“We understand that you might be going through a tough time and we would like to continue working with you to support your institution’s activities during and beyond these extraordinary times,” Absa Bank Kenya managing director Jeremy Awori said.

The Covid-19 pandemic forced the closure of schools two months ago, prompting the government to recommend virtual learning.

But this has been hindered by lack of the supporting infrastructure like laptops, tablets and smartphones for bothe teachers and learners.

The Coronavirus pandemic has turned the world on its head. No part of our lives has been left untouched by the global disruption. Children are out of school. Manufacturing firms have fallen silent. People are out of jobs in millions, and more are joining them every day. The best healthcare systems in the world are overwhelmed. Scientists world wide  are trying to understand the virus and find a vaccine.

There was a 67% improvement in volume, 283% improvement in turnover and 20% improvement in deals from Thursday’s trading.

GAINERS AND LOSERS

Standard Group was the top gainer for the day with 10% share price appreciation closing at KSh 19.80 per share. It was followed by Kenya Airways, Eveready East Africa, and Sameer Africa.

Top loser was Nairobi Business Ventures whose share price declined by 10% to close at KSh 0.54 per share. It was followed by Transcentury, Eaagads Limited, and Umeme Limited.

Central Bank of Kenya (CBK) data shows that transactions via credit, debit cards and point-of-sale (PoS) machines hit Sh165.56 billion in the first quarter of 2020 compared to Sh163.91 billion of the same period last year.

The number of deals settled through cards, however, dropped to 17.98 million in the first quarter of the year amid virus-fuelled demand slump, compared to 23.95 million in 2019 during the period.

The International Monetary Fund (IMF) excluded Kenya from the list of countries granted loan interest payments waivers because it’s per capita income was above $1,215 (Sh128,790).

Kenya, which is classified as a lower-middle-income country, recently joined mounting calls to rich nations like China and Group of 20 (G20) to hold off debt interest payment this year for poor and developing nations amid worsening economic fallout from the Covid-19 pandemic.

As schools countrywide were being closed indefinitely following the outbreak of the coronavirus, Daniel Kabugu together with his fellow students at the Kenyatta University (KU) were devising ways to help Covid-19 patients.

With lectures suspended, they formed an online group where Institute of Electrical and Electronic Engineers (IEEE) members could pitch prototypes.

“We settled on a ventilator concept,” says Mr Kabugi, 24.

Kenya is forging ahead with its plan to build a Sh121.45 billion pipeline from Lokichar to Lamu to boost its crude oil exports despite the concern over falling prices of the commodity in the global market.

Budget estimates show that the State Department for Petroleum plans to spend Sh648.5 million in the financial year starting July 1 on the oil pipeline, commonly known as Project S.

The allocation is in addition to the Sh777.5 million allocated in the current financial year to undertake research, feasibility studies, project preparation and design for the project.

The Treasury has given the Kenya Planters' Co-operative Union (KPCU) a target of Sh5 billion sales by June next year, marking a reversal of an initial plan to liquidate the coffee organisation.

The target is to double the amount marketed in the following year to Sh10 billion and raise it again to Sh20 billion by June 2023, according to budget documents release to Parliament last week.

Economies and global markets have entered into a period of extreme volatility, and productivity across all sectors has fallen significantly except for medical products such as ventilators, test kits and face masks.

In Kenya, the insurance industry is amongst the sectors reeling from virus-induced shocks. Businesses will continue to feel the pinch as a direct result of the Covid-19 Pandemic. As a matter of policy, majority of insurers and reinsurers do not cover pandemic risks but expect to see an upsurge in claims that are indirectly related to the pandemic.

Speaking during a demonstration session by the lead engineers and doctors, Prof. Stephen Kiama, the University of Nairobi Vice Chancellor, congratulated the team for the hardwork put in place to ensure that the low cost portable ventilator comes to life. “This demonstrates our value of care. We care for Kenyans”, he said. He added that once the machine is deployed, it will go along way in helping Kenyans with many respiratory problems long after the COVID19 is gone.