion (USD74.6 million ) net loss for the year ended December 2018, as higher operating costs continue to eat into its improving revenues.
The airline which has changed its reporting period (end year) from March 31 to December 31, had a Ksh6.418 billion (USD63.5 million) loss in the 9-month period between April 1, and Dec 31, 2017.
This is despite the airline’s growth in total revenue for the 12 months which increased to Ksh114.45 billion (USD1.13 billion), compared to Ksh80.79 billion (USD789.7 million) for the nine month period ended December 31, 2017.
According to the management, fuel, personnel and the cost of aircraft remain the top three drivers of the airline’s costs, contributing to about two thirds of total operating costs.
“Fuel price volatility remains a major challenge for …
The first batch is intended to test the international markets
Kenyan crude oil could test the global markets before the end of this year, latest developments indicate, as stocks of the commodity continue to pile up at a storage facility in the port city of Mombasa.
In its latest operational update for the period January 1-April 25, 2019, British firm-Tullow Oil plc (Tullow), says the first export cargo is expected in the third quarter of 2019, even as exploration and drilling intensifies in the Turkana region.
This comes as the Early Oil Pilot Scheme continues to truck 600 barrels of oil per day (bopd) to Mombasa, where 80,000 barrels of oil are being stored ahead of export.
The crude oil from the Turkana oil fields is being stored at the defunct Kenya Petroleum Refineries Ltd (KPRL) (refinery) facility …
China dominates as Kenya’s top import source globally
Uganda is Kenya’s biggest trading partner within the East Africa Community (EAC), latest data show, with China dominating the global scene.
The Economic survey (2019) shows total trade volumes (import and exports) between Kenya and Uganda in the year 2018, were valued at Ksh111.3 billion (USD1.09 billion).
Tanzania comes in a distant second with a total trade value of Ksh47.6 billion (USD468.9 million) while Rwanda is third with Ksh19 billion (USD187.2 million).
Trade with DR Congo, South Sudan and Burundi, mainly export markets for Kenya, were valued at Ksh15.2 billion (USD149.6 million), Ksh12.9 billion (USD127.1 million) and Ksh6.6 billion (USD65.02 million) respectively.
During the year under review, Uganda increased the value of its exports to Kenya by 17.6 per cent to close at Ksh49.4 billion (USD486.7 million), from Ksh42 billion (USD413.8 million) in 2017.
NIC Bank and CMC Kenya have entered a deal for Ford Ranger vehicles
CMC Motors, the sole distributor of the Ford Ranger vehicles, and NIC Bank, have signed a partnership agreement that will see CMC- Ford customers receive up to 95 per cent financing on all Ford ranger vehicles.
The deal is based on a 60-months-repayment plan, the latest in an effort to grow the uptake of commercial motor vehicles in the country.
This promotion scheme will ease the acquisition of Ford Ranger vehicles as customers will be able to enjoy maximum loan tenure of 60 months; 60 days repayment holiday after vehicle release and insurance services arranged through NIC bank.
Speaking in Nairobi during the signing ceremony of the financing deal, CMC Motors Group CEO Noel Mabuma said: “Given the vast expertise in financial services from Al Futtaim, CMC is proud to launch the interest subvention scheme that will …