The Nairobi Securities Exchange PLC (NSE) has formalized the partnership with the Chinese Shenzhen Stock Exchange (SZSE) by signing a Memorandum of Understanding.
This agreement is expected to showcase the Kenyan capital market to Chinese investors and vice versa. It will also boost investor relations between China and Kenya.
“Our collaboration with the Shenzhen Stock Exchange is
deliberate and strategic. It is geared at achieving a number of goals
including; encouraging seamless cross-border access between our capital markets
to ultimately drive deeper capital markets; create larger liquidity pools and
greater competitiveness for our investors; enhance capacity and promote
diversity of investment products to meet the needs of a wide range of investors
and issuers,” said Geoffrey Odundo, the NSE Chief Executive.
With a vision of becoming the leading securities exchange in Africa, the Nairobi bourse has embraced strategic partnerships as a key pillar to the success and growth of the capital markets.
NSE and SZSE agree that capital market services should facilitate capital formation for companies at different stages of development.
Commenting on the partnership Mr. Wenhai XIE, Deputy
Director-General, Technology Management Committee of Shenzhen Stock Exchange
said, “There will be great potential for future cooperation. My visit to Kenya
this time also shows our aspiration to deepen cooperation.”
The two Exchanges have also launched the Ibuka and V-Next
Connect – a joint initiative which aims at promoting cross-border growth of
Micro, Small and Medium-sized Enterprises (MSMEs) in Kenya and Shenzhen.
The collaboration between the NSE and SZSE is aligned with the long-standing China-Kenya bilateral ties which seek to boost trade and development in both countries.
Shenzhen Stock Exchange (SZSE), established on 1st December 1990, is one of the two stock exchanges in China’s mainland. It is a self-regulated legal entity under the supervision of China Securities Regulatory Commission (CSRC).
Inflation rises across East Africa
Consumers in the region will have to dig deeper into their pockets as they head for the holiday season, thanks to a rise in the cost of living.
In Tanzania, inflation rose to 3.8 per cent in November, from 3.6 per cent in October data from the National Bureau of Statistics shows.
NBS attributed this to a rise in the prices of foodstuff including rice, cassava flour, meat, beans and vegetables, and non-food products.
The inflation rate for food consumed at home and away for November rose to 6.7 per cent from 6.0 per cent, while the consumer price index rose by 0.5 per cent.
In Kenya, inflation stood at 5.56 per cent in November, up from 4.95 per cent in October, due to a rise in the cost of some foodstuff, the Kenya National Bureau of Statistics said. The consumer price index rose to 202.94 in November from 202.12 in October. The food and non-alcoholic drinks Index rose by 0.62 per cent due to a growth in prices of some foodstuffs outweighing the drop in others. Equally, housing, water, electricity, gas and other fuels index rose by 0.29 per cent.
In Uganda, the annual headline inflation for the year ending November 2019 rose by three per cent from 2.5 per cent in the year ended October 2019. The Uganda Bureau of Statistics attributed it to a rise in the annual core inflation to 2.9 per cent from 2.6 per cent over the same period. Equally, the annual energy, fuels and utilities inflation rose to 7.4 per cent from 5.1 per cent. UBoS attributed the rise in core inflation to a rise in goods inflation to 3.8 per cent from 3.4 per cent.
Rwanda recorded a 6.9 per cent inflation in November, up from 4.4 per cent in October.
Latest data from the National Institute of Statistics of Rwanda shows that food and non-alcoholic beverages rose by 16.2 per cent on an annual basis. Starting early this year food prices have been rising as Rwanda feels the effects of a decision to restrict trade and movement at the Burundian and Ugandan borders, which affected the flow of goods.
Additional reporting by Moses Gahigi
Kind man offers to help single fathers with Christmas goodies for kids ▷ Kenya News
– A man has offered to help single dads around Durban, South Africa this Christmas
– Sihle Mazibuko posted on his twitter handle asking fathers who were unable to buy their children gifts to DM him
– Sihle said his aim was to put a smile on these children’s face
A man has become an online sensation after he reached out to single fathers who couldn’t afford to buy Christmas gifts for their children and offered to pay for them himself.
Sihle Mazibuko had earlier posted on his tweeter handle calling out single dads who were low on cash but wanted to spoil their kids so as to put a smile on their faces.
His tweet went viral with the majority of the users praising him for his kind act.
Twitter user Tsholo94 said:
“This is so sweet!”
“Act of kindness, may God bless you”
“You are so kind. God bless you”
“You will be blessed hundred fold for your good deeds!”
“Good South Africa needs people like you”
In Kenya, Nyali MP Mohammed Ali alias Moha Jicho Pevu kicked off the Christmas mood with gifts for police officers in his constituency.
The outspoken politician took to his social media where he shared photos gifting the officers with the animals as well as KSh 100,000 in appreciation for their dedication to service delivery.
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AfDB Commits €345 Million to Kenya and Tanzania
Kenya and Tanzania will benefit from African Development Bank (AfDB) €345 million financing package for road construction support representing 78.5% of the total €399.7 million project cost.
Furthermore, AfDB says that the projects will touch over three million citizens in Tanzania and Kenya.
In Kenya, the bank supports Mombasa-Lunga Lunga/Horohoro road with the European Union (EU) contributing a grant of €30 million, 7.7% of the total project cost to GoK.
On the other hand, the funds will fund phase I of the Tanga-Pangani-Bagamoyo road in Tanzania.
This first phase involves the construction of 175 km of road sections: the 121 km Mkanga-Pangani road section in Tanzania and the 54 km Mombasa-Kilifi road section in Kenya.
Furthermore, the project will also link the ports of Dar es Salaam, Tanga and Mombasa, and stimulate the blue economy in coastal areas.
East African transport corridors network, connecting Kenya and Tanzania will benefit producers, manufacturers and traders, farmers and fishermen with improved access to local and regional markets.
Moreover, there are spillover benefits for landlocked countries Democratic Republic of the Congo, Burundi, Rwanda, Uganda and South Sudan that depend on Mombasa as gateway to global markets.
The road crosses regions with high rates of youth unemployment. In light of this, the project includes a vocational training component for 500 unemployed youth (half of them women) to acquire marketable skill and improve their economic prospects.
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