Sharp increases in the prices of beans, maize flour, green grams as well as other foodstuffs pushed Kenya’s inflation rate to 5.7 percent in June 2019, effectively wiping out the temporary benefits the recents rains had brought on the cost of living in the country. The 5.7 percent inflation rate is slightly higher than the 5.49 percent inflation rate recorded in May 2019. Since Inflation essentially measures the cost of living, an increase simply means that consumers in Kenya, used more money to buy the same quantities of foods than they did previously (in the past month for example), this…
Author: Tobey
On Friday the 28th Of June 2019, The Kenya Wildlife Service (KWS), seized 800 kilogrammes of bush meat at the popular Burma market located in Nairobi’s Eastland area. The Kenya Wildlife Service (KWS) said in a statement, “Kenya Wildfire Service’s security team in collaboration with other law enforcement agencies have so far arrested fifteen suspects who were on Thursday arraigned before a Kibera Law court to answer to charges of dealing, and being in possession of bush meat and selling uninspected meat among other charges,”. The confiscated meat was being sold to unsuspecting customers as beef. Buying and selling bush…
On Thursday the 27th Of June 2019, several flights to the Jomo Kenyatta International Airport (JKIA) were diverted to the Kisumu and Mombasa airports, as a result of radar failure. Sources (according to Standard media) revealed that the radar system which is operated by the Kenya Civil Aviation Authority (KCAA), went down at 5.15 pm and attempts to restore it took much longer than expected. Passengers at the airport were left stranded for awhile, due to the hitch. The Kenya Civil Aviation Authority (KCAA) in a statement, confirmed that two flights were indeed diverted. One flight coming in from Mombasa…
According to The Star The Directorate of Criminal Investigations has summoned 204 Kenya power consumers over irregular postpaid billings. In a statement on Thursday, the Directorate of Criminal Investigations (DCI), stated that the individuals and companies are suspected to have been involved in fraud leading millions of Kenyan Shillings being lost as a result of the conspiracy. The statement read: “The DCI is currently investigating allegations of fraud involving millions of shillings in Kenya Power in regards to billing system – postpaid,”. It added that, “The funds were lost as a result of a conspiracy between some Kenya Power staff,…
While it is not exactly common knowledge, the relationship between Tech giants Samsung and Apple goes much deeper than just rivalry. The two companies also have a customer-supplier relationship as Samsung’s subsidiary; Samsung Display, supplies Apple with OLED panels. When Apple was launching its first OLED phone; the iPhone X way back in 2017, the company allegedly made a deal with Samsung. In said deal, Samsung stated that it would not only supply the the American company (Apple), with 100 million OLED panels every year, it would also set up a dedicated factory to help it cater to Apple’s OLED…
East African nation; Kenya, has begun a joint partnership with the Tullow oil and Africa Oil Corporation to develop a crude oil refinery in Turkana and begin the construction of a pipeline from Lokichar to Lamu. The Heads of Term agreement was signed by the Petroleum and Mining Cabinet secretary John Munyes who describes l the development as a significant milestone towards Kenya becoming a major oil exporter by 2022. The proposed refinery will be able to process 60,000 to 80,000 barrels of oil per day. Partners will essentially source for the funds for construction of the pipeline to ship…
Top cryptocurrency Bitcoin, has risen to an 18 month high today Wednesday the 26th of June 2019. Bitcoin which is the world’s biggest cryptocurrency has continued to increase in value, since April 2019. Its trading closed today at $13,000 (1.3 million Kenyan Shillings). While the cryptocurrency is now up by 240 percent since the start of the year (2019), it still remains below its all time high of nearly $20,000 (2 million Kenyan Shillings). Observers say the increase is as a result of nervous traders looking for safety in alternative investments, coupled with the expectations that Facebook’s Libra could turn…
According to Business Daily, East African powerhouse Kenya, has made a total of 22.5 billion Kenyan Shillings in interest payments on the five year 76.4 billion Kenyan Shillings ($750 million) Eurobond tranche that matured on Monday, the 24th Of June 2019. The 22.5 Billion Kenyan Shillings figure, indicates the heavy price that taxpayers in Kenya have to pay to finance external commercial loans. In the debut Eurobond of 2014, Kenya’s National Treasury borrowed 275 billion Kenyan Shillings ($2.75 billion) in tranches of five years; 75 billion Kenyan Shillings ($750 million) and 10 years; 200 billion Kenyan Shillings ($2 billion). The…
European country Portugal, has launched the Portuguese Business Council in Kenya. The aim of the office, is to help Portuguese companies interested in the healthcare, agriculture, technology, and manufacturing sectors, find opportunities and also set up and begin operations in Kenya. According to the Council founder Joao Ramos, the Portuguese Business Council will assist both Kenyan and Portuguese companies, with identifying investment opportunities within the two countries and also work with different agencies to improve the business environment between both countries. Kenya and Portugal have been able to sustain a cordial relationship for years. As of 2017, Kenyan exports to…
The African Development Bank (AfDB) has announced that the construction of the 460 kilometer transnational highway between Kenya and Tanzania will begin early next year (2020). The Development Bank stayed that the funding for the road is expected to be approved in September 2019. The highway will cost approximately $751 million (75.1 billion Kenyan Shillings). The highway will go through Malindi, Mombasa and Lunga Lunga on the Kenyan side and Horohoro, Tanga and Bagamoyo on the Tanzanian side. The African Development Bank (AfDB), will finance 70 percent of the coastal highway while the governments of Kenya and Tanzania will cover…
Africa’s E-commerce giant; Jumia, has announced plans to expand its countrywide pick up station network from the current number of 170 pick-up stations, to 600. The announcement came on the eve of Jumia’s 7th birthday sales campaign, called ‘Jumia Anniversary Sales’. The sales campaign launches today, Sunday the 23rd Of June 2019, from 11:59 pm and will run for three weeks. The new strategy relies on an agency model, through which existing entrepreneurs will potentially earn as much as 20,000 Kenyan Shillings by hosting the Jumia pick up stations in their existing shops and facilities. The move is aimed…
Technology giant Apple, has notified its suppliers which are Foxconn, Pegatron and Wistron to submit plans on moving between 15% and 30% of its production outside of China. This is as a result of a growing concern regarding the the ongoing trade war between China and the United States. The California based tech company’s decision is seen as a move to avoid becoming a victim of the trade war, like Huawei. The majority of Apple’s products are currently manufactured in China. The company’s low-cost iPhones, are manufactured in India. Plans to begin making the higher-end iPhones in India, are underway…
The Kenyan Education ministry has given universities an ultimatum of two weeks to prepare a list of the institutions that will be merged and the institutions that will be shut down. During a meeting with the vice-chancellors and finance officers from the 31 chartered public universities and seven university colleges, the Education Secretary George Magoha asked the administrators to begin the groundwork for the drastic measures. Some of the issues discussed at the meeting include pending bills, pension, taxes, debts and Sacco remittances. The vice-chancellors also told the Education secretary that the new policy is coming from the top and…
Individuals outside Kenya who are still in possession of the old 1,000 Kenyan Shilling currency notes, will have to bring them back into the country, in order to exchange with the new currency before the 1st of October 2019 deadline. This is according to the Governor of the Central Bank of Kenya (CBK), Patrick Njoroge. Dr. Patrick Njoroge, has ruled out any form of conversion of the old notes outside of Kenya’s borders, indicating that the regulator has already notified all foreign banks to stop recognising the legacy currency. The Governor made it known that the regulator is also…
