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Tuesday, 24 Sep 2019

The 2019 United Nations Environment Program (UNEP) report that tracked global trends in renewable energy investments shows Kenya overtook Egypt, UAE


Insights Africa

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Economic Outlook

Economic Outlook

  • The 2019 United Nations Environment Program (UNEP) report that tracked global trends in renewable energy investments shows Kenya overtook Egypt, UAE, Jordan and Rwanda to join top six hotspots for green energy.
  • The Central Bank of Kenya (CBK) collected 56.2 BN KES (540.2 MM USD) from the money market through repurchasing agreements (repos), signaling expectations of a large injection of shillings into the market.
  • The Africa Wealth report 2019 published by Mauritius based AfriAsia bank has ranked Kenya the fourth African country with the highest number of super wealthy billionaires.
  • Kenya has the highest ranking in economic, consumer and business prospects in 2019 African markets for the second year in a row, a survey by New York-based data analytics firm Nielsen Holdings Plc shows.
  • The Kenya shilling is likely to lose ground against the dollar in 2019, despite its recent stability, analysts at Renaissance Capital have said. Noting that the currency might close the year at 105 against the greenback.
  • Top officials from China's Yunnan Coffee Exchange (YCE) completed a seven-day fact finding mission on how they can partner with Uganda coffee regulatory authority to boost the country's exports to China.
  • The Ernst & Young (EY) audit firm Attractiveness Survey 2019, which measured FDI inflows among East Africa Community states, indicates that Uganda attracted FDI worth 6,000 new jobs in the period ended December 31, 2018.
  • The government of Rwanda has cooperated with the African Renewable Energy Distributor (ARED) to create mobile kiosks known as "Shiriki hubs", powered by 100-watt solar panels that can charge up to 30 phones at one time by paying 5 cents to fully charge a phone and can serve as Wi-Fi hotspots as well by paying only 3 cents for a 10 minutes.
  • The National Railways of Zimbabwe (NRZ) is set to move 100,000 tons of maize from Tanzania, as the country seeks to cover its grain deficit.
  • In Zimbabwe, the government is seeking to construct over 6,000 health centers in the next five years as it seeks to ensure that everyone accesses services without travelling for long distances.
Political Events

Political Events

  • Turkey and Uganda are expected to sign six new cooperation agreements before the end of 2019. Some of the agreements we expect to sign include, cooperation in military training, judiciary, higher education, economic cooperation and the establishment of the Yunus Emre Institute.
  • Trade relations and cooperation between Zimbabwe Mashonaland West province and the Southern Province of Zambia are set to deepen following the signing of an MoU resulting in socio-economic transformation in the two provinces.
Stock Market

Stock Market

  • The Nairobi Securities Exchange (NSE) will conduct final mock run on its upgraded Automated Trading System (ATS) for the equity market ahead of full commissioning. The NSE said the system is inter-operable with the Central Depository System, a government bonds system and brokers' back-office systems (BBO).
  • Investors in the nation's stock market have lost a total of 1.52 TR NGN (4.25 BN USD) in eight months, as the total market capitalization of equities listed on the Nigerian Stock Exchange dropped from 11.721 TR NGN (32.8 BN USD) at the beginning of the year to 10.200 TR NGN (28.5 BN USD) at the end of August 2019.
Companies Transactions

Companies Transactions

  • Cairo-based tuk-tuk and motorcycle ride-hailing startup Halan plans to begin operations in Ethiopia before the end of 2019. The company will begin operations in Adama, some 150 km away from the capital city of Addis Ababa, where it aims to recruit the 1k vehicles currently in operation before launching countrywide.
  • Facebook has launched an initiative to help equip Kenyan SMEs with digital skills that will help entrepreneurs grow their businesses in the increasingly digital economy. It will work with Wylde International, a local firm that develops businesses, to train 3,000 entrepreneurs in Nairobi, Kisumu, Nakuru and Mombasa on digital advertising.
  • Kenya Power has issued a profit warning, saying that profits for the year ending June 2019 will be more than 25% lower reaching around 1.44 BN KES (13.8 MM USD) compared to 1.92 BN KES (18.5 MM USD) after-tax profit posted in the financial year ended June 2018.
  • Uber Drivers will be required to maintain a minimum 4.6-point rating in new regulations that the US firm said would ensure quality services. Drivers unable to meet the new rating that will be deactivated after 30 days if they fail to improve their position.
  • Equity Bank has joined the SME Finance Forum, becoming the third local lender after Co-operative Bank and Commercial Bank of Africa to join the group aimed at promoting the financial growth of SMEs.
  • Air Tanzania will get two additional Airbus A220-300 aircraft, due for delivery in either late 2020 or early 2021, according to information received from Airbus in Toulouse.
  • Panasonic TOUGHBOOK is encouraging European channel partners to grow their business by using its new-look partner portal and by helping to plant over 1000 trees in Europe and Tanzania in support of ForestNation's campaign to help alleviate hunger, poverty and deforestation.

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