The inflows were estimated at $1.33 billion (Sh141.84 billion), a drop of 18.08 percent over nearly $1.63 billion (Sh173.15 billion) that foreign investors pumped into the Kenyan economy in 2018, the United Nations Conference on Trade and Development (UNCTAD) wrote in a report published on Tuesday. Reference:https://www.businessdailyafrica.com/news/Kenya-foreign-direct-investment-falls-by-Sh31bn/539546-5577744-fubarsz/index.html
The task of fighting this pandemic is huge and no single entity can do it alone. My hope is that this contribution will assist the government as it works with the medical services and frontline staff to save lives in Kenya,” said CIB chairman and managing director Hisham Ezz Al-Arab in statement on Wednesday. Reference:https://www.businessdailyafrica.com/news/Egypt-lender-donates-Sh10m-to-Kenya-Covid19-kitty/539546-5578330-5n6vptz/index.html
Last Thursday, Treasury CS Ukur Yattani read out the BUDGET2020 under the theme: “Stimulating the Economy to Safeguard Livelihoods, Jobs, Businesses and Industrial Recovery.” The budget came at a time that the economy is struggling to stay afloat due to the prolonged lockdown measures. READ MORE..
Safaricom customers donated 1 Billion Bonga Points worth approximately KSh 330 million in the past two months. A statement from Safaricom reveals that over 600,000 customers redeemed or transferred Bonga points under the Bonga For Good initiative. READ MORE..
Kenya hit a record high for new coronavirus cases on Wednesday after 184 cases were confirmed in 24 hours.
Health Chief Administrative Secretary Rashid Aman said the new cases were recorded from 2,518 samples.
The new cases include 111 from Nairobi, 19 from Mombasa, 14 in Kajiado, 13 in Meru and nine in Kiambu.
Tusker Mattresses Limited has been ordered to furnish the regulator with its monthly bank statements for the past one year for all bank accounts relating to its retail business by Friday this week. Documents seen by the Business Daily show that this is part of a wide-ranging investigation into one of the country’s largest supermarket operators, which has lost the trust of the regulator. Reference:https://www.businessdailyafrica.com/news/CAK-probes-Tuskys-bank-accounts/539546-5577742-w6oh8d/index.html
In an effort to restore investor confidence, the Capital Markets Authority (CMA) has published a new raft of rules that require fund managers to provide more disclosures.
This follows legal battles between CMA and certain asset management firms after retail investors lost cash after the collapse of several funds that have sold commercial paper, and other debt instruments. READ MORE..
The University of Nairobi Vice-Chancellor, Prof. Stephen Kiama has been appointed to serve as the Chairperson of the newly formed East and Southern Africa (ESA) Regional Committee of the Association of Commonwealth Universities (ACU).
The Central Bank of Kenya’s (CBK) usable foreign exchange reserves have increased to Sh991.59 billion ($9,302 million) in the week ending June 11, due to the high foreign fund disbursements to support the country against the adverse effects of coronavirus. CBK data has shown the reserves are nearing the Sh1 trillion mark, having increased from by Sh4.37 billion from Sh987.22 billion ($9,261 million) from the previous week.
Treasury Secretary Ukur Yatani has said that personal loans account for more than half of the Sh360 billion worth of loans that have been restructured by workers and small businesses that need urgent help to survive the economic slowdown caused by the viral disease. The reviewed loans are equivalent to 12.86 percent of the lenders’ loan book of Sh2.8 trillion as at end of May, underlining the impact of the health crisis on the bank’s businesses and borrowers’ financial situation.
