Author: David Indeje

Kenya’s private sector activity contracted in February for the first time in six months due to the weakening of the shilling and growing tax burdens for firms; a survey showed on Friday. The S&P Global Kenya Purchasing Managers’ Index (PMI) fell to 46.6 in February from 52.0 a month earlier. Readings above 50.0 signal growth in business activity, while those below that point to a contraction. Demand weakness was evident in the survey data, as companies reported a sharp contraction in new order volumes following a solid upturn in January. Survey panellists noted that customers had pared back spending due…

The world’s ‘ultra-high net worth individuals’ (UHNWIs) lost a cumulative wealth of $10 trillion or 10% of their net worth in 2022 due to global economic uncertainty, energy crisis and geopolitical situations, Knight Frank’s 17th edition of The Wealth Report reveals. In Europe, they lost an average of 17% of their fortunes. Those in Australia recorded an 11% drop, and America shed 10%. In comparison, Africa witnessed the smallest decline with 5%, followed by Asia and the Middle East at 7%, the report added. According to Knight Frank, UHNWIs possess a net worth of $30 million or more, including assets.…

A B2B technology innovation leader, Nokia, is changing its brand identity for the first time in nearly 60 years, complete with a new logo. “When you take the different letters, which are kind of stick-like, and you put them together and everybody sees that it says Nokia,” Nokia CEO Pekka Lundmark. “In most people’s minds, we are still a successful mobile phone brand, but this is not what Nokia is about. We want to launch a new brand that is focusing very much on the networks and industrial digitalization, which is a completely different thing from the legacy mobile phones.”…

Absa Bank Kenya, the latest lender, urges its customers to stockpile chequebooks following De La Rue’s decision to freeze its country operations. The Nairobi Securities Exchange-listed firm urged customers to order their cheques early to avoid inconveniences. “Dear Customer, we have been informed about a potential workflow disruption by our cheque printing partner that will interrupt our normal supply of new cheque books. To avoid any inconvenience, please place orders for your required cheque books to cover at least six months as soon as possible, but no later than 27, 2023,” the notice read. In its half-year financial result ending…

Nordic Microfinance Initiative is now the Abler Nordic, a public-private partnership investing in financial inclusion companies globally. The new name was launched Tuesday in Nairobi by Investment Director Godfrey Kaindoh, along with an announcement on the start of fundraising in 2023. In 2023, Abler Nordic will commence fundraising for Fund V, with a minimum raise of USD 140 million and a significant allocation for further investments in Kenya. “I am here to celebrate our new name. There is a huge role that we can play. We (Abler Nordic) have supported over 12 million people globally. However, 1.5 billion people globally…

Fuel prices in Kenya will remain unchanged for the third consecutive month at Kshs 177.3, Kshs 162.0 and Kshs 145.9 per liter of Super Petrol, Diesel and Kerosene, respectively. This is according to the Energy and Petroleum Regulatory Authority’s (EPRA) monthly statement on the maximum retail fuel prices in Kenya, effective from February 15 2023 to March 14 2023. “The government will utilize the Petroleum Development Levy to compensate oil marketing companies for the difference in cost,” said EPRA on Tuesday. The energy regulator maintained the fuel prices despite a decline in the landing cost of the commodities. The average…