Category: East Africa
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Rwanda: Brexit Unlikely to Affect Economy – Rwangombwa
Britain’s exit from European Union is unlikely to have any adverse impact on the Rwandan economy, central bank governor John Rwangombwa has said. Last week, UK voters went to the polls for a referendum to determine whether the country would remain part of the European Union (EU), with a majority 52 per cent opting to…
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Kenya:Rotich prolongs consumers pain with delayed tax relief
Kenyans will have to wait longer for some of the tax benefits that Treasury secretary Henry Rotich announced in his Budget Speech earlier this month, even as they suffer the pain of new taxes that took effect immediately, the Business Daily has learned. The implementation of beneficial tax measures such as reduced Pay-As-You-Earn (PAYE) for…
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Kenya’s major power line to remote north to be ready this year
A major new power line that will connect the remote northern region of Kenya to the national grid, and will be used to transmit wind power, should be completed by the end of this year, a senior government official told Reuters on Tuesday. The East African nation is ramping up electricity production and investing in…
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Kenya:Maersk Oil to focus on Kenya after Qatar contract loss
Maersk Oil, a unit of Danish conglomerate A. P. Moller-Maersk, will focus on building on its operations in the North Sea and in Kenya, after it lost the contract to operate Qatar’s largest offshore oilfield. Maersk Oil owns 25 per cent of of the three exploration blocks owned by Tullow and Africa Oil Corp. France’s…
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Kenya:Equity Bank boss roots for State domestic borrowing
Keeping the government out of the domestic borrowing market will hurt the economy by creating a shortfall in financing of key infrastructure necessary for lowering the cost of doing business, a bank executive says. Equity Bank chief executive officer James Mwangi said the business community expects the government to create an enabling environment by providing…
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Kenya:Top three mobile operators to pay Sh2.5bn each for 4G licence
Safaricom, Airtel and Telkom Kenya will pay Sh2.5 billion each for the 4G spectrum licence fee that the Communications Authority of Kenya (CA) has said it will start issuing next month upon payment of the fees. Francis Wangusi, the CA director-general, told the Business Daily that the technical committee has approved the issuance of the…
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Kenya:Naira devaluation might hit exchange inflows
The intended devaluation of the Nigerian Naira is likely to see dollar investors pump capital into Lagos stocks in pursuit of cheap assets at the expense of the Nairobi Securities Exchange (NSE), a senior economist says. Renaissance Capital global chief economist Charles Robertson told Bloomberg that in the medium term, Nigerian investments are set to…
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Uganda Airlines to Fly Again, Says Museveni
After nearly two decades in limbo, Uganda Airlines, a national carrier, could fly again after President Museveni, in his first address to the new Cabinet yesterday termed the lack of a national airline “a big shame,” criticising Kenyan, Ethiopia and South African “brothers” for ditching the comradeship and instead opting to exploit Ugandans. The president…
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Kenya:Central Bank says ready for Brexit
The Central Bank of Kenya Friday said it is ready to intervene and minimize disruption in money markets, as Britain voted to exit the EU. “The Central Bank of Kenya stands ready to intervene in the money and foreign exchange markets to ensure their smooth operation” the regulator said as Britons voted to leave the…
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Kenya:Power generation, irrigation get Sh12.1bn more in mini budget
Power generation and irrigation will get an additional Sh12.1 billion in the second mini budget prepared by the National Treasury, hardly eight days to the close of the current financial year. The Sh14.7 billion Supplementary Budget tabled in Parliament by Majority Leader Aden Duale, shows that the Ministry of Energy and Petroleum will get the…