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USD to Kenya Shilling trading at Sh119.2 buying and Sh121 selling Rate at @Satelliteforex

Pension funds recorded a -0.6 % return in Q1 due to bear market and weak shilling. Pension funds had 24.5% of their total assets in stocks. — Business Daily

BII, a British fund, has pledged to invest Sh81 billion over the next five years to Kenyan companies. — Business Daily

Traders withdrew a record 4.7 million kilos of tea worth Sh1.2 billion from auction after prices remained low at Sh262 per kilo. Teas has been selling below government set minimum price of Sh279 for three months. — Business Daily

IPPs say they Kenya power to hold open auction tenders if it wants to lower electricity costs. Electric bills are yet to reduce despite government promises in January. — Business Daily

Kenyan troops reimbursed Sh2.5 billion for Somalia mission — Business Daily

Platinum Credit and Premier Credit to get Sh4.6 billion financing from IFC for lending. — Business Daily

Centum share price set a new 52-week low of Sh9.6 on Friday marking a 36.2% decline over the past 12 months. — Business Daily

Four Cytonn executives- Ndande, Nkukuu, Arora and Njeri- to face fraud charges over unauthorized payment back in 2014 of over Sh1 billion at Britam, their former employer, after supreme court dismissed their appeal saying it lacked merit. — Business Daily

UK has also told high risk Monkeypox close contacts to isolate for 21 days.

Sportpesa paid out Sh380 billion in winnings in its first five years of operation. The amount is 85% of the Sh447 billion gamblers staked. — Business Daily

Belgium has become the first country to impose mandatory 21-day monkeypox quarantine for those who contract the virus as 14 countries confirm outbreak.

The current black market rate is as high as 72 while official is at 52. Ethiopia’s currency volatility is going to be increasingly important for Safaricom as it gets into Ethiopia.

The difference between the US dollar official and black market rate for the Ethiopian currency Birr has widened by up to 38%. The Birr has dropped sharply against the dollar. Rising commodity prices have pushed up demand for dollars.

Kenyans living abroad sent home Sh41.35 billion in April up 18.6% compared to last year. US accounted for 62% of the remittances. — Capital FM

US President says Monkeypox is a concern in that if it were to spread it would be consequential.

US National Security says it has vaccines available to be deployed for Monkeypox. — ABC News

Michael R. Bloomberg, the former mayor of New York City, to spend $242 million to promote clean energy in 10 developing countries including Kenya. -NYT

The US has warned that IT workers from North Korea are trying to get remote working jobs by hiding their true identities to steal money to fund their country’s weapon programmes. Many of them pretend to be from other parts of Asia. — BBC

Rwanda says it expects to receive its first batch of 50 asylum seekers from the UK in coming weeks. Under the deal with UK, Rwanda will be paid Shs 18.3 billion ($157m) by UK to cater for migrants to be ‘integrated’ into communities. — The East African

Cargo volumes at Dar es Salaam port have grown by 21% while they have dropped by 6% at Mombasa port. Decline at Mombasa blamed on move by Uganda and Rwanda to divert more cargo to Dar es Salaam. — The East African

Russia says it has taken complete control of Mariupol in Ukraine after surrender of last defenders. — WSJ

Ukraine to get another $40 billion in U.S. support as it continues to battle a Russian invasion. The legislation includes $20 billion in military assistance and $8 billion in general economic support. -AFP

Equity Group CEO recently said a significant portion of Africa’s fertilizer comes from Russia. Proposed idea that large fertilizer plants could be set up in Africa to help counter the global fertilizer shortage issue and help the West diversify supply.

African Development Bank has announced Shs 174 billion ($1.5b) fund to boost grain production in Africa to prevent potential food shortages. The money will be used to supply 20 million farmers with climate-smart certified seeds and fertilizer. — Bloomberg

Selling property then leasing it back is a strategy companies use to raise capital.

Letlole expects redevelopment and expansion of the Mombasa road property to be completed by end of 2023 and will then enter into another 20 year lease with Orbit. It expects minimum US dollar interest of 9.6%.

Orbit Kenya has sold its Mombasa road warehouse property for Shs 6.2 billion to Botswana listed Letlole Limited. Orbit will then lease back the warehouse for 25 years. Letlole expects to make 16% yield from redevelopment and expansion of the property.

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Helb is constantly underfunded and struggles with non-repayment this bond helps solve these problems. They will look at how much is required for the year then issue a bond of that size. The bond will likely be priced at 8%.

Helb has initiated tendering for advisory on floating of a Social Education bond. According to Helbs strategic plan it targets to float the bond by end of June.

Kenya had indicated it will go ahead and issue Eurobonds by June despite rates being very high.

Ivory Coast says it won’t allow itself to borrow in Eurobonds at current high rates of 8% or 9% like other countries. Says it will instead try to borrow from its regional markets. — Bloomberg

EA Cable is also eyeing proceeds from parent company, Transcentury’s rights issue and negotiating facilities in Kenya and Tanzania to fund operations.

East African Cables is selling parcels of land and non-core machinery worth Shs 460 million to raise cash to fund operations. — The East African

Uganda and Tanzania are planning to build a natural gas pipeline from Dar es Salaam to Kampala. Tanzania has already built 512kms pipeline from gas fields in Mtwara to Dar. — The East African

The gas pipeline will be constructed parallel to the East African Crude Oil Pipeline from Uganda to Tanzania.

Nigeria has signed universal health coverage into law. Plans to set up healthcare fund to cover up to 83 million poor people who cannot afford premiums for insurance schemes. — Reuters

WHO says Monkeypox virus cases are being detected among people engaging in sexual activity and the symptoms are unknown to many. Says it’s concerned that spread of the virus could accelerate due to parties and festivals in summer.

Europe has so far reported over 100 cases of Monkeypox in recent days.

The virus which in the past has been limited to Central and West Africa has started spreading in Europe and North America.

World Health Organization set to hold emergency committee meeting to discuss Monkeypox virus today.

China lockdowns are holding back flow of goods and affecting global supply chains.

China’s Shanghai Hongkou district has ordered all shops to shut and residents to stay at home. Says it will conduct mass testing between May 20-22. — Reuters

National Bank USD Buying at Sh107.90 and Selling at Sh120.80

US Dollar against the Kenya Shillings now trading at Sh119 buying and Sh120.7 selling. Rate at @Satelliteforex

Airtel has asked Uganda communications regulator to extend deadline to list 20% of its shares at Uganda Stock Exchange by one year. — Business Daily

Manufacturers and tax experts are asking lawmakers to amend law that requires including inflation when calculating capital gains tax on sale of houses, land and privately held shares. Proposed tax changes will also increase capital gain tax to 15% from 5%. — Business Daily

Kenya’s exports to Pakistan increased 21% to Sh16.8 billion in Q1 becoming Kenya’s biggest export destination. It is the biggest buyer of Kenyan tea. Uganda is now second with Sh13.9 billion in exports. — Business Daily

Kakuzi dividends increase to Sh22 per share up from Sh18 last year due to strong performance. — Business Daily

*mobile money based loans uptake

Report shows Kenya mobile money uptake is the highest in the world. Four in every 10 Kenyans have used mobile money to get a loan: GSMA — Business Daily

Kenya in talks with UK to fund Sh28 billion Central Railway Station. UK expected to provide up to Sh220 billion for Kenyan projects — Business Daily

Kenya’s debt repayments to China have risen 135% to a record high of Sh73.5 billion — Business Daily

KRA collected Sh7.4 billion less tax from airtime and calls due to reduced use after increasing excise duty from 15% to 20%. It had thought it would collect Kshs 8 billion more from the tax increase in 2021. — Business Daily

Zimbabwe has effectively devalued it’s official currency rate by 74% from 166 to 289. The currency has been falling in the black market. — Bloomberg

The world’s top financial leaders (G7) have called for swift and comprehensive regulation of cryptocurrencies following turmoil that resulted incollapse of the Terra stablecoin last week. — Reuters

Twitter executives have told Twitter staff that the Elon Musk deal to buy the company is proceeding as expected.

The 425-acre piece of land where the railway city will be build stretches from Haile Selassie Avenue, Uhuru Highway, Bunyala Road, Commercial Street, and Landhies Road.

Kenya and UK governments have today unveiled the final design of the Nairobi Central Railway Station. The project seeks to build eight-platform central rail station and a public space, which will anchor commercial and residential developments on 425-acre land.

Indonesia to lift ban on palm oil exports from next week. This may lead to lower cooking oil prices globally .

U.S. Department of Agriculture is forecasting Kenya’s coffee production will decline by 10% due to lower fertilizer use. — Reuters

Sportpesa spent Sh4.4 billion on marketing in its first 5 years.

The privatization commission had planned to list some sugar millers on the NSE back in 2015. Perhaps it can resume those plans now that it has new directors.

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NSE CEO says it wants government to speed up privatization by selling shares of state-owned agencies. The last successful privatization by government was Safaricom IPO in 2008. — Business Daily

CDSC has suspended the introduction of a Sh100 monthly charge after investor protest. CDSC enables trading stocks in Kenya — Business Daily

Agriculture CS says Kenya will not import milk despite shortage. Milk supply fell to 61 million liters in March compared to 69 million liters in January — Business Daily

Old Mutual in talks to sell its stock brokerage business . Existing clients will be transferred to buyer. — Business Daily

Car & General’s profit increases 36% to Sh629 million for half year ended March. — Business Daily

The Sh250 million Nairobi Green Park Bus Terminal to open Tuesday next week. Only three matatus per sacco will be allowed to access the terminal at any given time. Touting will not be allowed at the terminus with each matatu allowed 20 minutes within. — Business Daily

Banks loaned out Sh317 billion for the year ended March — Business Daily

Sportpesa has revealed that it made a total Sh12.9 billion profit in its first five years. 2014- Sh44 million 2015- Sh1.6 billion 2016- Sh6.2 billion 2017- Sh2 billion 2018- Sh2.8 billion — Business Daily

Madison Capital ratio sunk to negative 59% last year. Under the insurance capital rules, real estate investments attract up to 40% in capital charges as government bonds attract 0%. Which is also why Madison really wants to dispose real estate investments.

Madison Insurance plans to sell property investments worth Sh8 billion to raise capital. Says it will quit annuity business, terming it an expensive product. It made a loss of Shs 1 billion last year. — Business Daily

County governments struggling financially after Treasury delays paying Sh109 billion in dues. — Business Daily

Survey shows Netflix is losing more long-term subscribers. It means that the company is struggling to retain its customers for longer period of time.

The European Central Bank (ECB) may raise its benchmark interest rate in July for the first time in more than a decade to fight record-high inflation (7.5%), with further hikes after the first being likely – Reuters

US Dollar against the Kenya Shillings now trading at Sh118 buying and Sh119.5 selling. Rate by @Satelliteforex which has has the best FX rates in Nairobi so far.

Registrar of Trademarks is being sued for SportsPesa trademark. It is being accused of fraudulently facilitating transfer of the brand from Pevans East Africa to Milestone Games. — Business Daily

Majority shareholders of companies looking to delist from Nairobi Stock Exchange will be required to make fair cash offers to buy out small investors in draft regulations. — Business Daily

CBK is seeking to raise Kshs 10 billion in 10 and 25 year bonds. 10 year bond pays an interest of 13.49% and 25 year pays 13.97%. — Business Daily

UAP insurance has delayed over Sh6.5 billion loan repayments to next year after it made a loss of Sh1 billion — Business Daily

Twiga Fresh its new commercial farming subsidiary has leased a farm in Taveta to grow onions, tomatoes and watermelons. Growing private label products will drive growth if it reduces costs and increases quality.

Twiga Foods to invest Sh1.1 billion in farming fresh produce — Business Daily

Representatives from 44 countries met in El Salvador to discuss Bitcoin

Kenya Competition Tribunal has found Royal Mabati guilty of misleading customers that they can deliver purchased roofing materials countrywide for free. The company was also found guilty of forcing customers to change product specifications after receiving payment. — BD

LinkedIn has increased Kenya subscription fees by up to Shs 1,400 due to new VAT on digital transactions. — Business Daily

Sacco Societies Regulatory Authority (SASRA) Kenya government officials are in El Salvador to discuss Bitcoin rollout and financial inclusion. — El Salvador President

DR Congo oil reserves that will be auction are estimated at 16 billion barrels which at today’s oil price of $107 a barrel makes them worth at least $650 billion with a recovery rate of just 35%. Current aging oil blocks are controlled by France’s Perenco SA.

Democratic Republic of Congo is planning to auction oil blocks worth estimated Kshs 76 TRILLION ($650 billion) at current oil prices. The blocks will be on auction between July 28 and 29. — Bloomberg

Standard Charted Bank Kenya profits up 15.6% to Kshs 3.93 billion.

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Isuzu has handed over 48 D-Max pickups to Interior ministry as part of a Sh4.6 billion contract. — Business Daily

KRA has lost bid to collect billions in taxes from betting firms for 2018-19 period after judge found tax on winnings did not involve amount wagered. — Business Daily

Kenya Association of Manufacturers (KAM) ,says CBK should release excess dollars to ease dollar shortage and allow importers to meet obligations. — Business Daily

Equity bank spent Sh383 million on its DRC subsidiary last year raising its cumulative investment in DRC to Sh17.3 billion — Business Daily

Bamburi Cement has given Lafarge, its Swiss parent company, a Sh3.6 billion loan at 1.44% and Hima Cement, its Ugandan subsidiary, a Sh2.2 billion loan at 5.41%. — Business Daily

Equity bank and IFC have signed Sh19.2 billion deal to fund SMEs — Business Daily

CDSC to collect over Sh1.8 billion annually from its Sh100 monthly charge to be from July 15. CDSC facilitates holding and trading of shares in Kenya on over 1.5 million accounts. — Business Daily

3,480 low-cost housing units are currently under construction at a cost of Sh6.9 billion. Only 93 units were constructed in 2021. Jubilee Government was to construct 500,000 units before the end of its term but only 2,613 units have been completed since 2017 — Business Daily

Road construction spend is currently Sh5.5 billion over the budget. Sh68.6 billion compared to a budget of Sh63 billion. This comes at a time when Transport CS is seeking Sh9billion to rehabilitate road sections destroyed during construction of expressway. — Business Daily

Higher oil prices will also increase demand for dollars from importers and worsen dollar shortage.

Expect prices at the pump to keep rising if oil continues on its current trajectory. Higher cost of living.

Brent oil trading at March highs of $114.30.

US President Biden has signed order to deploy US troops to Somalia amid heightened concerns about al-Shabab extremists.

Elon Musk says information on number of bots on Twitter is very important to him in buying the company and he relied on Twitter’s public filings. Twitter CEO is insisting that calculation of number of bots was based on public and private confidential user information.

Elon Musk says his lowest estimate of Twitter bots is 20%. Compares spam Twitter bots to termites when buying a house. Says viable deal not out of question at lower price.

CDSC to introduce account maintenance fee of Kshs 100 per month. This means a person with a brokerage account that has Kshs 12,000 will lose 10% annually on the account without even trading or considering stock losses.

This will end 200 years of neutrality and anger Russia.

Sweden has officially announced it will apply to become a member of NATO. — Bloomberg

Ancestral House, a Nigerian e-commerce platform, has set up in Kenya hoping to help Kenyans export to Nigeria easily and vice versa — Business Daily

Ramco Plexus which owns 50% of Platinum packaging company and will be buying out the remaining 50% for Sh500 million. Platinum packaging controls 7% of packaging market. — Business Daily

Co-op bank spent Sh372 million on its South Sudan subsidiary in 2021 indicating that the subsidiary may be struggling. — Business Daily

Maize flour prices now at a historic high of Sh150 for 2Kg packet. 90kg bag of maize now selling at Sh4,500. — Business Daily

US Dollar against the Kenya Shillings now trading at Sh117.7 buying and selling at Sh118.9 Rate by @Satelliteforex

Safaricom backtracking on its 5G promise to focus on 4G. CEO says that until handsets that can receive 5G are at a sufficient scale from an individual mobile perspective there isn’t a big need to have lots of sites that offer 5G — Business Daily

Nairobi Stock Exchange has lost Sh294 billion in a month to a 20-month low following sell off by foreigners. — Business Daily

Kenya has approved Laikipia’s request to borrow Sh1.6 billion through domestic infrastructure bond. — Business Daily

Kenya is planning to allow maize imports from outside East African Community to counter rise in maize flour prices that have recently hit historic highs. — Business Daily

Radisson Blu has cut number of its employees by 30% as it resumes operations in Nairobi Upperhill. — Business Daily

Canadian Oil company, Africa Oil, says it is yet to reach any deal with interested investors in the Turkana Oil Project. — Business Daily

Zimbabwe has told its ordinary citizens with access to US dollars that they can import basic commodities for their own use to counter price increases by retailers. Plans to cut taxes on imports from ordinary citizens. — Bloomberg

RCNS has donated Sh203,000 towards school furniture. During project visit & official handover in February, the club donated enough foodstuffs to last for entire term and cash donations of Sh36,500. The school currently needs the following:

Kivaa Primary empowers underprieveledged deaf kids in Machakos county -who were mostly previously hidden from society- to get quality education and gain life skills It is seeking 180k to buy a computer, printer and water tank. Donate via PayBill: 4005031 Mpesa Account: KIVAA

Russian President Vladimir Putin is “very ill with blood cancer,” an oligarch close to the Kremlin said in a secret recording — New York Post

Kenya Petrol, Diesel and Kerosene prices to increase by Kshs 5.50 respectively effective today midnight.

The Chinese contractor who built the Nairobi Expressway has won Sh9 billion tender to rehabilitate the old road. — Business Daily

Netflix has told its employees that viewers will decide what is appropriate for them instead of censoring specific content. The company last month showed it lost subscribers for the first time in over a decade.

Netflix has told its employees to be prepared to work on content they may disagree with. Tells its employees to quit if they don’t like it. — WSJ

Russian State Energy Company has cut electricity supply to Finland over refusal to pay in Russian currency, Ruble. Finland recently said it will apply to join NATO despite Russia’s threats to take military action if it joins.

Cameroon, Chad, Equatorial Guinea, Gabon, Republic of Congo and The Central African Republic all use the CFA Franc controlled by one Central Bank and France.

The Bank of Central African States is preventing banks from partnering with cryptocurrency platforms after Central African Republic adopted Bitcoin as legal currency. Orders lenders to also monitor indirect attempts by customers to make transactions. — Bloomberg

The platform will facilitate African buyers to pool resources to buy from African suppliers and outside the continent where necessary.

African Trade Exchange has been launched to help African countries access commodities such as fuel and food whose prices have risen in the continent. The project is backed by African Continental Free Trade Area Secretariat, African Exim bank, AfDB & UNECA. — The East African

The United Arab Emirates’ President Sheikh Khalifa bin Zayed Al-Nahyan died aged 73 on Friday. He is likely to be replaced by his brother, Abu Dhabi Crown Prince Mohammed bin Zayed — Nation

Stanbic bank’s Q1 net profits rose 12% to 2.1 billion while is loanbook grew 31% to Sh206 billion

Zimbabwe’s President has commissioned a Sh3.2 billion medicinal marijuana farm – Citizen

Fuliza is Safaricom’s most lucrative loan product making Sh5.94 billion in Q1.

Daily active Fuliza users grew by 1 million to hit 6.9 million.

The amount disbursed on Fuliza rose 43% Sh502.6 billion in January-March period. That’s Sh1.2 billion daily. That’s Sh57 million hourly.

Court has ordered the Kenya to provide two activists with agreements relating to the construction of the Ksh450 billion SGR project. — The East African

BREAKING: Whatsapp file transfer limit increased to 2GB while its group member limit increased to 512. — WhatsApp Blog

Kenya government has committed to bailout Kenya Airways for the next 12 months to prevent its collapse. — The East African

Safaricom is seeking to raise Shs 232 billion ($2b) over the next 5 years to fund its Ethiopia operations. Part of the funding will be raised internally and through rental financing from equipment sellers. — The East African

Elon Musk has clarified that he is still committed to the acquisition of Twitter.

This will make it more expensive to defend shilling strength.

US dollar index rises above 105, highest price since late 2002.

Elon Musk has put deal to buy Twitter on hold pending confirmation that spam/fake accounts represent less than 5% of users.

Equity Group Holdings (EGH) Ltd posted 36% growth in net profit for the three months to March 31, 2022.

US dollar against the Kenya shilling now trading at Sh117.6 Buying and Selling at Sh118.8 Rate by @Satelliteforex

A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects and backed by the issuing entity’s balance sheet.

Equity bank’s income up by 33% to Sh11.5 billion while its interest income rose 31% to Sh26.6 billion in Q1 It’s loans increased 28% to Sh623.5 billion At this pace, this will likely be its most profitable year — Business Daily

Safaricom says it is considering issuing a green bond to fund its operations. Says it is top of agenda and is in talks with NSE and CMA on timing and amount. — Bloomberg

The number of Kenyans in need of humanitarian assistance has increased to 3.5 million due to drought that started last October — Business Daily

Kenya to lease thousands of acres of idle public land held by parastatals to private investors for food and cash crop production — Business Daily

Kenyan MPs want a 62% pay increase to Sh1.1 million monthly plus Sh7.5 million tax-free car grant. They also want house allowance reinstated and perks raised to Sh400,000 — Business Daily

Safaricom made Sh6 billion from Kenyan betting activity alone. That’s more than the total profit of most Kenyan companies. Betting is now the M-Pesa’s second-largest business line by revenue.

The value of bets placed via M-Pesa rose 24% to Sh169 billion — Business Daily

Bamburi Cement CEO says the company greatly benefited from Nairobi Expressway construction. Says the company is seeing slow down in infrastructure projects business as many projects come to an end.

Bamburi Cement CEO says the company will build 50 houses using 3D printing technology in Kilifi. Says the technology will help construction costs. — Business Daily

Bamburi cement CEO says the company’s cement prices have increased by an average of 10%.

Bamburi Cement CEO on challenges in the industry: — Transportation costs have increased by 30% — Coal prices are up 300% to $300 from $100 last year. — China lockdown making it difficult to import from China — Says dollar shortage situation ‘is very bad’. — Business Daily

China’s continued lock-downs will worsen supply chain issues.

China’s Capital, Beijing, has ordered three days of residents staying at home for COVID testing.

Foreign currency exposure to dollar and Ethiopia’s Birr may become increasingly more important for the company.

Safaricom’s Mpesa revenue grew 30.3% to Kshs 107.69 billion in financial year 2022. Growth in Mpesa revenue driven by resumption to charging previously zero rated transactions.

Safaricom says it converted the loan it took to finance Ethiopia license to $120 million 5 year loan and Kshs 31 billion 7 year loan where they will start paying principal after 2 years. It’s total borrowings increased to Kshs 65 billion.

Safaricom hit by foreign exchange losses of Kshs 9.5 billion from its Ethiopia operations. Comprehensive income dropped 15.6% as a result.

Safaricom to pay Sh0.75 dividend after its profit drop to Sh67.5 billion.

Bitcoin breaks below $27,000

CMA has set rules that require small business that want to issue bonds to have been in operation for at least two years with minimum capital of Shs 10 million. Smaller companies that don’t meet the conditions will require guarantees from banks/insurers. — Business Daily

Serena Hotel brand operator, TPS, reported losses of Shs 632 million last year. TPS is in talks with Absa Bank and Proparco to restructure loans besides receiving support from majority shareholder, Agha Khan Fund. — Business Daily

Agricultural firm, Sasini, more than tripled its profits in half year ended March to Shs 421 million. Increase driven by higher sales and lower costs. — Business Daily

Dubai based halal fast-food chain, ChickKing, is planning to open 30 fast food outlets in Kenya over next 5 years starting with Mombasa from next month. — Business Daily

Vodafone Group Plc is in talks to merge its UK operations with Three UK, which is owned by Hong Kong-based CK Hutchison Holdings. — Financial Times

Kenyan transporters say move by government to ban importation of second hand buses and trucks will make it unaffordable and could cause them to close down. Truck cost will increase from Kshs 5.5 million to Kshs 16 million. — Business Daily

Bitcoin has hit new 52-week low of $28,494.

Electronic Arts to stop making FIFA-branded soccer games, ending a run from 1993-2022 which made FIFA one of the best-selling games of all time.

Kenya’s existing Eurobonds have been the worst performing in Africa.

Rating Agency, Moody’s, says Kenya will have to issue Eurobonds to replace $2 billion in Eurobonds maturing in 2024 otherwise it would drain dollar reserves and strain domestic resources. — Bloomberg

US raising interest rates to fight inflation is not good for cryptocurrencies and risky assets. US reported April inflation of 8.3%.

Bitcoin extending decline below $30,000.

KQ went into this jet fuel crisis without having any fuel hedges to protect itself.

Emirates Airline says current high jet fuel prices not sustainable for airlines.

Kenya is planning to use the road maintenance levy as collateral to issue road bonds of up to Kshs 150 billion. — Bloomberg

Kenya Shilling now trading at Sh117 buying and selling Sh118.3 Rate by @Satelliteforex

Housing Finance has reported a profit for the first time in four years. The bank reported a profit of Shs 34.2 million in first quarter of the year. — Business Daily

NCBA says borrowers have resumed payments on about 90% of the Kshs 1.6 trillion bank loans restructured in 2020 due to COVID. — Business Daily

Billionaire investor, Baloobhai, has acquired an additional 7.9 million shares of Bamburi cement worth Shs 293 million raising his stake to 4.12%. — Business Daily

State owned shipping line from DR Congo, Lignes, is planning to start operations from Mombasa beginning June this year. Seeks to channel more DRC exports/imports through Mombasa. — Business Daily

Motorists using the Nairobi Expressway this Saturday will not be allowed to pay using MPESA. Officials says cash/cards will be quicker as Mpesa would cause traffic congestion. — Business Daily

Lake Turkana Wind Power says it won’t cut the electricity prices it charges Kenya Power. Says lowering electricity prices would affect its ‘financial integrity’. — Business Daily

Rwanda has banned importation of Kenyan-made chicken-flavored Indomnie brand amid health concerns over its safety. — Business Daily

IMF is forecasting Congo’s economy will expand by more than 6% for the second consecutive year due to booming mining industry. — Bloomberg

Botswana says it has received enquiries from European countries looking to buy millions of tonnes of coal annually. European countries are desperately looking to cut gas imports from Russia. Botswana says it’s planning to meet the demand as soon as possible. — Reuters

Tanzania says it’s in final stages of securing loans from World Bank and IMF to help combat rising cost of living. Plans to launch fuel subsidy in June. — Reuters

Elon Musk says he would reverse Twitter’s ban on former president Donald Trump. -FT

Equity Group will also allocate Shs 9.3 billion equity towards climate-related interventions over next 5 years.

Equity Group and World Bank’s IFC have signed Sh19 billion partnership that seeks to finance at least 5 million MSMEs and 25 million households. As part of the deal, Equity Group commits to zero lending for coal-related projects.

African Airlines Association say major African airlines like Kenya Airways and South African Airways have formed a committee to negotiate better prices and steady flow of jet fuel. — Bloomberg

Download full Hass report here :

Average land price per acre in Nairobi: Top 5 suburbs: Upperhill: 500m Westlands: 435m Kilimani: 406m Parklands: 392m Riverside: 330m Top 5 satellite towns: Ruaka: 92m Kiambu: 39m Mlolongo: 31m Tigoni: 28m Ruiru: 27m — Hass Land Index Q1 2022

Rubis Energy says its facing difficulties sourcing dollars for use importing fuel — Business Daily

Kenya’s duty-free textile exports to the US rose 20% to over Sh50 billion. — Business Daily

Universal Resources, an Australian mining company, to start extraction operations in Mwatate, Taita Taveta this August. The firm aims to extract and export over 100,000 tons of raw pure manganese every year. It has a 25 year mining license — Business Daily

Moderna to build Sh57.5 billion manufacturing facility in Kenya to produce 500 million does of mRNA vaccines per year to for the African continent by next year. — Business Daily

Average monthly salary: Gov’t corporations: 107k Parastatals: 81k Counties: 72k Private sector: 69k Ministries: 62k TSC: 62k ;Economic Survey — Business Daily

Uchumi to sell three acres of land in Kasarani for Sh400 million — Business Daily

Bitcoin extending losses to below $31000

Bitcoin down over 7% to below $32,000.

Motorists will be allowed to use the Nairobi Expressway from Saturday May 14. The expressway will be open for public trial this Saturday ahead of the official opening at a later date. – Nation

Kenya Capital Markets Authority has approved TransCentury’s Rights Issue.

International Air Transport Association (IATA) says airlines will have to pass on high jet fuel costs to customers.

There were about 26 choppers sold in 2020. We expect more will be sold in 2022

With the rising global oil prices, the shilling continues to depreciate further. Higher oil prices means more demand for dollars in Kenya.

Retail US Dollar to Kenya Shilling exchange rate now at Sh116.5 buying and Sh118 selling. Rate by @Satelliteforex

The price of a crate of eggs now selling at Sh360 down from Sh450 last month likely due to Ugandan egg imports. — Business Daily

Base Titanium’s revenues rose 28% to Sh9.2 billion in Jan-March period after the international price of titanium rose 54% Kenya earns 5% of sales as royalties from the Kwale based company — Business Daily

US pension funds and foundations plan to inject Sh60 billion in to the region via private-public partnerships (PPPs) PPPs investments have rose 600% in past one year after Kenya reformed its PPP Act — Business Daily

The number of unclaimed safe deposit boxes in banks jumped 56% to 2,648 Safe boxes becomes abandoned if they are unclaimed for more than 2 years after the lease expired. Law does not provide how assets other than cash and jewelry found therein will be handled. — Business Daily

Ndegwa family’s NCBA stake rises to 12.52% (Sh5.1 billion) after it restructured its ownership. NCBA’s top shareholder remains the Kenyatta family with 13.2% (Sh5.4 billion) — Business Daily

41 new helicopters were registered in 2021 as politicians geared up for election campaigns. — Business Daily

– Uganda President told people to eat cassava if they cannot afford to buy bread. – Egypt’s Pasta maker, Egypt Swiss Group, is experimenting with new recipes using rice and lentil flour.

Reaction to wheat price increases in some countries: – Congo has started program supporting production of cassava flour. – Cameroon suspended export of wheat, rice and cereals. Potato sales spiked – Nestle Nigeria planning to introduce products made from sorghum and soybeans.

Unga Group says farmgate price of maize has doubled and is struggling to get enough supplies. Says wheat products sales are declining due to price. Sales in alternatives such as rice and pulses are increasing. — Bloomberg

Zimbabwe Government has ordered banks to stop lending to both the government and private sector until further notice. Move meant to halt depreciation of its currency. — Reuters

This chart shows global jet fuel prices movement.

Jet fuel price increase has been astronomical.

If you are trying to understand why Nigeria’s local airlines are planning to stop flying on Monday, here is a chart showing jet fuel prices:

Imports into East African Community to attract maximum tax of 35% in new deal between the countries. Raw materials will attract 0%, intermediate 10%, finished goods maximum of 35 %. The tax is expected to stimulate local production & industrialization. — The East African

The Republic of Congo is planning to sell $1.4 billion in Eurobonds linked to oil prices. Congo will pay more interest on the loans when oil prices are high and less interest when prices fall. Rothschild, Citi and Deutsche bank are working on the deal. — Bloomberg

South Sudan says it will start implementing 5 year plan to take over oil production from international oil companies as contracts expire. Says it will use foreigners for a short period of time where it doesn’t have the expertise. — Bloomberg

Due to difference in time between change in international oil spot prices and when countries actually receive the more expensive oil, a lot of countries are starting to feel the full impact of the surge in Feb/March. The more bad news is that prices haven’t come down to date.

Burundi government has increased fuel prices by 20-30% citing surge in oil prices in the global markets. — The East African

Nigeria’s airlines say they will stop domestic operations from Monday in protest at surging costs of jet fuel. Fuel prices have increased fourfold this year. The airlines say “no airline in the world can absorb this kind of sudden shock”. — BBC

Tanzania, Burundi and DR Congo have requested African Development Bank for a $900 million loan to construct 939kms Standard Gauge Railway that links the three countries. — The East African

Group of Kenyans from Talai and Kipsigis clans in Kenya’s Western Kericho county are petitioning Prince William to help in getting reparations paid for human right abuses committed and land stolen during British colonial rule. — The East African

Managers of African Stock Exchanges have selected 30 brokerage firms for cross-border trading of stocks and bonds. African Exchanges Linkage project seeks to integrate several African stock exchanges with combined capitalization of Kshs 145 trillion ($1.25t). — The EA

Ethiopia government says it on Tuesday stopped international cyber-attack attempt targeting the Grand Ethiopian Renaissance dam and the country’s financial institutions. — The East African

Tanzania government says it may cut taxes on fuel on Tuesday to curb rising cost of living. — The East African

Economic activity in Kenya contracted in April due to rising inflation and supply shortfalls that negatively affected consumer demand and firms’ output. PMI dropped below 50 to 49.5 : Stanbic – Reuters

Family Bank shareholders to get Sh0.83 per share dividend after the banks profits increased 131.6% to Sh3.3 billion

Retail US Dollar to Kenya Shilling exchange rate now at 116 buying and 117.2 selling. Rate by @Satelliteforex

WhatsApp to increase current limit on groups and enable sharing files of upto 2GB

Net Savings in saccos rose by Sh17.5 billion in 2021 to hit Sh523 billion. ;KNBS — Business Daily

Kenya Pipeline has advertised bids for upgrading its refinery for storage. More storage translates to lower cost to oil marketing firms. — Business Daily

IMF has allowed Kenya to keep fuel subsidy program after Kenyan officials resisted push to have it scrapped. — Business Daily

Naivas to open Naivasha branch next week at Safari Centre A month ago it opened its 83rd store at Kiambu Mall. — Business Daily

WPP Scangroup to write off Sh4.7 billion of investments in its subsidiaries. — Business Daily

Helb has cut funding by Sh1 billion which means over 34,000 of the students who applied will not access the loan. Helb to spend Sh14 billion this year compared to Sh15 billion last year. — Business Daily

Nairobi Expressway will be opened this month as soon as the president is available to do so. Motorists to pay between Shs 100-1550 depending on vehicle size and distance. — Business Daily

Source: KNBS Full copy here:

Nairobi, Mombasa, Nakuru and Machakos are Kenya’s richest counties . Nairobi accounts for 27.5% of GDP.

NGO employees had the highest average monthly salary in Kenya at Sh313,084 with financial services sector a far second place with an average monthly salary of Sh170,433

Total mobile money transfers in Kenya grew 31.7% to Sh6.9 trillion in 2021. The value of mobile commerce transactions grew 63.2% to Sh15.3 trillion

Kenyans called for 80 billion total minutes in 2021 compared to 60 billion minutes in 2020. Total SMS sent declined 37.2% to 42.7 billion

SGR railway earnings doubled to Sh2.2 billion in 2021. SGR revenue rose 24% to Sh13 billion

International visitors increased by 50.3% to 871,000 Hotel occupancy rose 45.1% to 5.5 million Domestic tourism expanded 49.2% to 3.78 million of the hotel occupancy (69.4% of total) International conferences rose from 28 to 292 Local conferences rose from 1,176 to 8,117

Kenya’s cement consumption rose 23% to 9.1 million tons in 2021 form 7.4 million tons in 2020

Kenya’s total import bill of petroleum products rose to Sh348.3 billion in 2021 from Sh209.1 billion in 2020

Volume of marketed milk in Kenya increased by 26.6% to 801.9 million liters from 682 million liters in 2020

Earnings from Kenyan exports could only cater for 34.6% of Kenya’s imports as trade deficit increased to 1.4 trillion

Kenya’s GDP by sector: Agriculture: 22.4% Industry: 17% Services: 60.6%

Here is what stood out in the Kenya Economic Survey 2022. Thread.

Average monthly pay increased by 2.24% to Sh69,102 last year, the slowest growth in 11 years. ;KNBS — Business Daily

Kenya Treasury says it will issue Eurobond before end of June this year. – Reuters

Uganda says it will not introduce fuel subsidies even as pump prices increase. Says subsidies and lowering fuel tax will cost the government much needed revenue and increase need to borrow. — Bloomberg

Elon Musk to serve as temporary Twitter CEO once he completes purchase of the company. – CNBC

Crude oil hits $110 a barrel, highest price since March 2022.

Africa’s first vaccine production plant owned by Aspen says it will use its COVID vaccine plant to produce other products in 6 weeks if it does not receive orders. CEO says “”What is the point of keeping the capacity? It is like an empty World Cup rugby stadium”. – Reuters

Expect the rise in international crude oil prices to hit fuel prices at the pump in weeks to come.

Crude oil prices surging, rises back above $109 a barrel.

Kenya says it will still issue a second Eurobond this fiscal year despite surging yields in international markets.

Surging yields in international markets means that it will be increasingly more expensive to borrow through Eurobonds.

Elon Musk has raised $7.14bn of funding for his $44bn offer to buy Twitter from investors who include: — Saudi Prince Alwaleed Bin Talal – $1.9bn (Shares) — Oracle co-founder Larry Ellison – $1bn — Binance – $500mn. — VyCapital – $700mn :FT

Kenya’s GDP grew 7.5% in 2021 after shrinking 0.3% in 2020. — Bloomberg

Netflix is helping produce 3 Kenyan movies which are in different stages of production.

Sources: . *Conversion from USD to Sh used is 115.95 . Join for early updates.

Impax grew 41.5% between 2017 and 2020 and is Africa’s 67th fastest growing company. Its revenues grew from Sh173 million to Sh243 million. Founded in 2003,it provides consultancy services in financial and accounting systems, business process automation and mobile apps.

M-KOPA grew 63.8% between 2017 and 2020 and is Africa’s 51st fastest growing company. Its revenues grew from Sh6.2 billion to Sh10.2 billion. Founded in 2011,it has enabled 1 million customers to access solar lighting, televisions and fridges, smartphones and cash loans.

East African Business Company grew 87% between 2017 and 2020 and is Africa’s 41st fastest growing company. Its revenues grew from Sh185 million to Sh347 million. Founded in 2011 but started operating in 2015, it provides farmers with pesticides and agricultural equipment.

ASA microfinance grew 127.4% between 2017 and 2020 and is Africa’s 32nd fastest growing company. Its revenues grew from Sh278 million to Sh602.9 million. Founded in 2012, it provides low-income female business owners small loans to start or grow businesses.

Copia Kenya grew 243% between 2017 and 2020 and is Africa’s 20th fastest growing company. Its revenues grew from Sh707 million to Sh2.36 billion. Founded in 2013, it allows Kenyans to shop and send goods upcountry affordably and conveniently to over 30,000 collection points.

Quick Mart Kenya grew 311% between 2017 and 2020 and is Africa’s 11th fastest growing company. Its revenues grew from Sh4.68 billion to Sh18.79 billion. Founded in 2006, Quick Mart is a top supermarket chain in Kenya.

Africa’s Talking Kenya grew 296.2% between 2017 and 2020 and is Africa’s 13th fastest growing company. Its revenues grew from Sh394 million to Sh1.54 billion. Founded in 2010, It provides a variety of communication and payments API products to over 25,000 developers in Africa.

Lori Systems Kenya grew 762.3% between 2017 and 2020 and is Africa’s 7th fastest growing company. Its revenues grew from Sh336 million to Sh2.89 billion. Founded in 2017, It provides long-haul transport solutions in Kenya, Uganda and Nigeria.

Flocash Kenya grew 5160.6% between 2017 and 2020 and is the 2nd fastest growing company in Africa. Its revenue from from Sh11.6 million in 2017 to Sh742 million in 2020. Founded in 2013, It enables cross-border payments across 60 countries in Middle East and Africa.

Wasoko (formerly SokoWatch) grew 8782.6% between 2017 and 2020 and is Africa’s fastest growing company. Its revenues grew from Sh34.7 million in 2017 to Sh3.17 billion in 2020. Founded in 2016, It supplies fast moving goods to shops and kiosks to thousands of shopkeepers in EA.

10 Kenyan startups are in the list of 75 fastest growing companies in Africa according to FT Africa’s Fastest Growing Companies 2022 Report. See them below. Thread.

KEBS is investigating the safety of Indomie noodles after some of its products were banned in Egypt after they were found to contain aflatoxins and pesticide residues exceeding safe limits for human consumption. — Business Daily

In 1997 the bank demanded Sh66.5 million plus interest of 35% per month (420% pa) and gave him 3 months to repay. He offered Sh63 million. The bank rejected and auctioned the land. The court finds it unconscionable and morally wrong. A breach of the banks duty to act with care

Crown paint Kenya recorded 21.8% increase in net profit to Sh731 million in year ended December, driven by higher sales. — Business Daily

2/n The 15,994 acre of land in Taita Taveta was sold for Sh55 million to recover a Sh20 million loan it had lent Agro Development company in 1991. Mr.Criticos, the former Taveta MP ,acted as a guarantor

1/n National Bank to pay over Sh2.2 billion compensation to former Taveta MP for auctioning his land 14 years ago — Business Daily

National Cereals and Produce Board has sold its entire stock of maize to millers at low prices in bid to lower rising cost of maize flour. — Business Daily

Safaricom has hired the MD of Citibank to be in charge of strategy and acquisitions. This comes at a time when Safaricom is seeking regulatory approval to launch insurance, unit trust and savings products. — Business Daily

NCBA posted 20.3% increase in net profit in first quarter ended March driven by income from government bonds. — Business Daily

This will cause cost of borrowing in the international markets to rise.

The US has raised its benchmark interest rate by 0.5% due to inflation. This is the highest increase in 22 years.

Tamuwa, Kenya’s largest biomass company, is starting Africa’s first verifiable emissions reduction platform. The platform will use blockchain technology and will enable companies to sell emissions reductions to polluters. — Bloomberg

Uganda Central Bank has warned banks and fintech companies against facilitating cryptocurrency transactions. Says it has not licensed any institution to carry out such trades. — Bloomberg

COFEK has warned against Indomie consumptions on high aflatoxin and pesticide residue. This comes after Egypt banned the chicken and vegetable flavored Indomie after finding them unfit for human consumption.

Entravision, a leading global advertising, media and ad-tech solutions company has announced today its expansion into Kenya.

— India is considering restricting wheat exports as heat destroys crops. — EU proposing ban in one month’s time of shipping, financing and insurance services for transport of Russian oil worldwide. The ban would be effective in 6 months.

– India is considering restricting wheat exports as wheat destroys crops. – EU proposing ban in one month’s time of shipping, financing and insurance services for transport of Russian oil worldwide. The ban would be effective in 6 months.

Retail US Dollar to Kenya Shilling exchange rate now at Sh116.5 buying and Sh117.7 selling. Rate by @Satelliteforex

The Sanlam/Allianz venture deal excludes South Africa and both companies have agreed to stay invested in the merged operations for at least 10 years.

This deal means that Sanlam Kenya operations will be merged with Allianz. Allianz recently bought majority stake in Jubilee Insurance Kenya general insurance business. Allianz will effectively be competing with Jubilee Life under the deal.

Sanlam Ltd, Africa’s largest insurer, has agreed to form joint venture with Germany’s Allianz that will combine assets in Africa worth $2.1 billion (Kshs 243 billion). Sanlam & Allianz to merge their African operations into one unit controlled by the partnership. — BBG

Musk says Twitter will be free for casual users but may be a slight cost for commercial/government users

Energy giant BP reported $20.4 billion net loss after pulling its 19.75% stake in Rosneft ,its Russian investment. — Business Daily

Kenyan bank pretax earnings increased 18.8% to Sh36 billion for Jan-Feb 2022 period pointing to another record breaking year for the industry — Business Daily

Belgium imported 8.9 million kilograms worth Sh6.5 billion of Kenyan coffee overtaking USA as top buyer of the beverage. US bought coffee worth Sh4 billion. Germany bought coffee worth Sh3 billion. — Business Daily

BAT Kenya says Kenya’s ban on nicotine pouches risks viability of its Sh2.5 billion factory under construction. The factory was to produce cigarette alternatives under Lyft brand to sell to Kenyans and the rest of Africa. — Business Daily

CMA tightening rules for raising funds privately to protect unsophisticated investors and seal gaps that firms such as Cytonn used to raise billions. Amounts above Sh100,000 will be scrutinized by CMA and companies will not be allowed to advertise private capital raise. — BD

After drop in share prices average dividend yield of top nine bank stocks now stands at 9% StanChart is most generous at 14.7% with a Sh19 per share payout on its Sh128.5 share price. — Business Daily

Kenyan traders also said to be hoarding Urea, used in topdressing, in anticipation of price increases.

KBC risks closure after judge allowed its employees to recover nearly Sh10 billion in unremitted pensions and lost income for over 11 years. — Business Daily

NHIF says more than half of its members risk being locked out of healthcare if Huduma Namba law is passed. Proposed law seeks to make Huduma Namba the single source of truth for all government services. — Business Daily

Kenyan farmers facing possible shortage of topdressing fertilizer CAN after Turkey banned the export of the commodity. Most of Kenya’s CAN comes from Turkey. — Business Daily

South Africa’s Government Employees pension fund says its planning to invest $1.6 billion (Kshs 185 billion) in unlisted private companies across Africa. The investments will be in sizes of $20-40 million (Kshs 2.3-4.6billion). — Bloomberg

Director general of the World Trade Organization, Ngozi, says 18 member countries have notified the organization that they would impose food export restrictions. Says she is seriously worried about food prices. – Reuters

Expect food inflation as cost of farming goes up. Farmers either have to pass on high costs to consumers or reduce input and see lower yields both of which raise food prices.

Nigeria had to buy emergency supplies of Canadian potash in April after it was unable to import the key fertilizer from Russia due to Western sanctions. The fertilizer prices to West Africa are up more than 250% compared to last year. — Reuters

Coca-Cola has delayed its $3 billion Initial Public Offering (IPO) for its African bottling unit until third quarter after market turmoil linked to Ukraine War. Coca Cola has seen its earnings multiples and share price recently drop heavily. — Reuters

Submarine Fibre optic cable project, Seacom set to receive Sh30.16 billion loan from International Finance Corporation for debt-refinancing and expansion. Jubilee insurance owns 18.8% of the company.

Mdundo is listed at the Danish Stock Exchange. Mdundo expects increase in profits for 2021/22 to Kshs 163 million.

Mdundo reports 140% growth in active users to 17 million in March 2022. Largest monthly active users were in Nigeria at 4.5million, followed by Kenya, South Africa and Tanzania

European Union to agree to step up cooperation with African countries to help replace Russian gas. Says countries such as Nigeria, Senegal and Angola offer largely untapped potential for liquified gas. — Bloomberg

Bata Shoes is suing H.R. Strategic Partners Ltd, an employment agency that provides its manpower, for Sh32 million for inflating invoices for employees engaged in 2017 and 2018 — Business Daily

KBC has failed to remit Sh984 million in pension monies KBC had equally not remitted other unspecified statutory deductions amounting to Sh464.6 million, cooperative liabilities of Sh28.3 million and Kenya Revenue Authority (KRA) dues of Sh712.3 million. — Business Daily

Bank loans to transport and communication sector increased 24% to Sh270 billion up from Sh217 billion.

CMA has postponed plans to place struggling listed companies under recovery board over fears of creating negative market sentiment. — Business Daily

Yields on Kenya 10-year Eurobonds maturing in 2024 jumped to 8.55% on April 27 from 7.18% on April 20. — Business Daily

NSSF has bought additional 11.7 million shares of KCB group raising its stake to 8.38%. — Business Daily

Broadways says it will have to increase 400g bread price to Sh60 from Sh55 in coming days. Says it’s struggling with high fuel, cooking oil and packaging material costs now up by 20%. — Business Daily

Caracal Gold, a British firm which owns a gold mine in Narok county to list on NSE before July for Sh2.1 billion. — Business Daily

IEBC has suspended voter registration. Voters can check and verify their details from tomorrow.

Only 50 policyholders have asked for compensation from the government after Resolution Insurance collapsed. At time of collapse, Resolution had collected Sh4.1 billion in premiums. — Business Daily

Move is meant to promote locally assembled new commercial vehicles.

U.S. Agency for International Development, on international fertilizer shortages, says its working with countries to think about natural solutions like manure and compost. Reduced chemical fertilizers use expected to result in reduced harvests and higher food costs.

Kenya Bureau of Standards says buses more than 7 meters in length and trucks with load capacities of more than 3.5 tonnes will be banned from importation starting July 1. Tractor heads and prime movers older than 3 years to be banned from July 2023. — Business Daily

Former JP Morgan foreign currency trader, Akshay, to spend eight months in jail for plotting to manipulate African, Middle Eastern and European currencies after US court sentencing. — Bloomberg

Over a third of Zambia’s external debt is owed to China.

China has agreed to join international efforts to help Zambia restructure its debt. Zambia needs to restructure its debt before accessing IMF loans. Former president Lungu had bragged about Chinese-backed massive infrastructure development programmes as his legacy. — The EA

U.N. Secretary-General Antonio Guterres is calling for debt relief for African countries and more investment to support economies and help avoid debt defaults. — Reuters

Unfortunate that the Covid vaccine company’s business economics depends on the COVID crisis. It says it planned to produce other vaccines in future but it needs COVID vaccine orders now to stay afloat. This makes viability of other vaccine plant projects questionable.

Africa’s first COVID-19 vaccination plant, owned by South Africa’s Aspen Pharmacare, risks shutting down over financial difficulties. The COVID plant has not received any order to date. — Reuters

Russia President Putin reportedly set to undergo surgery for cancer and will temporarily transfer control of Russia to ex-FSB Chief, Nikolai Patrushev.

Standard Chartered Bank to sell its iconic Treasury Square building in Mombasa valued at Sh222 million — Business Daily

US and Kenya government will from tomorrow start another round of trade talks. Biden administration had frozen Trump era negotiations. — Business Daily

Kenya’s Capital Market Authority is looking to relax share listing rules to encourage more firms to go public. Regulator is expanding IPOs to include Special Purpose Acquisition companies (SPACs). SPACs are shell companies that raise money to acquire private companies. — BD

Serbia is in talks with Kenyan millers and East African Grain Council to export 150,000 tonnes of wheat to Kenya to bridge gap left by Russia and Ukraine. — Business Daily

Toyota has joined the supply deal of state subsidy fertilizer. Toyota will supply the National Cereals and Produce Board with fertilizer and will in exchange receive state subsidies. — Business Daily

Safaricom to block customer contact details from next month when they use Lipa na Mpesa. It will only display first name and a few digits of their phone number. — Business Daily

Global food prices are surging at the fastest pace ever as the war in Ukraine hits crop supplies United Nations index of world food costs rose 13% in March -Bloomberg

Chinese regulators are having emergency meetings with domestic and foreign banks to discuss how they could protect the country’s overseas assets from US-led sanctions similar to those imposed on Russia for its invasion of Ukraine – FT

Congo says the Israeli billionaire didn’t negotiate because he is an angel, says he negotiated since he was cornered with US sanctions. Congo wants the US to sanction more people so that it can recover lost assets.

Absa regional director says so far manufacturers are not passing on full impact of rise in international cost of goods to consumers. Manufacturers are absorbing the impact to stay in business in the hope that inflation is seasonal and will come to pass. — Business Daily

The Israeli billionaire, Gertler,was sanctioned by the US for opaque and corrupt mining and oil deals in Congo under former Congo regime. NGOs say Congo should have been reimbursed for billions of dollars in losses suffered by DRC due to the corrupt deals.

DR Congo to assist Israeli billionaire, Gertler, be removed from US sanction list as part of deal where the billionaire will return some assets to Congo. The billionaire will retain lucrative copper and cobalt royalty rights and will be reimbursed expenses. — Bloomberg

Fertilizer prices in Kenya up an average of 70% from last year as global fertilizer prices keep rising. Soaring fertilizer prices expected to result in lower harvests and higher food prices including milk and beef in months to come. — Bloomberg

Morocco has announced increase in minimum wage by 16% for public sector and 10% for private sector. Increase is part of agreement with unions which also includes increase in family allowances and retirement benefits.

Kenya minimum wage to increase by 12% effective May 1, 2022.

Warren Buffett says, to an extraordinary degree, financial markets in the past two years have resembled a casino or gambling parlor.

Uganda President says if security problem in Mozambique is not resolved then the East African Community may deploy military force in Mozambique similar to Congo. Says East Africa cannot afford to have security problem close to its borders. — The East African

Nairobi Securities Exchange CEO says eight African stock exchanges have been digitally linked to enable buying & selling of shares and bonds across borders later this year. The countries are: Kenya, Egypt, Nigeria, Morocco, Botswana, South Africa, Mauritius & Cote d’Ivore — EA

Devki is also putting together a Kshs 40 billion steel manufacturing project in Kwale expected to take off later this year.

Devki Group Chair on challenges in Kenya: — Kenya has huge Coal deposits, yet imports 300,000 tonnes every month from Tanzania and South Africa. — Unable to mine and use other minerals. — Foreign currency shortage — Erratic power tariffs : The East African

Devki Group Chairman says the company is putting together a project in West Pokot, Kenya, expected to start operations August 2023. Expects to produce 2 million tonnes of raw materials to serve Uganda and Rwanda market. — The East African

Devki Group Chairman says the company is looking to invest in Tanzania coal mining. Says Kenya has coal in Mui Basin, Kitui County but because of politics it has never taken off. — The East African

Kenya says it did not sign Declaration for the Future of the Internet (DFI) DFI is a pact that commits countries from shutting down the internet,to refrain from using internet to undermine the electoral infrastructure & influence election results, & unlawful use of personal data

24 Rebel groups from Congo met with Congolese government in Nairobi to negotiate deal this week. Negotiations were brokered by Kenyan President. Rebel groups demands include; amnesty, release of political prisoners and participation in social economic activities. — The EA

Assistant United States Trade Representative (USTR) for African Affairs, Constance Hamilton, to lead delegation to Kenya on May 1 to explore opportunities for enhanced trade and investment engagement. — Reuters

Russia says it’s considering pegging its currency to gold.

China’s Capital City, Beijing, has sealed off homes and shut down venues over COVID-19 outbreak. — Nikkei

The Central African Republic has declared Bitcoin an official currency. It’s the first country in Africa and the second in the world to accept the crypto as legal tender. — Bloomberg

Crown Paints to offer Sh4 per share dividend after its profits increase 21% to Sh731 million

Britam, ICEA Lion, Jubilee, Sanlam, Kenindia and CIC control 69.9% of Kenya’s life insurance business Britam controls 20.9% of market (at Sh25.9 billion of premiums) but is losing market share to ICEA Lion which is now at 16.2% (Sh20 billion) — Business Daily

Sheria Sacco to use members savings to construct Sh3.3 billion office complex in Upper Hill To fund the project it is offering 8.5% pa for 5 year locked savings and 10% pa for 10 year locked savings. — Business Daily

Eliud Kinuthia, PSC chairman, ordered to appear in court to explain his refusal to reverse move to reduce salaries of graduate constables. The court had ordered PSC to maintain pay and suspend plans to demote officers on 15 December 2021 — Business Daily

WPP Scangroup will pay a Sh8 per share dividend despite its current share price of Sh4.20

Kenya’s inflation hit 7-month high of 6.47% in April Commodities whose prices have risen most year on year include: Cooking oil up 41% Cooking gas up 38% Wheat flour up 24% Soap up 23% Potatoes up 22% Maize flour up 14% Beef up 14% — Business Daily

Google has started rocking Kenya’s tech scene as it adds new hires to its new office. It has hired Jack Ngare, who was head of Microsoft’s tech innovation and development center He will join Google Cloud’s Office of the CTO (OCTO) a global team of former CTOs. — Business Daily

Airtel paid Sh1.1 billion to Communications Authority (CA) last month to use new spectrum for 10 years. It will pay Sh2.2 billion more for the current license — Business Daily

Kenya Association of Manufacturers (KAM) CEO Phyllis Wakiaga to leave at the end of June for a new role elsewhere. She joined 9 years ago in 2013 as head of policy and promoted to CEO in 2015 — Business Daily

Human case of H5N1 bird flu reported in Colorado,USA

Kenya’s inflation rises in April by 6.5% up from 5.6% in March. Rise in inflation driven by high food prices such as wheat and basic goods. — Bloomberg

High Court has suspended decision cancelling contract given to Uganda based Sarrai Group to run Mumias Sugar. — Business Daily

World Bank warns that war in Ukraine will result in expensive food and fuel prices for the next three years. Says world faces biggest energy shock since 1970s.

Govt says Oil majors are selling fuel to small dealers at retail prices which is contributing to fuel shortage in rural areas. They are selling to small dealers at high prices due to uncertainty over government compensation. — Business Daily

Standard Chartered spent Kshs 214 million to lay off 160 employees last year. — Business Daily

Standard Chartered was one of the major banks that lent Safaricom Kshs 46.3 billion in dollar denominated loans to help pay for Ethiopian license. Safaricom is looking to convert the one year loan into long-term Kenya Shilling debt. — Business Daily

Hilton Hotel will close down its CBD operation from December. To lay off unspecified number of workers and redeploy some to its other hotels. Hilton Kenya is 40.7% owned by the government. — Business Daily

Kenya’s dollar bond prices have dropped around 30% in value since September due to rise in international yields. – Reuters

Kenya Bankers Association says banks have not received any verbal or written instructions from the central bank to ration the amount of dollars they provide. – Reuters

Retail US Dollar to Kenya Shilling exchange rate now at 117 buying and 118.2 selling as dollar shortage continues Rate by @Satelliteforex

EABL says it will increase prices of alcoholic drinks if Treasury implements proposal to raise excise taxes. — Business Daily

Bamburi net earnings were Sh1.38 billion on Sh41.3 billion of sales. It will spend Sh1.3 billion on dividends.

Bamburi Cement increased profits by 22.2% in 2021. Declares Kshs 3.58 per share dividend. — Business Daily

Kenya ranks 8th in Africa in terms of wealth of average citizen. Its per capita wealth is $1,700 (Sh197,000). Mauritius has most at $34,500. South Africa $10,970. Namibia $9,320. Botswana $7,880. Morocco $3,380. Egypt $3,000. Ghana $1,890.

Nairobi ranked sixth richest city in Africa Nairobi’s total private wealth stands at $48 billion (Sh5.5 trillion) Johannesburg is the wealthiest city at $239 billion Cape Town second at $131 billion Note: Mombasa is 23rd with $7billion

Kenya ranks 5th in Africa in terms of wealth held by private citizens. Its private wealth is $91 billion (Sh10.5 trillion). South Africa has most at $651 billion. Egypt has $307 billion. Nigeria has $228 billion.

Kenya ranks 4th in Africa in terms of number of dollar millionaires. Over 8,500 individuals have more than Sh115 million. South Africa has most at 39,300 Egypt has 16,900 Nigeria has 10,00

Kenya ranks 5th in Africa in terms of number of centi-millionaires. ($100 mill.) Over 15 individuals have more than Sh11.5 billion. South Africa has most at 94 Egypt has 57 Nigeria has 28 Morocco has 22

New report sheds light on wealth distribution among Africans countries. How does Kenya compare to the rest of Africa in terms of its private wealth? A thread 👇

Central African Republic lawmakers have adopted legislation that regulates use of cryptocurrencies. The legislation includes creating regulatory body for cryptocurrencies. Finance Minister says the legislation is not an attempt to follow El Salvador. — Bloomberg

National Oil in talks to import 30% of Kenya’s oil imports from the UAE on credit in effort to cut dominance of oil marketers like Vivo. National oil will sell a bulk of the imports to small independent dealers who make up 40% of the market — Business Daily

A bag of 90-kg maize has risen to Sh4,500 from Sh3,700 last month due to a slow down in imports from Tanzania and Uganda. Agriculture ministry suspects that farmers to be hoarding the product creating the local shortage.

Maize flour has not been this expensive since 2017 when it hit its previous record high of Sh136 due to a serious drought.

Maize flour has hit an all time high of Sh148 for 2kg from Sh120 a week ago due to rising cost of maize. — Business Daily

China has reported first human case of H3N8 Bird Flu.

In short, the situation will probably not get any better.

Because of very high inflation, the US is raising interest rates and is expected to aggressively raise rates later in the year. This means it will become increasingly more expensive to borrow in the international markets.

Kenya says it’s considering cancelling plans to sell Eurobonds by end of June because rising yields globally are making it expensive to borrow. — Bloomberg

European gas jumps higher by 17% on reports that Russia has halted gas supplies on Poland due to non-payment in Russian currency, Ruble. Heating oil up 5%.

Reminder here that escalation of the Ukraine war means higher cost of living for everyone as commodity prices increase.

Russia says UK’s direct provocation of Ukraine to strike targets in Russian soil will immediately lead to proportional response.

UK defense minister says it’s acceptable for Ukrainian forces to use Western weapons to attack military targets on Russian soil. — BBC

Foreigners have been withdrawing from NSE with participation reported to have decreased from 60% to a record low of 47% in March. This has led to Sh176 billion drop in investor wealth in Jan-March period. — Business Daily

NMS pressured to complete issuance of title deeds to 18,000 Nairobi landowners. Makongeni MCA blamed cartel interference leading to thousands of unsigned title deeds were laying idle at City Hall annex despite landowners having met all requirements. — Business Daily

BOC Kenya has declared Sh2.9 per share final dividend after its profits grow 6.5% to Sh108.3 million on higher sales. The company benefited from demand of medical oxygen during pandemic. The demand has since settled. — Business Daily

They evaded taxes through a loan back money laundering scheme

The Sh26.5 billion is more than the market value of many of Kenya’s largest companies such as Kenya Airways, Jubilee Insuarance, Britam etc.

CEOs and executives of firms that don’t report and fight corruption to risk Sh1 million fine Firms expected to hire anti-corruption executives and have written code to map out corruption risks and report cases to EACC — Business Daily

Uganda has tripled military spend over the last five years to catch up with Kenya. Uganda spent Sh123 billion on its military in 2020 while Kenya spent Sh128 billion on its military — Business Daily

Pwani Oil ,the makers of Fresh Fri and Salit ,say that palm oil ban in Indonesia could lead to not only higher prices but lack of availability of cooking oil. The company has raised retail prices by 35% after palm oil costs increased 45% in February and March — Business Daily

Interpol investigating suspected money laundering ring where Sh25.6 billion was wired to Kenyan bank accounts in October & November 2020. Cash moved through 10 companies owned by the same 5 individuals and linked to a politician. Some bank executives involved — Business Daily

Ethiopia working to create law that will allow Safaricom’s M-Pesa in the country. — Business Daily

Tatu City is now under investigation by EACC for money laundering and tax evasion — Business Daily

IMF staff and the Kenyan authorities have reached staff-level agreement to advance Kshs 28 billion loan to Kenya. IMF says Kenya is on track to “put debt as a share of GDP firmly on a downward path”.

Nairobi Stock Exchange (NSE) says its in a strong position to fight competition from a new bond trading exchange being set up in Kenya. — Reuters

Nairobi Securities Exchange says its looking to buy up shares in bourses across Africa with a view to eventually becoming a pan-continental exchange. — Reuters

Twitter CEO will address employees later today on Elon Musk deal. Elon has previously complained about the employees.

More on this, since the pricing for the Expressway toll charges was set, the shilling has weaken even further against the dollar. They used a rate of Shs 113.14 for the latest increase.

Elon Musk says he hopes even his worst critics remain on Twitter in support of free speech.

Elon Musk to buy Twitter. Deal to be announced later today. Twitter will be valued at $44 billion. — WSJ

The world’s oldest person dies in Japan aged 119 – Reuters

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Retail US Dollar to Kenya Shilling exchange has increased to buying at Sh117.3 and selling rate at Sh118.3 due to continuing dollar shortage Rate by @Satelliteforex

Twitter is on track to reach deal with Elon Musk as early as today. Twitter likely to accept Elon Musks’s $54.20 per share offer as the price at which the company will be sold: Sources — CNBC

NSSF has revealed it owns Sh290 billion of government securities such as bonds. Over 58% of its assets — Business Daily

Global Cooking oil prices set to skyrocket after the world’s largest exporter of palm oil , Indonesia,is bans palm oil exports. -Reuters

Avocado farmers contracted by Kakuzi earnings declined by 45% in 2021 compared to year before. Decline attributed to lower export quantities and declining prices. — Business Daily

Xplico insurance at risk of collapse after creditor goes to court seeking to liquidate the business over huge debt. The firm has been struggling to settle claims on time — Business Daily

Farmers struggling to access fertilizer after NCPB confirms its not getting enough stock from suppliers to meet demand. NCPB was to dish out over 2.2 million subsidy bags of fertilizer to farmers at Sh2,800 a bag compared to Sh6,200 retail — Business Daily

Emmanuel Macron has won French presidential election

Nairobi Expressway users to pay up to Sh350 more due to weakening shilling against the dollar. Review meant to cushion Chinese firm operating it from weakening shilling. — Business Daily

Central Bank of Kenya has told Commercial Banks to ration dollars due to shortage of the US currency. Leading companies’ daily dollar purchases limited to $50,000. — Business Daily

Kengen has completed drilling of seven Geothermal wells in Ethiopia in a deal worth Sh7.6 billion Kengen plans to expand its drilling and geothermal consulting across Africa — Business Daily

The UN has endorsed East African Community initiative to intervene in Congo.

IMF Managing director: When we printed a lot of money, we knew it would lead to too much money chasing too few goods but didn’t think through the consequences. We act sometimes like 8 yr olds playing soccer, we all chase the ball without covering the rest of the field.

Members have been complaining on a wide range of issues, including lengthy loan approval process, non-functional mobile banking services and withholding of dividends. Metropolitan Sacco has membership of about 75,000 of which majority are teachers.

Kenyan govt has set up team of officials to investigate managers and directors of the troubled Metropolitan Sacco. The SACCO has Kshs 17 billion in assets and has so far frozen dividend payment for year 2021, with signs of liquidity challenges. — The East African

Negotiations with China Moly on its second largest copper mine said to be gridlocked as Congo says China is under-reporting mineral reserves.

Mutanda was producing 20% of the world’s cobalt before it was closed in 2019. Prices have recently sky rocketed. DR Congo says previous regime negotiated scandalous terms of concession with foreign companies.

DR Congo says it has added Glencore’s giant Mutanda cobalt and copper operations to list of mines that could face renegotiation. Glencore supplies Tesla with cobalt and confirmed it will reopen Mutanda which is one of the world’s biggest cobalt mines. — Bloomberg

East African leaders said they are proceeding with an urgent plan to deploy a regional military force in Congo.

Ethiopia has hired lobbyists in bid to stop fresh US bill that would authorize U.S. government to suspend financial and security assistance to Ethiopia. US Senate Foreign Relations Committee overwhelmingly approved the bill that is yet to be signed into law.

All rebel groups were told to join the negotiations or be annihilated militarily. Rebels from the M23 movement announced that it was withdrawing from villages under its control saying it wanted “peaceful settlement of the crisis”.

Kenya could experience yet another fuel shortage as some dealers are said to be prioritizing export market at the expense of local market. — Capital FM

Kenya has announced that it will host meeting between rebels in the east of the Democratic Republic of Congo and the government in Kinshasa.

Tanzania and DR Congo business people are planning to hold a conference next month seeking opportunities after Congo formally joined East African Community. Business executives from Rwanda, Burundi and Zambia will also attend the conference. — The East African

US Oil company, Coastline Exploration, says oil exploration agreement it signed with Somalia’s Oil minister is legal despite the government insisting it was illegal. The company was to pay 5% oil royalty, 3% gas royalty, split profits 50-50 and pay 30% income tax. — The EA

Safaricom and Ethiopia’s Ethio Telecom have signed infrastructure sharing deal. The deal will allow Safaricom’s customers to call Ethio Telecom customers. — The East African

Congo Brazzaville is expected to increase gas exports from 2023 as a result of the deal.

Congo Brazzaville and Italy have signed an agreement to increase gas exports to Italy. The agreement provides for the acceleration and increase of gas production in Congo.

A group of 18 US House Republicans is asking Twitter’s board to preserve all records related to Elon Musk’s offer to buy the company. US Congress may probe Twitter board if Republicans win back the majority later this year. — CNBC

Investment firm Gemcorp says it’s looking to invest $10 billion (Kshs 1.1 Trillion) in Africa over the next 10 years mainly in form of dollar debt. Says countries such as Kenya, Uganda and Tanzania provide good potential due to young population and ‘funding gaps’. — Bloomberg

Former Kenya President Mwai Kibaki has died. — NTV

KEBS says local Kinder Joy and Ferro Rocher products are safe after two weeks investigation KEBS said these local products are imported from Italy not Belgium-which has been identified as source of products contaminated with Salmonella — Business Daily

Safaricom has lost bid to stop Canadian-owned telecoms company from offering internet based calls through its network in Kenya. — Business Daily

Auditor General says Posta has failed to pay Sh1.3 billion in pension and gratuities for its workers. — Business Daily

15% reduction in power costs not expected any time soon. Power producers say government has not yet started talks to cut power costs despite saying in January that talks had started. — Business Daily

Kenya, Burundi, Rwanda, Uganda and DR Congo have agreed to form a regional army that will fight armed groups in Eastern Congo. — Bloomberg

Aspen Pharmacare in talks with African leaders on how to raise demand for Covid-19 vaccines The drugmaker is warning that lack of orders may force it to stop making the shots. Aspen is making doses on behalf of Johnson & Johnson in South Africa. — Bloomberg

The way European countries are approaching each African country to negotiate gas and other natural resource deals in order to replace Russia makes a more compelling case for a much stronger economic/trade union. African countries should be getting much more from these deals.

Google to hire 100 new employees in the new Nairobi development center.

Italy in talks with Angola, Congo and Mozambique to supply natural gas as it tries to reduce reliance on Russia which provides 45% of its gas — AFP

Netflix blames reduction in its subscribers to suspension of its service in Russia

Kenya to raise Sh581 billion from domestic borrowing in the year starting July to fund budget — Business Daily

Nairobi to inspect buildings for safety. 2020 report showed Kenya has had 87 building collapses over the last five years with about 200 people dead and over 1,000 injured A 2018 report showed that only 15% of 15,000 buildings were safe — Business Daily

NCBA’s Uganda and Tanzanian units make huge losses. Tanzanian unit made Sh1.1 billion loss while Ugandan unit lost Sh483 million — Business Daily

Safaricom to offer online learning to high schools at Sh20 daily per student. — Business Daily

Distribution costs account for Sh3 per litre of petrol or diesel. — Business Daily

Barclays Plc has announced plans to sell a 7.4% stake of Absa Group Barclays currently owns 15% of Absa

Public Procurement Board (PPARB) has stopped Kenya power from giving Sh2 billion electricity meter supply tender to foreign manufacturers Kenya power had set terms which locked out local suppliers from the tender — Business Daily

The largest public pension fund in the U.S. said it plans to vote for a shareholder proposal that Berkshire Hathaway Inc. replace billionaire Warren Buffett as chairman – Bloomberg

Nation Media to pay Sh1.50 dividend after income increases to Sh584.7 million — Business Daily

Energy ministry has gone silent three weeks after expiry of second deadline to cut electricity costs by 15%. — Business Daily

Processors of animal feeds say prices will be going up on a weekly basis due to skyrocketing price of white maize in the market. — Business Daily

MPs have rejected petition by Mwalimu Sacco to compel CBK to give Spire Bank Kshs 2 billion in interest free loan bailout. — Business Daily

Two aircraft leasing firms have rejected Kenya Airways’ proposal to reduce cost of hiring new planes. The leasing firms have grounded their planes at JKIA. — Business Daily

Oxfam says IMF is warning rich countries against austerity while forcing poorer ones into it.

Sameer Africa’s net profit jumped five times to Sh217.3 million in the year to December helped by cost controls. The firm didn’t declare dividends.

Nation Media Group (NMG) has recorded tenfold increase in net profit to Sh493.1 million in the year ended December 2021 on recovery of business post Covid-19 pandemic. Resumes dividend payments with proposal to pay Sh1.50 per share.

Oxfam says 13 out of the 15 IMF loan programs negotiated during the second year of the pandemic require new austerity measures such as taxes on food and fuel or spending cuts that could put vital public services at risk.

Supermarkets rationing long-life milk products due to shortage — Business Daily

Government-backed Kenya Development Corporation (KDC) targets to loan out Sh8.6 billion this financial year and Sh16.3 billion in the year starting July — Business Daily

Kenya Pipeline Company (KPC) has taken over Kenya Petroleum Refineries from Essar Energy The acquisition could increase efficiency in petrol supply chain. — Business Daily

Kenya to allocate Sh2 billion to Nupea ,an unnecessary entity that spends majority its monies paying salaries, wages and allowances and conducting environmental impact studies on nonexistent nuclear powerplants. — Business Daily

Netflix is planning provide cheap advert supported subscription option. -WSJ

Insurance Regulatory Authority (IRA) blocked shareholders of Resolution insurance from funding Resolution without offering reasons- which led to its collapse. — Business Daily

Kenya to spend Sh1 billion yearly to maintain national surveillance system built by Safaricom The Sh15 billion system connects 195 police stations in Nairobi and Mombasa via 4G internet , CCTV camera surveillance and walkie-talkies — Business Daily

Japan has committed to loaning Kenya Sh36 billion compared to China’s Sh21 billion in the coming year. China has been reducing its loans to Kenya every year since 2015 — Business Daily

Netflix is losing subscribers for the first time in 12 years. – NYT

Google to open a product development center in Nairobi

Energy CS says Fuel shortage has ended after distribution of over 24million litres across Kenya

The Independent Electoral and Boundaries Commission (IEBC) is set to employ over 300,000 temporary staff ahead of the August elections at a cost of Sh6 billion

Electric motorcycles are great for companies looking to tap into ESG or ‘green’ money and there is a lot of it out there.

Each electric motorcycle imported in this deal will cost about $1000 each or approx Kshs 115,000.

The company says election ballot papers will have the highest security standards, special packaging, air transportation as well as traceability to ensure safe delivery to each constituency.

Inform, a member of Austriacard Holdings Group, has signed contract to supply Kenya elections ballot papers. The contract budget is Kshs 3.5 billion for 120 million ballot papers.

Farmers in North Rift are now paying Sh3,000 an acre to lease a tractor up from Sh2,300 last month with the price expected to keep rising due to high fuel cost — Business Daily

BAT Kenya says it is in high level talks with the government to resume sale of nicotine pouches The product had been declared illegal last February — Business Daily

Price of maize flour expected to increase strongly as millers are facing a shortage of grain — Business Daily

KRA wants law changed so that it can access Huduma Namba data for its own use. — Business Daily

African Development Bank (AfDB) has demanded change of ownership before it can offer multibillion funding to Sosian Geothermal after finding that Gideon Moi had bought back majority ownership It’s unclear why AfDB does not want to associate with the Moi family — Business Daily

US listed, Alternet Systems says it received 2,000 electric motorcycle order from Kenya. The motorcycles will be shipped from China.

Last week World Bank issued $300m to Ethiopia to help with war recovery.

World Bank has cut global growth forecast to 3.2% from 4.1%. Allocates $170 billion in aid to help developing countries struggling with debt.

International gas prices up 3.7% to a 14 year high. Prices have more than doubled since beginning of the year.

Canon through Copy Cat group has won tenders for bulk printing of documents at Absa Bank, KCB and the Judiciary It will lease copiers and charge Sh1.60 per copy — Business Daily

Companies looking to join Nairobi International Financial Center (NFC) will pay Shs 1 million while start ups will be Shs 100k. Business will in exchange enjoy tax and immigration incentives similar to centers such as London, Dubai and Johannesburg. — Business Daily

Egypt’s GB Automotive to start local assembly and distribution of Hyundai, Bajaj, Mitsubishi and Volvo vehicles in Kenya The government is set to exempt locally assembled cars from VAT and other taxes which could lead to very cheap vehicles. — Business Daily

Suppliers of goods and services to government bodies to be paid within 60 days of receiving invoice in proposed law. Unpaid bills stood at Sh467.7 billion as of December last year — Business Daily

Kenya Livestock ministry says it is unable to fulfill potential 5 year milk supply deal to Oman due to current milk shortage in the country. — Business Daily

Kenya Association of Manufacturers are calling on the government to abandon fuel subsidy scheme in bid to enable normal supply of fuel. — Business Daily

Former Uchumi CEO, Johnathan Ciano awarded Sh6.5 million by high court in terminal dues He sought Sh47.4 million from Uchumi for unlawful dismissal which the court found invalid given he had resigned on June 13, 2015 and was terminated two days later on June 15 — Business Daily

Foreign currency deposits in local banks hit all time high of Sh804 billion in February The rise of foreign currency deposits has hurt traders importing shipments who are having challenges accessing US dollars from banks — Business Daily

Natural gas price jumps to highest intraday price since 2008. Brent oil above $112 a barrel.

Reminder here that the KQ strategic asset has received about Kshs 56.6 billion in bailout in under a year.

Michael Joseph says people should view KQ as a national strategic asset and not as an airline losing taxpayer money.

KQ board chair, Michael Joseph, says he is pushing for institution of a pan-African airline group. Argues that KQ, with 34 planes, is just too small to compete efficiently with the likes of Fly Emirates and Turkish Airways. — The Standard

US Banks have started building loan loss reserves due to sky-high inflation. Banks expect high inflation and rate hikes to increase loan defaults.

Tanzania and Kenya resolved disputes involving aviation, tour vans, COVID certificates, clearance of goods at Namanga and mutual recognition of Engineer’s certificates.

Taifa Gas, Tanzania’s largest liquified petroleum gas company controlled by billionaire Rostam Aziz, to be allowed to establish a plant in Kenya’s EPZ. This is part of trade deal that will also allow Jambojet to fly to Tanzania destinations. — The East African

Geopolitics: – Billionaire Roman Abramovich is attempting to restart talks between Ukraine and Russia, which both sides say are stuck. – The United States has approved nearly $1 billion weapons sale to Nigeria.

Kenya Matatu Owners Association chairman says they will be forced to increase fares due to rise in fuel prices to sustain their business. Says those opposed to the move should raise complaints with the national government. — Capital FM

Kenya declined request from the UK to host refugees because the money being offered was too little to manage the refugees being brought in. Rwanda accepted and will be paid up to Kshs 18 billion ($160m). — The East African

Jubilee Insurance says it’s looking to expand its life and medical insurance to Ethiopia. Hopes Ethiopia government will allow foreign insurers this year. Also considering expansion to DR Congo. — The East African

Elon musk can however use proxy fights to remove Twitter’s board. The “poison pill” adopted by Twitter board aims to prevent anyone from taking control without either paying shareholders a premium or giving the board more time.

Twitter says its board of directors has unanimously voted to block Elon Musk’s proposal to buy the company. Adopts “poison pill” defense that kicks in if Elon Musk’s stake grows to more than 15%.

NTV has confirmed that the Polycarp Igathe appointment to Rubis CEO is fake news. Let’s wait for official statements from Rubis.

Supersport in trouble after FIFA has launched a free streaming service for WorldCup2022

Communications Authority of Kenya has extended the SIM card registration deadline by 6 months to October 15th. Those who will not have registered by that deadline will be fined 😉

In an ideal world some of these Private Equity (PEs) exits should be taking place through sale of shares to the public in form of an IPO at the Nairobi Securities Exchange.

Private equity firm AfricInvest and World Bank’s IFC have bought a combined 36% stake in auto parts distributor AutoXpress from Actis. — Business Daily

Need to trade dollars this weekend? Nairobi CBD-based Forex bureau @Satelliteforex remains Open this Holiday Weekend for all your forex needs.

Treasury cut Public Pensions budget by Sh42 billion from Sh153 billion to Sh111 billion Amount to benefit over 300,000 pensioners and dependents — Business Daily

High Court has suspended the award of a Sh2.6 billion tender by Kenya Ports Authority (KPA) for Shimoni fish port KPA is accused of prequalifying 8 companies to bid before issuing them with documents for the tender — Business Daily

Isuzu to lease 514 pickups , buses and SUVs to interior ministry for Sh4.6 billion — Business Daily

High Court cancelled 20-year lease awarded to Uganda-based Sarrai Group to manage Mumias Sugar. Appoints Kereto Marina as administrators. — Business Daily

Government to pay Sh14 billion to oil marketers for fuel subsidy — Business Daily

Paris-based OECD is urging Kenya to drop plans to double digital services tax from 1.5% to 3%. Says Kenya should instead join Global Minimum Tax deal. — Bloomberg

Standard Chartered to sell off its banks in Angola, Cameroon, Zimbabwe, Gambia, Sierra Leone, Jordan and Lebanon so that it can focus on its two most promising subsidiaries : StanChart Bank Kenya and StanChart Bank Nigeria — Business Daily

Ten CEOs of oil marketers risk jail or fines due to causing countrywide fuel shortage — Business Daily

Kenya Airways to get an extra Sh36.6 billion bailout from Treasury weeks after getting Sh20 billion bailout from government. The government will have spent Sh56.6 billion on KQ in under a year. The largest corporates bailout in Kenya’s history — Business Daily

Kenyan manufacturers say continuing fuel shortage is straining their operations. — Bloomberg

⚠️ Kenyan Manufacturers say they are struggling to obtain US dollars to meet their obligations. Say situation is straining supplier relations and ability to negotiate prices. — Bloomberg

The deal between Uganda Vinci and Finance Ministry prohibits anybody from buying Uganda’s harvest until the company gets all the coffee it wants.

Lawmakers are calling for cancellation of govt deal that gives Italian owned, Uganda Vinci, exclusive rights to buy Uganda’s coffee at the price it wants. The company will also be exempt from all taxes. It will create Uganda’s first final product processing plant. — BBG

Twitter board said to view Elon Musk bid as unwelcome. Elon Musk says there is a plan B if he is not successful.

Rubis Kenya CEO has been moved to Paris France to work at Rubis Global office.

One of Twitter’s largest shareholders, Saudi Prince Alwaleed, has rejected Elon Musk offer to buy shares. Says the offer is not close to Twitter’s intrinsic value.

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Kenya Energy and Petroleum Regulatory Authority has increased fuel prices by kshs 9.90 effective from midnight.

Reminder here that this also comes with higher fuel subsidies.

Sources say Twitter will review Elon’s offer with advice from Goldman Sachs.

Twitter shares up more than 12% on the news.

Elon Musk says he believes Twitter should be private to go through changes that need to be made. Says if his offer to buy 100% of Twitter is rejected he may reconsider his position as shareholder.

Elon Musk says he is offering to buy 100% of Twitter shares at $54.20 per share. Says offer price is his best and final price.

Kenya Energy CS has called upon fuel retail outlets to operate on a 24 hour basis to address queues in service stations. Says ministry is in receipt of full outstanding balance owed to in fuel subsidy. – NTV

CBK says it has not yet considered putting Spire Bank under receivership. Says receivership is last resort and carries risk of Mwalimu Sacco being seen as an unviable shareholder in the financial sector. — Business Daily

Uber has suspended its operation in Tanzania after six years. Says current regulations on the transportation sector have created an environment that is not friendly. — The Citizen

US Dollar to Kenya Shilling exchange now buying at Sh116.8 and selling rate at Sh117.8 due to continued increase in demand for dollars Rate by @Satelliteforex

The average interest charged on bank loans now at 12.17% as demand for loans increase — Business Daily

Kwale Sugar company has sued government seeking Sh32 billion in damages over 15,000 acres of leased land for cane farming. It claims it has been unable to operate well despite investing over Sh34 billion since it has access to only 50% of the leased land — Business Daily

Petrol prices expected to go up by Sh40 to hit highest levels in Kenya’s history today if subsidy is not issued Diesel to shit Sh155 while petrol to hit Sh174 without subsidy — Business Daily

Vivo Energy, Kenya’s largest oil marketer, claims Kenya is yet to pay Sh3.5 billion last year’s fuel subsidy Government claims it owes a total Sh13 billion to dealers — Business Daily

Sasra has stopped Mwalimu Sacco from investing Sh2 billion in Spire bank Spire bank will likely collapse very soon — Business Daily

Betting firm, MozzartBet accused of money laundering and has forfeited Sh303 million to the government — Business Daily

Rubis in talks with foreign affairs ministry in an effort to overturn deportation of its CEO Jean Christian Bergeron whose work permit was revoked and was ordered to leave the country by the ministry of Immigration over economic sabotage via fuel shortage — Business Daily

Farmers lost 253,000 cattle, 1.2 million sheep/goats and 43 camels to drought in three months to March At least 2.8 million Kenyans are in urgent need of relief food — Business Daily

Kenya Airways customers lost Sh4.4 billion last year to expired tickets. Expired tickets by KQ are the biggest losses suffered by consumers in buying products from one company. — Business Daily

Rwanda set to sign deal to send refugees from UK to Rwanda for processing. Rwanda will in exchange be paid by the UK as part of the deal.

China President says China will not loosen COVID prevention, controls. Says China should continue with its ‘dynamic Covid clearance policy’.

Kenyans should expect shortage of goods as China has imposed a major lockdown on the port city of Shanghai ,the worlds largest container port, which has blocked imports from Yiwu city that supplies Kenya with 60% of Chinese imports — Business Daily

Kenya Ports Authority (KPA) to construct a Sh8.5 billion Special Economic Zone (SEZ) in Dongu Kundu, Mombasa KPA is in talks to compensate and resettle 1,600 people who occupy the 357 acres to be used — Business Daily

Local and international banks have stopped funding Kenya Airways (KQ) leaving the airline to depend on government loans — Business Daily

USA , the largest producer of GMOs, in a recent report has protested Kenya’s continued refusal to approve import of GMOs — Business Daily

In a nutshell

Standard Investment Bank (SIB) through its Mansa-X platform will now allow Kenyans to trade Eurobonds — Business Daily

Several oil dealers gave priority to exports due to delayed subsidy compensation from the government.

The government is seeking to punish oil marketers for exporting more fuel to other countries leading to local shortage.

Equity bank will invest an additional Sh11.5 billion in its Congo subsidiary, Equity BCDC — Business Daily

Russia earlier today said it is ready to sell oil to ‘friendly countries in any price range’.

Kenyan diplomats argue they have been doing enough through UN Security Council.

Kenya has declined request from Ukraine to address parliament. Kenyan officials fear being dragged into conflict and hurting bilateral ties with Russia. — Business Daily

Tullow Oil says it will not be able to progress with Kenya’s Turkana Oil project if it doesn’t get a strategic investor. — Business Daily

Kenya development corporation (KDC) is recruiting debt collectors and auctioneers to pursue over Sh31 billion in assets linked to friends of powerful politicians who took huge loans from state agencies such as ICDC as far back as 1954 and never repaid them. — Business Daily

Sri Lanka has deployed troops at fuel stations as protests have erupted across the country over fuel shortage.

Sri Lanka is hoping China will give it loans to repay Chinese loans due in July. It is also negotiating with IMF for loan facilities.

Sri Lanka has warned that it will default on foreign loans to save dollars for essential food and fuel imports. — Bloomberg

The company’s products were also being investigated in Kenya.

Ferrero has issued mass recall notice for all Kinder products that were manufactured at one of their sites in Belgium between June 2021 and today. Consumers who may have purchased urged not to consume.

Rwanda wants to attract space start ups, space companies that can design & manufacturer satellites and have companies that can use data collected to come up with innovative solutions.

Rwanda says it is seeking investors to help it build its own satellites partly to back up its international connectivity and collect data. Rwanda launched its first satellite in 2019 in partnership with Japan Aerospace Exploration Agency. — Black is me EV

Kenyan Pension funds raised their offshore investments from Sh6.32 billion in 2019 to Sh19.4 billion at the end of last year. – Business Daily

Anti-poverty campaigners are pressuring BlackRock, world’s largest fund manager, to delay demands for debt interest payments from Zambia. Campaigners say debt payments could cause Zambia’s finances to spiral out of control. — The Guardian

Egypt’s inflation has hit 12.1% after cost of wheat and cooking oil skyrocket. Egypt is the world’s largest importer of wheat. It relied on Ukraine and Russia for 85% of its supply of wheat and 73% of sunflower oil — Business Daily

The government was targeting atleast Sh3 billion in digital taxes this year

The school was hard hit by covid and made a Sh44million loss in 2020

Family bank to issue more loans to SMEs after renewal of agreement with African Guarantee fund (AGF) insuring loans worth Sh1.5 billion — Business Daily

Twitter’s largest shareholder, Elon Musk likely to keep buying Twitter stock after refusing to join board which would limit him to 15% maximum stake

Victoria Commercial bank now owns a 25% stake in Montessori Learning Center, a Nairobi kindergarten, after the kindergarten was unable to pay for Sh200 million loan — Business Daily

Kenya to increase digital tax on multinationals to 3% The tax is levied on sale of movies, music, games, e-books and other digital content. Kenya’s digital marketplace is at about Sh926 billion — Business Daily

Resolution Insurance collapsed with over Shs 6.5 billion in client cash, insurance claims and creditor funds. It had collected premiums worth Sh4.1 billion of which Sh3.5 billion were from medical insurance customers. — Business Daily

Kenya’s history of collapsed insurance firms include: United insurance (2005) Standard assurance (2009) Blueshield insurance (2011) Concord insurance (2013) Resolution insurance (2022) — Business Daily

The National cereals and produce board (NCPB) has restricted farmers to 5 bags of fertilizer instead of the 20 bags promised. NCPB claims that this is because the CS has not issued official communication in writing yet. — Business Daily

Fuel shortage still on going as oil marketers increase exports to neighboring countries to 60% from previous 40%. Oil marketers don’t want to sell stock to the local market over subsidy fears. — Business Daily

Likely going to be hard for governments in small economies to completely protect people from price increases. Subsidies in one area will likely be replaced by higher taxes in another area of the economy.

Reminder that cost of living is likely to keep rising coming months. If you can, ensure your savings are earning something and/or you are increasing your income.

Guangzhou, China’s manufacturing hub and home to China’s busiest airport closed itself to most arrivals on Monday. China government set to begin citywide testing.

US State Department has ordered its non-essential US government employees to leave Shanghai China due to surge in COVID cases.

Kenyan startup, LipaLater, has appointed former AliExpress co-founder Tom Gong as CTO LipaLater had raised Sh1.3 billion in January for expansion

Crude oil futures down $4 to $94.26. China’s worsening Covid outbreak is raising demand concerns.

Twitter shares down after company says Elon Musk rejected offer to join Twitter board.

*Importation from outside EAC and Comesa

The Swiss franc (CHF) – The safest currency in the world – now trading at Sh124 selling and Sh122 buying Rate by @Satelliteforex

ICEA Lion has bought Sh32 million of the Ilam Fahari I-Reit It is now the eighth largest owner of the Reit at 2.76% stake Ilam made a net loss of Sh124 million on low rental income at its Greenspan mall ICEA plans to restructure the Reit in the near future — Business Daily

Banks now paying an average of 6.6% on fixed deposits in an effort to attract cash for lending — Business Daily

Britam will no longer manage Sh82 billion from Kenya’s largest pension fund, NSSF NSSF has reallocated the amount to Sanlam and CIC Sanlam thus is now the leading private fund manager with Sh288 billion in assets under management. — Business Daily

International Finance Corporation (IFC) is working to buy 6.71% of Equity bank from Britam at Sh55 a share. — Business Daily

Jubilee Insurance to spend Sh461 million to build Tanzanian head quarters in Dar es Salaam. The company currently spends Sh46 million on rent in Tanzania — Business Daily

Kenya to allow importation of 4 million bags of duty free maize from Uganda Delayed rainy season expected to create huge maize shortage locally. — Business Daily

Cost of office space dropped by 17% over the last four years on high supply signaling end of property boom on low earnings on office space — Business Daily

Kenya Airways yet to repay Sh25billion loans taken in the last two years from the government at 3%. KQ’s total debt now at Sh107 billion and is unlikely to ever pay off its debts — Business Daily

New rule will allow Commercial TVs and radios to review 70% of the content aired for age appropriateness. New rules ease classification process which was previously only conducted by KFCB — Business Daily

This likely means higher inflation due to supply chain problems if it persists.

— China has reported another record increase in new covid cases of 23,624 as discontent in Shanghai grows. — New round of mass testing in China was ordered and lockdowns are expected to last until end month.

CAK has directed that sim cards should not be sold by hawkers – Nation