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Tuesday, 12 Nov 2019

The “world’s fastest straight-line car” has been unveiled in South Africa Hakskeenpan desert.


Insights Africa

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Economic Outlook

Economic Outlook

  • The "world's fastest straight-line car" has been unveiled in South Africa Hakskeenpan desert. The car, which has been developed by the Bloodhound Land Speed Record (BLSR) team, can travel at staggering speeds of over 500 miles/hour, and could break the world land speed record in 2020.
  • According the East African Economic outlook report in 2019, Tanzania economic growth will grow faster than its peers with more than 6% by the end of 2019, while Kenya and Uganda will grow between 3% and 6%.
  • Kenya is considering giving citizenship to wealthy investors in a new push to enhance foreign direct investment (FDI) flows and to have high impact on new jobs and exports earnings.
  • Kenyan households are increasingly using cooking gas than kerosene and charcoal following regulatory and market-driven initiatives over the last decade. Noting that two in every 10 households in both rural and urban areas using Liquified Petroleum Gas (LPG) as the primary cooking fuel.
  • Egypt launched a new shipping line from Ain Sokhna port to Kenya Mombasa port, as part of the Gosour project of Egypt Ministry of Public Business Sector to promote intra-Egyptian trade with African countries.
  • Uganda has improved 11 steps forward in the World Bank Ease of Doing Business Report 2020. The report indicates that Uganda was ranked at 116 from 127 out of 190 economies, however, the country made only one reform in the area of access toelectricity over the last 12 months.
  • Uganda will take some time before it can fully achieve a cashless economy. According to the Central Bank of Uganda, Ugandans must first gain trust in electronic systems, keep money within the banking system and wide distribution of point of sales across the country, for the cashless economy to take shape.
  • The Zimbabwe Miners Federation (ZMF) has signed a Memorandum of Understanding (MoU) with the Small-Scale Miners Association of Zambia (SSMAZ), which will see the two countries sharing experiences on the small-scale mining sector.
  • The African Development Bank (AfDB) has set 700 MM USD aside for the private sector for diversification of Zambia economy. The money is for three sectors of the economy namely agriculture, energy and movement from copper dependency.
Political Events

Political Events

  • A delegation of the Swiss business community lands in Nairobi for a three-day fact-finding mission that will take them on a tour of Nairobi. The economic delegation comprising 15 companies will be led by the Switzerland State Secretary for Economic Affairs, Marie-Gabrielle Ineichen-Fleisch.
  • Khalid Belhoul, Undersecretary of the Ministry of Foreign Affairs and International Cooperation (MoFAIC) of UAE, met Selma Ashipala-Musavyi, Executive Director in the Ministry of International Relations and Cooperation of Namibia in order to enhance cooperation between the two friendly countries and discussed a number of issues of common concern.
Stock Market

Stock Market

  • On last Wednesday's trading session at the Nairobi Securities Exchange (NSE), the banking sector stocks continued to soar following a move by members of the finance committee in Parliament to support of the President's recommendation to do away with the interest rate cap. The market turnover increased to 1.7 BN KES (16.49 MM USD) compared to last Monday's trading session of 412 MM KES (3.96 MM USD).
  • Kenya has opened its stock market to increased speculation by creating a window that will see sophisticated and highly informed investors make quick gains from falling stock prices that has characterized trading on the Nairobi Securities Exchange for more than three years. The move is part of the recommendations by the World Bank to boost liquidity in the stock market where nearly 90% of the 1.6 million share accounts are dormant and have not been actively trading in the past two years.
Companies Transactions

Companies Transactions

  • Access Bank Plc, Nigeria largest retail lender, has acquired Kenya Transnational Bank, in order to expand in the region through acquisitions and setting up of greenfield operations, in a move that is set to deepen competition for customers with local rivals.
  • Farmers in Kenya now have a great opportunity to easily acquire farm machinery and equipment following the signing of a joint scheme between the Co-operative Bank and CFAO Kenya Ltd (formally Toyota Tsusho East Africa Ltd).
  • Kenya Airways (KQ) has completed 594 flights to and from New York since the launch of inaugural flight on October 28 in 2018. Noting that around 105,084 passengers have been flown on the route in the past one year.
  • Ola Energy launches O'ptimium to compete with Vivo's Shell V-Power and part of its growth and rebrands strategy. The fuel is made through the addition of performance additives that help clean car engines.
  • Naivasha based Flower Business Park (FBK) is seeking to double its production from the current 1 million roses every day as demand for roses and vegetable seedlings continue to rise.
  • Vodacom Tanzania core earnings increased 9.3% in the first 9 months of 2019, driven by increased revenue from its financial and data provision services. Tanzania biggest telecoms operator stated that revenue from its M-Pesa financial services operations grew 15.9%, while its data business posted 17.4% revenue growth.
  • Regional leasing firm, Vehicle and Equipment Leasing Limited (VAELL), has for the 4th time in a row been featured in the list of Tanzania Top 100 Mid-Sized companies. In 2019, the firm was ranked position 29, compared to 45 in 2018's survey.
  • The Philip Ndegwa family is running the biggest fund, managing more than 278 BN KES (2.7 BN USD) once it completes the buyout of asset manager Stanlib Kenya. The family's ICEA Lion Asset Management has signed an agreement to acquire Stanlib Kenya in a deal whose value is estimated at more than 1.5 BN KES (14.6 MM USD).

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