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Kenya Economy Watch
Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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A few borders away....Quote:
The Bank of Ghana has said it can not provide full assurance to depositors whose monies have been locked up in 23 Savings and Loans companies which bit the dust Friday.
The 23 institutions were within the savings and loans as well as the finance house categories of the financial sector.
The Bank of Ghana has reached the conclusion that GN is now insolvent under section 123 (4) of the Banks and SDIs Act, 2016 (Act 930), being in breach of its key prudential regulatory requirements.
The Bank of Ghana on Friday, May 31, 2019 revoked the licenses of some 347 microfinance institutions in the country. The reclassification was to among other things enable the institution to downsize its operations and also inject additional capital to resolve the acute liquidity challenges it was confronted with.
The Bank of Ghana has signalled the latest closure brings an end of a banking sector clean-up.
The statement from the BoG said ”the Bank of Ghana has with effect from today, completed the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.” According to the BoG, it has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.
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Rank: New-farer Joined: 12/30/2018 Posts: 94
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Bank forex deposits hit Sh620bn all-time high https://www.businessdail...4158-1078qy8/index.html via @BD_Africa
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Rank: Elder Joined: 12/4/2009 Posts: 10,678 Location: NAIROBI
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Coffee auction sales have plunged -25% from $105.3m in H118 to $78.9m in H119 due to lower prices. Coffee price has collapsed from $5.13 in Jan 2018 to $1.89 in Jun 2019. Tea auction sales have also sunk -25% from $633.8m in H118 to $476.5m in H119 due to much lower quantities. KNBStats Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,678 Location: NAIROBI
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https://www.kbc.co.ke/el...turers-to-be-backdated/
Electricity tax rebates for manufacturers would be backdated to June this year following the amendment to the Income Tax Act. All manufacturers will qualify for a 20 percent tax cut on their electricity bill in the 12 months period to June next year. However, starting July 2020 manufacturers will have to meet a criteria set by the government to continue enjoying the tax cuts. The tax rebate is expected to stimulate the manufacturing sector to create more jobs and expand the base. The manufacturers will see a 20 percent tax reduction from their power bills, which they will claim while filing their tax returns with the Kenya Revenue Authority. Manufacturers have welcomed the rebate saying it will help increase production and competition. However, from July next year, companies will only qualify for the rebates once they meet tough conditions set by the government such as increasing energy consumption and capital investment by 10 percent or boosting their sales revenue by 10 percent. The proposal was first announced in the Finance Bill 2019, allowing industries to deduct 30 per cent of their electricity expenses from their taxable income. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 8/6/2018 Posts: 299
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Ericsson wrote:https://www.kbc.co.ke/electricity-tax-rebates-for-manufacturers-to-be-backdated/
Electricity tax rebates for manufacturers would be backdated to June this year following the amendment to the Income Tax Act.
All manufacturers will qualify for a 20 percent tax cut on their electricity bill in the 12 months period to June next year.
However, starting July 2020 manufacturers will have to meet a criteria set by the government to continue enjoying the tax cuts.
The tax rebate is expected to stimulate the manufacturing sector to create more jobs and expand the base.
The manufacturers will see a 20 percent tax reduction from their power bills, which they will claim while filing their tax returns with the Kenya Revenue Authority.
Manufacturers have welcomed the rebate saying it will help increase production and competition.
However, from July next year, companies will only qualify for the rebates once they meet tough conditions set by the government such as increasing energy consumption and capital investment by 10 percent or boosting their sales revenue by 10 percent.
The proposal was first announced in the Finance Bill 2019, allowing industries to deduct 30 per cent of their electricity expenses from their taxable income. Actually the rebate is effective January 2019 not June 2019..
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Rank: Elder Joined: 12/4/2009 Posts: 10,678 Location: NAIROBI
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https://www.businessdail...4382-1edu72z/index.html
The Energy and Petroleum Regulatory Authority (EPRA) said road transport of petroleum products from Mombasa to Eldoret is cheaper by between Sh1,500 ($15) and Sh2,000 ($20) per cubic metre compared to pipeline transport. Pavel Oimeke, the EPRA director-general told the National Assembly’s Energy Committee that it costs $89 per cubic metre to transport petroleum products through the pipeline from Mombasa to Kampala in Uganda. The same costs $75 per cubic metre to transport by road. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,678 Location: NAIROBI
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"The SGR will boost international trade." Value of international trade (exports & imports) decreased by 4.4% in the 5 months to May 2019 to Kshs. 978.7 billion from Kshs. 1.023 trillion in a similar period. Over this period, exports declined 5.6% to Kshs. 252.2 billion. Imports declined by 3.96% to Kshs. 726.6 billion in the 5 months to May 2019 from Kshs. 756.5 billion in the 5 months to May 2018. This was a slower decline than the 5.6% decline in exports. The import to export ratio in the 5 months to May 2019 worsened to 288% from 283%. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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Ericsson wrote:"The SGR will boost international trade."
Value of international trade (exports & imports) decreased by 4.4% in the 5 months to May 2019 to Kshs. 978.7 billion from Kshs. 1.023 trillion in a similar period.
Over this period, exports declined 5.6% to Kshs. 252.2 billion.
Imports declined by 3.96% to Kshs. 726.6 billion in the 5 months to May 2019 from Kshs. 756.5 billion in the 5 months to May 2018. This was a slower decline than the 5.6% decline in exports.
The import to export ratio in the 5 months to May 2019 worsened to 288% from 283%. The SGR is only as good as the economy man. If guys are loosing jobs you expect exports to increase? It remains a good infrastructural project done at the right time, but at the wrong cost
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,678 Location: NAIROBI
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https://www.businessdail...54558-bp5brv/index.html
Kenya Airports Authority (KAA) chief executive Jonny Anderson has announced that he will quit from the helm of the parastatal on September 30, before the expiry of his term in November. Mr Anderson told KAA workers in a memo seen by the Business Daily on Friday that he would quit his position in the next one month, citing “personal reasons.” ‘I would like to take this opportunity to inform you that I have taken the decision not to pursue the decision of renewal my contract with KAA. This is after deep reflection and consolation with my family. “I will be proceeding on leave on September 30, with my tenure ending on November 21, 2019. I will take fond memories of the authority, colleagues, and the incredible journey with me in my heart," Mr Anderson said. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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Ericsson wrote:https://www.businessdailyafrica.com/news/KAA-boss-to-shock-resignation/539546-5254558-bp5brv/index.html
Kenya Airports Authority (KAA) chief executive Jonny Anderson has announced that he will quit from the helm of the parastatal on September 30, before the expiry of his term in November.
Mr Anderson told KAA workers in a memo seen by the Business Daily on Friday that he would quit his position in the next one month, citing “personal reasons.”
‘I would like to take this opportunity to inform you that I have taken the decision not to pursue the decision of renewal my contract with KAA. This is after deep reflection and consolation with my family.
“I will be proceeding on leave on September 30, with my tenure ending on November 21, 2019. I will take fond memories of the authority, colleagues, and the incredible journey with me in my heart," Mr Anderson said. The two men have broken his spirit
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 1/8/2018 Posts: 2,211 Location: DC (Dustbowl County)
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Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 possunt quia posse videntur
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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obiero wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni Maybe he was born after Kibaki left office and doesn't know what a growing economy looks like.
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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whiteowl wrote:obiero wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni Maybe he was born after Kibaki left office and doesn't know what a growing economy looks like. Huyu @mugundaman ameamini real estate zaidi, hata kuniliko.. Granted, it is safer than stock investment but returns are at times low
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 3/25/2010 Posts: 939 Location: Nai
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obiero wrote:whiteowl wrote:obiero wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni Maybe he was born after Kibaki left office and doesn't know what a growing economy looks like. Huyu @mugundaman ameamini real estate zaidi, hata kuniliko.. Granted, it is safer than stock investment but returns are at times low When you listen to hass you would think that real estate is doing great. Go to the ground and try to sell a unit.
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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jamplu wrote:obiero wrote:whiteowl wrote:obiero wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni Maybe he was born after Kibaki left office and doesn't know what a growing economy looks like. Huyu @mugundaman ameamini real estate zaidi, hata kuniliko.. Granted, it is safer than stock investment but returns are at times low When you listen to hass you would think that real estate is doing great. Go to the ground and try to sell a unit. Liquidity problems in the country, household debt rising, cheaper-but-inaccessible credit for Wanjiku, and leaders bickering over who will get to control the Government coffers in 2022. Devaluing the shilling can stimulate the economy and encourage spending, but then our country debt will go through the roof. So sit tight and hope the roads being built at inflated budgets will somehow translate into "more movement of goods that will grow the economy" Property sellers have the short-term boost of mattress-money being injected into circulation to beat the October deadline for the old 1000-notes.
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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rwitre wrote:jamplu wrote:obiero wrote:whiteowl wrote:obiero wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 Ukistaajabu ya Musa utaiona ya Firauni Maybe he was born after Kibaki left office and doesn't know what a growing economy looks like. Huyu @mugundaman ameamini real estate zaidi, hata kuniliko.. Granted, it is safer than stock investment but returns are at times low When you listen to hass you would think that real estate is doing great. Go to the ground and try to sell a unit. Liquidity problems in the country, household debt rising, cheaper-but-inaccessible credit for Wanjiku, and leaders bickering over who will get to control the Government coffers in 2022. Devaluing the shilling can stimulate the economy and encourage spending, but then our country debt will go through the roof. So sit tight and hope the roads being built at inflated budgets will somehow translate into "more movement of goods that will grow the economy" Property sellers have the short-term boost of mattress-money being injected into circulation to beat the October deadline for the old 1000-notes. DCI already triangulating the movement of funds.. Hapa kuna wenye ikibidi wataamua kuchoma hizo noti
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 The Governor of CBK also thinks things are great....these guys are drowning in the kool aid Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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KulaRaha wrote:maka wrote:MugundaMan wrote:Yaaaaaawn,
Wake us up to take all the doomsayers on this thread seriously when the Kenyan GDP growth rate dips below 5 percent p.a. Haya, 1800 posts. Let me get back to enjoying my vacay fully kapsa.
Shalom You think the economy is doing well? 👀👀👀👀👀 The Governor of CBK also thinks things are great....these guys are drowning in the kool aid You are misquoting Dr Njoroge. Everyone knows that he has been at the frontline against the rate cap and he has been vindicated!
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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