Author: Muindi

Limuru Tea Plc, a publicly listed company specializing in growing green-leaf tea, has issued a profit warning for the financial year ending December 2023. The board of directors attributed the expected decline in profitability to a rise in operational costs. “The Board of Directors is of the view that the estimated decrease in the results for the period is due to increased operational costs,” it said in a notice to shareholders. Cost Factors Squeezing Margins Labour Costs: The company, which supplies tea leaves to ekaterra Tea Kenya PLC (eTK), highlighted increased industry wage rates as a key driver of higher labour costs.…

Bolt, the on-demand mobility platform, has introduced a new in-app cancellation feature to empower riders and curb unsafe practices like offline trips and off-the-app payments. This new option allows riders to cancel trips if drivers immediately Request payment outside the app Charge more than the agreed-upon fare Suggest going offline for the trip “Bolt prioritizes the safety and security of our users, and this feature tackles situations that compromise those values,” said Linda Ndungu, Bolt’s Country Manager. “Offline trips disable crucial safety features like GPS tracking and emergency assistance, leaving users vulnerable. We strongly discourage both drivers and riders from…

Of the 903,138 registered candidates, 899,453 sat for the 2023 Kenya Certificate of Secondary Education (KCSE) examination. The candidates were 50.09% male and 49.91% female, indicating gender parity. According to the KCSE results, 12 subjects—Mathematics, Kiswahili, Biology, Biology for the Blind, CRE, Business Studies, German, Music, Chemistry, Building Construction, French, and Electricity—improved and 14—English, Kenyan Sign Language, Physics, Computer Studies, History & Government, Geography, IRE, Agriculture, Home Science, Wood Work, Metal Work, Power Mechanics, Drawing & Design, and Art & Design—declined in performance. Females outperformed males in five subjects – English, Kiswahili, CRE, Home Science and Art & Design and…

Safaricom’s M-PESA, a mobile money transfer service, is down due to a technical glitch. The service is unavailable on the M-PESA app, USSD code, and SIM card tool. As a result, customers trying to use the platform received a pop-up message saying it was under maintenance. Safaricom is working to restore normal operations as soon as possible. ”M-PESA is undergoing scheduled maintenance,” read a message from Safaricom. Our sincere apologies Diana, we are currently having challenges with Mpesa services and resolution is underway. Please bear with us . ^PN — Safaricom PLC (@SafaricomPLC) January 9, 2024 M-PESA, launched in…

Kenya’s private sector witnessed modest improvement in December due to easing inflation and the strong performance of the services sector, according to the Stanbic Bank Kenya Purchasing Managers Index (PMI). The PMI rose to 48.8 from 45.8 in November 2023. However, the index remained below the 50.0 mark that separates expansion from contraction, signalling that the private sector continued to face challenges for the fourth consecutive month. During the period, inflation fell to 6.6% in December 2023, within the Central Bank of Kenya (CBK) target range of 2.5%–7.5%, due to lower food and fuel prices. In addition, the services sector, which includes tourism, transport,…

The European Investment Bank (EIB) and the Central Bank of Kenya (CBK) have launched a two-year climate finance best practice program. The program has been funded by the German government through the International Climate Initiative Fund.  The program, part of the EIB’s Greening Financial Systems scheme, aims to strengthen Kenyan financial institutions’ capacity and commitment to invest in climate-related projects, helping commercial banks support a net-zero and climate-resilient economy in Kenya. This is the first program of its kind in East Africa and will serve as a model for addressing the challenges that prevent commercial banks from engaging in climate…