Economy

Raila and Uhuru set for China visit to seek Ksh.368B SGR loan

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President Uhuru Kenyatta and AU envoy Raila Odinga at the closing session of the AfroChampions Boma on Infrastructure financing and delivery in Nairobi on April 17, 2019. African Union envoy Raila Odinga will accompany President Uhuru Kenyatta to China next week to seek funds for the extension of the Standard Gauge Railway (SGR) from Naivasha […]

Economy

Chinese firm says Nairobi-Naivasha SGR 70% Complete

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  The China Communication Construction Company says it has laid 86 kilometres out of the overall length of 120.49 km of the Nairobi-Naivasha Standard Gauge Railway, signifying a 70 per cent completion. Acting Managing Director of Kenya Railways (KR), Phillip Mainga says they expect to complete the project by May 31. “The challenge that we […]

Economy

SGR pact with China a risk to Kenyan sovereignty, assets

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By DAILY NATION Kenya’s key strategic assets at home and abroad will not be protected by “sovereignty” and risk being seized by the Chinese government should there be a default in repaying the Standard Gauge Railway loan, a copy of the contract seen by the Sunday Nation reveals. The initial agreement for the Mombasa-Nairobi railway […]

Economy

Chinese retailers slash iPhone prices, say they aren’t worth the cost

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After Apple lowered its first-quarter sales forecast, new iPhones have not been performing well in China and are being sold with steep discounts soon after their release. Sales of Apple’s latest top-of-the-line smartphones have reportedly been much worse than expected in the world’s largest smartphone market, CNBC reported. The cause of the reduced sales seems […]

Economy

Safaricom introduces M-Pesa transaction overdraft ‘Fuliza’

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Safaricom will from next week introduce an overdraft facility for M-Pesa customers after M-Pesa and data services pushed up its half-year net profit by 20.22 per cent to Sh31.5 billion. The overdraft service known as Fuliza that was piloted in October, will enable customers to send money or pay for goods and services when they […]

Economy

US-China trade war takes toll on global manufacturing

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By Reuters Factory activity weakened across much of Europe and Asia in December as the US-led trade war and a slowdown in demand hit production in many economies, offering little reason for optimism as the new year begins. A series of purchasing managers’ indexes for December released on Wednesday mostly showed declines or slowdowns in […]

Economy

Kenya among leading Comesa investor destinations – report

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Cytonn Investment’s Amara Ridge in Karen /ENOS TECHE Kenya is among the Common Market for Eastern and Southern Africa (COMESA) countries that recorded notable increase in Foreign Direct Investment in 2017. The Comesa Investment Trend 2018 report released last week  shows Kenya recorded $671.7 million (Sh67.1 billion) in FDI last year, up from $393.3 million […]

Economy

M-Pesa makes up to 1,200 transactions every second

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Customers queue outside an M-Pesa shop in Nairobi Safaricom boss Bob Collymore has said the giant telco company  is expanding its M-Pesa systems to take 1,200 transactions per second. In a statement, he attributed the recent outage that lasted four hours to the system upgrade. Latest Communications Authority telecommunication sector statistics shows that Safaricom carried […]