The S&P 500 declined by more than 7% at the opening bell, causing the New York Stock Exchange to apply a 15-minute circuit breaker. This is the second time trading was halted on Wall Street to prevent stocks from falling further. During Monday’s session, the S&P 500 collapsed 7%, activating level 1 circuit breaker.
The Dow dropped over 2,150 points losing 9.18% at 09:54 am ET while the Nasdaq 100 dropped by 7.42% at 10.00 am CET.
The Treasury Wednesday announced it had reduced pending bills by nearly 90 percent, offering relief to suppliers and contractors that have been the target of auctioneers.
Treasury Secretary Ukur Yatani said the pending bills had dropped from Sh152 billion to Sh18.71 billion over the past 18 months in a speedy payment scheme aimed at improving the fortunes of small businesses and easing a cash crunch across all sectors.
Frequent delays in those payments have been blamed for the financial troubles of small businesses and job losses.
KCB Group net profit for the full-year to December 2019 grew by 4.8 percent to Sh25.1 billion from Sh23.99 billion the previous year bolstered by growth in interest income from consolidated book with National Bank of Kenya
.
The lender's assets stand at Sh898.5 billion from Sh714.3 billion edging it closer to the Sh1 trillion psychological mark for the country's largest bank by assets.
Co-operative Bank of Kenya has announced plans to acquire Kenya’s second smallest bank Jamii Bora bank (JBB), months after Commercial Bank of Africa closed buyout talks in favor of NIC Bank.
While welcoming the proposed acquisition, Central Bank of Kenya said the transaction between the two banks will diversify the business models of the two institutions and enhance the stability of the Kenyan banking sector.
The proposed acquisition will lead to the acquisition of 100 percent shareholding of Jamii Bora by Co-operative bank.
Despite significant gains, women are still underrepresented in business. According to a Harvard Business Review report, women control Sh2,000 trillion in annual spending.
However, making it in business has not been easy for them due to hurdles ranging from lack of mentoring to inadequate funding. Aida Diarra explains what Visa’s She’s Next initiative is about. Below are the excerpts.
What benefits accrue from Visa’s She’s Next initiative?
She’s Next is Visa’s global programme to support female entrepreneurs.
Absa Bank Kenya has signalled its intention to shake up the banking market through its revamped SME proposition which offers up to Sh10 million unsecured loans to entrepreneurs.
Under the new proposition, known as Wezesha Biashara, entrepreneurs can also access LPO financing of up to Sh12 million, unsecured invoice discounting of up to Sh50 million and unsecured bid bonds of up to Sh10 million.
Speaking during the event, the Vice Chancellor, Dr. Kabera Callixte, University of Tourism, Technology and Business Studies, observed that they would be glad to work with a leading university in the region, the University of Nairobi to enable Rwandese students enjoy cultural exchange, internships, industrial relations, teaching and learning in a different country. The program, sponsored by Volkswagen , so far incorporate several countries ; Kenya, Germany, Singapore, Uganda, Rwanda and Burundi. The aim is to advance social enterprise among students in developing countries.
The two days’ workshop, organized by Intellectual Property Management Office, IPMO, was conducted from February 5-6, 2020 at the University of Nairobi Towers.
NCBA Bank has signed a strategic partnership with property firm Optiven to grow its property finance business.
The agreement will enable NCBA customers buy their desired plot of land and build a residential or commercial unit. The bank will also offer customers financing of up to 25 years.
NCBA Deputy Director, Consumer Banking Mercy Kagwiria said the partnership will enable its customers access property financing solutions in a seamless manner.
