Author: David Indeje

Kenya shilling remained steady, closing at KSh 108.4 against the US dollar on Friday. This was mainly due to subdued dollar demand from importers. It exchanged at KSh 108.38 per US dollar on September 17 compared to KSh 108.40 per US dollar on September 10 said the Central Bank in its Weekly Bulletin terming the trend ‘relatively stable against major international and regional currencies’. However, during the week, on Tuesday the currency hit a historic low to trade at 108.55 to the US dollar.  According to Cytonn Investments, on a Year To Date (YTD) basis, the shilling has depreciated by…

Serena Hotel has opened its first five-star hotel in the populous Democratic Republic of Congo (DRC) as part of its strategic expansion plan. The listed hospitality chain which operates upscale hotels and resorts in East Africa, Southern Africa, and South Asia  in a statement said, “Goma Serena Hotel now open for bookings.” Goma in the DRC becomes home to its sixth City Hotel, the Goma Serena Hotel. “And now, for the first time ever, Goma is about to have the only 5-star hotel, Goma Serena Hotel.” Group managing director of TPS Serena Hotels – Africa, Mahmud Jan Mohamed said: “Expansion…

TikTok, a leading destination for short-form mobile video, has reacted to the forthcoming ban on the app in the US. However, according to NPR, President Donald Trump has agreed to TikTok’s deal with Oracle that will keep the app alive in the US market. “I have given the deal my blessing,” Trump said. “I approve the deal in concept.” According to the deal, Oracle will serve as the trusted technology provider accessing up to 12.5 percent stake of the company, while Walmart will have the rights to buy up to 7.5 percent stake in TikTok Global. The two companies will…

Tuskys Supermarket Chief Executive Officer Dan Githua on Friday said the first tranche of credit relief from a private equity firm based in Mauritius will cover its immediate working capital requirements. The financially troubled retailer says Ksh 500 million part of the Ksh 2 billion expected will be used to pay outstanding staff salaries, pending bills to suppliers, and rent arrears. “In particular, the first tranche of the suppliers’ old debt amounting to Ksh 321 million has been settled,” said Githua adding that, “In addition, the August arrears for suppliers on the online custodial trading portal have also been settled…

House prices in Nairobi declined by 2.9 percent during the first half of 2020 compared to a decline of 1.8 percent in the first half of 2019 according to Knight Frank Pan-Africa Residential and Office Dashboards. The latest data pushed the annual decline to 5.1 percent in the year to June mainly attributed to the continued oversupply of residential developments, unfavourable economic climate, low liquidity and expatriates returning to their home countries. The report also tracked performance and trends in 29 African cities during the Covid–19 pandemic. Prime residential rents also declined over the review period by 6.55 percent compared…

Little Cab, Kenya’s fastest-growing ride-hailing company says it will be transitioning permanently from the call center support lines to Email in responding to customer queries. It termed the move as a way “To enhance the quality of our service delivery.” In an emailed statement to clients, it said, “Throughout the years, it has been a delight to hear your voice and feedback on how we can improve our products and services.” The transition will be effective from & October 2020. According to the company,  they will be responding to queries under three categories: Hgh priority under 1 working hour, medium…