Standard Chartered Bank Kenya Ltd. shrunk its holdings of the East African nation’s government securities by 52% at a time when the investments are drawing attractive returns. The huge decline came as a surprise as the lender even took a trading loss of 2.3 billion shillings ($15 million) on the investments, Sterling Capital said in...
Kenya is on the verge of a groundbreaking development in its energy sector, with plans to commence the construction of its maiden nuclear power plant in 2027. This bold move aims to diversify the country’s energy sources, meet rising demand, and transition towards zero-carbon energy production. Justus Wabuyabo, the Acting CEO of the Nuclear Power...
Kenya has completed the construction of its portion of a $309.26 million electricity transmission line that will allow power imports and exports with neighbouring Tanzania before the end of the year. Energy Cabinet Secretary Davis Chirchir Tuesday said Kenya was installing meters along the transmission line of 507.5-kilometres ahead of the commissioning by December. The...
Kenya’s President William Ruto has unveiled an ambitious plan to lease and revitalize five critical ports through a public-private partnership (PPP) worth $1.4 trillion. The initiative aims to enhance the country’s maritime industry and improve competitiveness along the northern corridor. Under the proposal, the Kenya Development Corporation (KDC), a development finance institution, has confirmed that...
A pastor of a Kenyan church, Ezekiel Odero, has been arrested in Malindi over suspicions of deaths at his church. This comes as police widen their investigations following dozens of deaths linked to a cult leader, Paul Mackenzie Nthenge. The head of the New Life Prayer Centre and Church was arrested for allegations of the...
Kenya’s Agriculture Minister Mithika Linturi and his Zambian counterpart Mtolo Phiri signed an MoU in March to herald a new era of large-scale farming of maize in Zambia for export to Nairobi, but concerns by the opposition over past treatment of locals raise fears about the deal. Kenyan representatives had first come to Lusaka looking...
From around 2019, Mr. Didier Mlawa, a Tanzanian national, gained notoriety and a big online following in the country for his Twitter protest of undemocratic tendencies of the previous regime. His online activism under the name Kigogo2014 made him enemies in high places. Sooner, he fled the country and gained asylum in the UK. He...
The government has said the country has tight laws and regulations guiding foreign exchange trade in the wake of reports that Kenyan businesses are now sourcing dollars from Tanzania to meet manufacturers’ and general goods importers’ obligations. Kenya is currently facing an acute dollar shortage after its foreign exchange reserves dropped to a near 10-year...
President William Ruto, while ushering New Year at State House, Mombasa, announced that his government planned to abolish the Higher Education Loans Board (HELB) that has sustained millions of university students for decades. The President remarked that he sought to provide a better alternative to address university students’ challenges. Subsequently, he announced that the government will expunge...
East African Community has one of the highest sea freight charges in the world, a development that sends commodity prices up. Members of the private sector are now drafting key recommendations to see member states cutting down on sea freight costs to foster regional economic growth. According to the chief executive officer for the East...