Kenya Airways Will Not Be Flying To India Soon
Kenya Airways will wait longer to resume scheduled flights on Indian routes. Restrictions on the route have been extended for another 30 days. The Indian route was one of the most lucrative. The action is negative for KQ revenues.
Kenyan citizens and Indians who are local residents are allowed to fly in on charter flights and have to undergo a 14-day quarantine and present evidence of negative Covid-19 tests taken 96 hours before flying.
Kenya Resumes Paying The Chinese Their Money
Kenya has resumed servicing loans owed to China after Beijing’s six-month debt-repayment suspension expired in June, piling pressure on the exchequer.
The government began 2021-22 remittances, with the first batch to the Export-Import Bank of China amounting to 82.7 billion shillings ($761 million), according to Kenya’s Controller of Budget Margaret Nyakang’o.
EABL Completes Buying Stake In Dar
East African Breweries Limited has completed the acquisition of an additional 30 percent stake in the Tanzanian subsidiary for $55 million (Sh5.98 billion), raising its ownership to 85 percent.
EABL, majority-owned by UK’s Diageo, had disclosed a plan to increase its stake in Serengeti Breweries in March 2020 after identifying the Tanzanian market as promising for the growth of the beer and spirits business.
Kimilili Member of Parliament Didmus Barasa was Monday morning arrested over assault claims on a local musician. Barasa is expected to take a plea of causing bodily grievous harm to musician Steve Kay.
It said that the vocal MP assaulted the musician by slapping him in the face after he demanded to be paid before the classrooms he had constructed
Money Markets Remain Liquid
The money markets remained liquid in the month of July, with the average interbank rate declining to 4.0%, from 4.6% recorded in June supported by government payments.
During the week, liquidity in the money market eased, with the average interbank rate declining to 3.2%, from 3.5% recorded the previous week, due to government payments, Term Auction Deposits (TADs) maturities worth Kshs 154.3 bn which offset the settlements of government securities and tax remittances.