Author: Muindi

The United Kingdom has temporarily suspended its 8% duty on cut flower imports, making it cheaper and easier for East African countries to export their blooms. “The suspension of eight per cent duty for cut flowers applies across the world but will be a big win for major flower growing regions in Kenya, Ethiopia, Rwanda, Tanzania, and Uganda. The duty suspension will remain in place for two years from 11 April 2024 to 30 June 2026,” the British High Commission statement reads. This move is expected to increase trade between the UK and East Africa, offering lower flower prices and…

Epson is expanding its office printing solutions with the AM-C400 and AM-C550 A4 MFPs, which bring its Heat-Free Line Inkjet technology to a smaller format.  These printers offer the same energy efficiency and productivity benefits as existing Heat-Free Line Inkjet models but have a compact design ideal for A4 printing. Designed for Efficiency and Space-Saving High Performance: Both printers deliver fast print and scan speeds (up to 55ppm for printing and 100ipm for scanning), high paper capacities, and high-yield ink cartridges (up to 31,500 pages) for enhanced productivity. Easy Operation: An improved color touchscreen user interface simplifies operation. Compact Footprint: The unique C-shaped…

The Central Bank of Kenya (CBK) remains committed to separating M-PESA from Safaricom’s other businesses, but a significant tax hurdle needs to be fixed. CBK Governor Kamau Thugge reaffirmed the planned separation during Thursday’s post-Monetary Policy Committee media briefing. According to Thugge, the main obstacle is a KSh 75 billion tax liability associated with the separation, for which there is no clear solution yet. “We believe that there should be a separation and that the Central bank should oversight M-PESA. Therefore, we will continue to engage Treasury and Safaricom to see how quickly this separation should be done,” he said.…

Somalia has expelled Ethiopian Ambassador Mukhtar Mohamed and closed two consulates—in Hargeisa (Somaliland) and Garowe (Puntland)—in response to a disputed port deal with the breakaway region of Somaliland. The move comes amid simmering anger over Ethiopia’s agreement with Somaliland to lease a 20km coastline for military and commercial purposes. Somalia accuses Ethiopia of “bluntly interfering” in its internal affairs and violating its sovereignty by negotiating with Somaliland, which it considers a breakaway territory. The dispute raises concerns about further destabilization in the Horn of Africa region. “Somalia stands firm on its sovereignty!” said Somalia’s state minister for foreign affairs, Ali…

The Central Bank of Kenya (CBK) held its interest rate at 13%, citing the easing of Inflation and the appreciation of the Kenyan shilling against major global currencies. On Wednesday, the Monetary Policy Committee of the CBK noted that headline inflation eased to 5.7% as the costs of most food items, including maize flour, wheat flour, kale, spinach, and cabbages, declined. “However, the economy continues to be under inflationary pressures, with fuel prices remaining high relative to global fuel prices, despite the ongoing appreciation of the Kenyan shilling, which gained by 15.8% against the US Dollar to close the quarter at…

The Nairobi Securities Exchange (NSE) received a significant upgrade from the FTSE Russell Index Governance Board.  This move is expected to attract more foreign investment, improve market liquidity, and increase the visibility of Kenyan companies globally. What the Upgrade Means The reclassification, implemented in March 2024, simplifies the process for foreign investors to withdraw their money from Kenya.  It also makes the market more attractive by reducing a previous barrier. The lifting of restrictions on Kenyan securities within the FTSE Russell Index’s equity indices will make these companies more visible to a global audience of potential investors.  FTSE Russell’s market…