Good morning, read on for important business news in Kenya.
Kenya’s Imports From the U.S. Triple
Data from the Kenya National Bureau of Statistics show Kenya has bought goods worth KES 120.41 billion from the US over the period, compared to KES 42.85 billion last year, a 181% growth. India sold goods worth KES 196.32 billion to Kenya in the period, up 3.3%, while China’s exports soared by 39% to KES 178.72 billion. Growth of imports from the US has been attributed to Kenya Airways’ acquisition of several Dreamliner planes […]
More on Kenya Airways
Kenya Airways retires last B767-300(ER)
Kenya Airways has officially retired the B767-300 (ER) from its long-haul fleet with the recent return of its last aircraft of the type, 5Y-KYV (msn 29386), to its lessor, the International Lease Finance Corporation (ILFC). […]
NIC Bank Puts Aside $134 Million for Expansion
The Group Managing Director of NIC Bank Group, John Gachora, has said the regional financial institution has raised capital worth $134 million to create new products, expand its branch network and meet other general capital uses. […]
Used car sales drop in quarter three
Data from the Kenya National Bureau of Statistics shows that 22,735 units of used vehicles were sold in the third quarter compared to 23,735 units in a similar period last year. Sales of used motor vehicles dropped by 1,000 units in the three months to September, putting brakes on a boom that saw purchases of second hand cars rise by a fifth in the first half of the year. […]
South African firm Metropolitan International takes over Cannon Assurance
South African financial services group Metropolitan International has formally taken control of the operations of Cannon Assurance, after acquiring a majority stake in the Kenyan insurer. The value of the deal, which has already been approved by all the relevant local authorities, is estimated at KES 2.4 billion or 300 million rand. […]
Kenya to save KES 42b in new power cuts
The country will be saving KES 42 billion ($500m) annually starting next year following the drop by 20 per cent in the cost of power. Energy Cabinet Secretary Davis Chirchir says the cost of production is expected to come down drastically, with manufacturers being the biggest winners. […]