MAS Intimates Kenya, a Sri Lankan apparel and textile manufacturer is now fully operational in the country after it commenced operations in 2020. Currently, it has employed over 3,000 Kenyans. President Uhuru Kenyatta during its commissioning in Athi River on May 11, described the investment as a testament to the decade-long groundwork laid under the manufacturing pillar of the Big 4 Agenda. ”You have injected over $8.5 million (KSh986 million) into our economy, employed over 3,000 Kenyans and shipped garments worth over $24 million (KSh2.8 billion) which are affixed with the magical, Made in Kenya tag,” he said. 2/2 Set…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Fuel prices in Kenya, Petrol, diesel and kerosene were on Saturday hiked by Ksh.5.50 a litre each in the latest maximum price review by the Energy and Petroleum Regulatory Authority (EPRA). EPRA has attributed the price jump to an increase in the average landed cost of the fuel products with kerosene marking the highest price jump at 31.13 per cent. Super Petrol is now expected to cost Ksh.150.12 in the capital city Nairobi while the cost of diesel and kerosene will rise to Ksh.131 and Ksh.118.94 per litre respectively. In Kisumu, a litre of petrol will go for KSh150.53; diesel…
Safaricom is working on an M-Pesa product for young children between the age of 10 to 18 years to be launched in Q2 of 2022. According to Safaricom, its purpose of transforming lives combined with the use of technology and innovative spirit has enabled it to develop products that solve customer issues. “We plan to soon launch an M-Pesa junior product for our children who may have access to mobile phones. Our focus on customers calls on us to invest heavily in our network to develop tailor-made products and improve our service offerings,” Safaricom Chief Executive Officer Peter Ndegwa announced…
Equity Group Holdings reported on Thursday a 33.7 per cent growth in profit at Ksh.11.4 billion from Ksh.8.6 billion, driven by strong growth in core operating income. The lender’s net interest income grew by 31.1 per cent to Ksh.19.4 billion from Ksh.14.8 billion. Its non-interest funded income (NFI) grew by 9.2 per cent from Ksh.10.9 billion to Ksh.11.9 billion. “The uncertainty has now dialled down and we are nearing pre-pandemic levels of operations. The region now has a stable operating environment,” Equity Group Managing Director James Mwangi said Thursday. “We are inspired by estimates and projections, especially for Kenya where…
Kenya’s private sector shrank for the first time in three months on rising consumer prices and living costs, the latest purchasing managers’ index data shows. Data from Stanbic Bank Purchasing Manager’s Index (PMI) showed that the month of April 2022 declined to 49.5 from 50.5 recorded in March 2022 pointing toward deterioration in the business environment. The average PMI for the first four months of 2022 came in at 50.1, higher than the 49.1 recorded in the same period in 2021 indicative of an improved business environment over the period. Readings above 50.0 signal an improvement in business conditions on…
The National Treasury missed its target of raising Ksh.60 billion from the domestic debt market in May only managing Ksh.31.7 billion. Investor bids on the new 10-year paper (FXD1/2022/10) and the re-opened 25-year bond (FXD1/2021/25) which traded between April 28 and May 10 was Ksh.43.1 billion. This was equivalent to a 71.9 per cent subscription rate. The 10-year paper received bids of Ksh.32.9 billion in contrast to Ksh.10.2 billion Average yields on accepted bids on the shorter-dated 10-year paper stood at 13.49 per cent while returns on the longer issue stood at 13.976 higher than the paper’s coupon rates. “This…