The Mwango roundup of Today’s Top business News [May 13th 2022]

1. Kenyan MPs are pushing for 62% pay increase to KES 1.15M monthly + additional KES 2.5M for tax-free car grant.

“We are demanding to be placed in the same job scale as judges of the appeal court”

[@BD_Africa]
2. Kenya is set to send a team of inspectors to India with the aim of ending a long-standing wheat import ban from the country amid low global supply.

Kenya banned wheat imports from India due to the fungus Tilletia Indica or Karnal Bunt (KB).

[@TheStarKenya]
3. According to the Campaign for Safer Alternatives (CASA) - a group that advocates for less harmful smoking options; the proposals to increase sin tax threaten to deprive smokers of alternative nicotine products e.g e-cigarettes that might be relatively safer.

[@TheStarKenya]
4. Kenyans spent KES 169.1B on betting through M-Pesa in the year to March 2022.

This was a 24% YoY increase Year-Over-Year, generating revenues of 5.98B to Safaricom.

Betting is M-Pesa’s second-largest generator of revenues after payments.

#SafaricomFYResults
5. Radisson Blu Upperhill has reopened its doors to the public after a 16- month shutdown amid the Covid-19 pandemic .

Low bookings due to the pandemic pushed the establishment to halt operations and send most of its staff home in December 2020 .

[@CapitalFMKenya]
6. MARA, a Pan-African crypto exchange, launched on Wednesday and announced USD23M/KES 2.7B in funding and a partnership with the Central African Republic, which just passed a bill legalizing Bitcoin as legal tender .

[@CapitalFMKenya]
7. 40K bar owners in Nairobi hopeful of gradual recovery of business from the pandemic-induced slump.

More than KES 150B and 250K jobs have been lost in the industry since 2020 - out of which 10K jobs have been restored due to the slow rate of hiring.

[@TheStarKenya]
8. The toll rates for the Nairobi expressway have been set for opening on May 14.

- Heavy vehicles with four or more axles will be four times above the rates of saloon vehicles.

- Ambulance, Police vehicles, and fire trucks are exempted from paying the rates.

[@CapitalFMKenya]
9. CMA licenes three fund managers: African Alliance Kenya Asset Managers Limited, CPF Financial Services Limited, and Kuza Asset Managers Limited; raising the total number of licensed fund managers to 29 in Kenya.

[@CapitalFMKenya]
10. Namibia launches sovereign wealth fund set to buffer against economic shocks.

The fund be split into two: the Intergenerational and Stabilization account which will be financed with proceeds from the renewable energy industry, mining royalties & fishing quotas.

[@BBGAfrica]
11.Kenya’s Cabinet resolved to maintain the fuel subsidy that has been cushioning the public against rising prices.

Kenya’s Stabilization Fund that has been subsidizing the fuel collected KES 25.2B in the year through end-June 2021.

[@BBGAfrica]
12. Nigeria stocks evade global stocks selloff as foreign investors trapped by currency constraints double down.

The NGX ALl Share Index has rallied 24% YTD as close of Wednesday. Comparatively, Emerging-market frontier stocks were down 11%, MSCI World Index -18%.

[@BBGAfrica]
13. Mining investors are back in Africa amid global rush for metals vital to the global energy transition.

In Zambia, the new President Hakainde Hichilema has wooed foreign investors to its mining sector; seeking to triple copper output in the next decade.

[@BBGAfrica]
14/14. Kenya to send inspectors to India aim to a long-standing import ban for Indian wheat amid low global supply.

The wheat import was banned due to the fungus Tilletia Indica.

In 2021, Kenyan wheat import was 2.2M tonnes vs local production of 180K tonnes.

[@TheStarKenya]

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More from @MwangoCapital

May 13
We are Live: Join as for a conversation on #SafaricomFYResults 2021/22

#MwangoSpaces

twitter.com/i/spaces/1eaJb…
Safaricom [@SafaricomPLC ] has set up two data centers in Ethiopia to host their servers.

Safaricom in proposed infrastructure sharing talks with Ethio Telecom [@ethiotelecom]

The company to set up Retail Networks
-@WillisOwiti
▪️The shared knowledge in the consortium to help Safaricom break into the Ethiopian market

▪️ The uniqueness of MPESA in Safaricom's business model gives it a competitive advantage

-@Silhar13
Read 13 tweets
May 13
Here is our analysis of the Safaricom [@SafaricomPLC] full-year results:

#SafaricomFYResults #MwangoInsights Image
2/ Here is how the share price has been the past year.

Not been a good year for it being down 11.76 for FY 2022.

#SafaricomFYResults #MwangoInsights Image
Read 14 tweets
May 13
Bamburi [@BamburiCement] CEO is in the @BD_Africa today:

1. On dollar shortages:

"So far we have not faced the kind of crisis where we were not able to pay our suppliers. So we are trying to manage it properly with our banks. But the situation is 𝐯𝐞𝐫𝐲 𝐛𝐚𝐝"
2. On rising operating costs:

"The freight markets have increased more than 30% & we all know what is happening in the fuel market. We are a big consumer of coal & the prices have gone up to about $300 per tonne vs $100 last year"
3. More notes:

- Bamburi have raised cement prices by ~10% this year. Don't expect a reprieve soon.

- Construction of solar power plants to start towards end of this year and be done in Q3 2023. They expect this to help reduce their power bills by 10-15%.
Read 5 tweets
May 12
Welcome to the Equity Group [@KeEquityBank] Q1 2022 Earnings brief.

You can follow the proceedings on YouTube. We will be live-tweeting the key points in a thread below this Tweet.

#Equity2022Q1Results #MwangoInsights
Equity Bank Group [@KeEquityBank] Balance Sheet 2020-2021:
#Equity2020Q1Results #MwangoInsights
Equity Bank Group [@KeEquityBank] Economic Recovery Outlook: Regional CBR and Currency Depreciation
#Equity2020Q1Results #MwangoInsights
Read 16 tweets
May 12
#ThrowbackThursday by DTB [@DTBKenya]:

1. Upon completion of 60 years as Imam, the Ismaili community commemorated Mawlana Sultan Muhammad Shah’s Diamond Jubilee by weighing the imam against diamonds.

More than 0.5M pounds of diamonds were collected.

#BankWithUsBankOnUs ImageImage
2. Some of the funds were used to create the Diamond Jubilee Investment Trust Limited, a precursor to DTB Kenya, which was officially incorporated in Dar-es Salaam and then moved to develop branches in Kenya and Uganda.

#BankWithUsBankOnUs Image
3. In 1965, DJIT was split into three companies – DJIT (Kenya), DJIT (Tanzania) and DJIT (Uganda).

It transformed itself from a community-based finance house into a growing non-bank financial institution (NBFI).

#BankWithUsBankOnUs Image
Read 4 tweets
May 12
Top in business news today

1. CEO Bonuses in 2021 for Kenyan listed banks show that Cooperative bank CEO Gideon Muriuki took home KES 266.40 in 2021. That’s almost 6X the second placed Stanchart CEO.
[@BD_Africa] Image
2. A study by the Global System for Mobile Communications Association (GSMA) shows that 12% of the 67.94 million mobile money users are not registered under their own names and, therefore, transact through third parties
[@BD_Africa] Image
3. KES hits 116.07 vs the dollar.
[@BD_Africa] Image
Read 17 tweets

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