The Nairobi Securities Exchange (NSE)’s turnover recorded an astonishing drop to KSh 502.46 Million Kenyan Shillings compared to thursday the 24th of September 2020’s impressive figure of 1.44 Billion Kenyan Shillings. The amount of shares traded also dropped to 20.09 million compared to the 44.59 million shares traded on the 24th of September 2020; Thursday. The Nairobi Securities Exchange (NSE) recorded a 55 percent drop in volume, a 6 percent drop in deals from the previous trading session and a 65 percent drop in turnover. Although the activities of a number of foreign investors has reduced, the increase in their…
Author: Tobey
Popular flour miller; Unga Group Plc, has been hit by a harsh decline in its end of the year earnings. The publicly listed company blamed the drop on supply hitches in its raw materials, a reduction in consumer demands, disruption in the hospitality and travel sectors, and the weakened Kenyan Shilling. Unga Group has also battled with increases in wheat prices on the global scale and maize prices, in addition to weather conditions that have not been the best. Its animal nutrition side was also affected as a result of a low rise in farm inputs as farmers in Kenya…
Hardly one (1) week after announcing that they received 500 million Kenyan Shillings from a private equity firm based in Mauritius popular retailer; Tusker Mattresses Limited (more popularly known as Tuskys), has commenced a new string of staff layoffs which begin in earnest, on the 22nd of September 2020. The retailer through a letter addressed to all the employees who were affected, blamed the layoffs on numerous business operation realignments that are ongoing. It however assured all employees affected by the layoffs that they will all be paid for all accumulated leave days in addition to severance pay. All terminal…
According to reports Kenya Airways, is currently looking to return a leased aircraft as a measure to cut down its expenses. The Managing Director of the Airline; Allan Kilavuka, revealed that they are in the process of negotiating with the lessors who will be billed as soon as the planes are flying.l, adding that they are looking to return the aircraft which is not in use or at least reduce the rental charges. Kenya Airways also made it known that a company has already expressed interest and will be taking one of the plans that haven’t been in use. Mr.…
Subsidiary of Kenya Airways; Jambojet, has joined forces with a number of hotels in Kenya for a campaign called Now Travel Ready. The campaign is aimed at helping the low-cost airline boost domestic travel in Kenya. Especially as the country attempts to get things back to normal after the shutdown brought on by the ongoing Coronavirus pandemic. Among the hotels which are part of the Now Travel Ready Campaign are Grand Royal Swiss Hotel and Sovereign Hotel in Kisumu, Ciala Resort, Swahili Beach Resort and Diani Sea Lodge in Diani, Pride Inn Hotels and Hotel Englishpoint in Mombasa, as well…
According to recent reports, the Tax Appeals Tribunal has ordered popular betting company; Betway to pay all of the taxes it had initially agreed to pay with regards to withholding tax on all professional fees. The amount in question, is to the tune of a staggering 158 million Kenyan Shillings and is to be paid to the Kenya Revenue Authority (KRA). The case that saw international betting establishment; M/S BlueJay Limited, which trades in Kenya as Betway Kenya contest the payment of various tax obligations that got to 158 million Kenyan Shillings, has now been ruled in favour of the…
According to reports United States based chemical and seed council; Corteva Agriscience has signed an agreement with the National Potato Council of Kenya. With this partnership improved agricultural technologies will be brought into the East African Nation of Kenya. Kenya is currently a net importer of potatoes, especially potatoes from Tanzania, as a result of farming practices that are not yet at par with the standards attainable today. These technologies are expected to help small scale farmers and potato farmers alike to further improve and boost their agricultural productivity with regards to Potato farming, quality of the seeds, improved varieties…
The East African nation of Tanzania has lifted its ban on all Kenyan airlines and flights from Kenya into its airspace. The ban was a retaliatory response to Kenya’s decision to restrict travellers from Tanzania due to Coronavirus concerns. The Tanzania Civil Aviation Authority (TCAA) in a statement revealed that it has discontinued its ban on all kenyan operators including AirKenya Express Limited, Kenya Airways, SafariLink Aviation, and Fly 540 Limited. The news is expected to be well received by airlines and traders alike who rely on flights between the two East African nations. The decision to lift the ban…
The United States’ Commerce Department revealed plans to beginning from today the 20th of September 2020, ban the WeChat and TikTok applications from all application stores in America in an attempt to ensure that the security interests of the country are protected. All WeChat and TikTok users in the United States who have the applications on their mobile devices, will no longer be able to access them following the shut down. They (the users), will also no longer have any access to any updated versions of both apps, or access to any services involving maintenance. The announcement and decision, is…
According to reports popular retailer; Tusker Mattresses Limited (more popularly known as Tuskys) will be receiving up to 2 billion Kenyan Shillings in credit from a private equity firm located in East African nation; Mauritius. The retailer has already received 500 Million Kenyan Shillings as the first installment. A statement from Tuskys made it known that the new credit line will help the retailer sort out its requirements for working capital, as well as overdue rents, paying its staff all outstanding salaries as well as paying all bills owed to suppliers. The management of Tuskys also revealed that a portion…
Kenya’s electricity distributor; Kenya Power and Lighting Company has reportedly racked up considerable debt. According to Kenyan Wallstreet, as at the period that ended in June 2020 the Kenya Power and Lighting Company (KPLC), owes a staggering 47.85 billion Kenyan Shillings to a number of its power providers. The 47.85 billion Kenyan Shillings sum includes 4.67 billion Kenyan Shillings owed to the Kenya Electricity Transmission Company (KETRACO), 19.48 billion Kenyan Shillings owed to electricity providers who are independent, and 23.7 billion Kenyan Shillings owed to Kenya Electricity Generating Company PLC (KenGen). The Kenya Electricity Generating Company PLC (KenGen) issued a…
A report by Chainalysis called the 2020 Geography of Cryptocurrency Report, has listed Kenya as one of the world’s top ten (10) in the adoption of Cryptocurrency. Only three (3) african countries made the list, with Nigeria and South Africa being the other two (2). Chainalysis an organization which carries out analysis and provides data to various financial institutions, government agencies and exchanges, used its very own data and formula from various exchanges in order to measure the activity in cryptocurrency. It also put into account the economy size as well as the population size of each country, with the…
According to Business Daily Africa Tourist arrivals into the East African nation of Kenya, were down by 91.2 percent in the month of August 2020. In August which was the first after domestic and international flights resumed in Kenya 14,049 tourists came into the country. This is a far cry from the in 159,804 international arrivals recorded during the same period in 2019. The same year (2019), saw Kenya earn an impressive tourism revenue figure of 163.6 billion Kenyan Shillings, which was a 3.9 percent increase from the 157.4 billion Kenyan Shillings figure earned in 2018. Observers believe that the…
Jambojet has reportedly hiked up its ticket prices for domestic flights by 37 percent. The decision is seen by observers as a direct result of an increased demand for domestic travel after the various COVID-19 lockdown restrictions were eased up and is expected to boost Jambojet’s revenue. The airline which is a subsidiary of Kenya Airways, increased the ticket prices for five of its domestic routes; Eldoret, Diani, Kisumu, Malindi, and Mombasa. Passengers going to Eldoret, Kisumu, Malindi and Mombasa from Nairobi, will now pay a minimum one way ticket price of 6,600 Kenyan Shillings, as opposed to the previous…
