Browsing: Uhuru Kenyatta

The situation is no better across the border in Kenya, since both countries are geographically on the Indian Ocean they are major international air and water transit locations for traffickers from Asia and Latin America to Europe and the Arabian Peninsula.

As is the case for Tanzania, the report also cites corruption as a central reason behind traffickers choice of ports. As a result Kenya is also a transit country that is quickly becoming a destination for a various of drugs and especially heroin and cocaine as well as drugs that are used to produce methamphetamine.

“Heroin originating from Southwest Asia enters Kenya both from direct shipping across the Indian Ocean via south Asia and, increasingly, from countries to the south, such as Tanzania and Mozambique. Most of the heroin entering Kenya is destined for international markets, principally Europe. Cocaine enters Kenya primarily via transshipment through Ethiopia from South America,” …

For almost a decade, Kenya diversified its industrial foundation under Kibaki and improved the logistical distribution especially seaport and airport which eased the penetration of goods and services within East Africa.

Nairobi remained relatively robust financially until the end of the first term of Kibaki’s successor, President Uhuru Kenyatta.…

Kenya’s exports to Ethiopia in 2019 were valued at US$67 million, while Ethiopia’s exports to Kenya were valued at US$52.05 million and it is expected to increase significantly with the operationalisation. The OSBP and the LAPSSET corridor are expected to enhance this trade. 

During the launch, PM Abiy hailed deepening economic ties between the two nations as one that would lead to mutual benefit for the people and economies of the neighbouring nations. …

Tanzania has earned a record $3 billion from gold sales as price for the precious metal soars in the world market.

Publicized by the Bank of Tanzania, the value of gold exports clocked $3.025 billion in the year ending March 31, 2021, a considerable jump from $2.324 billion that was earned last year.

In fact, gold is doing so well that it has become the country’s top foreign exchange earner, and even overtaken tourism.

Gold prices have been edging up since the corona outbreak last year owing to jittery investors fearing a collapse of other currencies (including the dollar) and opting to store their value in gold.

“As financial markets were hit by the pandemic, investors rushed for gold which they consider as one of the safe haven assets,” report local media.

Consider this, gold represented more than half (55.9 percent) of the value brought home from sell of …

The Coronavirus (COVID-19) pandemic is currently causing a significant adverse impact on the global economy occasioned by countries imposing measures to mitigate increasing cases and also sanctioning countries with more cases.

Governments around the world are implementing various fiscal measures to mitigate the adverse effect and provide relief for businesses and households. Across the Eastern African region, the impacts of COVID-19 are being felt in different ways and the measures taken by the respective governments have also differed on the areas of focus and comprehensiveness.

The third wave of coronavirus in Kenya saw President Uhuru Kenyatta issued a couple of measures restricting movement by locking the Capital city Nairobi and Neighboring counties as a one zoned area.

Also Read: Tanzanian Ambassadors Urged to Explore Markets for Tanzanian Products

Kenya’s decision to halt the movement of interstate buses across its border following a surge in Covid-19 cases has left many business …

Eight business associations representing the business community in Kenya have come together to call for the abolishment of the 1% minimum tax introduced by the government. 

The new bill expected to take effect on 1st January next year was introduced through the Finance Bill, 2020 (the Bill). 

The bill was tabled in the National Assembly for debate and approval on 6 May 2020. This was a departure from previous years where finance bills would be introduced to the National Assembly after the reading of the national budget in June. This change was necessitated by recent constitutional interpretations issued by the court which barred the government from collecting taxes before the relevant tax provisions are approved by the National Assembly, and a subsequent amendment to the Public Finance Management Act, 2012 which required that the Finance Act be enacted by 30 June. 

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Kenya is keen on strengthening trade and investment ties with Europe, President Uhuru Kenyatta has said.

According to the Kenyan embassy in Brussels, Kenya has enjoyed a longstanding cordial association and trade relations with the European Union, under the framework of the successive Lomé Conventions and the Cotonou Agreement.

The cooperation began in the 1960s, prior to the Lomé Convention, and has been in the areas of, inter alia: development finance, trade, political, industrial development, energy, socio-cultural, regional cooperation development, agriculture and environment, with the objective to increase export income, promote industrialisation, and promote economic growth of developing countries.

To achieve these objectives, the European Union (EU) provided Kenya and other ACP countries preferential market access for primary products, essentially agriculture and other agro-based products, together with funds and other forms of assistance towards trade and private sector development. The preferences have been non-reciprocal, and are in the …

When there is conflict, it is the general society and businesses that suffer the most, in fact business should be at the forefront of advocacy for peace.

With almost every element of business going digital, the question of digital platforms been used for radical sentiments is not a political agenda but a socio-economic one.

There is need to take concerted action to promote and facilitate peace especially now, in an age where social media is been used to spread radical content online. Social media and other digital platforms are also very powerful tools to prevent conflict and extremism and promote greater understanding and tolerance.

“We have to take steps to ensure we instill seeds of peace and tolerance for one another, and social media is a great platform to reach youth to promote peace” Martha Nghambi the, Country Director for Global Peace Foundation Tanzania asserted.

Speaking to media over the …

Once upon a time in Kenya, tea and coffee were the big players, the rulers of the country’s agribusiness the top foreign exchange earners.

However with time passing the crops contribution to annual earnings kept falling, because the farmers were simply not getting paid in time. The peasants’ payment was little and delayed.

As a result, production and quality of the coffee and tea out remained poor and could not earn the country its potential income from the sector.

Now the government has set aside USD15 million to revitalize the sector. The funding is from the World Bank which is meant to compliment another USD30 million that Kenya set aside back in January.

What is to be learnt here is not just the will to revitalize the coffee and tea sectors but also the willingness to admit what the problem was in the first place, slow and low payment of …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …