Economy

Money matter – Finance

Kenya borrowing hits an average of Sh2.5bn each day

October 9, 2019

National Treasury The Jubilee administration borrowed an average of Sh2.5 billion daily from foreign lenders in the four months to August, highlighting the government’s growing appetite for foreign debt. The public debt report tabled in Parliament yesterday revealed that Kenya borrowed six loans between May and August worth Sh305.6 billion, translating to an average of […]

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

April 20, 2019

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 […]

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Chinese firm says Nairobi-Naivasha SGR 70% Complete

March 27, 2019

  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 […]

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SGR pact with China a risk to Kenyan sovereignty, assets

January 14, 2019

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 […]

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Many young professionals leaving Vancouver over high cost of housing

January 14, 2019

THE CANADIAN PRESS Iain Reeve and his wife moved from rental home to rental home in Vancouver but their final solution for secure housing was to move to Ottawa and buy two houses – one for them and another for his parents. He and his wife, Cassandra Sclauzero, are professionals in their mid-30s who wanted […]

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

January 14, 2019

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 […]

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Safaricom introduces M-Pesa transaction overdraft ‘Fuliza’

January 9, 2019

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 […]

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US-China trade war takes toll on global manufacturing

January 3, 2019

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 […]

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Kenya among leading Comesa investor destinations – report

December 24, 2018

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 […]

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

December 24, 2018

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 […]

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