Author: Muindi

Kenya’s foreign exchange reserves rose for the second consecutive month in April, reaching $7,425 million, according to Central Bank data. The country’s reserves rose to $7,425 million at the end of last week, compared to $7,343 million previously. CBK said this was equivalent to 4.56 months of import cover as at April 8.  Consequently, the shilling strengthened during the week by 1.3%, to close at Kshs 108.0, from Kshs 109.4 recorded the previous week, at. This was attributed to muted importer dollar demand amid increased inflows from offshore investors into the recently issued infrastructure bond. However, the shilling is projected…

Smartphone brand OPPO has announced its Reno5 has been selected as the official smartphone partner for the PUBG Mobile Middle East and Africa Esports 2021. The company says OPPO Reno5 was selected for its extraordinary gaming hardware and software that deliver an exceptionally immersive and fluid gaming experience. According to global market research firm – YouGov, the Middle East is home to the fastest growing online gaming population in the world with a growth rate of 25 per cent. The region’s gaming community is also the most engaged, and displays a passion and energy for adventure – attributes shared by…

Eat’N’Go limited has expanded into the East African market after acquiring Master Franchisee, the franchisee which operated Cold Stone Creamery and Domino’s Pizza in Kenya. The acquisition will see the Group become the largest Domino’s Pizza and Cold Stone Creamery Master Franchisee in Africa. “We are looking forward to making an impact on the Kenyan economy as we focus on offering the highest quality ice cream and pizza products in the market. As a business, our success has been pegged on providing unique and excellent customer experience at a favorable price point,” Group CEO and managing director Patrick McMichael says.…

Nairobi Securities Exchange (NSE) has extended the suspension from trading of Kenya Airways shares for an additional 9 months with effect from April 5th, 2021. This is the third extension after the initial three months suspension from trading at the bourse in July 2020. Its share price is Ksh 3.83 per share as of July 2, 2020. “The company is yet to finalise on its operational and corporate restructure for the eventual Government buy-out, following the publication of the National management Aviation Bill, 2020 on 18the June 2020,” said the NSE in a public notice  Wednesday. The Aviation Bill proposes…

Kenya will suspend passenger flights to and from the UK, joining a growing list of countries who have instituted travel bans, its national carrier announced Monday. “The suspension is due to the directive issued by the Government of Kenya suspending all flights from the UK, effective midnight 9th April 2021 at 00:00 HRS GMT until further notice,” Kenya Airways said in an emailed statement. “Due to the increased demand for travel to the UK before the advisory takes effect on 9th April, we have added 2 new flights on 7th and 8th April 2021. We sincerely apologise to all our…

The Kenya Revenue Authority (KRA) collected KSh144.6 billion in March, the highest revenue performance rate despite the challenging environment. The tax collector registered 11.2% revenue growth collecting a surplus of Kshs 6.6 billion in March 2021.  This was the fourth month running that KRA posted an improved and above target performance since December 2020. ”This is an outstanding performance compared to the month of February when KRA collected KSh127.7 billion registering a performance rate of 105.1 per cent to surpass its February revenue collection target,” KRA said in a statement.  Domestic Taxes registered a performance rate of 91.4 per cent…