Author: Muindi

Xiaomi, the Chinese electronics company, has reported a strong improvement in profitability in the second quarter, despite a global slump in the smartphone market. The company’s operating profit more than doubled to CNY 4.0 billion, up from CNY 1.7 billion a year ago. This increase in profitability comes even as revenues fell by 4.0 percent over the same period to CNY 67.4 billion. Xiaomi’s focus on reducing inventory and costs has been credited for this strong performance. The company has been able to weather the challenges of the global smartphone market slump and emerge with improved profitability. “As a consumer…

Nairobi, the capital of Kenya, has been ranked as the sixth-best African city with a desirability score of 55.1 per cent, according to a report by Brand Finance City Index 2023. The report puts Nairobi just behind Lagos (Nigeria) which has a score of 56.7 per cent. On global rankings, Nairobi is ranked 94th out of the world’s top 100 cities. The ranking is based on a global survey of close to 15,000 members of the public conducted in April 2023 in 20 countries on all continents to measure perceptions of the world’s top 100 cities. The report measures the…

The United States has revealed a strategic partnership with Kwale-based coconut processor Kentaste, that will create substantial economic opportunities for over 4,500 local farmers. The project is funded by a combined investment between USAID and Kentaste of more than $1.6 million, which will support efforts to expand Kentaste’s exports to the United States. U.S. support for the project comes from the United States Agency for International Development with funding from Feed the Future and Prosper Africa. The partnership is expected to increase Kentaste’s processing capacity by 67 per cent to 50,000 coconuts per day, generate 90 full-time jobs, and enrol 1,500…

Credit Bank Plc, an SME-based Bank in Kenya, has announced its intention to list its shares on the Nairobi Securities Exchange (NSE) by the end of 2023. The bank aims to raise at least KSh1 billion from the public through this initial public offering (IPO). Grace Nyachae, the bank’s longest-serving director, stated that the move is in line with the bank’s vision to expand its market presence and attract a wider range of investors. According to Nyachae, the listing is expected to bring numerous benefits to both the bank and its shareholders. These benefits include increased visibility, improved liquidity, and…

Uganda Airlines is expanding its reach by launching direct flights to Lagos, Nigeria. The inaugural flight is scheduled for October 19th, with flights operating every Sunday, Monday, and Thursday. The airline’s Chief Executive Officer, Ms. Jennifer Bamuturaki, stated that the move aims to increase efficiency and expedite the transit of goods and people between the two nations. Ms. Bamuturaki also mentioned that the first flight will depart from Entebbe at 4 p.m., opening Uganda to an economy of about $504 billion. https://twitter.com/UG_Airlines/status/1695150174937489891?s=20 Uganda Airlines began offering commercial flights in August 2019 after nearly 20 years of inactivity. The airline has…

Genghis Capital has issued a BUY recommendation for ABSA Bank Kenya in anticipation of the release of its H1’2023 financial results. This recommendation is based on the firm’s strong earnings momentum and above-average coverage ratio against protracted credit risks. “This is on the back of the firm’s strong earnings momentum coupled with the firm’s above-average coverage ratio against protracted credit risks,” Genghis said in its Equities Trading Idea for the week on Monday. As of August 25, 2023, ABSA Bank Kenya’s share price closed at Ksh 11.10 per share on the Nairobi Securities Exchange (NSE), recording a 4.3% drop from…