Author: David Indeje

Manufacturing and packaging industries in Kenya will be required to reduce pollution and environmental degradation from their products after use by consumers, according to proposed regulations. Dr. Ayub Macharia, Director Environmental Education and Awareness in the Ministry of Environment and Forestry says the Environmental Management and Co-ordination (Extended Producer Responsibility) Regulations, 2020,  will task “Every producer shall bear extended producer responsibility obligation to reduce pollution and environmental impacts of the product that they introduce in the market.” According to Dr Ayub, this is one way to ensure sustainable use of natural resources, promotion of circular economy, reduction of waste at…

Kenya’s currency, the shilling, hit a new record low against the U.S. dollar on Tuesday on the back of rising demand for dollars. The shilling slumped to an all-time low of between 107.5000 – 107.9400 against the dollar according to data from Bloomberg. Data published by Central Bank of Kenya says the shilling is however expected to be supported by the current high levels of forex reserves, currently at USD 9,699 million (5.87 months of import cover) as at July 16. However, the current reserves have been declining compared with the previous  $9.7 billion. Earlier this week, Cytonn Investments said…

The Central Bank of Kenya (CBK) seeks to amend the Central Bank of Kenya Act to regulate mobile lending loan rates, in a bid to protect customers from unregulated mobile lenders. The regulator through the Central Bank of Kenya (Amendment) Bill, 2020, seeks powers to supervise digital lenders. If Parliament adopts the proposed changes, CBK will regulate the monthly interest rates that can be charged by digital mobile lenders and also put a limit on non-performing loans at not more than twice the defaulted credit. “The principal object of this Bill is to amend the Central Bank of Kenya Act…

Debt-ridden regional retailer Tuskys supermarket says it is exploring funding options, including seeking a strategic investor by end of July. According to the Competition Authority of Kenya,  the retailer has made payments to suppliers amounting to Ksh2.77 Billion in June 2020 as per its order. “Over the past 30 days, the Authority has held four (4) meetings with Tuskys to review the documentation submitted and interrogate its proposed debt settlement plan,” CAK said in a statement. “Tuskys has provided documents indicating that it made payments to suppliers amounting to Sh2.77 billion in June 2020 as per the Authority’s order.” The…

I&M Holdings PLC, Kenya’s ninth bank by assets has announced plans to acquire a 90 percent stake in  in Orient Bank Uganda. In a cautionary announcement issued on Monday, the lender said: “Shareholders of I&M Holdings Plc are advised that the company has on the 17th July 2020 entered into an agreement with the shareholders of Orient Bank Limited for the sale and purchase of incorporated shares comprising 90 percent of the issued share capital of Orient Bank Limited.” Although the terms of the transaction were not disclosed, the deal requires approval from the Central Banks of Kenya and Uganda,…

Fast food restaurants are expected to recover faster from the coronavirus pandemic, according to Knight Frank Africa Market Pulse Survey. Tilda Mwai, Researcher – Africa at Knight Frank says in their latest findings, 64 percent of the restaurants are expected to recover first in the retail sector followed by healthcare-related retail tenants at 14 percent. The survey looks at ‘Responses and Strategies for the COVID-19 Pandemic’ further found out that 31 percent of retail tenants reported to have requested for rent holidays were requested while 31 percent reported that a renegotiation of lease terms was requested. In addition to the…