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Tuesday, 19 Jan 2021

Rwanda Moves to Stimulate Transition to Electric Vehicles on Local Market


Insights Africa

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Economic Outlook

Economic Outlook

  • In Kenya, the fuel cost levy has hit a 13-month high, setting the stage for an increase in power bills for households and businesses grappling with the Covid-19 economic fallout.
  • China has indicated its willingness to suspend Kenya's debt as part of measures to help developing countries weather the COVID-19 storm.
  • Blow for British American Tobacco (BAT) as Kenyan Health Cabinet Secretary declares the registration of nicotine pouches, including BAT's popular product Lyft, illegal and wants them deregistered. The ban follows intense lobbying by parents and anti-tobacco groups to have the Ministry of Health ban Lyft.
  • Kenya stands a better chance of getting a financing deal with the IMF following this month’s reversal of corona tax subsidies that has signaled that the National Treasury is committed to improving its fiscal position.
  • President John Magufuli to launch massive projects in Kagera, Tanzania. The president is expected to start a two-day tour in Kagera Region where he will inspect and launch various development projects worth an estimated 99 BN USD.
  • The Nigerian Ministry of Finance has released 10 BN NGN (26 MM USD) to support domestic COVID-19 vaccine production.
  • Rwanda moves to stimulate transition to electric vehicles on local market. The Rwanda Environment Management Authority (REMA) has called upon the public and private institutions as well as individuals to consider shifting to electric vehicles and join the effort to beat air pollution.
  • High airfreight charges threaten competitiveness of Rwanda's horticulture exports. The increase of the airfreight charges was attributed to the Covid-19 pandemic. According to exporters, RwandAir and Ethiopian Airlines charges have gone up 50% and 57% per kilogram, respectively, since the pandemic.
Political Events

Political Events

  • Uganda long-time President Yoweri Museveni has been re-elected amid accusations of vote fraud by his main rival Bobi Wine. Mr. Museveni won almost 59% of the vote, with Bobi Wine trailing with about 35%. Online services were restricted ahead of the vote, and social media remains blocked.
  • More than 80 killed in clashes in Sudan's Darfur region. The fighting in the state capital, El Geneina, began on Saturday after a row in which a man was stabbed to death.
Stock Market

Stock Market

  • An unprecedented 6 of the 11 Nairobi Securities Exchange (NSE)-listed banks have warned that their profits will fall by more than a quarter. The freeze on dividend payouts will see investors miss about 33 BN KSh (299 MM USD), going by the 2019 payouts or 47 BN KES (367 MM USD) that was paid in the previous year.
  • Standard Investment Bank (SIB) says its returns beat the Nairobi bourse index, which posted negative 6% return, as foreign investors fled the equities markets across the globe. The performance came on the back of gains from trading on crude oil, gold and the US stock markets.

                         Note:  Weekly values are calculated on Friday of each week.

Companies Transactions

Companies Transactions

  • In Kenya, UAP Insurance Company has overtaken CIC and APA insurance firms to become the top general insurer as measured by the amount of gross written premiums. Latest data from the Insurance Regulatory Authority (IRA) shows that UAP closed last June with a market share of 3%, climbing from the fourth position it occupied in previous similar period.
  • Employees of the national carrier, Kenya Airways (KQ) face a fresh round of pay cuts of up to 30% to preserve cash amid unrelenting financial challenges due to the Covid-19 pandemic.
  • Mayfair Insurance has been ordered to pay 143 MM KES (1.3 MM USD) insurance bond for delays in completing Duplex Apartments Riverside Gardens, Riverside Drive Nairobi.
  • Nairobi analytics firm Gro Intelligence, a privately funded commodity data and analysis service, raises 2 BN KES (85 MM USD) in venture funding for global expansion.
  • The Dangote Group has completed Nigeria's longest concrete road located in Kogi State. It is the first of its kind, top engineers say. The 43km Obajana-Kabba road constructed by Dangote Industries Limited (DIL), is aiding travelers between the North and the South.
  • URA (Uganda) recently started implementation of the Electronic Fiscal Receipting and Invoicing Solution (EFRIS), a medium that is being used by all businesses to manage issuance of receipts and invoices for tax purposes.
  • Audit report has revealed that for close to a year, Uganda's only bulk electricity purchaser, Uganda Electricity Transmission Company Limited (UETCL), paid thermal power producer, Electromaxx 6 BN USh (.9 MM USD) for unsupplied power meant for Arua.
  • Financial Technology companies (Fintechs) have said they expect to lose at least 666 BN UGX daily after Ugandan government shut down the Internet on Wednesday.

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