Author: Muindi

Kenya’s inflation quickened for the sixth straight month in March at 5.9 per cent from 5.78 per cent in February, data released by the Kenya National Bureau of Statistics (KNBS) showed on Wednesday. However, it remains within the government’s target range of 2.5%-7.5%. The higher rate of inflation was attributed to higher fuel costs.  During the month, the housing, water, electricity, gas and other fuels index rose by 0.59 per cent in the last one month. The transport index rose by 1.49 per cent. “The recent increase in fuel prices is expected to have a moderate impact on overall inflation,”…

East Africa is being critically undermined by illicit trade, according to the new report. According to the report, ‘An Unholy Alliance: Links Between Extremism and Illicit Trade in East Africa’ from the Counter Extremism Project (CEP), terror groups, urban gangs, and international crime groups are increasingly targeting East Africa as a destination market for illicit trade. Illicit trade consists of the exchange of a good or service between individuals or organisations where either the commodity or the unregulated manner of the exchange is deemed illegal in a given jurisdiction. In addition, using the region as a transport hub for the…

Family Bank Kenya Tuesday reported a 22 per cent increase in net profit to KSh1.16 billion from KSh949.84 million a year earlier for the full-year to December 2020 on account of increased interest earnings.  Net interest income grew by 28.4 per cent, a Ksh 1.4 Billion growth to Ksh 6.4 Billion compared to Ksh 5 Billion in a similar period in 2019.  The Bank’s operating expenses increased by 20.2% to Ksh 7.6 Billion from Ksh 6.3 Billion mainly driven by loan loss provisions which increased by more than 2.5 times from Ksh 734 Million in 2019 to Ksh 1.62 Billion…

Limuru Tea Company’s financial year ended 31st December 2020 results were broadly in line with their expectations posting a pre-tax loss of Ksh 7.9 million compared to a pre-tax profit of Ksh 3 million in 2019. “The decrease in the profits for the period is mainly due to lower tea market prices that were realised in 2020 in the midst of rising cost of production and the impact of the Covid-19 pandemic,” the company said. The listed firm which is an outgrower to Unilever Tea Kenya Limited, says its revenues increased by 6 per cent to Ksh 97 million in…

QuickMart, a Kenyan homegrown supermarket on Friday strengthened its footprint in the North Rift of Kenya replacing cash strapped Tuskys at Eldo Centre Mall in Eldoret. The outlet becomes its 40th branch in the country and it’s the first in Uasin Gishu County. Located along the busy Uganda road, QuickMart Eldo Centre covers 60,000 square feet and will carry a full range of retail products and services from foodstuffs, electronics, and household goods. https://twitter.com/QuickmartKenya/status/1375377579780280321?s=20 The malls’ first occupant was Nakumatt Holdings supermarket which closed its doors in November 2017. 

The Kenyan government has made it mandatory for international travellers to carry a negative PCR test report not older than 72 hours prior to arrival. “That all persons coming into the country must be in possession of a negative COVID-19 PCR Certificate, acquired no more than 96 hours prior to arrival into the Country; with the PCR Certificate also having been validated under the Trusted Travel platform for those travelling by air,” President Uhuru Kenyatta said Friday. The new measures are a result of a sharp rise in COVID-19 cases in the country. However, international travel will continue under existing…