BY VICTOR ADAR Many professionals would stick to their career path but Njoki Waigwa, 32, is probably on a mission. The desire for her to venture into business seems to stem from the demise of her dad whom she lost in 2003 while she was around 16 years old. To help her mum who teaches English and Literature sustain the family, she had to think of ways to create income streams at an early age. This kind of scenario is evident in most households but with financial goals and proper plans, things can turn around. While she was at the…
Author: NBM CORRESPONDENT
BY ANDREW BOURNE Business success is perceived differently today. Buzzwords like maximization, venture-backed, growth hacking, and well-conceived exit strategies (like IPOs or acquisitions) define entrepreneurial success in the current age. In a mad rush to show high quarter-on-quarter growth rates, corporate leaders have forgotten that the true value of a business is how long it stays relevant in the market and, instead, focus solely on transient growth spurts even if they cost profits. Any business, no matter how big its initial success, needs to take a long-term approach if it’s to avoid being one of history’s almost-runs. This applies to…
BY ANTONY MUTUNGA The year 2020 has been one of the worst in terms of economic growth for many African countries including Kenya. It started off on a trudge as the first quarter of the year recorded a slowdown compared to the same period last year. According to data from the Central bank of Kenya (CBK), the economic growth had slowed from 5.5% last year to 4.9% this year. This slowdown was followed by the COVID-19 pandemic, which caused almost all Kenyan industries to close down for at least three months. With schools closed and people advised to work from…
Study raises questions about whether UBI is the ‘right policy choice’ for managing severe shocks BY PAUL DENNING A new study examining the effect of Universal Basic Income (UBI) in Kenya shows that cash transfers improved recipients’ food security and health and these gains sustained through the policy responses to the Covid-19 pandemic and the hungry season. Beneficiaries of a basic income experienced less hunger, sickness, and depression, both before and after the country implemented restrictions to tackle Covid-19, according to the research. The research was conducted by Tavneet Suri, associate professor of Applied Economics at the MIT Sloan School of Management, Abhijit Vinayak Banerjee, the…
BY ANTONY MUTUNGA In the early 2000s, Uchumi and Nakumatt dominated Kenya’s retail industry as they battled for the leader’s tag. At the time, the likes of Ebrahim supermarket, Tuskys and Naivas were small fish that only competed for the average customer. Dominating the industry, access to investment, the desire to expand and a growing consumer class saw the large retailers move with speed to expand in order to increase their profits. As a result, Uchumi, which was the leading supermarket chain since the 1970s, increased the number of stores it had from 10 to 25 across Kenya and Uganda…
With Tuskys and Uchumi on their deathbeds, Nakumatt and Choppies folded, Shoprite on its way out, the trouble is real BY GILBERT NG’ANG’A Kenya’s retail industry is at crossroads and battling perhaps its worst crisis year exacerbated by the Covid-19 pandemic and failing consumer value propositions. Tuskys Supermarkets is financially troubled, its shareholders are embroiled in a damaging row, creditors are up in arms lining up for its assets and auctioneers are not making this any better. The ailing regional retail giant that is owned by Tusker Mattresses Ltd has fired tens of workers and shut down at least four…
BY DAVID WANJALA Some time in May 2018 President Uhuru Kenyatta, in an uncharacteristic fashion, shocked the nation when he took a swipe at his deputy in public for the first time ever since the two ascended to power. He referred to the country’s number two as ‘this boy’ to his face in a clear display of displeasure at Mr William Ruto’s early campaigns in his quest to become the President in 2022. The President was presiding over the issuance of 50,000 title deeds at Jacaranda Grounds in Embakasi when he lost his cool. “Hii kijana anaitwa Ruto unajua kila…
BY GILBERT MUYUMBU During the 15 years of the Jomo Kenyatta regime, the LSK was served by a total 14 chairpersons, one more than the number of LSK chairpersons who served under the successor Moi regime. They included Justice Harris (1963-1964), B.T. Modi (1964-1965), S.M.C. Thomson (1965-1966), G.S. Sandhu (1966-1967), K.B. Keith (1967-1968), E.P. Nowrojee (1968-1969), P. Le Pelley (1969-1970), Samuel N. Waruhiu (1970-1972), M.Z.A. Malik (1972-1973), J.A. Couldrey (1973-1974), Ramnik Shah (1974-1975), S. Sangale (1975-1976), P.J. Ransley (1976-1977) and Krishan C. Gautama (1977-1979). These were men (all LSK chairpersons were men until the election of Rachel Omamo in 2001)…
BY VICTOR ADAR Ask any doctor about what it takes to predict illness, foretell risk of cancer or lack of it, and he or she will quickly tell you that it takes a single drop of blood to identify hundreds and thousands of normal and abnormal genes. Isn’t it interesting that experts are saving people from adverse impact of diseases? According to Prof. Mansoor Saleh, the founding chair, department of oncology, and founding director of Aga Khan University Hospital, Nairobi Cancer Center, if cancer is detected early, there are better chances of survival. He says that setting up proper cancer…
Imagine you own five acres of land in a fertile region. You plant spinach, onions and tomatoes. Or, you rear pigs and chicken. After some months you are ready to supply your produce to a market. You need a proper means of transport. But which route do you take? Do you hire one, or simply buy? A car is a costly asset that an individual or a corporate entity would decide on. It is at the back of this that Co-operative Bank entered into a partnership with Toyota Kenya, a move that will enable the bank’s customers to purchase commercial…