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The Beijing Revival...
Kenya's #1 newsletter among business leaders & policy makers
President William Ruto is in China to reassure the East that what seemingly appeared like a West-centric regime, is in fact willing to maintain the decade-old economic ties. As the president announced the goodies he had secured in Beijing, an interesting steel company caught our eye…
Good evening! It's Brian from The Kenyan Wall Street. This and more business stories in today's edition of ‘The Daily Brief’
THE BEIJING REVIVAL : Ruto's List of Deals with Chinese Backers
President William Ruto
Chinese steelmaker Rongtai Steel Co. Ltd.—recently flagged by KEBS for selling weak reinforcement bars—has struck a comeback deal worth KSh 12.9 billion after President Ruto’s state visit to Beijing, highlighting how political and diplomatic ties can override regulatory censure.
The investment headlines a broader KSh 126 billion China‑Kenya package, with manufacturing alone claiming KSh 41.4 billion. Critics note that KEBS had only in January decried the firm's substandard stock and ordered nationwide recalls, yet the firm now enjoys a state‑blessed expansion.
Parallel pledges include China Wu Yi’s US$150 million precast‑concrete plant plus apparel and smart‑transport ventures (US$70 million), while agribusiness and tourism projects push China’s total commitments into poultry, aloe, and resort developments. Here is the full article»»»»»
Today's Poll
Do you think Ruto's state visit to China will attract viable investors from Beijing |
More on Ruto in China
KAMLESH PATTNI : Undeterred By Sanctions, Striking Gold Deals…
Kamlesh Pattni signing a deal with the Niger government
Niger has inked a deal with Kamlesh Pattni's Dubai-based firm to build its first gold-refining complex. Pattni, infamous for his role in Kenya’s ‘Goldenberg’ scandal, continues to shine, albeit in a much less reputable way, under international sanctions. The refinery is expected to elevate Niger's mining sector and put it on the gold map, alongside its West African neighbors like Ghana. Perhaps this time, Niger’s gold will stay more in-country and less in questionable pockets. But will the man tasked with the development of this goal shrug off the cloak of scandal that trails him for decades? Read more »»»»»
MERGER : BK Group, RSSB Forge InsureCo
Bank of Kigali
BK Group Plc plans to merge BK General Insurance with RSSB’s Sonarwa General and Sonarwa Life, creating “InsureCo,” a single holding company that will offer both general and life cover across Rwanda. If shareholders approve the deal at the 9 May 2025 AGM and regulators sign off, InsureCo will leverage the partners’ capital and distribution networks to broaden affordable coverage—from motor and health to education and life—while tapping digital channels to lower costs and expand access. The same AGM will also vote on launching a regional private‑equity fund co‑owned with AFIG, underscoring BK Group’s push to steer more private capital toward long‑term ventures instead of relying on state‑directed finance. Read about it here »»»»»
ANALYSIS : The State of Mobile Money
The trends in the value of mobile money transactions since January 2023 | SOURCE : KNBS
Kenya’s mobile‑money sector cooled in February, with the total value of transactions sliding to KSh 636 billion—down KSh 154 billion from a year earlier and KSh 61 billion below January. Yet activity remains brisk: February still logged 267.9 million transfers and a record 394,853 active agents, while subscriptions edged up to 84.6 million. Safaricom continues to dominate the wallet wars, commanding roughly 91 % market share, trailed by Airtel at 8.9 %. Analysts say the dip reflects post‑holiday spending crunch rather than structural weakness, with volume resilience hinting at a quick rebound as the quarter progresses. Read more here »»»»»
Markets at a glance…
Source : NSE
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Yesterday's Poll Results
Do you support the CBK’s proposal to anchor lending rates to the Central Bank Rate (CBR)?
🟩🟩🟩🟩🟩🟩 Yes (84%)
🟨⬜️⬜️⬜️⬜️⬜️ No (16%)
I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.
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