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120 Pages«<105106107108109>»
Kenya Economy Watch
maka
#2121 Posted : Thursday, June 27, 2019 10:47:58 AM
Rank: Elder


Joined: 4/22/2010
Posts: 11,249
Location: Nairobi
Fyatu wrote:
obiero wrote:
Ericsson wrote:
https://www.standardmedia.co.ke/article/2001331585/pensioners-suffer-as-their-sh67b-goes-down-the-drain

Almost cried while reading this


Hujuma...



Very sad state of affairs...
possunt quia posse videntur
Ericsson
#2122 Posted : Monday, July 01, 2019 11:09:35 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,737
Location: NAIROBI
- Kenya’s economic growth slowed in the first quarter of this year compared with the same period last year due to dry weather which curbed the farming sector, the statistics office said on Friday.

The Kenya National Bureau of Statistics said the economy grew 5.6% year-on-year from 6.5% in the same quarter last year.

It said the agriculture, forestry and fishing sector, which contributes about a third of output, grew 5.3% compared with 7.5% in the first quarter of 2018.

“The quarter was characterised by slowdown in agricultural activities following delay in the onset of long rains,” KNBS said in a statement.

“The slowdown in agricultural growth somewhat affected agro-processing and consequently led to slowed manufacturing activities during the review period.”

Manufacturing grew by 3.2% from 3.8% expansion in first quarter 2018, the statistics office said.

Growth in the transportation and storage sector slowed to 6.7% from 8.5% in first quarter 2018, while construction expanded 5.6% from 6.6%.

It said accommodation and food service activities expanded 10.1% from 13.1% in first quarter 2018. The sector includes the tourism industry, which is among Kenya’s top foreign exchange earners.

https://af.reuters.com/a.../kenyaNews/idAFL8N23Z4V0
Ericsson
#2123 Posted : Sunday, July 21, 2019 7:52:11 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,737
Location: NAIROBI
Kenya's National debt has increased by over ksh.80bn over the past three months due to currency depreciation
Ericsson
#2124 Posted : Tuesday, July 30, 2019 1:09:55 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,737
Location: NAIROBI
https://www.bloomberg.co...aign=socialflow-organic

Kenya’s shilling fell to the weakest level against the dollar in almost four years amid a decline in earnings from key exports including flowers and tea.

The currency of East Africa’s largest economy dropped 0.2% to 104.07 shillings per dollar by 12:40 p.m. in the capital, Nairobi, on track for the lowest level since October 2015. It’s set for a fifth straight monthly decline.

While remittances, Kenya’s biggest source of foreign exchange, rose in the six months through June, agricultural and cut-flower exports declined and tourism numbers dropped. That’s putting pressure on the shilling at a time when a strengthening dollar is undermining most emerging-market currencies.

“Exports have been muted while imports have been expanding and resulted in widening the trade gap,” said Churchill Ogutu, a senior research analyst at Nairobi-based Genghis Capital. “If three of the top four forex earners are having a downturn it will exacerbate the deficit.”

Kenya’s tea production in the first five months of this year fell to 170.18 million kilograms compared with 187.69 million kilograms during the same period in 2018. The average auction price was $2.25 per kilogram compared with $2.80 per kilogram a year ago. Kenya is the world’s biggest exporter of black tea. The Kenya Flower Council sees 2019 cut-flower earnings growth slowing to 20% from 38% on global oversupply. Kenya is the largest exporter of cut flowers to Europe.

The number of visitors to Kenya declined to 921,090 in the first six months of this year compared with 927, 977 during the same period a year ago. Cumulative remittances in six months through June increased to $1.45 billion from $1.38 billion during the same period last year.
Angelica _ann
#2125 Posted : Tuesday, July 30, 2019 1:21:33 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
Ericsson wrote:
Kenya's National debt has increased by over ksh.80bn over the past three months due to currency depreciation


Was Eurobond 1 paid in full - P+I?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Extraterrestrial
#2126 Posted : Tuesday, July 30, 2019 1:43:35 PM
Rank: New-farer


Joined: 11/17/2018
Posts: 95
Location: Mars
All time low from 2011 is 106.90. That was a remarkable move from 85 in less than one year.
newfarer
#2127 Posted : Tuesday, July 30, 2019 3:34:32 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,367
Location: Uganda
Extraterrestrial wrote:
All time low from 2011 is 106.90. That was a remarkable move from 85 in less than one year.

any relationship with the corruption fight..money returning from the mattresses leading to oversupply?

https://www.the-star.co....w-on-high-dollar-demand/
punda amecheka
Extraterrestrial
#2128 Posted : Tuesday, July 30, 2019 5:05:52 PM
Rank: New-farer


Joined: 11/17/2018
Posts: 95
Location: Mars
newfarer wrote:
Extraterrestrial wrote:
All time low from 2011 is 106.90. That was a remarkable move from 85 in less than one year.

any relationship with the corruption fight..money returning from the mattresses leading to oversupply?


The immediate downtrend following the demonetisation announcement is noticeable.
Ericsson
#2129 Posted : Sunday, August 04, 2019 8:38:25 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,737
Location: NAIROBI
According to an analyst it will take 6 years to clear/correct the mess created by Jubilee government.
Monk
#2130 Posted : Monday, August 05, 2019 6:42:21 AM
Rank: Member


Joined: 7/1/2009
Posts: 114
Angelica _ann
#2131 Posted : Monday, August 05, 2019 7:27:03 AM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995


Jubilee manenos!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
aemathenge
#2132 Posted : Monday, August 05, 2019 10:21:33 AM
Rank: Elder


Joined: 10/18/2008
Posts: 3,085
Location: Kerugoya
Copy and Paste Extract

Quote:


NSE 20 Share Index dips to a 10 year low

The 20 Share index at the Nairobi Securities Exchange closed at 2,586 points on Friday, the lowest close since March 2009.

The decline has been attributed to weak financial results by some of the listed counters.

Additionally, foreign investors have been exiting the market in the past few months leading to the downward trend in index performance.

The poor performance has been blamed on limited access to credit and tough operating conditions.


Source: https://kenyanwallstreet...-dips-to-a-10-year-low/
mulla
#2133 Posted : Monday, August 05, 2019 10:25:07 AM
Rank: Member


Joined: 6/15/2013
Posts: 280
Ericsson wrote:
According to an analyst it will take 6 years to clear/correct the mess created by Jubilee government.

Will even be worse dependent on who will take over in 2022....
Angelica _ann
#2134 Posted : Wednesday, August 07, 2019 1:05:38 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
Treasury seeks Sh150bn fresh syndicated loan
Wednesday, August 7, 2019 10:27

The Treasury has approached international banks to arrange a Sh150 billion syndicated loan to partly finance this year’s budget.

A private document circulated among banks indicates that Kenya is seeking about $1.5 billion (Sh150 billion) in tranches of $600 million and €250 million, which may be increased by an equivalent of €250 million.

The new loan will be charged at a rate of about 8.65 percent (London Interbank Offered Rate plus 645 basis points), equivalent to what Kenya recently secured for its longest maturity Eurobond of 30 years, yet the syndicated debt is to be paid back in six years.

Despite the Eurobond being relatively cheaper especially at a time when the United States Federal Reserve Bank is cutting interest rates, Treasury officials are said to be more in favour of the syndicated loans that do not ordinarily attract much public attention.

Director-general Public Debt Management Office and former Central Bank (CBK) deputy governor Haron Sirima Tuesday said he was not aware of the fresh syndicated loan issue, while acting Treasury Secretary Ukur Yatani did not reply to our text messages or pick our calls by the time of going to press.

The latest CBK report shows that Kenya’s public debt level has hit Sh5.81 trillion, with its growth outpacing tax revenue collection.

The Treasury has this year set a borrowing target of Sh324 billion from foreign financiers and Sh283 billion in the domestic market, which is expected to tip the country’s loan well over the Sh6 trillion mark.

Kenya’s first Eurobond was issued in 2014 at a coupon rate of 5.8 percent for five years and 6.8 percent for the 10-year tranche.

As US rates started going up and risk averseness hit emerging markets, the Eurobonds came slightly higher in 2018 at 7.4 percent for the 10-year and 8.8 percent for the three-decade papers.

This year, Kenya secured a rate of seven percent on the shorter, 7-year loan and eight percent on the 12-year tranche.

Kenya is also facing the dilemma of large debt maturities coming up in quick succession.

The Eurobond’s principal payments will be made in June 2024, May 2027, February 2028, May 2032 and February 2028.

This is expected to put a strain on CBK’s forex reserves.

“So far, we have made only one principal payment (June 24th 2019) and this was paid out from the proceeds of another Eurobond issue. The coupons, however, have been repaid from our forex reserves. You will notice some slight dips in reserves below whenever we make coupon payments eg in June and December,” said Renaldo D’souza of Sterling Capital Research.

Since 2014, Kenya has borrowed a total of Sh685 billion ($6.85 billion) from the Eurobond market.


https://www.businessdail...6344-11y4khsz/index.html
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Swenani
#2135 Posted : Thursday, August 08, 2019 11:01:20 AM
Rank: User


Joined: 8/15/2013
Posts: 13,042
Location: Vacuum
[quote=Angelica _ann]Treasury seeks Sh150bn fresh syndicated loan
Wednesday, August 7, 2019 10:27

The Treasury has approached international banks to arrange a Sh150 billion syndicated loan to partly finance this year’s budget.

A private document circulated among banks indicates that Kenya is seeking about $1.5 billion (Sh150 billion) in tranches of $600 million and €250 million, which may be increased by an equivalent of €250 million.

The new loan will be charged at a rate of about 8.65 percent (London Interbank Offered Rate plus 645 basis points), equivalent to what Kenya recently secured for its longest maturity Eurobond of 30 years, yet the syndicated debt is to be paid back in six years.

Despite the Eurobond being relatively cheaper especially at a time when the United States Federal Reserve Bank is cutting interest rates, Treasury officials are said to be more in favour of the syndicated loans that do not ordinarily attract much public attention.

Director-general Public Debt Management Office and former Central Bank (CBK) deputy governor Haron Sirima Tuesday said he was not aware of the fresh syndicated loan issue, while acting Treasury Secretary Ukur Yatani did not reply to our text messages or pick our calls by the time of going to press.

The latest CBK report shows that Kenya’s public debt level has hit Sh5.81 trillion, with its growth outpacing tax revenue collection.

The Treasury has this year set a borrowing target of Sh324 billion from foreign financiers and Sh283 billion in the domestic market, which is expected to tip the country’s loan well over the Sh6 trillion mark.

Kenya’s first Eurobond was issued in 2014 at a coupon rate of 5.8 percent for five years and 6.8 percent for the 10-year tranche.

As US rates started going up and risk averseness hit emerging markets, the Eurobonds came slightly higher in 2018 at 7.4 percent for the 10-year and 8.8 percent for the three-decade papers.

This year, Kenya secured a rate of seven percent on the shorter, 7-year loan and eight percent on the 12-year tranche.

Kenya is also facing the dilemma of large debt maturities coming up in quick succession.

The Eurobond’s principal payments will be made in June 2024, May 2027, February 2028, May 2032 and February 2028.

This is expected to put a strain on CBK’s forex reserves.

“So far, we have made only one principal payment (June 24th 2019) and this was paid out from the proceeds of another Eurobond issue. The coupons, however, have been repaid from our forex reserves. You will notice some slight dips in reserves below whenever we make coupon payments eg in June and December,” said Renaldo D’souza of Sterling Capital Research.

Since 2014, Kenya has borrowed a total of Sh685 billion ($6.85 billion) from the Eurobond market.


https://www.businessdail...344-11y4khsz/index.html[/quote]
Red hawt growing economy
Poverty is the root of all evil
Shak
#2136 Posted : Thursday, August 08, 2019 1:13:07 PM
Rank: Elder


Joined: 2/22/2009
Posts: 2,381
Location: Africa
EA Portland Cement to lay off entire workforce
POSTED ON AUGUST 8, 2019 BY MARGARET NJUGUNAH


Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company/FILE
NAIROBI, Kenya, Aug 8 – Loss making cement manufacturer East African Portland Cement is set to lay off all its employees in a restructuring plan expected to save the company from further losses.
In a memo seen Capital Business, the firm’s CEO Stephen Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company.
Nthei says the Nairobi Securities listed company has been making losses of up to Sh8 million daily which has impacted negatively on sales and subsequent profitability, hence the move.
Subsequently, all jobs will be reconfigured in terms of job consolidation and enrichment, in line with the restructuring.
mlennyma
#2137 Posted : Thursday, August 08, 2019 1:49:13 PM
Rank: Elder


Joined: 7/21/2010
Posts: 5,996
Location: nairobi
Shak wrote:
EA Portland Cement to lay off entire workforce
POSTED ON AUGUST 8, 2019 BY MARGARET NJUGUNAH


Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company/FILE
NAIROBI, Kenya, Aug 8 – Loss making cement manufacturer East African Portland Cement is set to lay off all its employees in a restructuring plan expected to save the company from further losses.
In a memo seen Capital Business, the firm’s CEO Stephen Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company.
Nthei says the Nairobi Securities listed company has been making losses of up to Sh8 million daily which has impacted negatively on sales and subsequent profitability, hence the move.
Subsequently, all jobs will be reconfigured in terms of job consolidation and enrichment, in line with the restructuring.

more suffering government management style
"Don't let the fear of losing be greater than the excitement of winning."
Angelica _ann
#2138 Posted : Thursday, August 08, 2019 2:18:44 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,995
mlennyma wrote:
Shak wrote:
EA Portland Cement to lay off entire workforce
POSTED ON AUGUST 8, 2019 BY MARGARET NJUGUNAH


Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company/FILE
NAIROBI, Kenya, Aug 8 – Loss making cement manufacturer East African Portland Cement is set to lay off all its employees in a restructuring plan expected to save the company from further losses.
In a memo seen Capital Business, the firm’s CEO Stephen Nthei says all positions in the company have been declared redundant and will affect both unionisable and non-unionisable workers in the company.
Nthei says the Nairobi Securities listed company has been making losses of up to Sh8 million daily which has impacted negatively on sales and subsequent profitability, hence the move.
Subsequently, all jobs will be reconfigured in terms of job consolidation and enrichment, in line with the restructuring.

more suffering government management style


Mismanagement.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
whiteowl
#2139 Posted : Saturday, August 10, 2019 5:22:46 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
Are guys cleaning the old 1000 notes through malls? Offers like 50% off on some electronics and 15/= on bread don't make sense at all.And all offers are ending on September 30th.
tinker
#2140 Posted : Saturday, August 10, 2019 8:26:04 PM
Rank: Member


Joined: 11/15/2010
Posts: 379
Location: Nairobi
whiteowl wrote:
Are guys cleaning the old 1000 notes through malls? Offers like 50% off on some electronics and 15/= on bread don't make sense at all.And all offers are ending on September 30th.

Why is this?, info us ...we partake in it.
....He who began a good work in you will carry it on to completion..
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