News

  • About  22 districts across Zambia are underwater due to climate change-induced flooding caused by above-average rains according to CARE Zambia
  • The humanitarian organisation reports that over 70 districts in Zambia are at a high risk of flooding even as the rains continue to fall, and rivers burst their banks.
  • The climate crisis has directly affected at least 1.5 million people – including an estimated 821,000 children.

About 22 districts across Zambia are underwater due to climate change-induced flooding caused by above-average rains according to CARE International.  

The firm reports that over 70 districts in Zambia are at a high risk of flooding even as the rains continue to fall, and rivers burst their banks. 

In six districts where CARE works, there has been continuous rains that have led to flash floods. Hundreds of hectares of planted fields and grazing lands are underwater. Homes have been submerged as roads and bridges

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  • Majority of Kenyans buy from companies with distinctive branding a new study reveals. 
  • The study by Elite Mawu Agency reveals that more than 65 percent of  Kenyans interact with companies that have attractive branding.   
  • According to the report, branding provides an emotional link by tying people to lifestyles.

Majority of Kenyans buy from companies with distinctive branding a new study reveals. 

The study by Elite Mawu Agency reveals that more than 65 percent of Kenyans interact with companies that have attractive branding that include distinctive creative logos and branding collaterals. 

The report dubbed Kenya Branding Report Card 2022, indicates that brands with originality and creativity attracts more interaction and buy-in. 

“There are small businesses with similar products at every corner, so what makes your business different? Your brand! Stand out from the competition and develop your brand further than just a logo,” said Elite Mawu Agency  Chief Executive and

  • Safaricom Limited has announced the election of Adil Arshed Khawaja (MBS) as the Chairman of the Board on 26th January 2023
  • The highly distinguished Advocate of the High Court of Kenya, was appointed a Director in Safaricom PLC on 22nd December 2022 following the resignation of John Ngumi. 
  • He currently serves as the Managing Partner at Dentons Hamilton Harrison & Mathews, the oldest law firm in Kenya, established in 1902 with a reputation of being an innovative, experienced, responsive, and highly skilled firm.

Safaricom Limited has announced the election of Adil Arshed Khawaja (MBS) as the Chairman of the Board on 26th January 2023

The highly distinguished Advocate of the High Court of Kenya, was appointed a Director in Safaricom PLC on 22nd December 2022 following the resignation of John Ngumi. 

Khawaja has over 30 years work experience in the legal profession ranging from dispute resolution, to commercial and real

Kenya’s economic activity increased marginally in July from the previous month, a new survey has revealed.

The survey also found that domestic demand improved by the second slowest pace since the lifting of public health restrictions after the first wave of pandemic, with some firms reporting a drop in customer numbers.

The survey was commissioned by and compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies in the country.

It also reveals that growth momentum in the private sector slowed again at the start of the third quarter of the year, as surveyed businesses reported weaker expansions in output, new orders, employment and purchasing.

At the same time, cost inflationary pressures rose to a 16-month high as tax changes resulted in a sharp uptick in purchase prices.

This led to a decline of the headline Purchasing Manager’ Index …

The Board of Governors of the International Monetary Fund has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion), to boost global liquidity.

In a statement, IMF Managing Director Kristalina Georgieva termed the move as historic, adding that it is the largest SDR allocation in the history of the IMF.

The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

The IMF adds that SDR is not a currency, but has a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.

“Special Drawing Rights (SDRs) are an asset, though not money in the classic sense because they cannot be used to buy things. The value of an SDR is based on a basket of the world’s five leading currencies – the US …

www.theexchange.africa

Ride-hailing firm Bolt has raised $713 million in fresh funding.

In a statement, the European firm says it will use the funds to accelerate the expansion of its existing mobility and delivery products across its markets.

“The funds will go into expanding the company’s network of ride-hailing services, food delivery and micro mobility in Africa and Europe,” the company said.

According to the firm, these include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment and sustainability projects.

Bolt will also use the funds to boost its new under 15-minute grocery delivery service, Bolt Market recently launched in Europe.

The new investment round now values Bolt at about $4.75 billion, which is more than double its last private valuation of $2 billion.

The funds were backed by new investors who include Sequoia, Tekne and Ghisallo, as well as Bolt’s …

The EAC bloc should urgently work to attract international investors and embark on joint regional investments in the vaccine manufacturing industry for quick economic recovery.

This is according to East African Business Council Chairman Nicholas Nesbitt who is calling for a coordinated approach on COVID-19 measures to spur EAC economic recovery and growth.

Nesbitt noted that joint EAC investment offers a larger pool of capital resources, expertise and market.

At the same time, EAC’s board has directed the EABC Secretariat to champion advocacy on the adoption of open skies and one network area to reduce the cost of doing business in the region.

The board said that open skies attract regional tourism and improve consolidation of EAC exports to overseas markets such as horticulture.

According to the board, open skies are also critical in supporting the resilience and recovery of tourism, hospitality and transport sectors, which were highly impacted by …

The World Bank has announced its first investment in Somalia’s health sector in 30 years.

In a statement, the bank says it has approved the Improving Healthcare Services in Somalia Project, known as “Damal Caafimaad”.

The project is financed by a US$75 million International Development Assistance (IDA) grant and an additional US$25 million grant from the Global Financing Facility for Women, Children and Adolescents (GFF).

The organization says the project will deliver essential health and nutrition services and improve health service coverage and quality in some of Somalia’s most disadvantaged areas.

These include Nugaal (Puntland), Bakool and Bay (South West), Hiraan, and Middle Shebelle (Hirshabelle).

World Bank projects that around 10 per cent of Somalia’s population, as well as internally displaced persons (IDPs) and nomads in the target regions, will benefit from the project’s activities.

It is also expected to strengthen the stewardship capacity of Somalia’s Federal and State Ministries …

Ethiopian Airlines Africa’s largest air carrier has announced via its chief executive officer that it plans to build Africa’s largest airport this year costing $ 5 billion.

The airline chief Tewolde Gebremariam told the Ethiopian Broadcasting Corporation that the airport could be bigger than France’s Charles de Gaulle, and the construction will start in the next six months.

According to a report by Reuters, Gebremariam was quoted by the Ethiopia News Agency that, the airport, which will cover an area of 35 square km, will be built in Bishoftu, a town 39 km south east of the capital, and have the capacity to handle 100 million passengers a year.

“Bole Airport is not going to accommodate us; we have a beautiful expansion project. The airport looks very beautiful and very large but with the way that we are growing, in about three or four years we are going to be …