By Edwin Okoth March 2023 ended with a dent in Kenya’s currency stability when the shilling touched a record low against the dollar, and all concerned parties went on overdrive to save the shilling. From efforts to push exports, cut the import bill, reign on banks and bureaus, and anything in between, all hands have been on deck to try and freeze the freefall that had seen bureaus exchanging a dollar at more than Sh140.Sources close to the ‘operation save the shilling ‘say the National Treasury, the Central Bank of Kenya, and the ministry of trade were all pulled into…
Author: NBM CORRESPONDENT
Kenya’s privatization process has been exceedingly slow over the years, despite the previous administration earmarking 26 parastatals to be privatized in 2016 Privatization generally refers to transfer of ownership of an entity or a corporation from public to private sector. Privatization typically aims at enhancing economic efficiency by improving a company’s performance, cease or reduce the need for government economic intervention. Further, privatizations have been used to induce competition in monopolized sectors. Globally, one of the notable privatization of State Owned Enterprises (SOEs) was British Airways in 1987 when it was listed on the London Stock Exchange. Closer home in developing…
For Joyce Kiragu, a general manager at Orient Asset Managers, women drive economies. A mother of two and the firstborn in a family of four, Ms Kiragu, who describes her childhood and family life as “sweet and bubbly”, started her career as an accountant in the Information Technology (IT) industry working for Technology Today. Though she loved her job as an accountant, she realized that that was not her forte. Being in the office for the whole day was not fulfilling. The top executive re-oriented her career to reflect her life goals, and good were the days when she would…
The plan is in line with the company’s vision of transitioning to electric mobility BY ANTONY MUTUNGA The Car & General company has announced plans to introduce an electric two-wheeler motorcycle and a three wheelers tuk-tuks to the market. According to Vijay Gidoomal, the group chief executive officer said the plan was in line with the company’s vision of transitioning to electric mobility. He said that the company is looking to start the process early with the introduction of electric two-wheeler and three wheelers set for this year and 2024. Electric tuk-tuks from the group are expected to hit the…
BY ANTONY MUTUNGA It was in 2012 when Kenya Airways (KQ) recorded Sh1.66bn net profit. Since then, the national carrier has continued its run of losses as it recorded yet another dip in profit for the year ending December 2022.The company reported a Sh38.2 billion loss before tax for the financial year ending December 2022 as compared to Sh15.87 billion posted in 2021 thanks to strikes, high fuel cost and the depreciation of the local currency. The airline saw its total cost for 2022 rise to Sh155.1 billion from Sh86.4 billion. This was mainly driven by fuel prices, which increased…
In an increasingly digital economy, accelerated by the Covid-19 pandemic, there has been greater collaboration between the private sector and governments in Africa to further the continent’s digital and financial inclusion agenda. Financial inclusion, in particular, is both a pre-condition and a key enabler for meeting many of the UN’s Sustainable Development Goals (SDGs), including reducing poverty, boosting economic growth and promoting market access. To this end various governments, including Kenya and Tanzania, have not only embraced digital transformation but also provided sound and enabling policy frameworks over the years to allow for innovative solutions that empower citizens. For instance,…
BY NBM WRITER Economic policy analysts have cited an emerging learning crisis in developing countries, such as Kenya, as a critical impediment to sustainable growth. The analysts said school and human capital development are essential to individuals’ livelihoods and country-wide economic growth and development. The economic policy analysts, in their research presentations delivered at the recent two-day African Economic Research Consortium (AERC) 25th Senior Policy Seminar (SPS) noted that a crisis of learning quality had replaced the earlier enrolment crisis faced by developing countries. The Economic Policy Researchers presented their findings following a collaborative research project on human capital and…
Rolls-Royce, a company that develops and delivers power and propulsion solutions for safety-critical applications in the air, at sea and on land, has appointed John Kelly as its President for Middle East, Türkiye and Africa (META), with immediate effect. Before this role, Mr Kelly spent six years as senior Vice President of Europe, the Middle East and Africa for the company’s civil aerospace business. He joined the firm over 20 years ago, in 2001, as a graduate trainee in the defence section, and rose to become a senior manager before joining the firm’s civil aerospace division. Kelly said that Africa…
Music streaming company Spotify has announced a multi-year investment in Vibrate, a community recording studio and music business programme. The company said that it would be making a donation to Vibrate Space, a non-profit organization helping young Ghanaian music entrepreneurs, to support emerging artists in Ghana. Spotify first invested in the space in September 2022, which facilitated the launching of the space. It said that the investment to Vibrate Space will be made through its Creator Equity Fund. Vibrate Space, which is operated by Surf Ghana in Accra, is a community recording studio and music business programme, offering education, mentorship…
Family Bank Group has recorded a Sh3.7 billion profit before tax for the full year ended December 31, 2022, a 12.2 % growth compared to Sh3.3 billion posted in 2021.The revenue growth was catapulted by double-digit growth in revenues, customer loans and prudent investment decisions by the lender. Total revenues increased by 10.6% to Sh11.9 billion driven by 10.7% growth in net interest income that stood at Sh8.6 billion in the period under review largely as a result of exponential growth in interest income from loans and that of government securities which grew by 19.2% and 29.9% respectively in…