| Africatime
Thursday 30 March 2017
(Bloomberg 03/30/17)
Kenyan Treasury Secretary Henry Rotich will seek to convince a skeptical market of the government’s plan to return to fiscal consolidation when he presents its budget on Thursday. After reaping the benefits of low international oil prices for the last three years, East Africa’s largest economy risks being weighed down by a drought and a law capping the interest commercial banks can charge to 4 percentage points above the central bank’s key rate. These three charts show the factors that may complicate the budget aimed at boosting the nation’s gross domestic product. The government intends to narrow its fiscal deficit to between 6 percent and 6.5 percent of gross domestic product in the fiscal year...
(Xinhuanet 03/30/17)
Kenyan manufacturers vowed Wednesday to embrace energy-efficiency technologies in order to combat climate change. Kenya Association of Manufacturers (KAM) CEO Phyllis Wakiaga told an energy forum in Nairobi that the industrial sector, as a major consumer of energy in the country, can help Kenya reduce its carbon emissions. "Manufacturers will therefore prioritize use of energy efficient technologies by undertaking energy audits for their firms so as to help reduce their carbon footprints," Wakiaga said at the Kenya Renewable Energy and Energy Efficiency Exhibition and Conference 2017. The three-day event brought together stakeholders from the government, renewable energy developers, energy efficiency service providers, developing partners and financiers, with the aim of promoting renewable energy development, energy efficiency and resource efficiency in...
(Capitalfm Business 03/30/17)
The high cost of basic commodities and expansion of the tax bracket are among key areas Kenyans expect the 2017/18 budget due Thursday to address. Those who spoke to Capital FM News ahead of the reading of the budget Thursday afternoon by Treasury Cabinet Secretary Henry Rotich said the government needs to address the cost of basic food items in order to improve the lot of many citizens. Some however said that the government needed to identify potential tax contributors...
(The Citizen 03/30/17)
The government will have a tough balancing act as it announces financing plans for the Sh2.6 trillion 2017/2018 budget. This as National Treasury plans to increase spending without necessarily introducing a raft of taxes that could further burden both companies and individuals. In the financing plan enumerated in the Budget Policy Statement, the Kenya Revenue Authority (KRA) will be out to collect Sh1.7 trillion, which is Sh400 billion more than what its expected to collect this financial year. Treasury mandarins...
(Daily Nation 03/29/17)
Kenya has received equipment worth Sh32 million which can detect chemical, biological, radiological and nuclear attack. The donation from the European Union (EU) will enhance the country’s capability to respond to incidents involving the threats. Health Principal Secretary Nicholas Muraguri on Tuesday received the equipment at Afya House from the EU delegation led by Mr Jean Pierre. Dr Muraguri said the donation is a demonstration of Kenya’s “good partnership with EU.” He said the equipment — which was enclosed in...
(Daily Nation 03/29/17)
Taxpayers have likely lost Sh40 billion in a project to build a new 450-kilometre fuel pipeline between Mombasa and Nairobi, the Nation can reveal. In contracting riddled with ruthless, old-school corruption, Kenya Pipeline Corporation (KPC), has embarked on a project which renders useless equipment, some of it new, on which the public has already spent hundreds of millions of shillings. They are throwing away perfectly good infrastructure and buying capacity the country has no use for because procurement offers an...
(Xinhuanet 03/29/17)
Kenya's telecommunication companies have taken the fight for subscribers to the low-income segment of the market. The firms, Safaricom, Airtel and Orange Kenya have in the last one week come up with tariffs allowing subscribers to call, text and access internet at the lowest price. Safaricom, East African nation's leading telecom, last week introduced Flex, a service that offers customers a chance to determine how much money they will spend on calls, short messages and Internet bundles. One unit in...
(Bloomberg 03/28/17)
Home Afrika Ltd., a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April, Chief Executive Officer Dan Awendo said in a March 24 interview. Materials “should be ready by the end of March 2017 to allow us to launch our fundraising roadshows,” he said.
(Xinhuanet 03/27/17)
Kenya on Monday launched a gold-backed Exchange Traded Fund (ETF), a first of its kind in East Africa. Principal Secretary in the National Treasury Kamau Thugge told journalists that the NewGold ETF will be traded at the Nairobi Securities Exchange (NSE). "The Kenya shilling ETF will be traded in the same manner as a normal equity security and will be subject to similar tax treatment," Thugge said. The securities instrument will enable investors to invest in an instrument that tracks...
(Xinhuanet 03/27/17)
Kenya, European Investment Bank (EIB), the European Union (EU) and France on Monday signed a 180-million-euro deal to boost electricity connectivity in the East African country. Cabinet Secretary in the National Treasury Henry Rotich told a media briefing that under the agreement 300,000 households will be connected to the national grid. "The funds will support Kenya's Last Mile Connectivity initiative that aims to connect all Kenyans to national grid by the 2020," Rotich said. The financial package consists of a...
(Xinhuanet 03/27/17)
Sudan is seeking investment opportunities in mining sector in a bid to revive the economy which lost two thirds of its oil revenues following separation of South Sudan in 2011. The Sudan International Mining Business Forum and Exhibition kicked off sessions on Monday in Khartoum with the participation of 29 foreign companies from all over the world and 36 local ones. "The forum tends to inform with and promote for Sudan's mineral potentialities in addition to utilization of modern technologies...
(Xinhuanet 03/27/17)
Kenya's investment environment will remain favorable in the coming months ahead of Aug. 8 elections, Nairobi-based investment firm Cytonn said Monday. "We expect that the upcoming electioneering period will not have significant effect on Foreign Direct Investment (FDI) as foreign investors with a long-term view of the market continue driving FDI inflows," Cytonn said in its analysis report. According to the firm, towards the end of 2007 when Kenya was going to elections, FDI inflows peaked at 450 million U.S...
(BBC News Africa 03/24/17)
Kenya has become the first country to exclusively sell government bonds to citizens via their mobile phones, as it seeks new ways of raising money. The country is already a pioneer in the use of mobile money. The government is looking to tap into that network by allowing mobile phone users to trade the government securities across their phones. Kenyans can buy one of the bonds for as little as 3,000 Kenyan shillings ($30; £23), the country's central bank said...
(AFP (eng) 03/23/17)
Kenya, a pioneer in mobile money, on Thursday began selling the first ever government bonds via mobile phone, allowing anyone from teachers to shop owners to invest and fund infrastructure projects. The bond is named M-Akiba, which means "mobile savings" in Swahili, and was launched with a value of 150 million shillings (1.3 million euros, $1.4 million) ahead of the main launch of a five billion shilling bond in June. "Police officers, primary school teachers or those working in kiosks...
(Daily Nation 03/23/17)
The government is developing a national legislation to guide counties on revenue collection. This follows complaints that some devolved units had come up with prohibitive taxes that have scared away investors. The guide is meant to check on the unnecessary levies that are way above what the business community can afford and remain in business. National Treasury Cabinet Secretary Henry Rotich said a review of the fees charged by counties will also include increasing rates paid for properties like land...
(AfricaNews 03/21/17)
Kenya’s government has signed with four international banks to raise $800 million in syndicated loans that authorities say will boost foreign-currency reserves and plug a widening budget deficit. The East African nation’s Treasury signed the agreements with Standard Chartered bank, Citibank, Rand Merchant bank and Standard Bank. Kenya plans to raise 154 billion shillings ($1.5 billion) through external borrowing in the current budget year that ends June 30. It has already secured $250 million from lenders led by PTA Bank, an East African trade-finance lender based in Burundi.
(Reuters (Eng) 03/21/17)
Kenya will start selling a mobile-phone based government bond this week, the Treasury said on Tuesday, the culmination of a lengthy plan to tap a new pool of investors into government securities. The Treasury said the bond will go on sale on Thursday, without offering more information. Kenya pioneered the use of mobile money in 2007 with M-Pesa, a money transfer service, by telecoms operator Safaricom. Known as M-Akiba, the new bond will be offered on M-Pesa and similar mobile...
(Xinhuanet 03/21/17)
Kenya has started negotiations with Britain to maintain its market shares as the latter prepares to leave the European Union (EU). Principal Secretary of International Trade Chris Kiptoo told Xinhua in a telephone interview that informal trade negotiation has started between the two countries. “We have started talks with UK officials as part of ensuring we have maintained our market once the country formally leaves EU. The talks are going on at both ends, but formal discussion will start once...
(Reuters (Eng) 03/21/17)
It hasn't rained on John Mwema's farm in over a month. But on his one-acre piece of land stand thousands of green maize plants. "I grow baby corn," said Mwema, bending to examine a bunch of tiny corn cobs. "It is a type of corn that is three to four times quicker to harvest and uses less water than regular corn." Farmers in the eastern Kenyan village of Ngoliba and across the country are increasingly faced with water scarcity. Some...
(Xinhuanet 03/20/17)
Kenya has started negotiations with Britain to maintain its market shares as the latter prepares to leave the European Union (EU). Principal Secretary of International Trade Chris Kiptoo told Xinhua in a telephone interview that informal trade negotiation has started between the two countries. "We have started talks with UK officials as part of ensuring we have maintained our market once the country formally leaves EU. The talks are going on at both ends, but formal discussion will start once UK formally exits EU," said Kiptoo. As time nears for Britain to leave the EU formally, Kenya

Pages