Author: David Indeje

The Covid-19 pandemic could harm business activity in Kenya’s private sector. This is despite a second consecutive monthly improvement in the health of the private sector in June, according to Stanbic Bank Kenya PMI. Stanbic Bank Kenya Purchasing Managers’ Index (PMI) in a statement said, “Concerns about further COVID-19 restrictions meant that the business outlook slipped to the second-weakest in the series history.” The PMI fell from 52.5 in May to 51.0 in June indicating a sustained, but weaker, expansion in the Kenyan private sector economy. Readings above 50.0 signal an improvement in business conditions on the previous month, while…

Regional banking and financial services group I&M Holding on Thursday said the company name has been changed to I&M Group. The lender says this is after its shareholders approved the name change and “receipt of the certificate of change of name issued by the Registrar of Companies dated 28th June 2021.” The bank also said it has unveiled its Wealth Management and Advisory Business, in a move expected to drive business growth through revenue diversification. They will target high net worth and premium customers and potential customers will be offered through I&M Capital, a subsidiary of the I&M Group PLC.…

Family Bank limited Wednesday listed its corporate bond on the Nairobi Securities Exchange aimed at raising more capital to implement its 2020 – 2024 strategic plan and growth plans. The lender’s first tranche of its Medium Term Note under the Fixed Income Market Segment at the NSE raised KSh4.42 billion against a KSh3 billion target, marking a subscription of 147.3 per cent.  “The capital raised will definitely strengthen our business position and competitiveness as we seek to strengthen our capital base to support future balance sheet growth and onward lending to MSMEs and also anchor our next phase of investments…

Kenya consumer prices rose by more than expected in June as fuel goods and services costs surged during the month, the statistics body said Wednesday.   Data by the Kenya National Bureau of Statistics (KNBS) showed an overall rate of inflation in June at 6.32 per cent, compared to the 5.87 per cent recorded in May. This was a 16 month high similar to February 2021. “The increase was mainly driven by rise in prices for commodities under: food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport between June 2020 and June 2021,” said Macdonald G. Obudho,…

Kenya aims to vaccinate 26 million of every eligible citizen by the end of June 2022 and make the state free from COVID-19, said President Uhuru Kenyatta. He was speaking Tuesday during his Sixteenth Presidential Address on Covid-19. According to the Head of State, the initial plan was to vaccinate 10 million adults by June 2022.  “We will vaccinate the entire adult population of 26 million Kenyans by 2022. In fact, by Christmas this year, we intend to have vaccinated over 10 million adults. According to our experts, we will have built a capacity to vaccinate 150,000 people every day…

Nairobi, Kenya’s capital improved 47 places to become the world’s 145th most expensive city in 2021, according to a Mercer Cost of Living report. This is the first drop in three years. This was the best position in seven years for Nairobi, which had last year ranked 95 out of the 209 cities surveyed. “The latest data show few significant price variances resulting from the pandemic as various measures were adopted by governments worldwide, such as lowering or refraining from collecting VAT for a period of time,” said the report. https://khusoko.com/2021/04/20/kenyas-capital-nairobi-ranks-high-for-innovation-in-africa/ Mercer’s ranking is based on changes of more than…