The world of business never sleeps, and for those actively seeking knowledge about the latest in the Kenyan business scene, the Daily Nation is a go-to source for insights. Over the past week, several stories have caught the attention of readers and experts alike. From significant acquisitions to innovative business strategies and industry insights, let’s take a closer look at the top 10 Daily Nation business news stories of the week.
1. Equity Group acquires another lender: Equity Group’s push to become a regional financial powerhouse continues with the acquisition of DRC’s Banque Commercial Du Congo (BCDC). This move, which seeks to provide the group with afoot in the Democratic Republic of Congo market, is expected to see the Kenyan lender’s assets exceed the one trillion mark.
2. Telkom, Airtel merger gains regulator’s approval: A merger between Airtel and Telkom has been a long time in the making. The Communications Authority of Kenya approving the deal, noting that the two companies aim to create a strong entity that would be better placed to compete with rivals such as Safaricom and Liquid Telecom.
3. A New Leadership At Coca-Cola Kenya: Coca-Cola Beverages Africa (CCBA) has named Xavi Selga as the managing director of the Kenyan subsidiary, replacing Ahmed Rady. The move comes as the company seeks to expand its presence in Kenya, leveraging Selga’s vast experience in the field.
4. Kenya Airways to resume international flights: After months of disruption amid the COVID-19 pandemic, Kenya Airways is set to resume international flights starting August 1, 2020. The airline plans to operate flights to a limited number of destinations, including London, Dubai, and Addis Ababa.
5. Safaricom launches e-commerce platform: In this day and age, e-commerce platforms have become integral to business operations. Safaricom has not been left behind, launching an e-commerce portal dubbed Masoko. The platform, which aims to capitalize on the growth of online shopping and e-commerce, presents an opportunity for businesses to sell their products online.
6. KAM projects the manufacturing sector’s growth: According to the Kenya Association of Manufacturers (KAM), the manufacturing sector is expected to grow by 5.2% in 2020. With COVID-19 measures such as border closures, the sector has seen disruptions in supply chains, but KAM envisions increased local production and a focus on export markets.
7. Kenya’s growth forecast downgraded by the IMF: The International Monetary Fund (IMF) has revised downward Kenya’s growth forecast for the year to 1% from an earlier projection of 5.3%. The COVID-19 pandemic remains a critical challenge to various sectors of the economy.
8. Uber Eats Launches in Kenya: Uber Eats, which recently launched its services in Nairobi, is betting big on the Kenyan market. The platform, which allows food delivery from various restaurants, is set to attract a sizeable market of customers who prefer to have their food delivered at their doorstep.
9. 5G Trials Come to Kenya: Safaricom recently worked alongside the Chinese firm Huawei in testing the 5G network in various parts of the country. This move provides an opportunity for the telecoms company to grow its market share further beyond 4G.
10. Co-operative Bank acquires Jamii Bora Bank: Cooperative Bank’s acquisition of Jamii Bora Bank has been completed, giving the company a chance to tap into the latter’s customer base. The deal, which was struck at Ksh. 1.4 billion, is expected to see the cooperative bank enhance its retail market share.
In Conclusion
In conclusion, the Daily Nation has been a vital source of insights into Kenya’s business landscape. The top business news stories of the week give readers an overview of critical trends and developments in various industries. With the COVID-19 pandemic continuing to disrupt the status quo, businesses’ ability to adapt and innovate will be crucial in the coming months. For those keen on staying ahead of the curve, be sure to keep an eye out for what’s next.
