Category: INTERNATIONAL
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Kenya:Only removal of rates cap can unlock credit, banks tell Uhuru
Banks have said only removal of the interest rates cap could release credit flow to the private sector, responding to President Uhuru Kenyatta’s announcement in Wednesday’s State of the Nation address. President Kenyatta said in his address in Parliament that he was concerned about reduced lending since interest rate controls took effect in September 2016.…
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Kenya consumer confidence falls on inflation and credit squeeze
A survey by a global consultancy shows Kenya’s consumer confidence for 2017 dropped significantly towards the end of last year, eroded by concern over inflation, the credit crunch, and unemployment. An index by Nielsen Holdings, an international performance management company, shows buyer confidence slumped by 11 points in quarter four of last year compared to…
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S.A taxi drivers call for higher consumer prices
On 10 March, the metered taxi drivers took to the streets of Johannesburg and severely impacted traffic to and from O R Tambo International Airport. They were protesting the ride-hailing app Uber which they say is ‘stealing their jobs’. They state they had exhausted all avenues in government as their appeals for the government to use…
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Kenya:Coffee auction prices down 11pc after last week’s rebound
Coffee prices at the Nairobi auction declined by 11 percent in Tuesday sales after rebounding marginally last week. A market report from the Nairobi Coffee Exchange (NCE) indicates that a 50kg bag of coffee was sold at Sh24,000 this week compared with Sh27,000 in the previous sale. The Mombasa auction has also been registering low…
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Botswana’s Choppies to spend $55 million on expansion plan
Botswana budget retailer Choppies Enterprises plans to spend 570 million pula ($55 million) to open more stores in Africa in the next 15 months, its chief executive said on Tuesday. Choppies, a no-frills retailer which has 202 stores in towns often too small to attract larger competitors such as South Africa’s Shoprite, reported a 47…
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Kenya:Steady unit trust returns signal good year for money investors
Unit trust returns have held in a tight range in the first two months of the year, reflecting stable interest rates on government securities and bank deposits in the period. This signals another good year for money markets investors in contrast to fortunes of share investment that has not changed much in the period. Sector…
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UN backs Kenya ban on plastic bags as industrialists cry foul
Kenya has banned the use of plastic bags for shopping from September in what could see 176 manufacturers close shop and thousands of jobs lost. Environment secretary Judy Wakhungu published the ban in a gazette notice to reduce dumping of the bags, earning accolades from the UN environmental agency, Unep. The UN estimates that 100…
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Zimbabwe to produce more tobacco to ease dollar crunch
Zimbabwe is likely to produce 205 million kgs of tobacco this year, slightly more than 2016, with sales of its main export likely to improve dollar supplies in the cash-strapped economy, an industry official said on Wednesday. Marking the start of annual tobacco auctions in Harare, Tobacco Industry and Marketing Board spokesman Isheunesu Moyo said…
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Kenya:23 banks sign up to PesaLink mobile banking platform
About half of Kenyan banks have now joined the mobile and electronic money transaction service, PesaLink, giving momentum to the new platform that is intended to rival the service offered by telecommunications companies. The Kenya Bankers Association (KBA) says at least 23 lenders have signed to join the platform which will see banks rival the…
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Kenyan firms count billions in losses after South Sudan’s currency rout
Kenyan multinationals with subsidiaries in South Sudan have lost billions of shillings to devaluation of the neighbouring country’s currency. The cost of living in South Sudan hit a cumulative three-year rate of 1,285.3 per cent in December. The runaway inflation has also led to a 97.3 per cent depreciation of the South Sudan pound against…