Botswanan retailer Choppies Enterprises has resumed trading on the Johannesburg Stock Exchange (JSE) after a two-year hiatus. The retailer was suspended from the local bourse in September 2018 after it delayed releasing its financial results. After the extensive engagement, the JSE had agreed to lift its suspension with effect Friday, which follows its reinstatement on the BSE in July. That reinstatement followed the publication of delayed publication of audited Group results for the years ended 30 June 2018 and 30 June 2019, as well as the interim results ended 31 December 2019. On 25 September 2020, the Group published the…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Lithium-Ion batteries for IoT and Edge Computing Applications through APC Smart-UPS to boost power management Schneider Electric, the global specialist in the digital transformation of energy management and automation has Increased the business-critical applications and IoT systems Lithium-ion (Li-Ion). Li-Ion battery technology offers a host of benefits that make it an attractive and affordable option for a growing set of businesses reliant on distributed IT infrastructure are being moved closer to the edge of the network to reduce latency, enhance connectivity and improve performance. As a result, the criticality of these distributed IT environments has become paramount to everyday business…
Kenya is engaging with the United Kingdom and the U.S to review the trade agreements, Parliament was informed on Thursday. President Uhuru Kenyatta while delivering his 7th State of the Nation Address to Parliament is based on the “greater diplomatic goodwill and deeper international friendships” that the country is enjoying that is necessitating the discussions. “We are engaging with the United Kingdom to evolve an arrangement that will guarantee us continued access to the United Kingdom Market, following its exit from the European Union,” President Kenyatta noted. “Similarly, we are proactively consulting with the United States of America for a…
Standard Chartered Bank Kenya says it will shed 200 jobs by the end of the year as the coronavirus pandemic hits the economy. The job losses translate to 14.3 percent of its 1,397 workforce in line with its strategy of improving asset quality and a drive for efficiency on digital platforms that was initiated in 2016. “In the circumstance, the bank intends to declare redundant the employees whose roles fall off as a result of the restructuring. The impacted employees who are both in management and unionisable cadre are 200 in the retail banking, corporate banking, operations, technology and support…
Equity Group Holdings PLC (EGH) on Thursday reported a 20 percent decline in Profit before Tax at Ksh 19.8 billion for the September quarter of the current fiscal year. According to the lender, its loan book grew by 30 percent from Kshs 348.9 billion in September 2019 to Kshs 453.9 billion as at 30th September 2020. Customer deposits registered a 45 percent growth from Kshs478 billion to Kshs 691 billion driven by 51 percent growth in Uganda, 21 percent growth in Kenya and an additional Kshs130 billion from the acquisition of BCDC in DRC. Loans to customers grew by 30…
Half of Kenyan households have struggled to keep up with their loan payments due to the negative effects of the Covid-19 pandemic on their livelihoods, a new survey by financial recovery firm Collect Pro has revealed. The firm conducted a survey to understand the burden of debt on individuals brought about by the depressed economy attributed to the Covid-19 Pandemic. Dubbed the Indebtedness Survey, the study uncovered hard-hitting realities for individuals and institutions alike, which if not addressed will accelerate the downward spiral of the current credit crisis in the country. 10 percent of the surveyed households reported they are unable to service…