HakiPensheni: October 2019

Thursday, October 31, 2019

Access Bank Plans to Open in Four African Nations

Access Bank Plc plans to open operations in four additional African countries in the next year, following its takeover of Transnational Bank Limited of Kenya.

“By this time next year we would probably have added about four more subsidiaries, most of

The European Union is currently nearly on track to cut greenhouse gas emissions by 40% below 1990 levels by 2030, but still needs much work, the European Environment Agency said in a report published Thursday.
“Significant increase in efforts (is) needed over the next decade” to reach the 2030 goals, the

Brexiteers wave Union flags as they demonstrates outside the Houses of Parliament in Westminster, central London on October 31, 2019. – Britain will go to the polls on December 12 in a bid to unlock the protracted Brexit deadlock. (Photo by DANIEL LEAL-OLIVAS / AFP)

By By Chijioke Nelson, Asst. Editor, Finance/Economy

Britain’s exit from the European Union (EU), popularly known as Brexit, could trigger the renegotiation of Nigeria’s existing trade deals, estimated at over $5billion with country, which was

Business graph with [FILES] arrows tending downwards. Photo: FINANCEMONTHLY

By Sulaimon Salau
Global economic growth dipped in 2018 and is expected to decline further in 2019, going by the

By Michael Egbejule, Benin City.
Financial expert, Prof Raphael Igbinosa Adeghe, of the Department of Banking and Finance, on Thursday, said financial inclusion remains a potent tool to tackle rising poverty, insecurity, and other

African Development Bank

By Editor

The African Development Bank’s board approved a 125% capital increase to $208 billion on

Oil rig on outer Marina waters in Lagos.<br />PHOTO: FEMI ADEBESIN-KUTI

OPEC oil output has bounced in October from an eight-year low as a rapid recovery in Saudi Arabian production from attacks on oil plants more than offset losses in Ecuador and voluntary curbs under a

Sub-Saharan African economies doing better at promoting business climate

But compared to other parts of the world, it still underperforms in several areas, such as getting electricity, the World Bank’s Doing Business study shows

Bekezela Phakathi

Low business confidence lies behind rising unemployment rate, say analysts

The state is not taking the crisis seriously, says economist Lumkile Mondi

LUYOLO MKENTANE

In Summary

Quarters20182019The third quarter of 2019 was generally good for five of Tanzania’s eight largest banks as they raised their profits while cutting nonperforming loans in a steadily improving liquidity environment

By Samuel Kamndaya @TindwaSamuel stindwa@tz.nationmedia.com

The third quarter of 2019 had positive outcomes for five of Tanzania’s eight largest banks as

Sadc business council chair finally arraigned after spending two weeks behind bars

Finally, the Tanzania Private Sector Foundation (TPSF) chairman, Mr Salum Shamte was arraigned on Thursday, October 31, 2019 after spending almost two weeks behind bars.

NSE-listed IPOs flouting good governance rules

A staffer walks past an electronic board displaying market data during a trading session at the Nairobi Securities Exchange. PHOTO | REUTERS

In Summary

Report shows that only 25 companies out of 66 listed on the Nairobi Securities Exchange (NSE) adhere to sound corporate governance.
Kenya Power, Uchumi Supermarkets, Crown Paints, Home Afrika, East African Cables, TransCentury and Mumias Sugar are among companies that have violated reporting requirements in recent times.
Mumias Sugar has since been placed under administration after defaulting on loans amounting to Ksh12.5 billion ($120 million).

By NJIRAINI MUCHIRA
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Kenya’s capital market is grappling with a confidence crisis due to lack of

Tourists in the Serengeti National Park. Tourism arrivals in Tanzania rose in the year ending July 2019. PHOTO | FILE | NATION MEDIA GROUP

In Summary

While the operators said they are not opposed to the tax, they said the government should consider how it is administered.
The bone of contention is that in December 2017, the government reviewed the tourism licence popularly known as “Tala” in order to bring small informal players into the formal sector as it

Workers lay a fibre optic cable. TTCL has so far connected Zambia, Malawi and Rwanda and is targeting other SADC countries. FILE PHOTO | NMG

In Summary

The connection will be carried out by the TTCL and managed by Tanzanian National ICT Broadband Backbone (NICTBB).

A customer buys maize grain at a market. Millers in Dar es Salaam are facing a shortage of maize grains. PHOTO | TOM OTIENO | NMG

In Summary

A survey carried out by The EastAfrican found that in

South Sudan First Vice President Taban Deng (Right) and Petroleum Minister Daniel Awow Chuang at the South Sudan Oil and Gas Conference in Juba, South Sudan on October 29, 2019. Mr Chuang said Juba will float 14 licences for exploration of new oil blocks early next year. PHOTO | GARANG A MALAK | NATION MEDIA GROUP

In Summary

Blocks A, C, D, and E will come up for licensing from early next year.
Second South Sudan Oil and Power Conference started in Juba on Tuesday.
More than 600 delegates attending told of opportunities in oil refineries in the region.

By GARANG A. MALAK
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South Sudan on Tuesday invited investors to show interest in 14 blocks newly discovered blocks.

Speaker of the House Nancy Pelosi presides over the US House of Representatives as it votes on a resolution formalizing the impeachment inquiry centered on US President Donald Trump, in the House Chamber October 31, 2019 in Washington, DC. PHOTO | WIN MCNAMEE | AFP

In Summary

US lawmakers vote for the first time to advance the impeachment process targeting the US president.
Trump has repeatedly branded the process as illegitimate and politically motivated and, true to

An aerial view of submerged villages in Pibor, South Sudan. The government has declared a state of emergency in flood-affected areas. PHOTO COURTESY | MSF

In Summary

About 900,000 people have been affected by the heavy rains across the...

Cashless economy: Is Mobile Money too expensive?

A man uses mobile money service to transfer funds in Kigali. A large portion of mobile money transactions in Rwanda does not qualify as fully-fledged cashless payments. Photo: James Munyaneza.

Collins Mwai

In most of Kigali’s business outlets, a client paying for a product or service via Mobile Money is

Space Lounge, a club operating within Kilimani area, Nairobi, has announced permanent closure and dismissal of workers from November 1, 2019, following a recent court order.

“Due to court order issued on October 17, 2019, for

Reuters
Kenyan bank shares rose in early trading yesterday, Refinitiv data showed, extending their gains for a

The executive director for National Council for Higher Education, Prof Mary Okwakol (left), shares a light moment with the State Minister For Higher Education, Dr John Chrysostom Muyingo (centre), after presentation of a report in Kampala yesterday. PHOTO BY DAVID LUBOWA

By DAMALI MUKHAYE

A report released yesterday by the National Council for Higher Education (NCHE) says more than 1,000 academic programmes being taught in universities and other tertiary institutions across the...

Reduction. There has been an increase in Uganda’s power exports to Kenya due to a reduction in tariffs. FILE PHOTO

By Christine Kasemiire

Ugandans transacted more money through Electronic Funds Transfer (EFT) compared to

Improving. Ease of doing business in Uganda has been improving in the last five years. Photo by Eronie Kamukama

In Summary

Marked reformers: At the global and Sub Saharan Africa level, the World Bank said with

Impediment. Low funding by government has continued to be an impediment for the building a commercialised agricultural sector. FILE PHOTO

In Summary

Justification. The rationale for PPPs is linked to market and policy failure in the delivery of

The improved Busia border crossing. NMG PHOTO

By Stephen Otage

Uganda Revenue Authority (URA) has said Kenya and Uganda have resolved to upgrade the Suam border point to ease pressure on Malaba and Busia.

EIB East Africa head Catherine Collin. FILE PHOTO | NMG

By BRIAN NGUGI
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Summary

Centum-owned renewable energy company Akiira Geothermal Ltd (AGL) chief financial officer Anthony Kahindi says the

Capital Markets Authority chief executive Paul Muthaura. FILE PHOTO | NMG

BD GRAPHC

By PATRICK ALUSHULA
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Summary

The Absa Africa Financial Markets Index (AFMI) 2019 showed that...

Nakuru governor Lee Kinyanjui. FILE PHOTO | NMG

Nairobi City skyline. FILE PHOTO | NMG

A customer at a Transnational Bank branch in Nairobi. FILE PHOTO | NMG

By PATRICK ALUSHULA
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Summary

Regulatory filings show that Access Bank, which has a presence in seven African countries including Rwanda, will acquire a ...

Kenyan firms have invested at least Sh113.3 billion ($1.1 billion) in East African countries. FILE PHOTO | NMG

By CONSTANT MUNDA
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Summary

Kenyan firms have invested at least Sh113.3 billion ($1.1 billion) in East African countries in the last four years, despite concerns that failure to ...