4. Speaking of not doing well, Unga prices are hitting mwananchi hard as they reach news highs with a 2kg pack is now selling for KES 250 in some places.
Please remember to carry gifts of unga ugali when visiting people:
9. Speaking of accusations, the High Court this week froze KES 8B held in 52 bank accounts owned by Flutterwave & Nigerian & Kenyan businessmen following suspicions of crime and online fraud.
@KenyaPower is working on a system to allow sharing of tokens. This will help tenants keep tokens when they shift houses or allow them to share with friends and relatives.
12. You know whoโs not smiling? Twitter shareholders.
Elon Musk is terminating the deal to buy Twitter saying that the companyโs misrepresentation of the number of spam accounts might be a โmaterial adverse effect (MAE)โ that would allow him to walk away.
15. In other tax-related news, taxpayers will spend over Sh5 billion to move Kenyaโs only referral public psychiatric hospital from Mathare to Ngong, where a modern facility is set to be established.
17. Turning west, our other fellow EAC members, DRC and Rwanda who have been bickering have agreed to de-escalate tensions on the security situation in the eastern part of DRC following a summit hosted in Angolaโs capital, Luanda.
19. Do note that the prices of used cars in Kenya have jumped by up to 30% over the past 3 months.
This has been attributed to the weak shilling, scarcity of vehicles and rising shipping costs, pushing low-range types such as Vitz above the KES 1.2M mark.
โThe Transmission Master Plan (TMP) projects the need for an additional 9,600 km of transmission lines and a $5.2B investment by 2042 to support industrial growth and electrification.
โKETRACO is exploring Public-Private Partnerships to bridge the funding gap
2. Why PPPs?
โKETRACO projects have historically been financed through loans from development partners like the World Bank, AfDB, JICA, and Exim banks.
โThe next set of funding from these partners is estimated to be available after the financial year 2028/2029.
โTotal Assets: +17.7% to 3.5B
โNet Income: +8.5% to 235M
โPAT: +3.8% to 116M
โDividend rate on deposits: 20%
โInterest rate on member deposits: 11%
2. Magereza DT Sacco:
โTotal Assets: +12.7% to 7.9B
โNet Income: +33.4% to 606M
โPAT: +53.9% to 129M
โDividend rate on share capital: 10%
โInterest rate on member deposits: 6%
10 Key Takeaways from the CBK Post-MPC Briefing by the Governor.
1. CBK is keen on the separation of Safaricom & M-Pesa:
"One of the factors that has been delaying this..is the tax liability which is fairly significant in the order of at least KES 75B & what to do with it"
2. There has been a sharp rise in remittances to Kenya this year:
"If one were to compare the first two months of 2024 (Jan & Feb 2024), we see remittances for those two months compared to the two months in 2023 have increased by more than 20%"
3. There was a slowdown in growth in credit to the private sector in Feb 2024 from 13.8% to 10.3%
"A certain amount of private sector loans is denominated in dollars & therefore, when the exchange rate appreciated the level of credit to the private sector did decline"
We selected the top #MwangoMemes from 2023 for you to enjoy!
1. The Kenya shilling closed 2023 at KES ~157 against the dollar.
Earlier in the year the President had promised that it would be trading at around 115 to 120 in a few months.
#MwangoMemes
@coldtusker @OchiengJasper @Brianmbunde @Bebi_16 @swabrah @KenyansNoContxt @Dicksonmagecha @MugambiNandi @alexmwanzo @InvAnalystKe 2. Kenya Power [ @KenyaPower] sought to enter the internet business.
It identified some 93 hotspots in Nairobi & Mombasa where it will connect with high-speed internet through 1,331.68 km of overhead fiber optic cables in phase 1 of its data business.
#MwangoMemes
3. There was a proposal to make Kenyans working abroad make mandatory contributions to a new Fund.
Every migrant worker would have to register as a member of the fund before departing the country.
1. Kenya's backlog of incomplete projects reaches KES 1.3 T, sparking calls for a halt on new government projects until existing ones are completed
#MwangoMemes
@MihrThakar @KenyansNoContxt @PesaWall @alexmwanzo @swabrah @NguliMT @MwangiMaina_ @Brianmbunde @arnoldi254 @DollyOgutu 2. Taxpayers are facing a new burden as President Ruto's administration plans to secure an additional KES 362B to fund his second full-year budget, set to surpass the KES 4T mark for the first time.
More debt on the way:
#MwangoMemes
3. Emergency loans the Treasury has tapped directly from CBK [ @CBKKenya] have hit a historical record KES 91.13 B.
According to CBK data, GoKโs overdraft has grown from KES 61.12 B at the end of July to KES 88.33B on December 1.
#MwangoMemes