Author: David Indeje

Kenya Orchards Plc has reported a net loss of KSh 12.5 million at the end of 2020.  In 2019, it recorded a net profit of KSh8.43 million. According to its profit warning issued in October, the  COVID-19 pandemic has adversely impacted its overall profitability, leading to a lower financial projection. “Most of our customers have been affected negatively by COVID19 and therefore overall business is down,” the company had said. Kenya Orchards Plc manufactures and sells fruit and vegetable bottled and canned products for domestic consumption in Kenya. The company also produces a range of spices and seasonings. Products in…

The United States is reviewing the bilateral agreement with Kenya according to a statement from the Office of the US Trade Representative. The statement was issued on Friday after U.S. Trade Representative Katherine Tai’s virtual meeting with Kenyan Minister of Industrialization, Trade, and Enterprise Development Betty Maina. Tai disclosed that the Kenya-US Free Trade Agreement must reflect the priorities of the Biden-Harris administration’s Build Back Better agenda. “They also discussed the bilateral trade negotiations conducted under the previous administration. Ambassador Tai highlighted her ongoing review of the negotiations to ensure that any agreement aligns with the Biden-Harris administration’s Build Back…

LG Electronics says it will close its mobile unit this year, in a move to refocus its efforts on higher-growth businesses. The South Korean company on Sunday said it will close down its mobile business by July 31. However, it will continue to provide service support and software updates for its existing mobile phones for an undetermined period. “LG’s strategic decision to exit the incredibly competitive mobile-phone sector will enable the company to focus resources in growth areas such as electric-vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services,” the company…

The Kenyan currency is expected to remain under pressure in 2021 as largely driven by external factors says Cytonn Investments, an independent investments management firm. Cytonn’s latest Q1’2021 Markets Review, strengthening of the dollar, and rising uncertainties in the global market due to the Coronavirus pandemic will continue to impart depreciation pressures on the shilling. “Investors continue to prefer holding their investments in dollars, other hard currencies and commodities and continued strengthening of the US Dollar against major currencies as evidenced by the 3.7% gain in the ICE U.S. Dollar Index as compared to a 6.7% decline in 2020,” Cytonn…

Kenya has slammed the United Kingdom over its intention to add it to its red list travel ban, saying the decision “is particularly disturbing. “Furthermore, and equally disturbing this unilateral decision does not reflect prevailing logic and scientific knowledge of the disease or the spread of the pandemic,” Kenya through its Foreign Affairs ministry adding that rather the decision seems to be motivated by a discriminatory policy against certain countries and peoples.” The UK Government in a statement issued on Friday alleged that some travellers from Kenya have tested positive for the South African variant. “Of the average of 550…

Kenya will receive emergency aid totalling $2.3 (Ksh 255.9 billion)  to help cover a shortfall in the nation’s budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Friday. The three-year financing package under thee under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) will also support Kenya’s initiatives towards reducing debt vulnerabilities while safeguarding resources to protect vulnerable groups. “Kenya was hit hard at the onset by the Covid-19 pandemic,” the IMF said. “With a forceful policy response, the economy has been picking up heading into 2021 after likely…