Author: David Indeje

Equity Group Holdings increased its stake in Equity Bank Congo (EBC) by another 7.7 per cent, taking its total holding to 94.3 per cent. According to its 2020 Annual Report, the transaction was valued at $9 million (KSh996 million) from German sovereign wealth fund KfW as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo. “On November 27, 2020, Equity bought shares previously held by KfW in Equity Bank Congo S.A. for a consideration of $9 million (KSh996 million),” the Nairobi Securities Exchange-listed firm says in its latest annual report. On September 30,…

What comes to your mind whenever a microwave is mentioned? Or, what does the current microwave in your kitchen do? Heating and preheating. That is it. That has always been the norm in the “world of microwaves.” Heating and preheating. But do you know that there is an oven that it is an all-rounder in that it can defrost, heat, cook, grill, bake, and roast foods, steaming and healthy fry? Imagine an oven/microwave that bakes and grills? Am talking about the new LG SolarDom NeoChef that is now revolutionizing kitchens. For normal conventional ovens, one has to preheat to achieve…

Global shipping line Hapag-Lloyd has entered the East African market with weekly sailings between China, South-East Asia, Kenya and Tanzania. The company will deploy seven 2,800 TEU vessels to the service in Kenya and Tanzania offering connections to Hapag-Lloyd’s global network. “The new East Africa Service 3 (EAS3) will offer direct weekly sailings between China, South-East Asia, Kenya and Tanzania with very competitive transit times. In addition, the EAS3 will offer excellent connections to Hapag-Lloyd’s global network via the hub ports of Singapore, Port Kelang and Shanghai,” the company said in a statement. Hapag-Lloyd entered the Sub-Sahara African market about…

Bharti Airtel’s Africa business reported a net profit of $154 million in the fourth quarter ended 31 March. This was an improvement from the KSh43.7 billion ($408 million) net profit posted in March 2020 on the back of strong growth in data and mobile money revenue, besides lower interest and tax expenses. Revenue for the quarter ended 31 March rose 15.4 per cent to $1.04 billion, the company said in a statement Wednesday. Our performance has been strong Airtel Africa’s CEO, Raghunath Mandava, said in a statement adding that “With reported growth of 13.6 per cent in underlying revenue and…

Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has increased the price of super petrol by 3.56 shillings per liter while maintaining the price of Diesel and Kerosene. According to EPRA, the average landed cost of Super Petrol decreased by 0.57 per cent from 491.50 dollars per cubic meter in March 2021 to 488.69 dollars per cubic meter in April 2021. The landed cost of Diesel dropped by 1.03 per cent from 444.17 dollars per cubic meter to 439.60 dollars per cubic meter. That of Kerosene dropped by 2.01 per cent from 421.90 dollars per cubic meter to 430.40 dollars per…

Kenya’s High Court on Thursday declared as unconstitutional the the Building Bridges Initiative (BBI), saying the entire process promoted by the BBI was “unconstitutional, null and void.” A five-judge Constitution bench, Judges Prof Joel Ngugi, George Odunga, Jairus Ngaah, Teresia Matheka and Chacha Mwita was unanimous in upholding the sovereignty of the people. “Kenyans intended that the essence of constitutional order they were bequeathing themselves sin 2010 would only be changed in the exercise of primary constituent power that is through civic education, public participation, constitutional assembly plus a referendum and not through secondary constituent power which is through public…