Latest News and Updates | Economy & Business

  • The demand for flowers in Europe has started picking up ahead of Mother’s Day next month, raising hope for a sector that has been battered by global restrictions on movement in the wake of the coronavirus pandemic. The Kenya Flower Council says that in the past week, the country had started witnessing a rise in demand from Europe where sales had declined by 35 percent over the past month. https://bit.ly/2Kf1X9c
  • Listed telecommunications firm, Safaricom has reported a 40 percent traffic surge as customers, staying at home to avoid Covid-19 infections, take solace in online movies and social media. Safaricom chief executive Peter Ndegwa said the combined data carried on a daily basis via mobile and fixed home internet had reached 2.34 Petabytes, translating to five million hours of continuous viewing. https://bit.ly/2ViJP4I
  • Bank of Baroda has said it will replace most of its Automated Teller Machines with Cash Recycler Machines. The move seeks to cement the banks move towards digitising its operations at a time when technology continues to influence the global financial system. Cash Recycler Machines, which mainly take cash deposits, have in the last two years become the face of banking with a few other banks such as Stanbic and Absa operating some at different banking points. https://bit.ly/2yp0Pxd
  • Algeria faces economic and social turmoil if crude prices continue to collapse, experts have warned, with the oil-dependent country reeling from a year of popular protests, political turmoil and now, coronavirus. The North African country is an example of how hydrocarbon economies are likely to face unrest if oil prices remain at near two-decade lows due to the COVID-19 pandemic and a price war between key players Saudi Arabia and Russia. Top oil-producing countries agreed Sunday to slash output by nearly 10 million barrels per day from May 1 to boost prices. https://bit.ly/2xFI4FN
  • Public tax collector Malawi Revenue Authority has admitted facing challenges in some tax lines due to the coronavirus (Covid-19) pandemic. In an interview on the sidelines of the launch of Voluntary Compliance Window last week, MRA commissioner general Tom Gray Malata indicated that the disease, which has affected economies globally, has made it difficult for the authority to collect enough revenue. He said given that most of the country’s products are imports, there has been an impact on duty. https://bit.ly/2XOaBno 
  • The Ethiopian Government and the UN’s food body have launched a hub inside an international airport in the capital Addis Ababa to distribute livesaving supplies across the African continent against COVID-19. The joint program was launched at the Ethiopian Cargo and Logistics Services, a division of Ethiopian Airlines, in the Bole International Airport. https://bit.ly/3blAXRj
  • The Central Bank of Kenya (CBK) has barred unregulated digital mobile lenders from forwarding the names of loan defaulters to credit reference bureaus and stopped the blacklisting of borrowers owing less than KES 1,000 (approx. USD 10). CBK said delinking unregulated digital mobile lenders from CRBs was as a result of the public outcry over widespread misuse of the credit information sharing mechanism. https://bit.ly/2VDVYAm
  • Petrol prices have dropped by the biggest margin since Kenya started controlling fuel prices in 2010 with super fuel being cheaper for the first time than diesel. The Energy and Petroleum Regulatory Authority linked the cheap fuel to the plunge in crude oil prices after a fallout between Saudi Arabia and Russia to cut production in the wake of the coronavirus pandemic, which has cut demand for energy on reduced economic activities. https://bit.ly/2xxtMXX
  • Kenya Airways has been forced to ground some of its cargo planes due to a shortage of flight staff as the national carrier’s 283 cabin crew remain in mandatory quarantine. The Nairobi Securities Exchange-listed carrier has failed to match demand for cargo business at the Jomo Kenyatta International Airport in Nairobi due to lack of crew to operate the planes. Its woes were compounded by the fact that Kenya has struck a deal with Ethiopian Airlines to carry cargo from JKIA to Europe. https://bit.ly/2yqAP4y
  • The rapid spread of coronavirus pandemic which has already taken thousands of human life and disrupted business activity, could retard Africa’s economic growth prospects in the coming years, the International Monetary Fund  has said. The IMF said Wednesday as it launched the economic outlook for Sub-Saharan Africa that the crisis is threatening to throw the region off its stride, reversing the development progress of recent years. https://bit.ly/2VmFaiq