Author: David Indeje

The European Bank for Reconstruction and Development (EBRD) says it will invest US$ 10 million in Pivotal Holdings Corp, a wholly-owned subsidiary of Swvl Holdings Corp, an Egyptian ride-hailing startup. The funds are aimed at improving access to transport for women. Additionally, the Bank expects to work in partnership with Swvl to advance certain measures relating to its environmental, social and compliance policies. “The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl,” EBRD said. “As a disruptive, asset light technology platform, Swvl has the potential to bring enormous…

Loss-making power distributor, Kenya Power and Lighting Company (KPLC), is set to reduce its workforce by 20 per cent as it struggles to return to profitability. In the latest cost-cutting retirement plan, it projects it will spend KSh 5.3 billion. The plan will affect 1,962 ageing workers and replace them with 830 youthful and energetic ones. “Implementation of the Voluntary Employees Retirement exercise for 1,962 employees, which account for 20 per cent of the total workforce, will cost Ksh5.298 billion. The objective of this exercise is to manage the staff costs, which in the recent past have increased to unsustainable…

Coca-Cola’s quarterly earnings and revenue beat analysts’ expectations reporting higher volume sales than in pre-pandemic 2019. The beverage giant ended 2021 with higher volume sales than in pre-pandemic 2019, At the end of 2021, its global volume sales were up 9 per cent in the final quarter and 8 per cent for the full year.  Its net revenues surged 10 per cent in the quarter to $9.5 billion and by 17 per cent to $38.7billion for the full year. “This performance was driven by ongoing, asynchronous recovery in many markets and the company’s ability to better adapt to successive waves…

Eveready East Africa reported a KSh 34.7 Million loss for the year ended September 30th 2021 compared to a net loss of KSh 69 Million over a similar period in 2020. The company said this was a 49 per cent improvement in the delayed financial results. It also disclosed that it witnessed a 33 per cent decrease in revenue due to lower sales numbers during the period principally because of the Covid-19 pandemic which impacted the firm’s customers and its supply chain and route to market in the period. “We adopted strict cost-saving measures in response to the pandemic which…

The Central Bank of Kenya (CBK) has published a discussion paper on Central Bank Digital Currency (CBDC) inviting comments from the public aimed at ensuring an informed policy review regarding financial sector innovations. The Discussion Paper outlines the evolution of payments globally and in Kenya and discusses recent digital payment methods including electronic money, CBDC, stablecoins and other cryptocurrencies.  In addition, it outlines Kenya’s payment landscape and assesses the potential applicability of CBDC. Further, it highlights the potential opportunities and risks presented by CBDC. “Kenya’s assessment of CBDCs must be focused on potential opportunities and risks. Fundamentally, given the wide-ranging…

South Korean electronics maker Samsung Wednesday unveiled the Galaxy S22 series at its February 2022 unpacked event. The Samsung Galaxy S22 Ultra brings the best of the Galaxy S-series and Galaxy Note-series in one device. Galaxy S22 Ultra supports SPen. The other two smartphones are the Galaxy S22+ and the Galaxy S22 identical in design and features, but different in terms of size of screens and batteries.  Samsung Galaxy S22 Ultra: Specifications Display 6.8-inch QHD+ AMOLED of 120Hz variable refresh rate Spen Yes, built-in cavity for storage, charging Rear camera 108MP wide, 12MP ultra-wide, twin-10MP telephoto Front camera 40MP Battery…