Author: David Indeje

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…

The Central Bank of Kenya has licensed the country’s first mortgage refinance firm. The regulator said the Kenya Mortgage Refinance Company (KMRC) which was established in 2018, as a non- deposit-taking financial institution under its supervision in issuing mortgage-backed bonds and other instruments in order to increase the availability and affordability of mortgage loans to Kenyans. “The license has been granted pursuant to the CBK (Mortgage Refinance Companies) Regulations, 2019 after KMRC’s fulfillment of the stipulated licensing requirements,” said the CBK on Friday. The Government of Kenya through the National Treasury owns twenty (20) percent of the Company while the…

The Central Bank of Kenya has raised Ksh64.176 billion from the  triple-tranche re-opening  September Treasury Bonds against the advertised Ksh 50 billion. The bonds: FXD2/2010/15 with a 5.3 years tenor and a 9.00 percent per annum coupon rate raised Ksh11.019 billion, FXD1/2020/15 with a 14.5 years tenor and a 12.756 percent per annum coupon rate raised Ksh45.692 billion and FX1/2011/20 with a 10.7 years tenor and a 10.00 percent per annum coupon rate raised Ksh7.465 billion. The proceeds will be used for budgetary support in the current 2020/21 fiscal year. https://twitter.com/CBKKenya/status/1306245136687468548?s=20 The National Treasury projects ordinary revenue to decline from…