Author: David Indeje

Kenya’s coronavirus positivity rate stands at 14.9 per cent from a high of 22 per cent two weeks ago, the Health Ministry said Thursday. According to the ministry, the country has registered 143,063 COVID-19 positive cases from 1,542,088 cumulative samples tested since March last year. The Ministry noted that confirmed positive cases stand at 143,063 with Nairobi city leading as the most affected county in terms of the positivity rate. Kenya’s cumulative recoveries surged to 97,650 after 456 patients were reported to have recovered from the disease. Persons aged over 60 years old account for the highest death rate at…

Activity in Kenya’s private sector slumped at its lowest in March, due to the fresh restrictions following a surge in coronavirus cases, according to the  Purchasing Managers Index (PMI). According to the index, the drop was its lowest for nine months in March as private sector companies reported only a marginal expansion in output and a slowdown in new order growth as cash flow issues limited customer spending. The Stanbic Bank Kenya PMI Index fell to 50.6 in March from 50.9 in February. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0…

The Central Bank of Kenya (CBK) will publish a White Paper on how it is strengthening its monetary policy framework, the International Monetary Fund says. IMF says the regulator has been working to strengthen its monetary policy framework and will publish a white paper by June 2021. According to the IMF, the paper will outline the requisite reforms.  “Once the COVID-19 shock abates and conditions permit, reforms will focus on refining the macroeconomic modelling and forecasting frameworks and improving the operations of financial markets, including fully developing a Centralized Security Depository that will improve monetary policy transmission and promote efficiency…

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…