Thursday 23 November 2017
(Xinhuanet 11/17/17)
The level of loans given by Kenyan banks has been assessed to be healthy in a new briefing by the Nairobi-based regional investment house Standard Investment Bank. Economic growth in Kenya has slowed in the last four months because of the general elections and a repeat of the presidential election last month, causing some borrowers especially the small scale entrepreneurs to defer servicing loans, banks said . "The level of non-performing loans is yet to mushroom to become a systemic problem," said Francis Mwangi and Martin Kirimi, researchers at the investments bank, in a joint briefing on Thursday. In August, the level on non-performing loans, or loans that had not been serviced for several months...
(Reuters 11/17/17)
Kenya Airways reduced first-half losses by 20 percent, helped by cost cuts, and will start flights to New York next year, its new chief executive said on Friday as the company presses ahead with its turnaround. Kenya Airways' Boeing 777-300ER aircraft, with a sitting capacity of 400 passengers, arrives at the Jomo Kenyatta International Airport in Nairobi, file. REUTERS/Noor Khamis The airline, part-owned by Air France KLM, completed a $2 billion debt restructuring this week as part of turnaround plans after a slump in Kenyan travel and high financing costs on new Boeing jets sent it to the country’s biggest ever corporate loss -- 26 billion shillings ($251 million) -- in its 2016 financial year. Shares in the company were...
(Xinhuanet 11/17/17)
Sino-African relations have entered a new development stage of win-win cooperation, according to the fifth Biennial Conference of China-Africa Industrial Forum (CAIF) that opened here Thursday. Supporting Africa's industrialization and capacity cooperation are of vital importance in the next five years and Sino-African trade is likely to total 180 billion U.S. dollars in 2017, said CAIF secretary general Cheng Zhigang in the opening speech. Sino-African economic and trade cooperation has great potential, said Cheng. China has been Africa's largest trading...
(The Associated Press 11/14/17)
Kenya’s Supreme Court is poised to hear petitions challenging President Uhuru Kenyatta’s re-election in a repeat presidential poll. The court made history when it nullified Kenyatta’s re-election in August. It cited irregularities and illegalities in the vote count and the electoral commission’s failure to allow scrutiny of its servers to dispel opposition leader Raila Odinga’s claim of fraud. It then ordered a new vote. There are concerns about intimidation after the court failed to find a quorum to consider a...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Xinhuanet 10/31/17)
Jane Mukami was rattled when the skies opened, paving way for torrential rains that threatened to destroy 50 kilograms of rice she had just harvested in her farm in central Kenya. Having lost her entire harvest in previous heavy downpours, Mukami had to be innovative enough to cushion herself from a similar predicament that not only sapped her energy but also depleted her revenue base. At the same time, selling her rice immediately after harvesting is not an option for...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(Xinhuanet 10/19/17)
The use of mobile money in Kenya declined by the biggest margin in August, pointing to jitters related to East African nation polls first held on Aug. 8. Kenyans transacted on mobile phone 2.8 billion U.S. dollars during the month, down from 3 billion dollars in July, Central Bank of Kenya data showed Wednesday. It was the biggest fall since the start of the year, with mobile money transactions recording rise and decline in use in separate months during the...
(Xinhuanet 10/19/17)
Kenya's travel agents on Wednesday appealed to political leaders to find a solution to the current poll standoff, saying prolonged electioneering period is taking a great toll on business travel in the East African nation. The Kenya Association of Travel Agents (KATA) said whereas the industry was able to withstand the aftermath of the Aug. 8 general election, the ongoing political uncertainty punctuated with violent protests is threatening to bring business to a grinding halt. "Overall air ticket bookings from...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(Xinhuanet 10/17/17)
Kenya's plantation union on Monday denied reports that flower farmers are relocating to Ethiopia due to frequent labor unrest in the east African nation. Kenya Plantation and Agricultural Workers Union (KPAWU) Assistant General Secretary Meshack Khisa rejected reports made by county officials as alarmist and reckless. He said that workers in the sector had the right to agitate for higher pay due to the high cost of living which had pushed up the price of basic commodities. "The governor's statements...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(APA 10/12/17)
APA-Nairobi (Kenya) - One of Kenya’s leading retail supermarket, Tusky Mattresses ongoing corporate transformation efforts have received global commendation at the prestigious 4thWorld Branding Awards held at the Kensington Palace in London on Wednesday evening. In a rare commendation for a local brand, Tusker Mattresses Limited which runs the Tuskys branded chain of retail stores won the Kenya Supermarket Brand of the Year category in the awards which focus on branding excellence. The World Branding Awards is the premier awards...
(AFP (eng) 10/11/17)
"Time for an interview? I have a lot of time at the moment," said Owino Onyango, sweating as he stepped out of his blacksmith's shop in Nairobi to talk business, and politics. "Business goes with politics: if politics go down, business also goes down", said the 64-year-old, grumbling about the "unhealthy" political climate in Kenya since the Supreme Court's September annulment of President Uhuru Kenyatta's election. Election seasons stifle the economy in Kenya, but this year's protracted crisis, with many weeks of court disputes and street protests, has been particularly bad for business. Onyango appears hard at work, hammering a glowing shaft of metal fresh from the forge, but his industry is an illusion.
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(APA 10/09/17)
APA-Nairobi (Kenya) - The Central Bank of Kenya(CBK) on Monday disclosed that it has received an offer from Mauritius-based financial Institution (SBM) Holdings acquire to Chase Bank Kenya which is under receivership since April 2016. CBK said that they have received a non-binding offer which includes the acquisition of certain assets and matched liabilities from Chase Bank. Last year, CBK placed Chase Bank, under statutory management for a year due to what the regulator termed as unsafe financial conditions. “Whilst...
(APA 10/06/17)
APA-Nairobi (Kenya) - Thousands of Gikomba market traders in Nairobi were on Friday mourning the loss of their property worth millions after a huge fire gutted down their wares in Nairobi’s largest open air market. Thousands of traders watched in disbelief after the fire that begun around 3.am in the morning razed down their property after the fire broke in the fish and groceries section. By Friday morning, all county fire engines were on the scene battling with the inferno that had spread to other other parts of the market and buildings housing banks close by. No cases of casualties has been reported with the cause of fire still unknown.
(APA 10/05/17)
APA-Nairobi-Uganda - The deterioration of the Kenyan private sector intensified during September, driven by an unfavourable political climate, Markit Stanbic Bank Kenya Purchasing Managers Index (PMI) report revealed on Thursday. The seasonally adjusted PMI dipped to a new survey record low of 40.9 in September from 42.0 in August. According to the survey, the overall decline of the private sector was driven by sharp contractions in output and new orders. In response to lower output requirements, firms decreased their payroll...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(APA 10/04/17)
APA-Nairobi (Kenya) - The Kenyan government plans to spend 6 billion shillings ($5.8 million) to subsidize maize, and make the staple food affordable to Kenyans. This is a response to the negative impact of the ongoing drought that has hit the Horn of Africa region, including Kenya. President Uhuru Kenyatta has said the money will be used to buy all the maize offered for sale by farmers this season, under the government’s strategic food reserve programme to boost food security...

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