Economic activity in Kenya’s private sector activity slowed slightly in January, partly due to a softer increase in new orders in January according to the Purchasing Managers’ Index™ (PMI™) released on Tuesday. The month recorded a drop in the headline PMI to 53.2, from 53.6 in December, to signal a weaker, but still solid improvement in business conditions at Kenyan private sector firms. “Owing to cyclical factors, private sector activity may soften somewhat over the next couple of months as growth broadly in the agriculture sub-sector eases,” said Jibran Qureishi, regional economist for East Africa at Stanbic Bank. “However, despite…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Key Microfinance Bank PLC, formerly known as Remu has rebranded in its quest to reposition its national outlook and market niche in SME and micro business. Acting chief executive Gregory Siro said with the rebranding, it aims to raise KSh500 million in capital over the next five years to fund expansion from its shareholders who include private equity and fund management firm Fusion Capital that holds a 25 percent stake in the microlender. “The rebrand will not only unlock the bank’s potential but will also enable it reach out to more customers countrywide. The move will also enable the bank…
The Kenya Bureau of Standards (KEBS) has withdrawn the permits of Triclover and Mother nature’s after their peanut butter products were found to exceeded aflatoxin levels. KEBS has further ordered Jetlak Foods Ltd to discontinue the manufacturing or offering for sale of all substandard peanut butter. “Additionally, the manufacturers should recall all the substandard products and institute corrective actions.” In a statement, KEBS said factory inspections undertaken in 2018 revealed that Clovers Peanut Butter and Mother nature’s had aflatoxin levels above the acceptable levels of 15 parts per billion. ‘’Tests undertaken on the samples have confirmed that the level of…
American citizens in Nairobi, Naivasha, Nanyuki, and parts of the coastal city have been urged to remain vigilant, following reports of possible extremist attacks according to the US Embassy. “Credible information indicates Westerners may be targeted by extremists in Nairobi, Naivasha, Nanyuki, and coastal areas of Kenya. The U.S. Embassy reminds the public of the continued need for heightened vigilance throughout Kenya, especially in public spaces such as shopping malls, hotels, and places of worship,” said the Embassy on Monday. The embassy has urged them to always have their travel documents in sight and review their personal security plans. “We…
Multiple Grammy award winner Marcus Miller will headline the 5th Safaricom Jazz Festival in February. Other supporting acts slated to perform ahead of Miller are Toine Thys featuring Herve Samb (Belgium), Jazzrausch Bigband (Germany), Omni Mor Trio (Israel), Vivian (Portugal) and Yazmin Lacey (UK). Kato Change, the Ghetto Classics, and the Safaricom Youth Orchestra from Kenya will also grace the stage. “In 2019, we are marking 6 years of jazz and as promised when we embarked on this journey in 2014, we continue to work with world-class talent. Our aim is to not only expose and avail platforms for Kenyan…
The average interbank rate dropped to 3.5% in the month of January from 8.0% in December attributed to improved liquidity and support by government payments and debt redemptions. “The money market remained liquid during the week ending January 31, mainly supported by government payments,” Data from the Central Bank of Kenya (CBK). During the week ( Jan 28 – Feb 1), the average interbank rate rose to 4.6%, from 3.2% the previous week, while the average volumes traded in the interbank market declined by 83.2% to Kshs 2.5 bn from Kshs 14.8 bn the previous week. Genghis Capital Analysts said…