Economy & Business News | Updates This Week.

  •  Efforts by the Kenya Tea Development Agency’s to stop the implementation of new industry regulations through Parliament has been challenged after legislators failed to agree with their argument.
  • Taxi hailing service Bolt is venturing into the food delivery business in Kenya targeting alternative revenue streams as the market has seen reduced mobility in the wake of Covid-19 restrictions.
  • More than 200 delegates from around the world are expected to attend the 10th AGRF Summit to be co-hosted by the Rwandan government and AGRF Partners Group, which will be held virtually from September 8 to 11.
  • The Salaries and Remuneration Commission has started reviewing State officers’ pay, setting the stage for higher perks for the President, Cabinet secretaries, judges and Members of Parliament from July next year.
  • The merged NCBA Bank Tanzania has vowed to invest in aggressive small and medium size enterprises daring to grow their businesses and contribute towards rapid economic growth of the country.
  • Flower exports recovered for the period ended June after suffering a massive decline occasioned by Covid-19. In March, Uganda Flowers Export Association reported that exports had fallen by at least 90 percent.
  • Former Nakumatt Supermarket CEO Atul Shah has failed to stop Bank of Africa from auctioning his personal property worth KES 2 billion (approx. USD 18.43 million) over loans offered to the collapsed retailer.
  • The Rwandan economy is showing signs of picking up in the second half of the year and towards recovery, the National Bank of Rwanda has said. Among the sectors that are already picking up are trade, manufacturing and the financial sector.
  • Natural gas demand by power plants in Tanzania were impacted by sustained and significant rainfalls that enabled the Tanzania Electricity Supply Company to operate its hydro facilities at high utilization rates, Orca Petroleum has reported.