Kenyan Business
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Middle class cash flow problem: They are usually cautious about money but as they strive to improve their standard of living, they get increasingly into debt.
All their lives they work to pay off their mortgages, credit card bills, car loans etc.
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Google has requested Kenyan loan apps to submit proof of license to operate in Kenya, failure to which risks delisting them from Play Store.
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Kenya Power is planning to buy Six Electric vehicles — Mahindra XUV 400 Sports Utility Vehicle (SUV) — at a cost of about Shs 9 million each.
The car retails at Shs 2.4m outside Kenya.
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Jumia’s founder and cofounder CEOs have resigned with immediate effect as the company struggles with persistent losses and plummeting share price.
- Bloomberg
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Official KRA data shows Kenya imported Shs 378 billion of goods from China while data from China’s revenue authority shows Kenya imported Shs 809 billion.
This massive difference is due to tax evasion.
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As Kenya lifts ban on GMO, Mexico is working towards banning GMO by 2024.
A study in Mexico had found that GMO maize had contaminated most of the traditional varieties through cross-pollination.
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Kenya’s President says he is willing to sell 100% of government’s stake in Kenya Airways.
Says he is not in the business of running an airline that just has a Kenyan flag.
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In the SGR contract, Kenya Ports Authority (KPA) committed to create inland ports including at Nairobi where KPA would manage the inland ports.
If Kenya defaults on loans, China can take over KPA without notifying Kenya government. KPA should also not ask questions.
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BIDCO Africa says it is looking for Kenyan farmers to supply it with 30,000 metric tonnes of sunflower and Soybeans to support local production of its brands.
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Standard Chartered Bank Kenya has cut its holding of Kenya government bonds by 52%.
The bank even took a loss of Shs 2.3 billion as it sold the bonds.
Strongly indicates that the parent company is attempting to reduce exposure to government default risk.
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In Kenya, 44% (1,362 tonnes) of the total volume of pesticides used in farming are banned in Europe — where they are exported from.
- The East African
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Standard Chartered Bank Kenya is closing accounts of small businesses that fail to hit monthly cash inflow of Shs 10 million.
- Business Daily
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Laikipia County, which is the first county to get government backing for it to issue Shs 1 billion infrastructure bond, spent Shs 500 million to lease 21 Toyota Hilux vehicles at Shs 24m each.
It recently cancelled another Shs 721 million contract to lease at Shs 32m per car.
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World Bank Rates Kenya As Fastest Growing Economy in Sub-Saharan Africa
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New York-based Morgan Stanley Capital International (MSCI) has placed Kenya on watchlist of troubled markets unfit for foreign investments
MSCI advises foreign institutions including pension funds and tracks global equity and real estate performance.
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When Cytonn was offering returns of up to 18%, I used to ask people (some finance professionals) who were looking to invest how they thought Cytonn was going to sustain paying such a high return but nobody had a realistic answer.
It was mostly vague talk about real estate.
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KBC Audit report:
— KBC has 31 parcels of land valued at Shs 13 billion not registered in its name.
— It borrowed a loan of Shs 14 billion but the loan has now accumulated Shs 77 billion in interest!
— Continues to make losses and has accumulated losses of Shs 90 billion.
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Kenya Bureau of Standards (KEBS) suffered a massive data breach this week after being hit by a ransomware attack.
739GB of data belonging to KEBS was published for auction on the dark web after KEBS failed to pay ransom.
- Techweez
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UAE has offered to build $6 billion Kenya to Uganda SGR project on condition that they get significant stake in Port of Mombasa.
- The East African
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If Kenya defaults on SGR loan to China, China will take over SGR and Kenya Ports Authority.
Revenues from Kenya Ports Authority will be redirected to China.
- KTN
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My most interesting interaction this year while traveling was with a random cab driver in his 70s who used to be an Austrian consulate at one of the Caribbean nations.
He later started an airline which collapsed and went bankrupt shortly after he started it.
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Kenya Tea Development Agency borrowed Shs 18.2 billion from banks including NCBA and Standard Chartered to pay farmers early bonus right before elections.
Farmers now forced to pay interest on the loan.
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With banks now raising loan rates to as high as 21% from 13% under new risk based lending regime, SACCOs are offering to buy off their members’ bank loans.
SACCOs are introducing new loan products and services to attract bank customers.
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South Sudan’s government has suspended use of U.S. dollars and instead directed all transactions and contracts to be executed in local currency.
This is a major blow to regional banks such as Equity, KCB, Stanbic and Cooperative bank.
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Collapsed Chase Bank’s former Chairman awarded himself Shs 1.052 billion bonus that was fully paid shortly before the bank went into receivership in 2016.
- Business Daily
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Harambee SACCO borrowed Shs 3.3 billion from Cooperative Bank to increase lending to its customers.
It pledged member deposits and Harambee Plaza to secure the loan.
- Business Daily
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Sudan’s ruling military has agreed to allow Russia to set up a military base in the country.
Russia is allowed to keep up to four navy ships, including nuclear-powered ones, in strategic port Sudan.
In exchange Russia will supply Sudan with weapons and equipments.
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What would you do with an unfinished ghost city if you bought it?
Tanzania’s NSSF is selling its stalled mega housing project of 7,460 units in Dar for Kshs 79 billion ($653 million).
The pension fund will likely incur massive losses from the sale.
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Kenya has passed new regulations that allow the government to directly negotiate with other governments and import oil.
Govt is currently in talks with the UAE to import oil on loan through National Oil.
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Banknote printer De La Rue says it has suspended its note-printing operations in Kenya.
Says it does not expect any new printing orders from Kenya for the next 12 months due to low market demand.
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Ethiopia government is encouraging state-owned utilities to favour Ethio Telecom's payments system over Safaricom.
Safaricom has also been struggling getting equipment through customs as import duty waivers are done on a case by case basis.
- Reuters
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SACCOs set to join National Payment System (NPS) that will allow them to clear Cheques and begin lending to one another in bid to lower cost of credit.
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Devki Group Chairman says rising cost of electricity has forced its affiliate, Samburu Devki steel mills, to produce its own power to run its mills.
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American multinational consumer goods manufacturer Procter & Gamble (P&G) and British pharmaceutical multi-national GlaxoSmithKline (GSK) have announced plans to exit Kenya.
GSK has operated a manufacturing facility in Kenya for nearly 60 years.
- The Star
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Google lost over $100 billion in value after its AI chatbot Bard gave the wrong answer in a demo.
Kenyans helped train its rival Microsoft’s ChatGPT at a cheap cost of $2 per hour.
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Rwandese ride-sharing platform YEGO Global has entered the Kenyan market. It will charge drivers a 12% commission per trip.
YEGO has 100% market share of the local taxicab and boda boda market in Kigali.
- Capital FM
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First Community Bank had Sh22.2 billion in deposits as at June this year.
The bank has assets worth up to Sh26.2 billion but Sh18.6 billion or 70% of the assets are locked in loans meaning if all customers come for their funds the bank would collapse.
:Business Daily
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Egypt is offering Citizenship to foreigners who deposit $500,000 at its central bank in bid to ease foreign exchange shortage.
The amount is refundable after three years using equivalent local currency with no interest.
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KPC which is 100% owned by the government wants to borrow Shs 42 billion from 6 local commercial banks to buy KPRL which is 100% owned by the government.
[This is the same as a husband taking an expensive loan from the bank to buy a car from his wife]
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Kenyans participated in training ChatGPT.
OpenAI used outsourced Kenyan laborers earning less than $2 per hour, a TIME investigation has found.
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Microsoft is considering incorporating OpenAI’s ChatGPT in Word, PowerPoint, Outlook and other apps so that customers can automatically generate text using simple prompts.
- The Information
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DR Congo has removed visa requirements for Kenyans entering the country, effective September 1
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Uganda has entered into a public-private partnership with Devki Group to construct and operate KShs 52 billion ($400m) iron ore plant with capacity to produce one million tonnes of iron ore.
In turn, Uganda will allow Kenya to import iron ore.
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Getting into Uber business a few years ago really humbled me and taught me a lot about business.
Before I got into it, I had very nice excels showing how I would make a lot in profits and get my money back.
Very quickly learnt that a business is only as good as it’s employees.
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Kenya land buying companies to be required to deposit Shs 500 million as license fees in proposed law.
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Rolls-Royse says it is opening its first office in East Africa, Kenya, due to increased demand for engines to generate electricity from renewable sources and to power locomotives and ships.
It’s in talks with Kenya Railways on powering trains.
- Bloomberg
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Germany to cancel Shs 9.4 billion in debt owed by Kenya in exchange for the money being spent on renewable energy and climate friendly agriculture.
Germany will also provide Shs 9.4 billion for construction of fertilizer plant using green hydrogen.
- Bloomberg
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High court judge has allowed Cytonn Real Estate assets to be sold in effort to recover over Shs 14 billion it owes 4,000 investors.
- Business Daily
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DR Congo’s government has ordered the Rwandan ambassador to leave the country within 48 hours due to alleged involvement of Rwanda in rapid advance by M23 rebels.
Rebels are fiercely fighting the government in advance towards regional capital, Goma.
-Bloomberg
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Proposed ICT bill will require all ICT professionals in Kenya to be licensed (and pay annual fees) in order to operate in the country once passed.
Professionals affected include; web and app developers, software and hardware engineers, IT support staff etc.
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Kenya government treasury took an emergency facility of Sh30.2 billion from CBK last week, the biggest overdraft in a week in over three years, pointing to biting cash flow pressures.
- Nation
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Kenya has withdrawn all military officers deployed to DR Congo for peace keeping through East African Regional force.
-Infos
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Researchers say TotalEnergies pushed Uganda to change Oil pipeline to run through Tanzania instead of Kenya because it wanted to explore oil in and around Lakes Tanganyika, Eyasi, Wembere and Rukwa.
Total in exchange offered to build and source for funding for the pipeline.
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Undercover investigation by BBC reportedly reveals sexual abuse on British-owned tea farms in Kenya.
More than 70 women on Kenyan tea farms, owned for years by two British companies, told BBC they have been sexually abused by their supervisors.
Three managers suspended
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Kenya govt will from next week triple capital gain tax on gains made from sale of land, houses and unquoted shares to 15%.
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Standard Bank, Africa’s biggest bank by assets, says within 12 months it will have identified and started negotiation to acquire a Kenyan Bank.
Says being number 6 in Kenya is unacceptable and wants to be the third largest through acquisitions.
- Bloomberg
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We have started taxing export of services at 16% (VAT) at a time when the shilling is weakening due to dollar shortage.
It makes it more expensive for foreign companies to outsource services to Kenya which earn foreign exchange and create high paying jobs.
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Ethiopia: The company that bottles Pepsi products in Ethiopia, Moha Soft Drinks, to close its operations at all its production facilities and lay off 8,000 people due to severe shortage of foreign currency.
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High Court has allowed former MP Basil Criticos to seize cash and government bonds at CBK that belong to National Bank of Kenya in recovery of Shs 2.5 billion unpaid compensation.
The bank undervalued his property in forced sale after loan default.
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KPMG resigned as auditors of Standard Group in 2021 without explaining reason for their exit and now PWC has also resigned.
The Standard Group has appointed Grant Thornton LLP as their External Auditor from 31 January 2024, to fill a casual vacancy following the resignation of PwC Kenya.
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The European Union has threatened to blacklist Kenya over corruption and money laundering.
Says Kenya is on the watchlist for money laundering.
This will have a lot of negative consequences especially on investments.
- The East African
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Nakuru-based Gilani’s Supermarket has been acquired by Private Equity firm Oak Habour Holdings.
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US Exim Bank has issued Kenya Treasury with default notice for delayed payment on Shs 58 billion loan the government guaranteed Kenya Airways.
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Mwalimu SACCO will pay Equity Bank Shs 510 million for Equity to take over Spire Bank.
Mwalimu SACCO has lost billions since it bought the bank from Merali in 2014.
- Business Daily
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Companies from Saudi Arabia have bought more than 2.2 million tonnes of carbon credits at Kenya carbon auction.
The auction is said to have been the world’s largest sale of its kind.
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Part of the reason why Singapore govt housing schemes became so successful is that it helped people grow income through creating sustainable HIGH income jobs.
More income helped people afford mortgages.
Here are some of the notable tax investment incentives:
[Thread]
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Kenya manufacturers say plan by KRA to install internet enabled cameras at beer, mineral water and cosmetic products plans will discourage local investments.
Says the monitoring proposed will lead to monitoring of processes that are intellectual property.
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Starbucks says it is "deeply concerned" by allegations of sexual abuse on Kenya tea plantations and has taken "immediate action" to suspend purchasing from James Finlay & Co in Kenya.
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Vodafone is considering selling its African business (Vodacom) which includes Safaricom.
Etisalat has expressed interest in buying Vodafone’s stake in African business or merging its African operations with Vodacom.
- Bloomberg
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IMF:
‘Unrest could reemerge in connection with protests against higher cost of living and need to raise more taxes.’
‘Policy response: Remain committed to IMF program’
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IMF is pushing for further fuel tax increases and/or introduction of carbon tax in Kenya in order to meet climate change goals.
Says recent fuel taxes increases will help meet goals but that is not enough.
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UK to invest Shs 425 billion in Grand High Falls Dam on Tana River that will generate 1,000MW of hydroelectric energy and provide irrigation for 400,000 ha of farmland.
Project to be led by UK engineering firm GBM.
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France defense minister says he condemns Wakanda Forever ‘false and deceptive’ portrayal of the French army.
This is in reference to scene in the movie showing French mercenaries caught stealing resources belonging to Wakanda Kingdom.
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We are raising taxes because we don’t want to default on loans and at the same time we will not cut wasteful spending because we do not want certain people who benefit from the wasteful spending to lose jobs?
This is not going to be sustainable.
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Treasury bought Shs 6 billion stake in Telkom from Mauritius based fund ‘advised by Helios’ just 4 days before general elections.
While under Helios, Telkom sold its tower sites for a whopping Shs 17 billion and Extelecoms House for Shs 1.15 billion.
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Egypt has passed new rules stopping new investments that need US dollars as it struggles with its worst foreign currency decline in years.
It has also restricted govt officials from non-essential travel.
- Bloomberg
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World Bank has announced the 30-month suspension of Kenya-based Ernst & Young LLP (EY Kenya).
EY was found to have budgeted for bribes to be paid to officials in some of the projects and did not disclose conflict of interest.
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Kenya Power previous board was looking to hire an Austrian as CEO.
Directors pushing for hiring of a foreigner cited former Kenya Power CEO appointed in 2006, Mr. Priestman, who led dramatic turnaround of the firm.
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Blackrock, world’s largest asset manager, to acquire 31.25% stake in Lake Turkana Wind Power in Kenya from Finnish development financier Finnfund.
- Reuters
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The DR Congo ambassador to Russia says Congo is inviting Russia to invest in its energy and mining industry, agriculture, and is also interested in cooperation in technology:
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Electricity prices in Kenya will from April increase by 78% under proposed tariff increases.
- Business Daily
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Burkina Faso has cut military ties with France. It has asked French troops to leave the country.
It will instead engage Russia's Wagner Group in fight against Islamist militants.
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In January, World’s largest coffee trader, Neumann Gruppe, said it would close its Kenyan mill and unit that offered finance & marketing for small farmers due to govt decree forcing companies to chose either marketing or grinding beans (preventing them from doing both).
Nestle
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DR Congo wants to renegotiate its minerals-for-infrastructure deal with China.
Says China has made billions of dollars from Congo’s minerals but Congo has nothing tangible to show for it.
- Bloomberg
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Saudi Aramco, world’s biggest oil producer, set to enter Kenyan market through acquisition of U.S. motor oil and lubricants group VPG holdings which has local presence.
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Kenya’s President Ruto says he did not sign an oil and gas deal with Tanzania when he visited Tanzania.
Says Kenya is going green.
- Nation
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Elon Musk says Starlink internet service is just pending government approvals before entry into East Africa.
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Zambia debt restructuring deal key terms:
- Zambia will pay interest rates as low as 1% until 2037.
- It will start repaying principal in 2026 at $30m yearly for 10 years.
- Maturity on $6.3 billion of debt has been pushed to 2043. This represents 40% reduction in present value
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Twiga most recently received Shs 300m from the hustler fund at 8% interest.
It had also been allotted 20,000 acres at Galana-Kulalu but it later transferred its right to Selu Limited at no consideration.
It has raised over Shs 22 billion so far.
Twiga Food is restructuring, which will lead to job losses and downsizing of operations.
Says this is partly due to rising cost of capital.
[No more cheap money for start-ups]
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Brazil and Argentina to announce this week that they are starting preparation work on creating a common currency expected to be called “Sur” (South).
The goal is to reduce reliance on US dollar and boost trade.
- FT
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A number of prime office space landlords in Nairobi now setting rent prices in US dollars.
:Knight Frank Report
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Airbus is planning to build a hub in Kenya for its first high altitude, solar powered drones that offer communication services in remote areas.
Plans to sell its services to mobile operators rather than individual customers and has already talked to Safaricom and Telkom.
The
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After June 30, 2023 Kenya will ban importation of used tractor heads and prime movers.
It has already banned importation of trucks up to 30 tonnes, tractor heads and prime movers older than 3 years.
- The East African
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East African Community (EAC) Secretary-General says Ethiopia should join EAC for better bargaining.
Once Ethiopia joins, the EAC market will have more than 500 million people.
Says after that nobody will talk matters markets and security without talking about East Africa.
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East African Community has received Shs 175 million from AfDB for feasibility study on building four-lane expressway for Kisumu to Uganda through Busia in bid to boost regional integration.
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Kenya has offered Tanzanian billionaire, Rostam Aziz, license to set up a 30,000 tonne LPG cooking gas plant and storage facility at Mombasa Port.
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Breaking: Ethiopia is officially planning to float its currency.
This may result in more than 50% devaluation of the Ethiopian Birr.
The plan is supported by World Bank and the IMF.
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Cytonn is suing Alego Usonga MP, Samuel Atandi, for saying on Twitter that the firm is a pyramid scheme.
- Business Daily
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Harambee SACCO is in breach of legal requirement to maintain capital of at least 8% of total assets.
The ratio currently stands at 5.3%.
The SACCO plans to limit dividend payment at 8% for next three years and pay more on shares in bid to build capital base.
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Kenya government to import from Belarus Shs 31 billion worth of tractors, high speed forage harvesters, center pivots, tipping lorries and other assorted equipments.
The import is coming from Belarus, a Russian ally currently sanctioned by the West.
- Sunday Nation
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