Pakistan overtakes Uganda as Kenya’s biggest export destination
23 May 2022
Good morning,
According to the latest Prime Global Cities Index by Knight Frank, Nairobi is the only African city among the 45 global cities that posted growth last year. Nairobi ranked 32 and posted a 3.5% yearly growth.
Pakistan overtook Uganda as Kenya’s biggest export destination
Exports to Pakistan rose by 21.5% to Ksh16.86 billion up from Ksh13.87 billion in the same period last year. The value of exports to Uganda marginally rose by 0.4% to Ksh 16.68 billion.
Pakistan is the largest buyer of Kenyan tea, and volumes were expected to increase after the removal of the 0.5% attestation fee charged on tea exports. .
Other top export markets included the Netherlands and USA, which recorded Ksh15.83 billion and Ksh14.78 billion purchases, respectively.
CAPITAL MARKETS
The introduction of the CDS Account maintenance fee was suspended
Earlier last week, the CDSC announced the introduction of a CDSC accounts maintenance fee of Ksh 100 per month payable annually.
Fun fact: 1.13 million CDS accounts were active at the end of 2020.
The announcement led to an uproar. This is because the introduction of account maintenance fees would throw shareholders off balance and many would likely spend more than what they earned from their investments.
Looking forward: A few days later, The CDSC announced that the proposed Ksh100 account maintenance fee would not take effect.
INTELLECTUAL PROPERTY
Sauti Sol to sue Political party for infringement of copyright
Sauti Sol has threatened to sue the political party, Azimio la Umoja, for copyright infringement. They accuse the party of using one of their songs — Extravaganza — when unveiling the running mate.
The aspect of copyright involved:
synchronisation licensing
This is a legal agreement between the copyright owner of a piece of music and the party seeking to use that music. This agreement allows the copyrighted music to be synchronized to any other type of content.
It is a licence that allows the time-perfect matching of video and audio within a movie, TV show, commercial, video game, or any other form of visual media.
A synchronisation license can only be issued by the composer and publisher.Was Azimio la Umoja authorised to use the song?
According to the Executive Director of Kenya’s copyright board, Azimio la Umoja had only obtained a Public Performance License that only allowed them to play local and international music at rallies and events.
This means that the Political party’s use of Sauti sol’s sound recording with visual images in a video was not part of the license issued to them.
Bottom line:
If Azimio la Umoja failed to get a synchronization license as alleged by Sauti sol, then the party violated Sauti sol’s copyright.
DATA PROTECTION
What kinds of information do mobile apps collect?
INFRASTRUCTURE
Kenya and UK governments unveiled the final design of the Nairobi Central Railway Station
The new design is part of the wider Nairobi Railway City redevelopment program, championed by President Kenyatta.
The project seeks to build an eight-platform central railway station and a public space which will anchor commercial and residential developments on a 425-acre land.
At the event, representatives of the Kenyan Government also announced that they were in negotiations for the provision of Ksh220 billion in financial support from the UK for infrastructure projects in Kenya.
EAST AFRICA
1. Cargo volumes increase in Dar-es-salaam
Cargo volumes at Dar es Salaam port have grown by 21% while they have dropped by 6% at Mombasa port.
The decline at the Mombasa port can be attributed to the move by Uganda and Rwanda to divert more cargo to Dar es Salaam.
Traders in the region are also expected to be using the port at Dar es Salaam more as campaigns in Kenya heat up ahead of the elections.
2. Tanzania is now ready to allow 5G
The government of Tanzania announced that it was now ready to allow investment in 5G network trials, seeking to further develop its digital economy.
In 2020, Vodacom said it targeted to invest in the 5G technology in the country, and it was just waiting for regulatory approval.
The government now welcomes investors who wished to invest in 5G technology to submit their applications.
WHAT YOU MIGHT HAVE MISSED
Equity Group invested Ksh400m in the insurance division
Equity invested Ksh 400 million in establishing a subsidiary that will run its insurance business as the company seeks to diversify from the mainstay banking operation.
Earlier this year, Equity received a licence to operate a life insurance business through Equity Life Assurance (Kenya) Limited (ELAK).
Postal Corporation of Kenya signed a cooperation agreement with Somaliland Postal Service
The Postal Corporation of Kenya (PCK) and Somaliland Postal Services signed a memo to enable the two to co-operate in knowledge exchange and international mail delivery and processing across Africa
The Memorandum of Understanding will enable both parties to use the electronic data interchange systems to facilitate international mail and transport network security and electronic data interchange(EDI) systems.
Indonesia to lift the ban on palm oil exports from this week
This move will ease a tight global market and relieve some of the pressure on food prices.
The ban has been in place since April and it sent prices for vegetable oil soaring, especially as it coincided with the war in Ukraine.
Facts about Palm oil
Indonesia produces about 60% of the world’s palm oil.
Palm oil is a key ingredient in food and cosmetics and is used in nearly 50% of all packaged products in supermarkets.
LinkedIn raises its charges as a response to the introduction of VAT
LinkedIn has increased membership fees and rates by up to Ksh 1,400 per account in the wake of the 16% value-added tax (VAT) on digital transactions.
LinkedIn offers four packages – career, business, sales navigator core, and recruiter lite whose rates range from Ksh 3,200 to Ksh 10,719 per account.
African Development Bank announced a $1.5billion fund to boost grain production in Africa
The fund’s aim is to prevent potential food shortages. The money will be used to supply 20 million farmers with climate-smart certified seeds and fertilizer.