Author: David Indeje

Nairobi jumped eight places to 98 out of the total 196 cities ranked globally in the latest Global Financial Centres Index (GCFI). The index rates 116 financial centres across the world combining assessments from financial professionals with quantitative data which form instrumental factors. “GFCI 30 provides evaluations of future competitiveness and rankings for 116 financial centres around the world. The GFCI serves as a valuable reference for policy and investment decision-makers,” said the report. Produced by Z/Yen and the China Development Institute, the biannual ranking tracks 126 centres based on 146 instrumental factors.  In GFCI 30, the main index increased…

SimpliFine, a subsidiary of the BlackIvy Group, completed the acquisition of Ennsvalley Bakery. The Kenyan integrated food producer offering locally sourced and manufactured food products across East Africa will also take over the production of baked goods at Chandarana supermarkets. SimpliFine will introduce a range of 21 baked products that include bread, buns, muffins and cakes in the market. The refreshed range of products will feature both SimpliFine and Ennsvalley brands to serve the needs of the market. The announcement follows the recent acquisition of Alpha Fine Foods by SimpliFine’s parent company, BlackIvy, as well as the acquisition of French…

SBM Bank Kenya Ltd plans to close three branches and two express units as it scales up its digitisation strategy. Several jobs are at risk in the latest round of cuts and closures at the lender following a job evaluation exercise. According to the bank, “It has reviewed its organization structure into a fit-for-purpose structure which is to be implemented in order to realize its current and future strategic objectives while optimizing its digital banking solutions.” The three branches include Lavington, Buru Buru and Kimathi and their express units in Limuru and on Ngong Road. “The impacted branches will cease…

The World Health Organization is recommending a malaria vaccine in children who live in sub-Saharan Africa and other regions with malaria transmission.  Mosquirix is the first vaccine developed to prevent contracting malaria. When used with other measures meant to help stop the spread of malaria, such as bed nets with insecticide, the vaccine has the potential to save “tens of thousands of young lives each year,” said WHO Director-General Dr Tedros Adhanom Ghebreyesus on Wednesday. I started my career as a #malaria researcher, and I longed for the day that we would have an effective vaccine against this ancient and…

Kenya’s biggest beer festival, Tusker OktobaFest is back. The month-long cultural extravaganza aims to celebrate Kenyan authenticity by bringing to life Kenyan culture through beer, entertainment, food and music. This year’s festival, dubbed ‘A Festival Dekonstructed,’ kicks off on Saturday, 9th October 2021 and will see Kenya Breweries Limited (KBL), through their flagship beer brand, Tusker reach consumers across th country with in-bar experiences taking place in over 70 bars and performances from over 150 music artists. Speaking during the announcement, EABL’s Head of Marketing Beers, Anne-Joy Michira expressed her delight at this opportunity for Tusker to connect with consumers once…

East African Breweries Plc (EABL) plans to raise up to eleven billion (about Ksh 11,000,000,000) through Domestic medium-term notes (MTNs) to meet its funding requirements.  This is the first offering with an unsecured 5-year tenor with a fixed rate at 12.25 per cent per annum payable semi-annually in arrears the Group said in a statement. “The proceeds of the issue of the Notes ( after paying all expenses of the issue) will be used by EABL to repay certain borrowings taken in the ordinary course of business, to provide working capital for the Group across East Africa and to refinance…