Author: David Indeje

JW Marriot, a subsidiary of the Marriot Bonvoy global portfolio of 30 extraordinary hotel brands, opened a luxurious safari lodge in River Masai Mara, Talek, within Masai Mara National Reserve dubbed ‘JW Marriott Masai Mara’.  “Fostering meaningful connections and nourishing the soul is at the heart of the JW Marriott brand, so entering the luxury safari segment is a natural next step,” said Bruce Rohr, Global Brand Leader, JW Marriott.  “Offering our guests once-in-a-lifetime experiences and a deep connection to place, JW Marriott Masai Mara Lodge balances the thrill of a game drive with thoughtful opportunities to switch off and take it…

The Angaza Awards: Women to Watch in Banking and Finance program has announced the list of the top 10 women who are steering and shaping Africa’s financial services sector in 2023. The list was compiled following a three-month entry period, attracting dozens of professionals from 17 countries across the Continent.  Launched in 2020, the Angaza Awards have helped raise international awareness of seasoned women shaping and influencing the financial services sector through their organizations. The Top 10 will be celebrated during the Angaza Forum in Kigali, Rwanda, on August 3rd and 4th. “Each year, we see more women raising their hands…

Kenya’s private sector activity slumped in March, weighed by rising prices and cash flow problems for the second month. The S&P Global Kenya Purchasing Managers’ Index (PMI) rose to 49.2 in March from 46.6 in February but remained below the 50 mark denoting growth in business activity. The 50-point index mark separates growth from contraction monthly. “Both output and new orders fell in March, particularly in wholesale and retail trade, due to lower demand, especially as price pressures have accelerated,” Standard Bank economist Mulalo Madula said. “By contrast, manufacturing, agriculture, construction and services recorded expansions.”  As a result, the survey…

Kenya’s consumer price index (CPI) remained unchanged at 9.2 per cent on higher food costs in March, according to the National Bureau of Statistics (NBS) on Friday. During the month under review, the price of a basket of goods and services consumed by households increased by 0.8 per cent from an index of 130.13 in February 2023 to 131.18 in March 2023. The prices of commodities under food and non-alcoholic beverages increased by 13.4 per cent; housing, water, electricity, gas, and other fuels (7.5 per cent); and transport (12.6 per cent) between March 2022 and March 2023. The month-to-month food…

I&M Group raised its dividend payout to shareholders by half to KSh2.25 per share from KSh1.50 after posting a 37.7 per cent growth in net profit for 2022 to Sh11.2 billion. The first and final dividend, to be paid on or before May 25 and after shareholders’ approval, will see the lender payout Kshs 3.72 billion from KSh2.48 billion in 2021. The recommended dividends represent a 50.0 per cent increase from the Kshs 1.5 per share paid in 2021. The increase in dividends by the bank mirrors improved payouts by peers in the industry, including Co-operative Bank, Standard Chartered, Stanbic,…

Absa Bank Kenya reported that quarter one net profit rose 51 per cent year on year to 4.51 billion shillings from 2.91 billion shillings, driven by strong growth in non-interest income. The Bank’s total operating income rose 40 per cent to 13.9 billion shillings compared to a similar period in 2022. During the period, non-interest income rose to 4.5 billion shillings from 3 billion shillings, attributed to an 80 per cent rise in foreign exchange trading income to 2.2 billion shillings. Interest income grew by 36 per cent to 9.4 billion shillings from 6.9 billion shillings. Its loan book grew…