Author: Muindi

Kenya Airways’ Independent non-executive director John Ngumi has stepped down after serving four years on the board. “The Board announces the resignation of Mr John Ngumi as an independent non-executive director of the company,” Kenya Airways Board of Directors chairman Michael Joseph said in a statement on Friday. In his place, Mr James David Kabereri has been appointed as an independent non-executive director in the interim pending an annual general meeting. Ngumi quit as Safaricom’s board chairman and director in January 2023. “My departure is motivated by my belief that now the tough work of stabilising KQ is starting to…

Boston Consulting Group (BCG) has identified Xiaomi Corp as one of the most innovative companies. Xiaomi was ranked 29th on its 50 Most Innovative Companies of 2023 list, two places higher than in 2022. Based on the data released by the technology company, Xiaomi rightfully earned that spot. This means Xiaomi’s research and development efforts have yielded more than 32,000 patents worldwide as of March 31 of this year. Annually, BCG identifies companies that consistently launch new products, enter new markets, and establish new revenue streams are companies that deserve to be featured in their Most Innovation Companies report. Xiaomi’s…

The Kenyan Government has launched the Hustler Group Loan, a financing scheme for groups. Groups that successfully apply for a loan through the scheme will get up to Ksh 1,000,000 President William Ruto said on Thursday during the 60th Madaraka Day celebrations. “The second product of the Hustler Fund will usher our unique collective-driven competitive market enterprise to the online domain,” he said. “To promote inclusion, the Hustler Fund is going to deploy groups such as chamas and saccos to overcome exclusion and barriers to participation in credit, savings, social security, health insurance and other social economic amenities,” the President…

The World Bank has approved a KSh138 billion ($1.0 billion) budget support loan for Kenya under the Fiscal Sustainability and Inclusive Green Growth Development Programme Operation (DPO). The loan is aimed at strengthening fiscal sustainability through reforms that contribute to greater transparency and the fight against corruption.  “The government’s reforms, supported by the DPO, will help to achieve fiscal consolidation, which is essential for reducing the debt burden and related risks, in an equitable and sustainable manner,” Aghassi Mkrtchyan, Senior Economist for the World Bank in Kenya, said in a statement. Kenya qualified for DPO financing in 2019 and received…

Kenya launched its second infrastructure bond on Tuesday, inviting bids for Ksh 60 billion for funding projects in the FY 2022/23. The seven-year amortised infrastructure bond is the second within the calendar year. The sharp rise in interest rates witnessed throughout the global economy in 2022 led to the sovereign’s delayed access to international financial markets—in light of debt service obligations falling due (USD 2.00Bn 2024 Eurobond). The underperformance of the domestic debt market and shortfalls in the fiscal outturn have seen the sovereign suffer liquidity constraints that culminated in significant pending bills. As at 31st March 2023, the total…

Kenya’s central bank held its benchmark lending rate steady at 9.50 per cent on Monday, against a backdrop of continued global uncertainties, a weak global growth outlook, easing inflationary pressures and geopolitical tensions. “The Committee noted that the impact of the further tightening of monetary policy in March 2023 to anchor inflationary expectations was still transmitting in the economy,” said Dr Patrick Njoroge in an emailed statement. Inflation in Kenya dropped to an annual 7.9 per cent in April from 9.2 per cent a month earlier, helped by lower prices for some food items. “The Committee will closely monitor the…