Author: David Indeje

Kenya’s Parliament on Wednesday withdrew the National Aviation Management Bill which will have to be amended with inputs from the public. National Aviation Management Bill (National Assembly Bill No. 18 of 2020) seeks to provide for the nationalization of Kenya Airways.  The Bill further proposes the formation of an Aviation Holding Company to run Kenya Airways, Kenya Airports Authority (KAA) and the Kenyatta International Airport (JKIA). The Bill was read the first time on the floor of Parliament on 30th June 2020 and committed to the Departmental Committee on Transport, Public Works and Housing for consideration. Justin Muturi, Speaker of…

Netflix Inc added 8.3 million subscribers in its Fourth Quarter 2021 Earnings. However, this was below its earlier projections of adding a net subscriber of 8.5 million. From its website, it says it ended 2021 with a total of 222 million paid subscribers in over 190 countries, adding 18 million new paying subscribers during the year compared with the 37 million gained in 2020. In a letter to shareholders Thursday, Jan. 20, Netflix disclosed that “While this added competition may be affecting our marginal growth some, we continue to grow in every country and region in which these new streaming…

The Central Bank of Kenya’s monetary policy committee maintained key interest rates for the 12th time on Wednesday, retaining an accommodative stance amid an evolving global outlook. The bank has maintained the rate since March 2020. The Central Bank Rate (CBR)  and Cash Reserve Ratio (CRR) remain unchanged at 7.00 per cent and 4.25 per cent respectively. Based on an assessment of the macroeconomic situation and outlook,  the MPC unanimously voted to maintain the status quo with regard to the policy rate.  The MPC’s meeting reviewed the outcomes of its previous decisions, including measures implemented to mitigate the adverse economic…

KCB Group says it has not given up the Tanzania market in its regional expansion plans after failing to get the final regulatory approval to acquire Atlas Mara’s unit, African Banking Corporation Tanzania Ltd (BancABC). “We had a final conversation with BancABC in December. Our focus largely today is on other countries. Tanzania is something we will come back to perhaps in the second half of this year,” Chief executive Joshua Oigara says. KCB Group acquired a 62.06 per cent stake in Rwanda’s Banque Populaire du Rwanda Plc (BPR) in August 2021 from Atlas Mara. As a result, the group’s…

Liberty Kenya Holdings Ltd (LBTY)  has warned higher risk claims in 2021 could dent its earnings for the year ended December 2021, as the coronavirus pandemic hammered its bottom line. The insurer says its consolidated earnings after taxation for the fiscal year will likely be lower by at least 25 per cent than the audited earnings after taxation reported for the same period in 2020. “The impact o Covi-19 has resulted in significantly higher risk claims in 2021 negatively impacting the consolidated financial results,” Mr Philip Odera, Board Chairperson Liberty Kenya said in a public notice. In 2020, it posted…

Monetary Policy Committee (MPC) of the Central Bank of Kenya is likely to leave the key interest rates unchanged at its first bi-monthly policy review Wednesday, on a backdrop of continued economic recovery on the upside and potential inflation risks on the downside., according to market analysts. The MPC  maintained the Central Bank Rate (CBR) at 7.00 per cent and the Cash Reserve Ratio of 4.25 per cent, for the sixth straight policy meeting in 2021. According to the Central Bank, measures implemented since March 2020 were having the intended effect on the economy and as such, remained appropriate and…