Business – Page 5 – Nomad Press

04 Jul

East Africa’s Premier Tourism Expo To Be Held In October 2024

admin0 CommentsBusinessKenya, Tourism

Investors in Kenya’s tourism sector have been encouraged to seize the opportunities presented by the Magical Kenya Travel Expo (MKTE) to network and explore partnerships with global buyers, in a quest to improve tourism business in the country. Tourism PS John Ololtuaa says that MKTE has been instrumental in facilitating local small and medium travel enterprises and start-ups to access international markets given that over 60% of the travel companies that exhibit at the expo can’t afford to participate in expos abroad. This, he affirms, can be the catalyst to the exponential growth of Kenya’s tourism sector coupled with the…

04 Jul

Faulu receives over Ksh 900 million boost for digital, MSME banking

admin0 CommentsBusinessFaulu Bank, Faulu Microfinance Bank

Faulu Microfinance Bank today announced a business refocus that will see it grow its digital banking offering and realign its distribution channels and human capital to drive sustainable growth. This is part of a strategy by the Bank to turn around its performance by becoming a leading traders bank and digital finance provider. At the same time, the Bank disclosed that it has received over Ksh 900 million from its parent company, Old Mutual, to strengthen its operations and reposition its business model for long-term growth. Faulu Microfinance Bank CEO, Julius Ouma, stated “over the last 18 months, we have…

03 Jul

Kenya Power Updates 2 Million Prepaid Meters in Major Campaign

admin0 CommentsBusinessElectricity, Kenya Power

Kenya Power has successfully updated 2 million prepaid meters in the last three weeks as part of its Update Token Meter Yako Campaign. The initiative, which targets a total of 7.4 million prepaid meters, aims to ensure customers continue to have access to electricity by updating their meter software. "The numbers are encouraging, and we are happy to note that our customers have taken the call to update their meters seriously. We are almost at 30% of the targeted meters, and we are optimistic that all our prepaid customers will have updated their meters by the 31st August deadline," said…

03 Jul

KTDA Clarifies Misreporting on Alleged Unsold Tea Stocks

admin0 CommentsBusinessKTDA, Tea

The Kenya Tea Development Agency (KTDA) has issued a statement addressing recent reports suggesting that it holds 200 million kilogrammes of unsold tea. This clarification follows claims made by Williamson Tea Kenya PLC in its financial disclosures and subsequent media coverage. KTDA firmly dispels the allegations of unsold tea stocks, stating that no such inventory exists as purported. "The said stocks cannot be destroyed since no such stocks exist as alleged," KTDA clarified, emphasizing that the reports are baseless and unfounded. Furthermore, KTDA refutes the assertion that these non-existent stocks are disrupting the market. The agency stresses its commitment to…

02 Jul

Local Content in Oil & Gas: A Catalyst for Shared Growth in Namibia

admin0 CommentsBusinessNamibia, Oil & Gas

Ndapwilapo Selma Shimutwikeni, Chief Executive Officer (CEO) and Founder of Rich Africa Consulting, explores how Namibia's focus on local content is set to unleash a wealth of opportunities for the local population, building on recent breakthroughs in the upstream industry. In the oil and gas industry, local content refers to the development of local industries, workforce and resources to support the operations of international oil companies (IOC) within a country. For Namibia, fostering ‘Namibian Content’ can significantly enhance economic growth, social development and technological advancement. Leveraging Local Content to Drive Economic Growth Local content policies can be a catalyst for…

01 Jul

Kenya–EU Economic Partnership Agreement Takes Effect

admin0 CommentsBusinessEuropean Union, Kenya

The Economic Partnership Agreement (EPA) between Kenya and the European Union has officially entered into force, marking a significant milestone in the EU-Kenya Strategic Partnership. This agreement grants Kenya duty-free and quota-free access to the EU's $18 trillion market, aiming to enhance bilateral trade, increase investment flows, and foster sustainable economic relations. The EPA, described as one of the most ambitious agreements between the EU and an African country, focuses on promoting economic sustainability, job creation, and economic growth. It includes comprehensive provisions on trade, economic and development cooperation, and addresses labor issues, gender equality, environmental conservation, and climate change.…

01 Jul

Kenya to Launch 12th National School-Based Deworming Campaign

admin0 CommentsBusinessEducation

Kenya will launch the 12th round of the National School-Based Deworming Campaign on 4th July, 2024. The initiative aims to improve the health and learning abilities of children by targeting parasitic infections that hinder their well-being and educational performance. The campaign is set to reach six million children across 16 high-risk counties, including Kirinyaga, Homa Bay, Kisii, Kisumu, Migori, Nyamira, Siaya, Bomet, Kericho, Nandi, Narok, Trans-Nzoia, Bungoma, Busia, Kakamega, and Vihiga. These regions have been identified as having a high prevalence of parasitic infections among school-aged children, necessitating concerted efforts to address the issue. By administering deworming medication, the program…

30 Jun

Uganda’s Coffee Exports to Turkey Soar as Embassy Intensifies Commercial Diplomacy

admin0 CommentsBusinessCoffee, Turkey, Uganda

Uganda's coffee industry has made a significant breakthrough in the Turkish market, with exports increasing by a remarkable 2,200% between 2019 and 2024. From a modest 2000 bags (120 tons) in 2019, coffee exports to Turkey surged to 44,000 bags (2,640 tons) in 2024. This impressive growth is attributed to the Uganda Mission in Turkey's strategic shift in approaching investment, trade, and tourism. By focusing on Uganda's major product that Turkey cannot easily substitute - coffee - the Mission successfully tapped into the Turkish market's growing demand for high-quality coffee. "Turkey offers a significant opportunity for Ugandan coffee exporters, with…

29 Jun

Afreximbank and WTO Sign MoU to Boost African Trade and Cotton Industry

admin0 CommentsBusinessAfrexim Bank, WTO

The African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) with the World Trade Organization (WTO) to enhance their collaborative efforts in promoting global trade by leveraging Africa’s unique resource endowment. The MoU establishes a framework for harmonizing and coordinating trade development activities on the continent. Collaborative Efforts in the Cotton Industry Afreximbank and the WTO are part of an inter-agency partnership aimed at transformative change in Africa’s Cotton-4 plus (C4+) countries—Benin, Burkina Faso, Chad, and Mali, with Côte d’Ivoire as an observer. This agreement will enable both organizations to expand their support for the cotton sector beyond…

29 Jun

Performance of the Kenya Shilling

admin0 CommentsBusinessForex Exchange

For the past one week, the Kenyan Shilling has depreciated against the US Dollar with a percentage change of approximately 0.692%. The upward trend in the exchange rate suggests a weakening of the KES relative to the USD during this period. The table below shows foreign exchange rates for various currencies dated 28th June, 2024. Exchange Rates Table Date Currency Exchange Rate 28/06/2024 HONGKONG DOLLAR 16.5874 28/06/2024 KES / USHS 28.6427 28/06/2024 SA RAND 7.0552 28/06/2024 SW KRONER 12.2364 28/06/2024 SINGAPORE DOLLAR 95.4897 28/06/2024 KES / BIF 22.2097 28/06/2024 NOR KRONER 12.1746 28/06/2024 SAUDI RIYAL 34.5267 28/06/2024 S FRANC 144.5130…