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Kenya:Flour scarcity hits retailers as millers run out of maize

maize

Kenya is staring at potential food shortages with an acute deficit of maize flour already being experienced in supermarkets. A spot check in different retail outlets in Nairobi shows some supermarkets have run out of stocks while others are selling just one brand, meaning prices could rebound to previous highs as millers say they have no maize. One of the ...

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Kenya oil exports loom as transport deal issued

RIG

Movement of crude oil from Turkana fields to Mombasa port on road will start mid-this month after three Kenyan companies won lucrative contracts to provide trucks and oil tank-tainers. Petroleum PS Andrew Kamau said yesterday this is the final phase of the early oil export journey that seeks to test Kenya’s crude in the global market. Nairobi-based Primefuels Ltd bagged ...

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Zimbabwe banker to lead reforms at Shelter Afrique

shelter

Mortgage lender Shelter Afrique has picked a Zimbabwean banker to implement proposals made in a forensic audit into cases of accounts manipulation and professional misconduct at the institution. The troubled housing lender has hired Stanley Tsikirayi as a ‘change agent’ for a term of eight weeks following the exit of South African national Dave Jennings. Mr Tsikirayi, a former StanChart ...

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Nigeria: Again, 253 Repatriated From Libya

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Barely one week after report went viral that African immigrants were being sold as slaves in Libya, more stranded Nigerians were on Tuesday evacuated from the North African country. No fewer than 253 Nigerians arrived at the Murtala Mohammed International Airport (MMIA) cargo terminal aboard a chartered flight which touched the ground at around 8 p.m. They were received by ...

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Nigeria: Govt Mulls Relaxing Forex Restrictions On 41 Items

naija

The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window. Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider “policy-driven restrictions” to promote local manufacturing of 41 items, such as rice and toothpicks. He said: “In stabilizing ...

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Kenya:Barclays Bank offers currency conversion

bbk

Barclays Bank of Kenya has introduced the Dynamic Currency Conversion (DCC) for its cardholders. This allows the conversion of the purchase price for goods or services into a currency the customer is more familiar with. Trading in a currency best understood by the buyer is meant to ease transactions for international customers so as to make deals and accounts simpler. ...

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East Africa: EY ranks Kenya Africa’s 2nd best for investments

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Consultancy EY has named Kenya as the second most attractive investment destination in Africa after Morocco in 2017 despite last year’s poor performance, where FDI dropped by 57.9 per cent. EY’s Africa Attractiveness Index 2017 (AAI 2017) showed Kenya scored highly in the long-term outlook in governance and human development (16 out of 20), economic diversification (10 out of 20), ...

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S.A rand expected to trade 5% weaker towards ANC conference in December

Rand-Wikipedia

South Africa’s rand will remain resilient in the short term in the absence of policy surprises and further downgrades, but the currency will weaken towards a December conference of the ruling African National Congress, a Reuters poll showed. The poll of up to 40 strategists suggested the rand would trade five percent weaker at 13.99 against the greenback at the ...

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Kenya:Costly breakfast as prices of sugar, milk hit new high

sugar

Sugar prices have reached a new high with the two-kilogramme packet now retailing at Sh330, which together with expensive milk is set to make breakfast costly especially for low-income people. This comes amid a severe shortage of sugar on the shelves with nearly all supermarkets only stocking the Kabras brand. The commodity has been retailing at an average of Sh290 ...

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East Africa:UN report shows Kenya’s jobs crisis the worst in region

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East Africa’s largest economy, Kenya, holds the dubious distinction of having the region’s highest unemployment rate, the United Nations says in its latest assessment of human development that throws a huge policy-making challenge at Nairobi. The 2017 Human Development Index (HDI) shows that Kenya’s rate of unemployment is now equal to those of neighbouring Ethiopia and Rwanda combined, highlighting the ...

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