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Good News from Africa

Good News From Africa

  1. Firms donate to Asian Fintech event to be held in Nairobi:

The Asian Fintech event bringing up to 5,000 delegates to Nairobi has received a financial boost with several corporates donating funds towards its sponsorship. Regional bank KCB Group  donated Sh10 million while telco Safaricom  and Standard Chartered Bank  dished out Sh5 million each. Central Bank of Kenya Governor Patrick Njoroge who received the donations said technology had helped improve lives with Kenyan innovations being replicated across the globe due to their positive impact. “In matters fintech, Kenya is the pacesetter in innovations and its simulation with payment platform running on fintech platforms. The difference fintech is making to millions of people in Africa and billions around the world is momentous,” he said. Speaking during the occasion, Safaricom Financial Services Officer Sitoyo Lopokoiyit said the two-day event presents Kenyan innovators with a global platform to showcase their products with an eye on how Safaricom’s M-Pesa supported the startups to commercial their products.

  • Taxman sets stage for new water tax:

The Kenya Revenue Authority (KRA) is preparing to raid drinking water and other beverages from September in an effort to raise an additional Sh3.6 billion from excise tax following introduction of additional excise stamps. The roll-out of Excisable Goods Management System (EGMS) will see manufacturers from September 1 required to affix the new generation excise stamps on bottled water, juices, soda, energy drinks, non-alcoholic beverages, food supplements and cosmetics. The move comes as the taxman, who has perennially missed tax targets, moves to seal revenue leaks against the backdrop of ever higher collection targets set by the Treasury. Past attempts by the KRA to roll out the system have failed after its implementation was opposed in court. On Tuesday, KRA said it is engaging manufacturers for a smooth roll-out of the system.

  • Nairobi hosts conference on financial technology:

Kenya is set to host a financial technology conference next week at a time sector players are under pressure to innovate and outpace existing traditional brick and mortar model. The two-day meeting in Nairobi to be held from July 15, is expected to bring together high-level policymakers, business leaders, economists and financiers to explore sustainable financial services innovations from emerging African and Asian markets. It is jointly organized by the Central Bank of Kenya and the Monetary Authority of Singapore and comes after a similar one in Singapore last year. “The festival, which is christened Fintech in the Savannah, draws inspiration from the third annual Singapore Fintech Festival that was hosted by the MAS in November of 2018,” said a brief from the organizers. “It shall bring together participants who include visionary speakers and icons drawn from across Africa, Asia and other parts of the globe to exchange ideas, forge partnerships and nurture thriving fintech ecosystems.”

  • World bank offers top SMEs Sh1.5bn:

The World Bank has offered Sh1.5 billion in grants to 750 businesses that will win in the 10-week online competition, MbeleNaBiz. Country director Carlos Felipe said the nationwide competition targets businesses that show potential to scale, generate profits for founders as well as new jobs for Kenyan youth. “Of the 850,000 jobs created last year, 83 percent came from the small and medium enterprises (SMEs) segment in Kenya. That means helping SMEs access credit could facilitate expansion, hence more jobs created as it happened in Nigeria where a similar programme saw nine jobs created in every SME we funded,” he said. Trade and Industry Secretary Peter Munya said thorough scrutiny will be done for SMEs that apply to participate in the competition with a view to selecting genuine start-ups that have for long missed growth targets due to lack of credit. Mr. Munya said collaboration between government and the private sector was key to the programmer’s success, adding that the competition will favour small enterprises whose activities are aligned to the Big Four agenda.

  • Logistics  firms Mombasa facility gets port status:

Marine logistics firm Comarco Group is set to have its 16-acre Mombasa facilities designated as a private port, a move that has seen the company secure a series of lucrative contracts. The company’s operations fall under the export processing zone (EPZ), allowing it to import equipment such as cranes and loaders duty-free besides receiving tax relief for repairs and maintenance of its vessels. The majority of the work being undertaken by Comarco has been outside Kenya and the company’s three subsidiaries –Comarco Properties (EPZ) Limited (CPL), Kenya Marine Contractors (EPZ) Limited (KMC) and Comarco Supply Base (EPZ) Limited (CSB) were set up to take advantage of incentives offered in the special economic zones. Comoro’s impending designation as a private port will now allow the company to import and export cargo for clients, making full use of its storage facilities. The company says in a trading update that it has obtained the consent of the Kenya Revenue Authority (KRA) to gazette its Mombasa port area as an entry and export area for customs purposes by the Commissioner of Customs and Border.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

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Good News from Africa

Good News from Africa

  1. Ethiopia eases load shedding Programme after water level rises:

Ethiopia’s minister for water and electricity, Seleshi Bekele on Monday lifted measures rationing electricity for homes and companies after a rise in water levels at hydroelectric dams, state-affiliated Fana Broadcasting said. Fana quoted the minister saying the changes were prompted by an increase in water levels at the country’s Gibe 3 dam. Seleshi had said in May when announcing the rationing that the drop in water levels at Gibe 3 dam had led to a deficit of 476 megawatts, more than a third of the country’s electricity generation of 1,400 MW. Companies will be allowed 50% of their power needs for the next 15 days during the day and 100% of needs from 11p.m. to 5 a.m. as part of the reduced load shedding programme, he said. Load shedding temporarily reduces supply of power to an area of the grid when demand exceeds its supply. Fana quoted Seleshi as saying power to the grid was also expected to increase when electricity from another dam, the Genale Dawa 3, is inaugurated next month. The dam has an installed capacity of 254 MW. Under the rationing programme announced in May, domestic consumers faced blackouts for several hours each day, while cement and steel firms had to operate fewer shifts due to the cuts, Seleshi said at the time.

  • Afreximbank announces $1B adjustments facility, other AfCFTA measures:

President of the African Export-Import Bank (Afreximbank), Benedict Oramah on Monday in Niamey, Niger addressed the 12th Extraordinary Summit of African Union (AU) Heads of State, announcing a series of initiatives to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).Oramah told the heads of state, who were gathered to mark the start of the operational phase of the AfCFTA, that Afreximbank was instituting a $1-billion AfCFTA Adjustment Facility to enable countries adjust in an orderly manner to sudden significant tariff revenue losses as a result of the implementation of the agreement. “This facility will help countries to accelerate the ratification of the AfCFTA, by starting the operational phase of the AfCFTA, “you have started a movement. You must not look back,” continued the President. “This movement is now unstoppable,” he said.

  • Traders to use shilling on new platform:

Kenyan traders can now sell goods and services across Africa using local currency after the African Export-Import Bank (Afreximbank) launched a digital payments platform. Afreximbank President Benedict Oramah told the 12th Extraordinary Summit of African Union (AU) Heads of State in Niamey, Niger that the Pan-African Payment and Settlement System (PAPSS) will see each African country use its own currency in any transaction, doing away with the traditional reliance on the US dollar as the sole currency for cross-border trade payment. “PAPSS, developed in collaboration with the African Union is a platform that will domesticate intra-regional payments saving the continent more than Sh500 billion in payment transactional costs per annum while formalizing an estimated Sh5 trillion intra-African trade,” he said. Kenya is banking on improved relations with its partner Africa states to export processed goods to increase earnings that dipped for the third year running to Sh216.2 billion in 2018.Trade Principal Secretary Chris Kiptoo said free intra-Africa trade would increase intra-Africa trade from the current 17 percent compared to intra-Europe trade (60 percent), USA (40 percent) and Asia at 30 percent.

  • Cotton output to hit decade high:

Cotton production this year is expected to triple compared to last year, marking one of the highest yields to have been recorded in the last decade. Fiber Crops Directorate forecasts production will increase from 10,672 tonnes realized last year to 30,000 tonnes. Increased production has been attributed to better investment and incentives to farmers as the government moves in to spur manufacturing under the Big Four agenda where President Uhuru Kenyatta is targeting manufacturing, affordable housing, universal healthcare and agriculture. “We will be witnessing tremendous harvest of cotton this year in a decade because of the investment that we have put on farmers to spur production in line with the government’s big four agenda,” said Naomi Kamau, head of directorate fiber crops. However, she noted that production will be slightly less than what had been projected because of harsh weather conditions witnessed during the current crop season.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net More about us on www.bdhrs.net

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  1. Makueni poultry farmers to get credit feeds in a deal with KCB:

Over 1,000 poultry farmers in Kibwezi, Makueni County, are set to benefit from credit facilities, vaccinated insured chicks, chicken feeds and vaccines following the launch of a Sh300 million poultry farmer’s empowerment project by Kenya Commercial Bank (KCB).The project will be offered under the KCB’s MobiGrow, a mobile-based platform which provides financial and non-financial services to smallholder farmers in Kenya and Rwanda. The project, dubbed ‘From Chick to Market,’ will see poultry farmers access an array of tailor-made MobiGrow services. Upon the maturities of chicken, the birds will be bought at a pre-contracted prices by KCB’s market partners, which will guarantee farmers ready markets. Proceeds from the sales will then be remitted to farmers through their KCB MobiGrow accounts, to ensure the recovery of loan amounts. Speaking during the launch of the project, KCB Bank head of MobiGrow Dickson Naftali said the bank is committed to growing agribusiness in the country.

  • MP’s travel budget climbs to Sh3.2bn on mileage return:

The travel budget for MPs grew 88 percent in the first nine months to March to Sh3.4 billion after the courts reinstated mileage allowance that the Salaries and Remuneration Commission (SRC) had withdrawn. Data released on Monday by the Controller of Budget indicates that National Assembly travel spending grew from Sh1.8 billion in the nine months to March 2018.The SRC had in July 2017 gazetted new remuneration structure for State officers that proposed a reduction in legislator’s basic salary and scrapping of five allowances including mileage claims. Implementation of the SRC’s salary reviews was halted by the High Court in December 2017, allowing Parliament to revert to paying MPs the higher salaries and perks as well as offering them the scrapped Sh5 million car grant. Out of the travel budget, MPs spent Sh2.2 billion on domestic travels in the first nine months of 2018/19 compared to Sh1.1 billion over similar period the previous financial year.

  • Airtel Africa to list on Nigeria stock exchange:

Airtel Africa aims to list on the Nigerian bourse on Monday, one of the financial advisors arranging the issue said, after the exchange postponed the listing which had been scheduled for Friday. The Nigerian Stock Exchange on Friday said the secondary listing of Airtel Africa shares planned for July 5 had been postponed to ensure the telecoms company meets its listing requirements. A source at the arranger told Reuters the delay was due to a manual allotment process of transferring the shares to new investors. India’s Bharti Airtel last week offered shares in its African unit via a London IPO and it would dual list in Nigeria, its biggest market in Africa. Nigeria’s bourse said it postponed the cross-border listing of 3.76 billion shares of Airtel Africa, but allowed Airtel to go ahead with an investor presentation. It said that it would inform the market on when the conditions had been met. Airtel set its Nigerian listing price at 363 naira per share, the bourse said, via a book building process which valued the company at 1.364 trillion naira ($4.44 billion).In May, Africa’s biggest telecoms firm MTN listed its Nigerian unit in Lagos in a $6.5 billion float that made it the second-largest stock on the bourse by market value. Nigerian stocks have been crimped over low growth in Africa’s biggest economy which has been further stymied with the president’s failure to appoint a cabinet four months after winning a second term. Local stocks have fallen 6.8% this year and shed 17.8% last year. The local bourse said Airtel shares registered in Britain may be moved from the London market to Nigeria subject to approval by the custodians in London and currency regulation in Nigeria. But Airtel shares registered in Nigeria cannot be moved to London, it said.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

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  1. Naivas opens Rongai branch in expansion spree:

Retailer Naivas has launched its latest supermarket in Rongai town, one of the four it plans to open by end of September as part of its expansion plan. Naivas opened outlet, its 53rd branch in the country, on Friday and is set to open other branches in Mountain View Estate, on Jogoo Road and another at an undisclosed location. The latest branch makes Naivas the fifth major retail brand to enter the populous Rongai town after Tuskys, Tumaini, Choppies and Clean shelf. The store occupies 8,000 square feet space. The family-owned retail chain has carried on with an aggressive expansion plan even as some of its biggest competitors in the local market continue to struggle in the retail sector.

  • Barclays to take over First Assurance’s life segment:

The Insurance Regulatory Authority (IRA) has cleared Barclays Life Assurance Kenya (Blak) to take over the life policy business of First Assurance, coming about four years after the South Africa-based firm bought a controlling stake in the Kenyan company for about Sh2.9 billion. The move increases local competition even as Absa Group, formerly Barclays Africa, looks to use its Kenya presence as a launch pad to the East African region. “The Insurance Regulatory Authority approves the transfer of the long-term insurance business of First Assurance Company Limited to Barclays Life Assurance Kenya Limited,” the industry regulator said in a gazette notice on Friday. The deal will also see all employees working under the life insurance department at First Assurance absorbed by Blak in the transfer. IRA’s nod, dated end of last month, paves the way for the transfer of about 100 corporates in the firm’s life portfolio.

  • Michelin, Toyota Kenya parent firm get tyre deal nod:

The Competition Authority of Kenya (CAK) has approved the formation of joint venture between Toyota Kenya’s parent firm CFAO and Michelin to sell tyres locally and in Uganda. This is contained in the notice by CAK director-general Wang’ombe Kariuki in the Kenya gazette published last Friday,  it is notified for general information that … the Competition Authority has authorized the proposed transaction,” Mr. Kariuki said. This nod now paves way for the two firms to start selling premium tyres in the two East African markets. The firms had earlier said the transaction will accelerate the distribution of its high-end tyres. CFAO and Michelin had in March last year announced conclusion of an agreement for the import and distribution venture.

  • How decisions are made in German style boards:

The Germans produce excellent cars. They have also produced a very interesting corporate governance system that was the subject of great scrutiny during the Volkswagen emissions scandal of 2015.In case you mysteriously missed the “Diesel gate Scandal”, Volkswagen was accused of installing software on its US-based cars to produce fake results, during environmental regulator tests, on the illegal amount of nitrous oxide being emitted by its diesel cars which could lead to premature death due to respiratory diseases occasioned by smog. So corporate governance experts weighed in on the scandal, saying that it was a matter of when, and not if, it could happen. German company law provides for a two -tier board system. First is a supervisory board whose composition is fairly regimented under a system of co-determination or “Mitbestimmung. ”The co-determination system requires at least a third of the board of directors consist of employee representatives if there are less than 2,000 employees and, where employees are more than 2,000, then half of the board is required to be made up of employee representatives. If the company has less than 500 employees, then there is no requirement for employee representation on the board. The second tier of oversight is a management board which is made up of executives. For companies that have over 2,000 employees, one of the management board members must be a staff director or “Arbeitsdirektor” who represents the employees.

  • How Equatorial Guinea turned oil into wealth:

For one of the wealthiest countries in Africa, Equatorial Guinea is relatively obscure. Not much is heard of the small country with big ambitions. Equatorial Guinea has a gross domestic product (GDP) per capita (per person) of Sh923,000 or 4.5 times more than Kenya’s Sh203,000, according to the latest estimates from the International Monetary Fund (IMF). That puts it ahead of all African countries, save for the richer island nations (Seychelles and Mauritius).News coverage of Equatorial Guinea in the international press mostly revolves around its President, Teodoro Obiang Nguema Mbasogo, who is the longest-serving leader in Africa. Not everyone in Equatorial Guinea is rich — though there is no data on inequality as measured by the Gini coefficient. The nation with a population of 1.2 million is, however, quietly working to boost the standard of living of its citizens through a socio-economic transformation strategy fuelled by its oil wealth. The country has in the past decade spent heavily on infrastructure; building new roads, ports, cities and airport terminals to international standards. This is evident in both Malabo (an island that is also the capital city) and the mainland.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net

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  1. Nigeria agrees to join Africa free trade zone:

The continent’s biggest economy, Nigeria announced on Wednesday that it would sign the Africa free trade agreement at the coming African union summit. Nigeria was one of the last countries that had not committed to signing the deal and its decision to join the bloc will significantly bolster its clout. The African Continental Free Trade Agreement (AfCFTA) aims to eliminate tariffs between member states, creating a market of 1.2 billion people with a combined GDP of more than $2.2 trillion. Apart from Nigeria, only Eritrea and Benin have chosen not to join the zone. President Muhammadu Buhari had expressed concern it could allow neighboring countries to inundate Nigeria with low-priced goods, and confound efforts to encourage moribund local manufacturing and expand farming. But a panel set up to assess the impact of joining the bloc recommended last week the president “should consider joining.” “Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis,” the Twitter feed quoted Buhari as saying. It added Nigeria would sign onto the deal at an upcoming African Union summit in Niamey, Niger. The agreement with the other signatories came into force on May 30.

  • Coca Cola takes on competitors with new sugar free beverages:

Soft drinks maker Coca-Cola has launched four new beverages targeting sportspeople and the health conscious as it grapples with consumers turning away from its sugary drinks. This is as it steps up competition in the local beverages market. The new products include Coke plus Coffee, Minute Maid Nutridefenses and PowerAde, a soft drink targeting sports people. They also include a sugarless portfolio of Coca-Cola, Fanta, Sprite and Stoney drinks. Coca- Cola head of marketing in Kenya and Tanzania Nelly Wainaina said the new products are part of the firm’s efforts to offer more consumer options and control sugar consumption. The firm had in January revealed a product diversification plan with a key focus on an increasingly health-conscious consumer.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net

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  1. Glovo turns to skaters for CBD deliveries:

Spanish delivery firm Glovo has expanded its distribution network to Nairobi’s central business district (CBD) where the firm is set to use roller-skaters to make deliveries to customers within the city where boda bodas remain banned. Glovo, which entered the Kenyan market in January this year, usually uses boda bodas to make deliveries to clients in other parts of the city. The firm says it has so far partnered with over 150 brands and franchises like retailer Carrefour, Simbisa Africa and restaurant chain Art caffe to deliver their goods. The online platform enables customers to order items such as food, groceries or gifts with a simple tap on their smartphone. Glovo then buys the items from its partner businesses and delivers to clients using independent couriers. The app charges a maximum delivery fee of Sh100.“This partnership with skaters is advised by significant increase in demand for our services from our customers within CBD. The move is also in line with Glovo’s profitable growth strategy,’’ said Glovo General Manager William Bentall.

  • Tetra Pak appoints first Kenyan Managing Director:

Food processing and packaging firm Tetra Pak has appointed Jonathan Kinisu to the helm, becoming the firm’s first local managing director. He is taking over from Swede Hakan Soderholm. Mr. Kinisu joined Tetra Pak East Africa in 2012 as regional manager Tanzania and Ethiopia before he was appointed sales director in 2014.He has worked in the oil industry with various appointments in Shell Oil Products both in Kenya and Houston, Texas. The former student of Friends School Kamusinga is a computational genetics alumnus from Imperial College London and also holds a degree in biochemistry with biotechnology from Manchester University.

  • Qatar airways begin operation in Somalia:

Qatar Airways’ first flight from Doha to Mogadishu landed at Aden Abdulla International Airport in the Somali capital on Monday. The company has joined the growing list of foreign airlines operating flights in Somalia. “I am truly honored to be here today to inaugurate our new road. We have responded to the growing demand from customers for services to Somalia and from today we will fly three times a week between Mogadishu and Doha, ”Vice President of Middle East, Africa and Pakistan of Qatar Airways, Ehab Amin said. For many, this new investment is a gesture of Qatar’s commitment to the African continent. The airline operates 127 flights a week to 22 destinations in five African countries.

  • Ethiopia appoints top rights advocate as Head of Human rights body:

Daniel Bekele, a renowned human rights advocate has been appointed as head of the Ethiopian Human Rights Commission, EHRC, a state-run body responsible for principally ensuring respect for rights and fundamental freedoms. The parliament, House of Peoples Representatives (HoPR), on Tuesday approved his appointment for a position that had over 80 potential candidates nominated. He replaces Dr. Addisu Gebregziabher. Prior to his new role, he worked with Amnesty International and then Human Rights Watch, HRW, two rights groups that have done extensive work on the human rights situation in Ethiopia over the last few years. He worked as a Senior Advisor during his time at Amnesty and was HRW’s Africa Director. He also has an employment history as Research and Policy Director of Action Aid Ethiopia.

Note: The above news has been fetched from the various online local news papers from Africa

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  1. Guardian feted as best lender in Kenya:

Guardian Bank is the 2019 Best commercial lender in Kenya, according to the International Banker Awards. International Banker, a finance publication, recognized the lender for good corporate governance, asset quality, liquidity management, compliance, capital adequacy and corporate social responsibility. “Ever since we opened our doors in August 1996, Guardian Bank had deployed a multifaceted approach to surmount a myriad of challenges based on well-tailored strategies on both external and internal policies,” said bank’s Executive Director Hetul Chandaria. The Chandaria family, which has extensive investments in paper manufacturing, petroleum, real estate and banking, founded Guardian Bank in 1992.Under DMC Group, the family also runs the East African Paper Mills Limited and Trans Africa Paper Mills, among others.

  • Solar company gets Sh1.84 billion capital injection for expansion:

Kenya’s pay as you go solar kit business, d.light, has received Sh1.84 billion capital injection from a consortium of lenders to help accelerate its growth in Africa. The equity injection by two response Ability-managed funds, Sun Funder, DWM and SIMA will enable the company expand its product line and enter new markets to reach more customers. “Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow. “We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” said d.light chief executive and co-founder Ned Tozun in a statement on Monday.  The new capital injection comes barely a few months after three European government funds injected Sh4.1 billion into d.Light.

  • Barclays Bank woos small businesses with targeted training:

Listed lender Barclays Kenya  says it is working on loan products tailored to the needs of Kenya’s small businesses after a nationwide survey revealed that most small and medium enterprises (SMEs) lacked credit facilities that understood their business model. “We are engaging individual SMEs with a view to providing the type of product that reflects their needs. SMEs need training on bookkeeping as many were owner-run,” Barclays Kenya business banking director Elizabeth Wasunna-Ochwa said. The lender reckons that its teams stationed across 36 counties will help the businesses deliver to larger firms. “We are in discussion with large businesses that rely on low-end SMEs for goods and services where our sole intention is to support the low-end businesses with loans to improve their processes via purchase of equipment to fulfill contracts awarded to them by the large players. The lender announced flat earnings of Sh1.9 billion for the three-month period ended March, as costs of rebranding to Absa ate into its bottom-line.

  • Bank profits hit Sh56.8 billion:

Commercial banks’ profit before tax for the first four months of 2019 rose by 15 percent to Sh56.8 billion up from Sh49.4 billion on increased lending, fresh data by the Central Bank of Kenya (CBK) shows. According to the regulator’s report, customer deposits shrunk slightly to Sh3.37 trillion from Sh3.4 trillion as at March. Cumulative loan book for the sector grew to Sh2.6 trillion, the highest point in the country’s history, buoyed a relatively calm economy. The jump in earnings comes at a time when credit growth to the private sector improved to 4.9 percent, the highest level since introduction of the rate cap law that has dragged economic growth by stagnating cash lent to businesses at below four percent, thus falling short of the recommended 12 percent. Analysis of lenders’ financial statements as at the end of the first quarter put Equity Bank  at pole position as Kenya’s most profitable lender ahead of KCB .

BDH Recruitment Services is an Executive Search Firm, We mainly focus on recruiting for mid and senior level roles for our clients in Africa, We Specialise in recruiting for Local as well as Expat staff for our esteemed clients

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  1. Tatu City shareholder joins Trump Africa team:

Tatu City investor Frank Mosier has been appointed to a special committee advising President Donald Trump on deepening US trade with Africa. The appointment to the 26-member Advisory Council on Doing Business in Africa (PAC-DBIA) was announced last week by US Secretary of Commerce Wilbur Ross. Mr. Mosier is the largest American investor in Rendeavour, which owns and develops Tatu City Special Economic Zone in Kiambu County. He is also the chairman of Rendeavour. The PAC-DBIA was established in 2014 to analyze and recommend to the President ways of strengthening commercial engagement between the US and Africa. The appointed members will serve from 2019 to 2021. Also named to the council are executives from GE, Visa, Bechtel, MasterCard, Pfizer, and IBM among other US firms.

  • Kenya bank hires UK based décor firm to design two rivers branch:

London-based interior décor firm One Point Six has been contracted to design Victoria Commercial Bank’s Two Rivers Mall branch for its high net-worth clients. The firm, started by two Kenyans Yadav Jani and Bhavnish Chandaria, said the 4,000 square feet office space will be developed using local and imported décor as well as furniture to be at par with global high-end offices. The firm said the contract serves as its entry into the local market in Nairobi targeting corporate and private sector clients. “Having completed a number of high-end interior projects in the UK, we are now bringing our expertise to the Kenya market. “We know what high-end spaces should look like and will deliver this project in a way that lives up to the One Point Six brand,” said Mr. Jani.

  • Future trade at NSE set for pilot next Thursday:

Investors will from next Thursday be able to enter into quarterly contracts to buy or sell shares on seven blue-chip counters at specified prices to be paid at agreed future dates. The Nairobi Securities Exchange (NSE) on Wednesday announced the launch of the long-delayed financial derivatives market that will also allow investors to bet on a set of 25 stocks under the NSE 25 Share Index. NSE’s Next Derivatives Market is set for a soft launch (restricted to a few investors) on July 4, before opening up for all investors a week later. This will make Nairobi bourse only the second in sub-Saharan Africa after Johannesburg to trade in futures contracts. The single stock futures will initially be traded on Safaricom , KCB , Equity , East African Breweries , BAT Kenya , KenGen  and Bamburi Cement  counters — the most heavily traded stocks. The futures contracts enable individual and institutional investors better manage risks, hedge, arbitrage and speculate over the future value of the participating stocks and index.

  • Kenya banks to get Sh17bn SME loans risk guarantee:

African Guarantee Fund (AGF) has set aside $170 million (Sh17.1 billion) to back Kenyan bank lending to small and medium-sized enterprises (SMEs) through a scheme that will insure the lenders against defaults. AGF typically guarantees half of the value of a loan balance to a single SME borrower or half the value of an outstanding SME loan portfolio and charges banks a fee of between 1.5 percent to three percent for the risk guarantee. Some of the local lenders that have struck such deals with the institution include NIC Bank and Eco bank. “The current pipeline is $170 million (Sh17.1 billion) for Kenya. This will enable the banks to on-lend at least $340 million (Sh34.3 billion) to the country’s SMEs,” AGF told the Business Daily. The institution declined to specify the banks that are set to sign the risk mitigation deals.

  • Bitcoin on fire tops Sh1.3 million:

Bitcoin jumped to an 18-month high on Wednesday, a surge analysts said was caused by nervous traders looking for safety in alternative investments and expectations that Facebook’s Libra could turn crypto currencies mainstream. The world’s biggest crypto currency has surged in value since April and was trading close to $13,000 (Sh1.3 million) on Wednesday. It is now up 240 percent since the start of the year, although it remains below its all-time high of nearly $20,000 (Sh2 million).Investors have flooded back into digital currencies after a bruising 2018. Bitcoin has risen for eight consecutive days. And now Facebook has said it would offer its own crypto currency, the Libra coin, by end of June 2020.Analysts say Facebook’s announcement this month has revived interest in coins, while investors seeking safety have also pushed up Bit coin’s price. “It obviously does appear to be benefiting from some sort of flows that gold is benefiting, too,” said Michael Hewson, chief market strategist at CMC Markets. “You’ve got all this stuff about Libra going on, which is renewing interest in bitcoin. Crypto is back in vogue.”

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  1. MasterCard, KCB, expand kiosk stocks credit line:

Payments firm MasterCard and KCB  are set to roll out across Kenya a solution that enables small scale traders running kiosks to access stock on credit. The solution dubbed Koinect, formerly Jaza Duka, was piloted in Kenya and is also set for further rollout in Egypt in partnership with the National Bank of Egypt. Kenyan traders using the solution will be issued a card by a partner bank that will enable them access to credit. Those accessing credit will not pay interest if the amount is paid within seven days while defaulters attract a 3.5 percent interest per month on outstanding balance. “With this platform, merchants get to know how much in credit they can access at the point of purchase. We have now upgraded the platform with advanced technology and now ready to scale it up,” said head of MasterCard Labs for Financial Inclusion in Kenya, Salah Goss.

  • KPA seeks firms for new terminal operating system:

The Kenya Ports Authority (KPA) has invited companies to bid to setup an enhanced operating system that will manage operations at the Port of Mombasa and the Inland Container Depot (ICD) in Nairobi in efforts to eradicate inefficiencies in cargo processes. In a call for expression of interest issued Tuesday, the agency says it is installing a new terminal operating system (TOS).The winning bidder is also expected to integrate port marine operations to reduce system and process manipulation in tandem with the port’s future operational demands. “The scope of the new TOS specification covers container operations in Port of Mombasa, ICD and marine operations. Apart from the existing systems such as KPA finance system, EDI messaging to port community, the new TOS will also be integrated with following systems…” KPA says in the notice. Systems to be integrated include truck appointment system, optical character recognition system for gate, rail and STS crane and radio frequency identification system.

  • Credit Bank offers support for cervical cancer:

Credit Bank recently partnered with Rotary Club of Karen to sponsor its 9th Annual Charity Golf. Though the club is usually involved in various charity activities, this year the focus was on Cervical Cancer. The 9th annual golfing tournament that was hosted on the 14th June 2019 at Karen country club saw Credit Bank amongst other corporates take part of this great cause of enabling curbing of Cervical Cancer in the country. Speaking to Pamela Mutembei Head of Business and Marketing “Committing to impacting the community is part of who we are at Credit Bank. This goes beyond recognition and further to true commitment to changing lives. To achieve this, various platforms are explored including partnering with well-known organization’s committed to helping those in need in the society. “One such organization is Rotary International – a global network of 1.2 million neighbours, friends, leaders, and problem-solvers. This network aims to see a world where people unite and act to create lasting change – across the globe, in our communities, and in ourselves. ”This, for us at Credit Bank, was a noble cause focused on Educating women on Early Testing and Improving access to Cervical Cancer Treatment women from this preventable disease. This initiative is also a further collaboration between the Rotary Club and Women 4 Cancer.

  • Vehicle assembles gear up for new automotive policy:

Local motor vehicle assemblers are upbeat about the renewed efforts to revive the industry that has been down for close to four decades after Kenya opened imports for used cars. The Automotive Policy, which is still being processed for implementation, has given the assemblers a new lease of life after years of low capacity production characterized by stiff competition from imports preferred for their budget pricing. Although still facing criticism for purportedly pushing the policy down the throats of second-hand motor dealers and ignoring possible job losses and making car ownership a reserve of those with the financial muscle, vehicle assemblers who spoke to the Business Daily believe there is still room for car ownership for those with thinner budgets as well as room for the second-hand car dealers almost in the same scale they are operating at currently. The government is banking on the new policy to help it address the challenges affecting the vehicle industry, including the lack of dedicated legal, institutional regulatory framework, importation of parts by franchise holders instead of procuring from local parts manufacturers and influx of used fully built units, among others. The assemblers also believe the new policy, which reduces the age of used cars for those wishing to drive cars with engine capacities above 1800 cc, is a critical turn Kenya has to make if it eyes industrialization and reduction of unemployment. According to Toyota Kenya chairman Dennis Awori, there is even a better potential to create more jobs with increased assembly of cars within the country with potential of attracting many other manufacturing segments associated with car assembly. “Any expansion of the industry will create quality jobs. With about 4,000 people already employed just to serve between 10,000 and 18,000 cars a year we will be employing much more if this potential is realized even just a little bit more to say 34,000 vehicles. Through the policy we estimate that for every one job we create five jobs in the value chain,” Mr. Awori said

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Categories
Good News from Africa

Corporate News from Africa

  1. French firm signals Lancet expansion:

France-based multinational Cerba Healthcare, which took control of Lancet Laboratories’ Kenya unit earlier this year, says it is planning the rollout of additional centers in the country. The medical services provider says the growth plan is expected to bring down the cost of laboratory tests for patients in Kenya. Cerba Health International managing director and Cerba Lancet Africa Chair Jérome Thill reckons planned investments in growing the firm’s presence in the region and widening the range of its specialized tests will help enhance evidence-based diagnosis and management of illnesses. “Through economies of scale, we can bring the average costs of lab tests down for patients while maintaining high quality and this is one of the pillars of the joint venture to better support healthcare in Kenya and Africa,” he said. Mr. Thill expressed concerns that lab reagents and equipment needed to carry out tests are more expensive in Africa than Europe due to significant importation charges, markup by vendors and logistics, translating into higher costs of lab tests for patients.

  • Nakumatt to deposit Sh40m in suit:

Troubled Nakumatt Supermarkets has been directed to deposit Sh40 million as security in a case where it has sued its former landlord in Diani, Kwale County. Justice Anne Omollo directed the retailer to deposit the money in a joint account to be opened in the names of its advocates and those of South Coast Holdings Ltd, the landlord, within the next 60 days. “The proceedings herein shall be stayed (suspended) until the deposit has been paid into the account,” said Justice Omollo. South Coast Holdings Ltd sought to have the supermarket deposit Sh150 million as security for costs in a case where it has been sued by the retailer who wants it (landlord) restrained from utilizing and dealing with its equipment at the premises it used to operate its outlet in Diani. In her ruling, Justice Omollo said that since the financial status of the retailer to meet the former landlord’s costs is in doubt, it serves the interest of justice that Nakumatt be ordered to provide security for expenses. “The defendant has provided an audit report to demonstrate that indeed the plaintiff will not be able to pay its costs,” said Justice Omollo.

  • Oigara to lead National bank, KCB buyout team:

KCB Group  and National Bank of Kenya (NBK)  have appointed a transition team to oversee acquisition of 100 per cent ordinary shares of the cash-strapped lender as they race to meet a September 2019 deadline for conclusion of the buyout. The team comprises staff from both banks and will be led by KCB chief executive officer Joshua Oigara. Its main task will be to mitigate risks and make the necessary preparations to enable a smooth transition. This comes as KCB says it has served NBK with an offer document following approval from the markets regulator. “KCB has received regulatory approval from the Capital Markets Authority (CMA) to serve NBK with the Offer Document pursuant to the Capital Markets (Take-overs and Mergers) Regulations, 2002. KCB this week served NBK with the Offer Document, with a response expected within 14 days. The process is expected to be completed by September 2019,” KCB said in a statement yesterday. KCB and NBK’s shareholders recently approved the deal to swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB at their respective annual general meetings.

  • Namibia to build world’s largest diamond mining ship:

Five African commercial banks are investing up to $375 million in the construction of a new diamond mining vessel for a subsidiary of Anglo American’s diamond unit De Beers. Ned bank Namibia, RMB Namibia, Standard Bank, ABSA and Bank Windhoek agreed to provide 80% of the funding for the ship, which will be the world’s largest of its type. Debmarine Namibia – a 50-50 joint venture company between De Beers and the government of Namibia, will provide the balance of $94 million. The ship, to be known as the AMV3, will be the seventh in the Debmarine Namibia joint venture’s fleet, which mines high-quality diamonds from the ocean floor using hi-tech surveying equipment. The highest quality diamonds in the world are found in our ocean.

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