Kenya’s business conditions deteriorated in July due to reduced spending, street protests, weak demand, and high inflation. The Purchasing Managers Index (PMI) by Stanbic Bank, which measures the health of the private sector, fell to 45.5 in July from 47.8 in June, indicating a contraction for the sixth consecutive month. Key to note, a PMI reading of above 50.0 indicates an improvement in the business conditions, while readings below 50.0 indicate a deterioration. The survey revealed that this was the most rapid decline in output since August 2022, as new orders fell sharply amidst the political demonstrations and the cost-of-living…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Samsung Electronics and Warner Bros. Pictures will showcase upcoming movie trailers on Samsung’s Neo QLED 8K TVs in over 65,000 retail stores worldwide. The partnership aims to demonstrate the stunning capabilities of Neo QLED 8K technology and generate excitement for films in cinematic quality. “Collaborating with Warner Bros. allows Samsung to show consumers how ultra-premium TV technology can take their favourite films to a whole new level,” said Cheolgi Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. Samsung’s Neo QLED 8K is powered by Neural Quantum Processor 8K and Quantum Matrix Technology, they bring immaculate picture…
Uber, a ride-hailing firm, and Safaricom have launched a partnership to allow riders in Kenya to pay for trips using M-PESA. This follows a previous collaboration with UberEats, the food delivery unit of Uber, that enabled consumers to pay for deliveries and delivery people to receive their earnings through M-PESA. https://twitter.com/SafaricomPLC/status/1686665380574416896?s=20 The partnership will benefit drivers who lack bank accounts, as about 20% of drivers on the Uber platform do not have bank accounts. Imran Manji, Head of East Africa at Uber, said the partnership brings the ease and convenience of mobile money to riders on the platform. “Through the integration…
House prices in the Nairobi Metropolitan Area declined by 0.5% in the second quarter of the year, compared to a 3.3% increase in Q2’2022, according to Hass Consult House Price Index Q2’2023 Report. This decline was mainly due to corrections of 0.6% and 1.2% in detached and semi-detached house prices, respectively. Sakina Hassanali, Head of Development Consulting & Research at Hass Consult, a consulting and Real Estate development firm based in Kenya, attributed this decline to economic uncertainty. “Rising costs, prospects of higher taxation, and a higher cost of financing have resulted in reduced consumer confidence, stalling speculative demand on…
Kenya’s inflation rate has marginally dropped to 7.3% in July from 7.9% in June. This drop was attributed to the changes in the prices of food, according to the Kenya National Bureau of Statistics. In the period under review, the food and non-alcoholic beverages index fell by 0.5% in July from a month earlier. “The inflation was largely due to an increase in prices of commodities under Transport (13.0%); Food and Non-alcoholic Beverages (8.6%); and Housing, Water, Electricity, Gas and other fuels (7.8%) between July 2022 and July 2023,” KNBS report read in part. The transport sector saw a year-on-year…
MTN Uganda, a unit of South Africa’s MTN Group, has launched the first 5G network in the East African country. The introduction of 5G brings faster data speeds and lower latency to Ugandan users. “Our first sites went live today in Lugogo and Bugolobi, and all our customers in these areas using 5G-enabled devices can begin to experience the joy and benefits of 5G,” says MTN Uganda. Sylvia Mulinge, MTN Uganda’s CEO, revealed the company’s ambitious plans to fully expand 5G coverage in Kampala by the end of 2024. Moreover, MTN aims to convert all its base sites in major…