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- Kenya's economy may slow down - World Bank
Kenya's economy may slow down - World Bank
Your Daily Dose of Financial News
Hello đź‘‹
Here is Brian from The Kenyan Wall Street.
Welcome to today's edition of our daily newsletter…
On our newsletter today
Kenya’s Economic Growth Outlook down to 4.7%
Things are looking grim for the Kenyan economy as the world bank expects 5% growth in 2026, slower than the 5.3% it had estimated earlier citing further fiscal slippages, extreme weather events and external economic challenges as the main risks. The institution also downgraded Kenya’s economic growth forecast for the year to 4.7% from an initial 5% forecast in June 2024 – all lower than the 5.6% recorded in 2023. The downward revision to pre pandemic average levels was driven by the severe floods in April and the deadly anti Finance Bill protests in June. Here's is why debt remains a concern for the Kenyan economy
Kenyans after reading the World Bank's bi-annual report
US, UK Sanction Kamlesh Pattni for Gold Smuggling
Kenyan businessman and politician Kamlesh Pattni is among 28 individuals and businesses based in Zimbabwe sanctioned by U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the UK’s International Corruption Unit (ICU) for involvement in global gold smuggling and money laundering. According to the sanctions, the global network led by Pattni has facilitated illicit activities by bribing officials, deploying trusted supporters to mask ownership, and weaving a global web of businesses to hide the illicit activities. Pattni, 59, first came to global attention as a result of the infamous Goldenberg scandal in Kenya in the 1990s, when he was accused of manipulating Kenyan export incentives and corrupting senior Kenyan government officials. Although Pattni denied any wrongdoing and appeared before a commission of inquiry in the 2000s, he eventually shifted his attention to Zimbabwe. Why is Pattni on the radar of the world's big boys again?
Push for GMO Products in Kenya intensifies
The push for the adoption of Genetically Modified Organism (GMO) food products is on course as the National Biosafety Authority (NBA) says it has received an application for environmental release or open field cultivation, and placing on the market of genetically modified maize (Zea mays). The application for the commonly known as Bt maize (MON 89034), was jointly submitted by the Kenya Agricultural and Livestock Research Organization (KALRO) and the African Agricultural Technology Foundation (AATF). The Bt maize has been developed using modern biotechnology methods to protect itself against specific pests such as the maize stem borers and fall armyworms, which are devastating pests in maize fields. As a result, farmers can expect less damage to their maize crop, which may lead to increased harvests and better-quality grains. This could also lower production costs and reduce risks to health and the environment by using fewer insecticides used for pest management. Read why the government believes GMO is safe…
TotalEnergies Kenya Issues Profit Warning
TotalEnergies Marketing Kenya has issued a profit warning for the full year ending 31st December 2024 citing higher finance costs owing to the elevated interest rates. The Nairobi Securities Exchange (NSE) listed firm says it expects a more than 25 percent decline in net profits for the full year 2024 compared to the same period in 2023, based on forecasted financial results of the firm.The high interest rates period experienced for the better part of the year led to increased finance costs amidst a challenging and unstable business environment, eating into the net earning of the company. How is this going to affect shareholders?
Stories you missed
Opinion and Commentary
Temi Faseyide explores how African startups can effectively position themselves for funding in an increasingly tough capital climate.
On the Trading Floor
How the Kenyan stock market performed today| NSE
Crypto prices at 6:18 pm EAT | Coin Market Cap
Video of the Day
Have a lovely evening!