Author: David Indeje

South African retailer Shoprite will exit the Kenyan market within January citing strategic irrelevance of the business. The retailer posted record losses in excess of KSh3.2 billion according to its Financial Results for the year ended June 28. “Kenya, with three stores at year-end, has continued to underperform relative to our return requirements,” part of the report reads. The Kenyan unit has notified Kenya Union of Commercial Food and Allied Workers that it will shut its head office this month. “In line with the company’s decision to exit the Kenyan market, it intends to permanently close its home office. It…

Kenya’s Transport Ministry has declared the Nairobi Expressway as a toll road through a gazette notice. According to the notice signed by Cabinet Secretary for Transport, Infrastructure, Housing, Urban Development, and Public Works, James Macharia, takes effect immediately. “The dual carriageway with Class A standard that connects the Mlolongo with James Gichuru Road along the median strip of the A8 National Road is declared to be Toll Roads, with immediate effect,” reads part of the notice. The Toll Roads start from African Inland Church, Mlolongo and it runs in the central reserve all the way to James Gichuru.  From Mlolongo…

Turkish clothing retailer LC Wakiki opened its first flagship store in Uganda’s capital Kampala. It is located in Acacia Mall, a high-profile shopping complex. Turkey’s Ambassador to Uganda Kerem Alp said, “We have been giving many Ugandans visas to go to Turkey for garment shopping, and unfortunately due to COVID-19, many may not be able to go to Turkey now or in the near future.” “I am glad that you can access the best of Turkey from right here.” Uganda becomes the second country in East Africa where LC Waikiki has expanded its brand as part of its Africa growth…

Kenya’s year-on-year inflation in December 2020 increased to 5.62% compared to 5.46 % recorded in November 2020 due to a rise in prices of good and services according to the Kenya National Bureau of Statistics. During the month, food inflation had witnessed significant price increases between November and December 2020, at 2.45%. Cost of transport, which comprises 9.65% in weight of the household basket, was up 1.15%, while rent, electricity, water, cooking gas, and other fuels were also up in December by 0.59% compared to November 2020. Food items that had the highest price increases were led by Spinach (1KG), whose…

Equity Group has received regulatory approval to merge Banque Commerciale Du Congo (BCDC) with Equity Bank Congo (EBC). The combined outfit will become Equity Banque Commercial du Congo (Equity BCDC) following the acquisition of 66.53 per cent stake in BCDC  for $95 million (KSh10.37 billion). Equity Group chief executive James Mwangi said the merged outfit will have a single obligator limit— the maximum amount a bank is allowed to lend a single borrower in relation to the total shareholders’ fund— of KSh4.36 billion ($40 million). “This will enable our customers in DRC to access higher credit limits to grow and…

Kenya’s foreign exchange reserves declined in the week ending Dec 24 besides a strengthening shilling against the U.S. dollar. The dollar reserves, official data from the Central Bank of Kenya (CBK) showed Thursday, stand at 7.8 billion dollars or 4.78 months of import cover. The dollar reserves have been on a decline in the past weeks as the shilling faces pressure from international currencies. The CBK maintains that the current forex reserve meets its statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import.