Author: David Indeje

Kenya and the United States next Strategic Trade and Investment Partnership round is scheduled for April 17 to 20, 2023, to further strengthen economic ties between the two sides. The talks will focus on proposals adopted from draft negotiations initiated in July 2022. The proposed US-Kenya Strategic Trade and Investment Partnership (STIP) aims to develop a roadmap for engagement in areas such as agriculture, digital trade, action on climate change, and trade facilitation and customs procedures. The first round of negotiations between senior Kenyan and US officials for the proposed Strategic Trade and Investment Partnership was concluded successfully in February.…

Dusit International, a Bangkok-based Thai Hotel and property development company, has announced plans to open a serviced hotel apartment in Westlands Nairobi. Dubbed ‘Dusit Princes Hotel Residences’, along Mimosa Lane off Church Road will consist of a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms.  Other properties’ facilities will include; an Italian-inspired restaurant dubbed ‘The Olive Restaurant’, a rooftop bar dubbed ‘The Aviary Lounge’, a heated swimming pool, a rooftop gym, and a 150-guest capacity theatre-styled meeting room.  The opening of ‘Dusit Princes Hotel Residences’ comes after the closure of ‘DusitD2 Nairobi’ in 2021, a luxury hotel branch of Dusit International…

PrideInn chain of hotels has closed its Haile Sellasie property following the expiry of its lease at the end of March 2023. In a notice, the hotel chain said, “effective end of March 2023, our Pride Inn Mombasa branch Haile Selassie property will no longer be under the Pride Inn Hotels portfolio,” read a statement from Hasnain Noorani, the Group Managing Director. “After fruitful and productive years of operations in the city of Mombasa, our PrideInn Haile Selassie property will no longer be under the PrideInn Hotels portfolio. Our lease had expired and since we did not renew it, the property…

Standard Chartered Bank Kenya recorded a 34 per cent surge in full-year net profit for 2022 to KSh12.1 billion. Kariuki Ngari, Chief Executive Officer, said: “We have delivered a strong set of results in 2022, with profit before tax up by 36 per cent, with business momentum driving top-line growth of 16 per cent. Our Wealth Management, Transaction Banking and Financial Markets products performed strongly.” “I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 but still allowing us room to invest in our digital capabilities.” https://www.youtube.com/watch?v=3fArhISwHJk KShs billion 31.12.2022 31.12.2021…

The Kenya shilling weakened sharply against the US dollar, hitting a fresh low of 129. The depreciation has partly been attributable to increased dollar demand from importers. “The Kenya shilling remained stable against major international and regional currencies during the week ending March 9,” the Central Bank of Kenya said in its Weekly Bulletin. “It exchanged at KSh 128.59 per US dollar on March 9, compared to KSh 127.29 per US dollar on March 2.” On a year-to-date, the shilling has ceded 3.32% compared to a 0.61 per cent depreciation during the same period in 2022. “Further shilling weakness is…

Troubled Tuskys Supermarket has closed its Karasha branch along Kenyatta Avenue in Nairobi’s Central Business District. “Due to unavoidable circumstances, we have had to close this branch. Kindly support our Tom Mboya Street branch, which remains operational,” a notice posted on the outlet’s walls read. “Any inconvenience is highly regrettable.” The closure has brought down the number of the retailers’ operating outlets countrywide to five: Tuskys Imara, Tuskys Athi River, Tuskys Buruburu, Tuskys Ongata Rongai, and Tuskys Oltalet Narok located in Oltalet Mall. Tuskys Imara branch along Tom Mboya is the only remaining retailer’s outlet in the CBD. “In light…