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Why Kenya’s stock market has suffered steepest losses globally, how to reverse it
Kenya's stock market has experienced significant declines, marking it as the worst-performing globally, with the Nairobi Securities Exchange 20-share index dropping by 6% over a six-week period.
The market's weak performance is concerning for the Kenyan public, as up to 70% of their retirement savings may be invested in the stock market, potentially impacting pension obligations.
Additionally, companies relying on the stock market for capital may face challenges. The reasons for the market's dismal performance include sovereign risk, political uncertainties post-2022 elections, economic factors like US interest rate increases, a weakened Kenyan shilling, and the burden of public debt.
However, What moves markets? What ails Kenya’s stock market? What should be done? — More
IFC invests Sh32 billion in Kenya’s biofuel project
The International Finance Corporation(IFC) is set to invest Sh31.96 billion ($210 million) in an agribusiness project by Italian firm, Eni Kenya. The IFC said the investment in the form of a senior loan will support capital requirements by Eni Kenya towards the construction and operation of agri-processing plants in the country.
The project is projected to cost Sh32.41 billion ($213 million) with the World Bank’s private sector lending arm promising to help mobilize an additional Sh11.41 billion ($75 million) from other lenders.— Read More
Win for Safaricom in national roaming fees tussle
Rates for telcos' national roaming services, designed to connect subscribers in underserved areas, should be commercially negotiated. Read More
Co-op Bank Q3 profit rises to Sh18 billion
Co-operative Bank of Kenya posted a 7.5 percent profit growth to Sh18.4 billion in the nine months ended September, driven by higher interest income from loans. More
Taxi firm Yego seeks to enter Eldoret in an expansion drive.
The firm’s founder and chief executive officer Karanvir Singh said that more than 300 new drivers had so far on-boarded as they seek to offer services to customers in Eldoret and its environs. More
Kenya Power turns to detectives as vandalism cases remain stubborn
KPLC has partnered with the DCI, assigning 42 officers to collaborate with its security team to address vandalism, electricity and fiber theft, and illegal wayleave encroachments. More
Childhood friends turn passion into a thriving tour company
Mr. Pancras Karema and Lawrence Gitonga are the co-founders of Expeditions Maasai Safaris; a tour company based in Ngara, Nairobi. Read More
KRA, lawyers clash over client cash at bank
The Kenya Revenue Authority (KRA) has opened a new battlefront with lawyers as it seeks to collect taxes on interest earned on billions of cash held in client accounts in a far-reaching move that has sent shockwaves in the legal profession.— Read More
Auditor-General flags Sh489m Kenya Power supplier payouts
Auditor General Nancy Gathungu has put Kenya Power on the spot over the payment of Sh488.7 million to some eight suppliers without proper documentation, stating value for money could not be confirmed. — Read More
Ann Njeri Njoroge, the woman at the center of the Sh17 billion oil scandal
The Sh17 billion oil cargo, associated with self-proclaimed oil importer Ann Njeri Njoroge, has sparked controversy among top government officials, raising questions about the government-to-government petroleum deal and the ownership of the 100,000 metric tonnes of fuel, valued at Sh17 billion, currently under dispute.
Does the fuel belong to Anns Import and Export Enterprises Limited or the company registered as Galana Energies? — Read More
Supreme Court hands Coca-Cola final blow in Sh8bn bottles row
Giant soft drink manufacturer Coca-Cola is staring at an Sh8 billion bill to design and produce new glass bottles after failing to convince the Supreme Court to suspend a decision requiring the company to include nutritional and customer care details on soda bottles. — Read More
KPA boss admits one tribe dominates its workforce
The Kenya Ports Authority (KPA) has admitted that the majority of its employees are from one dominant ethnic community after it absorbed the staff of the defunct Kenya Ferry Services (KFS) in 2021. — More
Food tops imports as factory supplies, machinery plunge
Food has emerged as the biggest driver of Kenya’s expenditure on imports with orders for major capital goods falling, signaling a slowdown in key sectors of manufacturing and construction.
Latest official data shows traders splashed a record-high Sh256.76 billion on food imports in the first nine months of the year, partly helped by a waiver on taxes, which was extended by the William Ruto administration to ease prices. — Read More
Here is what is wrong with the Kenyan economy
Kenya's economy is facing instability, marked by a myriad of challenges such as rising interest rates, a depreciating currency, a substantial trade imbalance, reduced purchasing power, and soaring unemployment.
The escalating public debt, high taxes, and misplaced government spending priorities contribute to a grim economic outlook, prompting concerns about a potential default on debt.
Tax predictability is now a major concern to investors who are finding it difficult to plan appropriately. But are we collecting less taxes? — Read More