Author: David Indeje

Absa Kenya has launched the Absa Asset Management Limited, a wholly-owned subsidiary that will offer wealth and asset management,  tapping into the lucrative KSh 1.3 Trillion industry. “This is a key milestone for Absa, as it brings us closer to our ambition of being a one-stop-shop for all financial and investment business in Kenya,” Absa Kenya CEO Jeremy Awori said during the virtual launch on Wednesday. “The Absa Asset Management Limited will be at the forefront in providing investment services for our customers with a diverse portfolio of local and international capital markets options,” he added. The lender disclosed that…

Social media mogul Jack Dorsey, the Twitter chief executive says they are opening an African office in Ghana. “Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” he said.’ In a statement, Twitter said they choose Ghana because it is ‘a champion for democracy and a supporter of free speech, online freedom, and the Open Internet.” “Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa,”…

French oil company Total, Uganda and Tanzania on Sunday concluded the agreement for the East African Crude Oil Pipeline (EACOP) Tripartite project. The deal was signed in Kampala.  President Yoweri Museveni led the Uganda delegation while Total chairman and chief executive Patrick Pouyanne led the French company’s team, Tanzania was presented by President Samia Suluhu. The $3.5 billion deal is a strategic win for Tanzania which will earn $12.7 (60 per cent) off each barrel of oil transported through it. “Historically, there is this unique role of Tanzania.  I am, therefore, most satisfied, that the project will make a modest…

Crispin Achola, managing director Kenya and general manager East Africa markets at British American Tobacco says he will accelerate the transformation of the business and industry. Achola in an op-ed marking 100 days since his appointment, he says despite a challenging outlook for businesses in East Africa due to the impact of covid-19, he would want to drive forward with the firm’s ambition to build a Better Tomorrow for their stakeholders. “Key to this is a sustainable regulatory and fiscal environment in Kenya and across our East African Markets, which will not only safeguard legitimate business in our industry, but…

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…