Author: David Indeje

The COVID-19 pandemic has exacerbated the pre-existing inequities in Kenya with an estimated 2 million being pushed into poverty, says World Bank Report. According to the Economic Update, Navigating the Pandemic report says this has been through serious impacts on livelihoods, by sharp decreases in incomes and employment following the coronavirus-induced lockdown. “Kenya’s poor population was predominantly rural and less well education pre- Covid-19. However, the shock of Covid-19 created a new group of ‘newly’ poor Kenyans with demographic characteristics,” said the World Bank. “They tend to be urban with household heads who are younger and more educated. Newly poor…

Country’s economic growth to rebound next year The World Bank expects Kenya’s economy to contract between 1.0 percent and 1.5 percent in 2020 FY21 according to its new country Economic Update, Navigating the Pandemic. Under baseline assumptions, the economy is projected to rebound quickly in 2021, lifting real GDP by 6.9 percent year on year. “A major factor in this strong rebound is the impact on the national accounts of measured education sector output normalizing, which is projected to add 2.2 percentage points to real GDP growth next year.” In contrast, Treasury projects the economy to grow at 0.6 percent…

Kenya’s largest retailer by branches, Naivas, is expanding in Thika, taking up space at Ananas mall in Thika vacated by cash strapped Tuskys. The retailer will start the operations Friday as the new anchor tenant in the space that was previously operated by Tuskys situated on Garissa Road. https://twitter.com/naivas_kenya/status/1331479122825064448?s=20 In the week, the retailer took up the space that was initially occupied by Nakumatt Holdings at Hazina Towers. Other former Nakumatt outlets that have been taken up by Naivas include Prestige Plaza on Ngong road, Moi Avenue branch, Mega-City mall in Kisumu as well as Likoni and Bamburi branches in…

East African Cables Plc has cut its earnings forecast for the financial year ending 31 December 2020. “This is primarily due to the one-off writeback that was recorded as other income in the financial year ended 31st December 2019,” said the Board through Virginia Ndunge, the Company Secretary. The Group projects its revenues to grow by 10 per cent yearly.  However, “The impact of Covid-19 on the economy reduced the chances for a more aggressive top-line growth to match prior year performance.” From its audited financial results for the year ended December 31, 2019, EAC posted KSh630.9 million in net…

Money management and budgeting are not a priority for Kenyan millennials who believe that ‘You Only Live Once’ (YOLO) according to the latest survey by Standard Chartered Bank. In the survey, 64% of millennials in Kenya reported an increase in their borrowing.  On the other hand,  88% of Kenyan millennials aged between 25-44 found it difficult in managing their finance since the first  COVID-19 was reported in Kenya compared to 64% globally. StanChart Head of Retail Banking, Edith Chumba,  disclosed that despite the hardships being faced, they are more focused on achieving their long term goals. “33% of millennials in…

The Directorate of Criminal Investigations (DCI) Tuesday says it will focus on “recently” received complaints in relation to the 2007/2008 Post Election Violence. In a statement, DCI boss George Kinoti said his office will not reopen PEV cases that were investigated and concluded. “If we find that a particular case was determined by the courts, we do not reopen such a case. This is because nobody can be subjected to double jeopardy as defined in our country’s Constitution,”  said Kinoti. On Monday, Kinoti disclosed that 118 cases have been registered. Out of the cases reported, 72 involve murder while 42…