Popular smartphone manufacturer based in China; Xiaomi, has announced that it has entered into the electric vehicle sector. It has started its venture with an initial investment of 1.52 billion United States Dollars in a subsidiary which it owns entirely. It has placed a total investment target of 10 billion United States Dollars over a period of the next 10 years. Electric vehicles have become hugely popular in China thanks to a large extent to a strong policy support from Beijing, which also includes a number of subsidies. While a number of said measures have been significantly reduced Canalys which…
Author: Tobey
Total beverage company; The Coca-Cola Company, is reportedly considering numerous options for its bottling business venture on the African continent. Among said numerous options, is an Initial Public Offering (IPO) option and a sale option. According to reports by Bloomberg, an Initial Public Offering (IPO) or sale of its bottling business would put the value of said business at around 6 billion United States Dollars. That figure might however change depending of course on the level of interest from buyers. The Coca-Cola Company currently holds 66.5 percent of the Coca-Cola Beverages Africa company and is also conversing with potential advisers…
Global payments leader and technology company; Mastercard and Airtel Africa have signed an agreement. In this agreement the American multinational financial services corporation; Mastercard will be investing 100 million United States Dollars in Airtel Mobile Commerce BV (AMC BV), Airtel Africa’s Mobile. Once the transaction is completed, Mastercard will subsequently own a minority stake of 3.775 percent in Airtel Mobile Commerce BV. Mastercard will be investing 100 million United States Dollars via a secondary purchase of shares from Airtel Africa. The investment will be closed in 2 stages. The 1st tranche will be 75 million United States Dollars “once the…
The Net Profit for leading supplier of Petroleum and Gas products in the East African region in the oil and gas sector; Total Kenya in 2020 increased by 30 percent to 3.3 billion Kenyan Shillings despite a rather difficult year. This is higher than the 2.5 billion Kenyan Shillings that was the case in 2019. The revenue for Total Kenya from the selling of Petroleum and Gas products dropped by 32 percent to 97.4 billion Kenyan Shillings from 144 billion Kenyan Shillings which was achieved a year before. The drop is attributed to the reduced sale of said products due…
The yearly inflation for the East African nation of Kenya increased to 5.9 percent in the month of March 2021. This is the nation’s highest inflation rate in 10 months and is higher than the 5.8 percent that was the case in February 2021. The continued increase in inflation rate is to a large extent as a result of the increase in the price of a number of food items during the same period, as well as an increase in the price of fuel also during the same period. Data from the Central Bank of Kenya (CBK) revealed that the…
The Central Bank of Kenya (CBK), has announced the recommence ment of charges for all transactions above 100 Kenyan Shillings that have been carried out via internal bank wallets that are connected to Savings and Credit Co-Operative Societies (SACCOs). The internal banking wallets in this instance, has to do with wallets that are owned by banks and that aid the provision of mobile money services, as well as other financial services which often times also involve a third party technology provider. A press release from the Central Bank of Kenya (CBK) made it known that the recommencement is needed so…
The East African nation of Kenya, is looking to secure a Debt Service Suspension Initiative (DSSI) extension to up to June 2022. This will be longer than the 1 year extension which was granted to up to the 30th of June 2021. Apart from the Debt Service Suspension Initiative (DSSI) that is being targeted, Kenya is also looking to attain new limits with regards to access to International Monetary Fund (IMF) funds via a new apportionment of the already existing special drawing rights as well as the apportionment of new special drawing rights. This will make it possible to gain…
East Africa’s Telecommunications giant; Safaricom, has announced its launch of 5G connectivity technology testing for its users in Kenya. The tests will begin with both its enterprise users and individual users in Kakamega, Nairobi, Kisii, and Kisumu. The tests will make the telecommunications company; Safaricom, the first operator to offer 5G services in the region. It is also the 3rd mobile network service provider in Africa to launch its very own 5G services on the continent. Vodacom and MTN announced and launched their 5G services in South Africa in 2020. Safaricom as part of the tests, is looking to grow…
The Trade Agreement between Kenya and the United Kingdom (UK) is now in operation. This is coming after officials from both sides were able to complete the required ratification process. The East African nation of Kenya is looking to increase its market share in the United Kingdom (UK) by 5 percent by 2025. This will translate to 10.2 billion United States Dollars (1.1 trillion Kenyan Shillings). This is significantly higher than the 39 billion Kenyan Shillings for the last 5 years up until 2019. In the beginning of March 2021, the Trade agreement between Kenya and the United Kingdom (UK)…
Multinational company; Airtel Africa has set a land in motion to sell 200 Million United States Dollars worth of Equity in its mobile cash business to TPG which is a Global private equity establishment. The sale will be carried out through The Rise Fund and will make it possible for TPG to own a portion of Airtel Africa’s Airtel Mobile Money business. Airtel Africa which provides telecommunications and mobile money services in 14 countries in Africa, primarily in East, Central and West Africa, intends to use the proceeds from the sale to invest in sales and network infrastructure in the…
In the financial year that ended on the 31st of December 2020 commercial bank; Co-operative Bank of Kenya, achieved a net profit of 10.8 billion Kenyan Shillings. This is a 25 percent drop when compared to the 14.3 billion Kenyan Shillings in net earnings that it achieved during a similar period in 2019. The Co-operative Bank of Kenya which is licensed by the Central Bank of Kenya, saw provisions for bad loans rise notably to 8.1 billion Kenyan Shillings from the 2.5 billion Kenyan Shillings that was the case in 2019. The balance sheet for the Co-operative Bank of Kenya…
The Central Bank of Kenya (CBK) collected bids worth 23.3 billion Kenyan Shillings the recent Treasury Bills Auction it held on Thursday the 18th of March 2021. The Kenyan Government’s fiscal agent received bids which amounted to 27.6 billion Kenyan Shillings from investors against its offer of Treasury Bills worth 24 billion Kenyan Shillings at this auction. According to Kenyan Wallstreet the 1 year Treasury Bills were the most attractive during the Open Market Operation. It hit bids worth 15.1 billion Kenyan Shillings out of the 10 billion Kenyan Shillings that were on offer. The Central Bank of Kenya (CBK)…
The Kenya Power And Lighting Company (KPLC) more commonly referred to as Kenya Power has made it known that the cost of electricity in the month of March 2021, has increased by 1.20 Kenyan Shillings per unit. This includes taxes, and is also coming at a time when the compensation to far from affordable Diesel plants has increased. Putting into consideration that the East African nation of Kenya has a total monthly consumption of more than 800 million Kilowatts (kWh) this development has in turn increased the total bill to more than 1 billion Kenyan Shillings. The news is coming…
On Wednesday the 17th of March 2021 Bitcoin continued its downward spiral from a rally that saw it go past an All Time High (ATH) of 61,000 US Dollars just last weekend. On Saturday the 13th of March 2021, Bitcoin hit its current All Time High (ATH) of 61,781.83 US Dollars after the President of the United States; Joe Biden ordered that the nationwide vaccinations be accelerated and also signed off on the 1.9 trillion US Dollar Fiscal Stimuli As at the time of compiling this article Bitcoin’s price per coin stood at $54,800.69, a not so subtle reminder of…
