Author: Muindi

China has pledged to provide $50.6 billion in funding to support its 10-point initiative for Africa over the next three years. This includes $21 billion in loans, $8 billion in aid, and $7 billion in Chinese company investments. During the 9th Forum on China-Africa Cooperation (FOCAC), Chinese President Xi Jinping announced these commitments, along with a pledge to create at least one million jobs in Africa. “China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” Xi said. “Over the next three years, the Chinese government is willing to provide financial support amounting to…

Curio Collection by Hilton has opened Kwetu Nairobi, Curio Collection by Hilton, in Kenya’s vibrant capital city. The launch marks the debut of the Curio Collection by Hilton in East Africa and Hilton’s latest opening in Nairobi. Kwetu Nairobi is located near the Central Business District, Gigiri, and the edge of Karura Forest, offering a blend of urban convenience and natural beauty. “We are delighted to open Kwetu Nairobi as part of the Curio Collection by Hilton portfolio,” said Guy Hutchinson, President, Middle East and Africa, Hilton. “Nairobi is a key destination for travellers in East Africa and beyond.” This…

Stanbic Bank Kenya has launched its Asset Management business with two investment products: the Stanbic Money Market Fund (KES) and the Stanbic Fixed Income Fund (USD). These funds offer Kenyans accessible, low-risk investment opportunities with the potential for attractive returns. Key Features of the New Funds Stanbic Money Market Fund (KES) Denominated in Kenyan Shillings. Offers an annualized yield of 15.12%. Minimum investment of KES 1,000. Ideal for investors seeking stable returns and high liquidity. Stanbic Fixed Income Fund (USD) Denominated in US Dollars. Provides an annualized yield of 5.56%. Minimum investment of USD 100. Suitable for investors looking to…

The Kenyan government has introduced two new digital platforms aimed at streamlining the management of presidential directives and foreign travel approvals for senior government officials. The Presidential Directives Management Information System (PDMIS) and the Foreign Travel Management Information System (FOTIMS) are designed to enhance efficiency, transparency, and accountability within the government.  Key Features and Benefits PDMIS Manages and tracks presidential directives. Eliminates the need for hard copies of directives. Accessible only to cabinet secretaries and principal secretaries. FOTIMS Streamlines the process of approving foreign travel for senior government officials. Ensures justified travel and prudent use of resources. The Kenyan government…

Britam Holdings announced a 22.6% increase in net profit for the first half of 2024, driven primarily by growth in investment income. Its net profit rose to KSh2 billion in the six months to June, up from Sh1.64 billion during a similar period last year. Net Investment Income surged by 150.0% to KSh 13.3 billion. Insurance revenue increased by 7.4% to KSh 17.8 billion. Insurance expenses increased by 14.6% to KSh 13.6 billion. Total assets grew by 12.7% to KSh 188.8 billion. Total liabilities increased by 12.8% to KSh 162.5 billion. Total Equity increased by 13.0% to KSh 26.3 billion.…

Kenya’s inflation rose marginally to 4.4 per cent in August from 4.3 per cent in July according to the statistics office on Friday. The Kenya National Bureau of Statistics (KNBS) data showed that on a month-on-month basis, inflation was flat at 0.0% from -0.2% in July. The rise was attributed to an increase in prices of commodities in the following categories; Food & Non-Alcoholic Beverages, Housing, Water, Electricity, Gas & other fuels, and Transport by 5.3%, 4.2%, and 3.9% respectively. During the period, costs for public transport increased by 25% from Mombasa to Kisumu. Food and Non-Alcoholic Beverages: Prices rose…