Kenya joins middle income economy status on Tuesday
Kenya is set to be classified as a middle income country, 16 years ahead of schedule with the release of revised figures for the economy. At an event to be witnessed by both the World Bank and International Monetary Fund officials on Tuesday. Government officials will release new economic data revising the current country wealth by 20 per cent and effectively lifting the nation to a middle income status ahead of 2030 target. […]
Kenyan shilling steady, stocks slide for second straight day
Kenya’s shilling closed steady on Thursday while stocks fell for a second session, pulled down largely by financial services companies. Commercial banks quoted the shilling at 89.15/25 to the dollar at the 1300 GMT close of trade. On the Nairobi Securities Exchange, the main NSE-20 Share Index lost 73.58 points, to close 1.4 percent down at 5,249.07 points. In the secondary debt market, government and corporate bonds valued at 946.08 million shillings were traded, up from 578.3 million shillings worth of bonds traded on Wednesday. […]
Give regulators room to work, CS Matiang’i tells MPs over Equity Bank’s thin SIM
The Government has thrown its weight behind the Communication Authority of Kenya (CA) in the ongoing feud between Equity Bank and Safaricom on the overlay sim card technology. ICT Cabinet Secretary Fred Matiang’i has stated that CAK’s decision to allow Equity Bank to roll out its Virtual Mobile Network, was justified and the regulator’s decision should be respected. […]
Low cost rivals threaten Kenya Airways
The arrival in six destinations across East Africa by FlyDubai, starting off this weekend with daily flights to Entebbe and twice and thrice weekly extensions to Bujumbura and Kigali respectively before adding Dar es Salaam, Kilimanjaro and Zanzibar by mid October, must have had the strategists at Kenya Airways work overtime to find ingenious ways and means to protect their passenger base from the three countries. […]
New law to rejuvenate East African cooperative societies
The East African Community is set to have a common law on cooperatives by December, Mike Sebalu, Uganda’s representative at the East African Legislative Assembly said recently.
At a workshop held in Kampala to deliberate on the draft East African Community Cooperative Societies Bill, 2014, Sebalu told participants that this legislation would give EAC farmers an edge in exploiting market opportunities. He said the law would make it easier for EAC countries to go into joint ventures with different businesses in the region. […]