Author: David Indeje

Hong Kong-listed apparel brand Giordano has expanded its footprints in Kenyan with a third outlet at Two Rivers Mall. Its other outlets are located at the Garden City Mall along Thika Road and at the Junction Mall along Ngong Road. “We are grateful to our franchise partner for their dedication, support and belief in Giordano. We are confident in the Kenyan market, and look forward to further developing our business there,” said Ms Hoying Lee, Giordano’s Overseas Market Development Manager. Established in 1981, Giordano now operates over 2,100 stores and counters in Greater China, South Korea, Southeast Asia, Australia, India…

British American Tobacco Kenya (BAT) has been recognised as the country’s top employer at the annual Top Employers Certification Award, in recognition of its exceptional employee practices for the fourth successive year. Being certified as a Top Employer showcases an organisation’s dedication to a better world of work and exhibits this through excellent HR policies and people practices. “To receive the Top Employer certification in both Kenya and Africa for the fourth successive year and being ranked No. 2 in Kenya for 2021, is an honour for us,” BAT Kenya Managing Director Crispin Achola said. Achola added that the certification…

Kenya Electricity Generating Company PLC (KenGen) says its profit after tax surged to KSh18.3 billion for the year ended June 30, 2020, from KSh7.8 billion recorded a similar period in 2019. Kenya’s biggest electricity producer said its Profit Before Tax on the other hand grew by 8.3 per cent to KSh13.9 billion from KSh11.6 billion reported previous financial year. “We reported a 13.4 per cent growth in electricity revenue, mainly due to the full operationalization of the 165MW Olkaria V geothermal power plant in November 2019, which boosted geothermal production by 14 per cent,” the Managing Director and CEO, Rebecca…

Financial institutions have deferred and restructured loans worth Ksh 1.63 trillion, equivalent to 54.2% of the total banking sector loan book by the end of December, under the emergency measures to facilitate the borrowers in Covid-19 pandemic. The Central Bank of Kenya said the total banking sector loan book was Ksh 3.0 trillion by the end of December. Out of the restructured amounts, personal and household loans amounting to Ksh 333.0 billion (39.6 per cent of the gross loans to this sector) have had their repayment period extended.  For other sectors, a total of Ksh 1.29 trillion had been restructured…

The economy is expected to rebound strongly in 2021 The Central Bank of Kenya (CBK)  kept interest rates unchanged at 7.00 per cent. The regulator said policy measures that have been implemented since March 2020 were having the intended effect on the economy. This is the sixth time in a row that the  Central Bank Rate has been retained at 7 per cent. The Monetary Policy Committee (MPC) met Wednesday to review the impact of previous monetary policy measures and affirmed that they are being augmented by implementation of the announced fiscal measures in the FY2020/21 Budget. “The MPC concluded…

Kenya’s fiscal deficit could go up 9.0 per cent of Gross Domestic Product (GDP) equivalent to  Ksh 1,000.2 billion in the fiscal year 2020/21 from 7.8 per cent in the current fiscal year.  This may result in rising interest rates as it will need to borrow more to meet the shortfall. “To finance the fiscal deficit in the FY 2020/21, domestic borrowing is projected at Ksh 572.7 billion and foreign financing at Ksh 427.5 billion. In the medium term, debt is projected to remain sustainable,”  according to the draft 2021 budget policy statement. Treasury says it will focus on its…