HomeAuthorFelix Ochieng, Author at The Trading Room

Telkom SA Rally on News of Tower Listings on the Johannesburg Stock Exchange (JSE)

Telkom, the number three South African telecommunications operator has enjoyed a positive response to news that it plans to spin off its masts and towers business in separate listings on the Johannesburg Stock Exchange (JSE). Towers and masts are infrastructure used by mobile operators to extend telecommunications coverage and high-speed data services such as 4G and 5G to customers. They are costly to run for mobile operators, given the need to provide them with power...

Wall Street Rebounds 1% as Fed Confirms Tapering to Start Soon

The benchmark wall street indexes for U.S stock markets rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon. The S&P 500 registered its biggest daily percentage gain since July 23. While trading was choppy following the Fed’s latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where...

Buy Now, Pay Later: Re-designing the Global E-Commerce.

Let’s talk about Buy now pay later Going shopping is fun if you have the finance that is. But imagine, going shopping without the money and then someone pops up, get the product now and get to pay later! Welcome to Buy-Now-Pay-Later, the latest fintech service that is taking various markets globally by storm. In recent days, we have seen Jack Dorsey’s Square Inc acquisition of Australia’s Afterpay and Paypal jumping in to buy Japan’s...

Wall Street Extends Drops Ahead of the Long-Expected Corporate Tax Hikes, to 26.5%

Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation. Optimism faded throughout the trading session on wall street, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks....

Wall Street Extends Decline as Apple, Facebook Lead Big-Tech with 1% Drop

Wall Street ended lower on Wednesday, spooked by worries that the Delta coronavirus variant could blunt the economy’s recovery and on uncertainty about when the Federal Reserve may pull back its accommodative policies. Apple and Facebook fell about 1% after helping push the Nasdaq to record highs in the previous session. The dips in those two Silicon Valley giants contributed more than any other companies to the S&P 500’s decline for the session. Investors on...

Kenya’s Forex Reserves Dip by 11.3 Billion as CBK Increases Dollar Liquidity

Forex exchange reserves dipped by over Kes. 11.3 billion after the Central Bank of Kenya (CBK) released more dollars into the market to cushion the Kenyan shilling. The banking regulator has however not given reasons for the huge drop but says reserves remain adequate and are within the statutory import cover of at least four months. According to the latest central bank weekly bulletin, the foreign exchange reserves fell to Kes. 977.1 billion from Kes....

M-Pesa Africa Celebrates 50 Million Active Customers

M-PESA, the world’s leading mobile money service has today announced that it has reached 50 million monthly active customers strengthening its position as Africa’s largest fintech. Launched more than 14 years ago in Kenya, the mobile money service is today available in Kenya, Tanzania, Mozambique, DRC, Lesotho, Ghana and Egypt. The milestone comes just 18 months after Safaricom and Vodacom launched the M-PESA Africa Joint Venture to accelerate the growth of the service across the...

Tech Lifts Nasdaq to Record Close but Wall Street Mixed on Jobs Report

The Nasdaq ended Friday at a new peak but the other main Wall Street indexes fell, reflecting the mixed sentiment stemming from a disappointing U.S. jobs report which raised fears about the pace of economic recovery but weakened the argument for near-term tapering. On the final day of trading before the Labor Day weekend, both the S&P 500 and Dow benchmark posted marginal declines, tempering the former’s positive weekly performance and extending the latter’s run...

Wall Street Rallies with the S&P 500, Nasdaq Topping Record Levels backed by Fed Taper-Talk

Wall Street benchmark indexes, the S&P 500 and Nasdaq topped their record closes once again on Monday, bolstered by technology stocks, as last week’s dovish comments from the Federal Reserve on tapering its monetary stimulus refocused investors’ minds on economic growth. It was the fourth record closing high in five sessions for the S&P, and the fifth in six sessions for the Nasdaq, runs only interrupted by jitters ahead of Fed Chair Jerome Powell’s Jackson...

Asian Stocks Mixed as Investors Watch for Fed Symposium; Shanghai Composite Advances 0.59%

Asia-Pacific markets traded mixed on Friday as investors remained cautious ahead of the Federal Reserve’s annual Jackson Hole symposium where Fed Chair Jerome Powell is due to speak. In Australia, the benchmark ASX 200 closed fractionally lower at 7,488.30. The heavily-weighted financials subindex rose 0.25% while the energy sector was flat and materials fell 0.45%. The Nikkei 225 in Japan fell 0.36% to 27,641.14 while the Topix index declined 0.34% to 1,928.77. South Korea’s Kospi rose 0.17%...

Wall Street Declines as Investors Brace for Tapering, Nasdaq Leads with 0.64% Drop

Wall Street closed lower on Thursday, ending a streak of all-time closing highs on concerns over developments in Afghanistan, while fears of a potential shift in U.S. Federal Reserve policy prompted a broad but shallow sell-off the day before the Jackson Hole Symposium. All three major wall street benchmarks for U.S. stock ended the session in the red, with the S&P and the Nasdaq notching their first down day in six. The sell-off firmed after...

Wall Street Extends Gain backed by Tech and Tech-adjacent Megacaps Rally on the S&P 500

Wall Street ended higher in a late-summer, light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium. All three major U.S. stock indexes (the wall street benchmarks) advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs. The session marked the S&P 500’s 50th record high close so...

Wall Street Rebounds, Trillium Therapeutics Inc soared 188.8% on Pfizer $2.26Bn Deal

Wall Street rallied on Monday, and the Nasdaq reached an all-time closing high as sentiment was boosted by full FDA approval of a COVID-19 vaccine and market participants looked ahead to the Jackson Hole Symposium expected to convene later this week. All three major U.S. stock indexes ended the session sharply higher, with the S&P 500 in the session’s final minutes just failing to hold what would have been a record-high close on wall street...

Oil Prices Rebound 0.9% Despite Dim Demand Outlook and Surging Covid-19 Cases

Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Brent crude futures climbed 60 cents, or 0.9%, to $65.78 a barrel by 0158 GMT, after hitting the lowest level since May 21 of $64.60 earlier in the session. U.S. West Texas Intermediate...

Market Report; 20 August 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE) this week. A total of 14,969,200 shares in 1,089 deals, corresponding to a market value of KES 552,931,371.00, were traded. Compared with the previous NSE trading day (Thursday, August 19), today’s data shows a 47% decline in volume and a 56% decline in turnover. The current market capitalization of the Nairobi Securities Exchange is KES 2.83 trillion. In the aggregate,...

Wall Street Reverses Losses; S&P 500 Gains on Tech Rally

Wall Street’s benchmark, the S&P 500 ended modestly higher in a choppy session on Thursday, with gains in tech shares countering losses in cyclical sectors, as investors took the pulse of the economic rebound and gauged when the Federal Reserve might temper its monetary stimulus. Tech also supported the Nasdaq, while economically sensitive sectors such as energy and materials were particularly weak. Data showed that the number of Americans filing new claims for unemployment benefits...

Market Report; 19 August 2021

At the end of Thursday’s trading session on the Nairobi Securities Exchange (NSE). A total of 28,493,200 shares in 1,099 deals, corresponding to a market value of KES 1,248,341,612.00, were traded. Compared with the previous NSE trading day (Wednesday, August 18), today’s data shows 131% improvement in volume, 101% improvement in turnover, but 26% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.8 trillion. In the aggregate, 45 NSE...

KCB Group Doubles Half Year Profits at Kes 15.3 Billion

KCB Group Plc has posted a strong performance in the first half of the year, driven by improved economic activity, robust revenues, and lower provisions charge. Profit after tax doubled to Kes.15.3 billion from Kes. 7.6 billion a year ago amid the effects of the ongoing COVID-19 pandemic. Revenues increased by 14% on account of higher interest income driven by an increase in earning assets and a lower cost of funding. KCB Group Key Financial...

Wall Street Extends Slide, S&P 500 Drops over 1% on Release of Feds July Minutes.

Wall Street’s main indexes slid on Wednesday, with the S&P 500 falling over 1%, after the release of minutes from the Federal Reserve’s policy meeting last month showed officials felt the employment benchmark for decreasing support for the economy “could be reached this year.” Stocks accelerated their declines late in the session, pushing the S&P 500 down about 1.8% from its record closing high after its second straight daily drop. It was the benchmark index’s...

Wall Street Slumps; Nasdaq Leads in Decline as Home Depot Drops 4.3%

Wall Street’s main indexes slid on Tuesday, with the S&P 500 logging its biggest one-day percentage fall in about a month, weighed down by a drop in U.S. retail sales that raised concerns about the economic recovery, as well as by disappointing results from Home Depot. Most of the S&P 500’s sectors finished lower, with consumer discretionary the weakest performer, falling 2.3%. Home Depot shares fell 4.3% during trading on wall street after the company’s...

Asian Markets Drop as China’s Economic Data Shows Industrial Production was at 6.4%

Asia-Pacific stocks slipped on Monday as investors reacted to the release of Chinese economic data for July. Retail sales in China rose 8.5% in July as compared with a year ago, according to official data released Monday. That was far lower than the 11.5% rise forecast by analysts in a Reuters poll. Meanwhile, industrial production grew 6.4% in July, also falling short of expectations for a 7.8% year-on-year increase for the month, according to the Reuters poll....

Asia-Pacific Stocks Drop; Samsung Plunges 3.4% as Vice Chair Jay Y. Lee is Released from Prison

South Korean and Taiwanese stocks led losses among major Asia-Pacific markets in Friday trade, with shares of firms related to conglomerate Samsung falling. The broader Kospi in South Korea closed 1.16% lower at 3,171.29 while the Taiex in Taiwan dropped 1.38% to finish the trading day at 16,982.11. Shares of South Korean industry heavyweight Samsung Electronics plunged 3.38% while Samsung C&T dropped 0.74%. Samsung Life Insurance fell 0.39% and Samsung SDS declined 1.96%. Those losses came after Samsung Electronics...

I&M Bank Receives $50 Million IFC Loan to Support SMEs in Kenya

The International Finance Corporation (IFC) has partnered with FMO, a Dutch development bank, to assist small businesses in Kenya by providing funds for working capital, expansion, and to weather the COVID-19 crisis. IFC contributed $30 million and FMO contributed $20 million to the I&M loan. The funds will boost I&M’s capital position and enable the bank to lend to small and medium-sized enterprises in the manufacturing, trade, and construction sectors. According to information on the IFC website,...

Oil Slips for Second Day as EIA Demand Outlook Turns Negative; WTI Drops 0.5%

Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of Covid-19 worldwide has forced governments to revive restrictions on movement. Brent crude was down 31 cents, or 0.4%, at $71.00 a barrel by 0046 GMT, after dropping 13 cents in the previous session. U.S. crude was off by 33 cents, or 0.5%, at $68.76 a barrel, having fallen 0.2% on Thursday....

JSE Partners with FT Russel to Launch Multi-Asset Index for South African Market

The Johannesburg Stock Exchange (JSE) and FTSE Russell have once more partnered to launch a new multi-asset index solution for the South African market, leveraging the long-standing relationship between the two organisations and the rich base of the existing index offering. The JSE and FTSE Russell today announced that they have launched the FTSE/JSE Multi-Asset Composite Index, which offers investors a broad and integrated coverage of South African equities, fixed-income securities, listed property, and options...

Gold Extends Decline by 0.2% as Dollar, Treasury Yields Gain

Gold prices edged lower on Wednesday, pressured by a stronger dollar and a rise in bond yields, while investors cautiously looked forward to U.S. inflation data that could influence the Federal Reserve’s timeline to taper monetary support. Gold prices remain extra sensitive to the central bank’s announcement and economic indicators. The recent US job data added another supportive pillar to the ongoing Fed’s tapering discussion. The US Dollar Index (DXY), which measures the performance of the greenback against...

Kakuzi Establishes 1st Independent Human Rights Advisory Committee in Kenya.

Local agri-business firm Kakuzi PLC has announced the appointment of an Independent Human Rights Advisory Committee (IHRAC) to be chaired by former Attorney General Prof Githu Muigai. With the appointment of the committee to its Board, Kakuzi PLC becomes the first corporate organization in Sub Sahara Africa to constitute and establish such an independent advisory panel benchmarked against the United Nations Guiding Principles on Business and Human Rights. In appointing the IHRAC, Kakuzi joins a...

Asian Markets Defy Covid Concerns to Post Gains; Krafton Slumps 17% on Debut

Shares in Asia-Pacific were mostly higher on Tuesday. Meanwhile, South Korean game developer Krafton plunged in its debut. South Korea’s broader Kospi slipped 0.53% to close at 3,243.19. Shares of South Korean game developer Krafton slumped as much as 17% in Asian trading hours, from its IPO price on its market debut, according to Refinitiv Eikon data. Krafton, the game maker behind the blockbuster game PUBG, later pared some of those losses but still closed nearly 9%...

Market Report; 09 August, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE) this week. A total of 20,166,100 shares in 1,133 deals, corresponding to a market value of KES 834,574,528.00, were traded. Compared with the previous NSE trading day (Friday, August 6), today’s data shows a 126% improvement in volume, 140% improvement in turnover, and 17% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion....

Safaricom Partners with NSE to Enable Customers Buy Shares Using Bonga Points.

Safaricom and the Nairobi Securities Exchange (NSE) have today announced a partnership that is set to enable Kenyans to invest in the stocks market using their accrued Bonga points. The service which has been rolled out is available to all Safaricom customers. The telco’s subscribers will be able to redeem their accrued points through licensed brokers. The program onboarded ten brokers to the program with the NSE keen to onboard more brokers onto the program....

Oil Prices Drop as China’s Rising Covid-19 Cases Raises Concerns on Demand

Oil prices fell nearly 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid by $1.27, or 1.8%, to $69.43 a barrel by 0434 GMT, after having slumped 6% last week, their biggest weekly loss in four months. U.S. West Texas Intermediate (WTI) crude futures fell $1.29,...

Kenya Re’s Half-Year Profit Drops by 66% to Kes 533.7 Million

Reinsurance company Kenya Re posted a 66% decline in half-year profit for the period that ended on 30th June 2021 despite a 6% growth in gross written premiums. The company’s annual net profit dropped to Kes533.7 million on 30th June this year, from Kes1.57 billion in June last year, as claims and benefits, and other expenses grew sharply during the period under review. Its gross written premiums rose to Kes9.6 billion on 30th June 2021 from...

Oil Set for Steep Weekly Loss as Brent, WTI Slip over 1.00%

Crude Oil prices slid on Friday, and were on track for steep weekly declines on concerns over the impact on fuel demand from travel restrictions to curb the spread of the Delta variant of COVID-19. Brent crude futures slid 71 cents, or 1%, to $70.58 per barrel and U.S. West Texas Intermediate (WTI) crude futures dipped $103, or 1.5%, to $68.07 per barrel, though both contracts have given up more than 5% this week. “The...

Rosemary Oduor Appointed as Kenya Power’s Acting CEO as Benard Ngugi Resigns

The Kenya Power Board of Directors has appointed Rosemary Oduor as the acting managing director and chief executive officer of the utility firm with immediate effect. The appointment which is effective August 3, 2021, follows the resignation of Bernard Ngugi who has been with the firm for 32 years prior to his appointment as chief executive of the company two years ago. “On behalf of the Board of Directors, I take this opportunity to thank...

Market Report; 04 August, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 5,843,800 shares in 880 deals, corresponding to a market value of KES 147,204,329.00, were traded. Compared with the previous NSE trading day (Tuesday, August 3), today’s data shows a 36% decline in volume, a 60% decline in turnover, and a 25% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.66 trillion. In the...

Oil Extends Decline with a 0.5% Drop as Covid Variant Raises Supply Concerns

Oil prices fell for a third day on Wednesday on mounting concerns that the increasing spread of the delta variant of the coronavirus in top consuming countries will cut fuel demand. Brent crude oil futures slid 22 cents, or 0.3%, to $72.19 a barrel, as of 0129 GMT. U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $70.23 a barrel. Both futures fell on Tuesday to their lowest since July 21 before regaining some ground by the close....

African Securities Exchanges Procure Software to engage in Cross-Border Trading

African Securities Exchanges that include some of the most vibrant and biggest bourses in the continent have moved a step closer to doing linking up their trading floors to enable cross-border transactions. This is after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven leading African securities Exchanges are working together in the African Exchanges Linkage Project (AELP) to make this happen. They include the Nairobi Securities Exchange, The...

Oil Slips Further as Crude Output Rises, Brent Drops 1%

Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers. Brent crude oil futures skidded 81 cents, or 1%, to $74.60 a barrel by 0116 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9%, to $73.26 a barrel. “China’s been leading economic recovery in Asia and if the pullback...

Nasdaq Edges Lower as Big Tech Sales Rise; S&P 500 Drags

The Nasdaq ended lower on wall street on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike. Nvidia tumbled 4.4% and Amazon fell over 1%, both companies contributing more than any others to the Nasdaq’s decline. Facebook lost 0.9%. The S&P 500 technology sector index fell 0.8% and ended a four-day winning streak. Earlier this week, investors’...

KRA Gazettes Plans to Auction Kenya Power Transformers

The Kenya Revenue Authority (KRA) has announced plans to auction Kenya Power transformers if 30 days elapse before they clear the transformers that were shipped into the country seven years ago. The auction is linked to delays by Kenya Power in clearing taxes for the import of the transformers and storage fees. “Unless the under-mentioned goods are entered and removed from the Customs Warehouse within 30 days from the date of this notice, they will...

Kenya & Tanzania Manufacturers call for Expedited Resolution of Non-Tariff Barriers (NTBs)

Manufacturers from Kenya and Tanzania have called for the expedited resolution of non-tariff barriers (NTBs) and the review of the East African Community Common External Tariff (EAC CET). This was during the trade investment forum held yesterday, hosted by Kenya Association of Manufacturers (KAM) and Confederation of Tanzania Industries (CTI) in Dar Es Salaam, Tanzania, to discuss trade promotion between the two states. Speaking during the forum, the High Commissioner of Kenya to Tanzania, Hon. Dan Kazungu noted that in unity, East Africa shall...

Anwar Soussa to Lead Safaricom’s Ethiopian Subsidiary

Anwar Soussa has been picked to lead the Global Partnership for Ethiopia, an international consortium comprising Safaricom Plc, Vodacom Group, Vodafone Group, Sumitomo Corporation and CDC Group. The company was awarded a licence to operate telecom services in Ethiopia in May this year. 48-year-old Anwar is the Managing Director of Vodacom DRC and the Chairperson of Vodacash. Under his leadership, Vodacom DRC grew to be the largest Vodacom subsidiary outside of South Africa, and for the first...

Nairobi Business Ventures to Acquire 4 Businesses at Kes 3 Billion

Nairobi Business Ventures (NBV) has announced plans to acquire four businesses in Kenya at a combined cost of Kes 3 billion. According to a public statement, NBV intends to purchase 100% ownership in Delta Automobile, a leading heavy commercial vehicle maintenance company in Kenya; 100% ownership in Air Direct, an aviation company set to begin operating in Kenya soon; 100% ownership in Aviation Management Solution Limited, a company that owns a hangar and a building...

Tech Stocks Extend Rally, Pushing Nasdaq, S&P 500 to New Highs

The S&P 500 and the Nasdaq both registered record closing highs on Tuesday, lifted by Apple Inc and other technology stocks after an upbeat consumer confidence report. The S&P 500, helped by a jump in Morgan Stanley shares on news of a dividend increase, hit a record high for the fourth straight session. The S&P and the Dow closed little changed after a session marked by lighter than average volume, as the market awaits more...

Asian Markets Drop Amidst Beijing’s Move to Retain Benchmark LPR

Shares in Asia-Pacific dropped on Monday, as Japan’s markets plummeted. Meanwhile, China kept its benchmark lending rate unchanged. Japanese stocks led losses regionally, with the Nikkei 225 falling 4% in Monday trade. It later pared some of those losses but still closed 3.29% lower at 28,010.93. The Topix index shed 2.42% to finish its trading day at 1,899.45. Losses were seen in most sectors in Japan, with shares of automakers such as Nissan and Honda falling 4.07% and 3.93%, respectively. Shares...

Gainers & Losers in Ukur Yatani’s Kes 3.6 Trillion Budget

The National Treasury Cabinet Secretary Ukur Yatani while presenting FY2021/2022 budget before Parliament acknowledged prevailing revenue collection challenges owing to the effects of COVID-19. In the coming financial year which begins on 1st July 2021,CS Yatani said the Kenya Revenue Authority (KRA) is expected to collect ordinary revenues amounting to Kes. 1.78 trillion in order to fund the Kes. 3.03 trillion budget. National Treasury expects to generate additional Kes. 8.7 billion through custom measures agreed...

Access Bank Completes 100% Acquisition of BancABC Mozambique

Access Bank, Nigeria’s largest lender, has completed the acquisition of Mozambique’s African Banking Corporation, another milestone achievement in Access Bank’s expansion goals. This would be Access Bank’s fifth acquisition in almost half a decade. Diamond Bank and Transnational Bank (Kenya) Plc acquisitions were both completed in 2019 by the bank. Also, the bank announced the merger with Cavmont Bank Limited in August 2020, and the process was completed in January 2021. “We are pleased with...

Shelter Afrique Sign’s $1.5Bn MoU on South Sudan Military Housing Project

Shelter Afrique, the Pan-African housing development financier, has inked an MoU with Triangle Real Estate, a Juba-based real estate firm to develop 26,000 housing units for South Sudan’s military, through a public-private-partnership special purpose vehicle. The project is estimated to cost of $1.5 billion through a public-private-partnership special purpose vehicle, according to press release. “We have been mandated by the Ministry of Finance and Planning to source funds for the construction and completion of a...

Market Report; 04 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 14,311,000 shares in 987 deals, corresponding to a market value of KES 501,142,881.00, were traded. Compared with the previous NSE trading day (Monday, May 3), today’s data shows 154% improvement in volume, 168% improvement in turnover, and 17% improvement in deals. The current market capitalization of the Exchange is KES 2.57 trillion. In the aggregate, 47 listed equities participated...

Bitcoin Races to New-Highs above $56K, Ether Gains

Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalization cross $1 trillion a day earlier according to data from trading platform Bitfinex racing past the $52k posted on Friday. The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year. Bitcoin’s gains have been fueled by evidence it is gaining acceptance among...

WPP Scangroup Shares Drop 7.7% as CEO Bharat Thakrar is Suspended Over Gross Misconduct Allegations

Bharat Thakrar, the Chief Executive Officer of listed marketing firm WPP Scangroup, and his Chief Finance Officer Satyabrata Das have been suspended by the company’s board. The Board of Directors said on Friday, the suspension is to allow for investigations into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the company. “The Board has delegated authority to an interim Chief Operating Officer Mr. Alec Graham to ensure...

IMF & Kenya Reach Staff Level Agreement on Kes 262.7 billion Loan

The International Monetary Fund (IMF) on Monday said it will soon disburse Kes 262.69 billion (USD 2.4 billion) to the Government of Kenya after it’s staff virtual visit and the Kenya treasury reached an agreement on a 38-month financial package. The IMF said that its team and the Kenyan officials reached an agreement on a 38-month program to help the next phase of the country’s COVID-19 response and a strong multi-year effort to stabilize and...

KCB Group Seeks Approval to Buy Two Banks, in Tanzania and Rwanda

Kenya’s top lender, KCB Group, has made a formal application to the regional competition watchdog to be cleared for the Kes 4.4 billion deal. It is seeking to acquire two banks in Tanzania and Rwanda. Last year, KCB announced that it would acquire 62.06 % stake in Banque Populaire Du Rwanda (BPR) and a 100 % stake in African Banking Corporation Tanzania Limited (BancABC). Last week Monday, Comesa Competition Commission released a notice saying it...

Central Bank of Kenya Retains Benchmark Lending Rate at 7 Percent

The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) on Wednesday kept the benchmark rate unchanged at 7% in its sixth consecutive sitting amid concerns of slight rise in the cost of basic food items and services in coming months as a result of tax measures introduced on 1st January 2021. While signaling rebound in economic growth this year after a 0.6% contraction last year due to COVID-19, MPC says the rate retention stems...

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