Author: David Indeje

Samsung Electronics Co Ltd says it will focus on its new flagship smartphones by ‘mainstreaming the foldable category’. Samsung plans to unveil its next flagship foldable smartphone, Galaxy Z Fold and Z Flip lines, on Aug. 11 However, it says the global shortage of non-memory chips still poses a risk to forecasts, and the uncertainties related to COVID-19  for both TV and Digital Appliances businesses.   “For the second half, market conditions are expected to be favourable for the component business,” Samsung said in a statement. “Memory demand will likely be buoyed by new smartphone model launches, with wider 5G availability…

The Central Bank of Kenya on Wednesday left the benchmark interest rate unchanged at 7 per cent for the ninth time. However, it said it stands ready to take additional measures in order to support the economy hit by the Coronavirus (Covid-19) pandemic. “The Committee noted that inflation expectations remained well anchored within the target range, and the economy continued to operate below its potential level,” said Dr Patrick Njoroge in an emailed statement on the decisions taken by the central bank’s Monetary Policy Committee (MPC). The hold in the benchmark lending rate was largely in line with broad market…

Unga Group Plc says it is in talks to sell Ennsvalley’s assets to BigCold Kenya. The Kenya-based holding company is involved with the manufacture and marketing of a broad range of human nutrition, animal nutrition, in a cautionary announcement,  Ennsvalley Bakery Limited entered into an agreement to sell all its assets to BigCold Kenya on 26th July 2021.    However, the proposed transaction is ‘subject to satisfaction of certain conditions and upon completion, Ennsvalley shall sell and BigCold shall purchase Ennsvalley’s assets,” the Group said.  BigCold is a logistics company providing sophisticated cold chain solutions across East Africa from its Nairobi…

East Africa’s investment firm Centum posted a loss of Ksh 1.37 billion for the financial year ended March 31, 2021.    This is compared to KSh 4.63 billion net profit posted in the previous financial year.  The drop was attributed to its loss-making subsidiaries which posted a loss of KSh 1.9 billion. In March, it issued a profit warning citing the coronavirus pandemic and lower disposal of investments to hit its profits.  As a result, the company said in its financial statement that: “The boards of Two Rivers Development Limited (TRDL) and Two Rivers Lifestyle Centre (TRLC) have initiated steps to…

The Central Bank of Kenya (CBK) says it is committed to enhancing the effectiveness of its monetary policy framework. “Despite the tremendous achievements so far, some issues remain to be addressed…” Dr Patrick Njoroge, CBK Governor says in the 72- page White Paper. The White Paper outlines additional reforms termed necessary to ‘fully adopt a forward-looking monetary policy framework’. “These reforms will enhance the effectiveness of monetary policy and support better anchoring of inflation expectations in view of the changing economic and financial environment,” the MPC said. The monetary policy framework will be supported by reforms aligning it to the new…

Kenya’s tea exports rise marginally in May  to 50.76 million kilograms The tea sector is bracing for a decline in production besides increased export volumes already witnessed for the five months of the year, according to the Tea Board of Kenya (TBK). During the period, tea exports in May rose to 50.76 million kilograms from 49.45 million in April. The total export volume for the five months period of 2021 was 19 per cent higher at 253.51 million Kgs, compared to 212.53 million Kgs recorded during the same period in 2020. Moreover, tea production rose to 45.32 million kilograms, up…