Business highlights – August 10 2017 – Kenya horticultural exports overcome Brexit effect, grow by 20%

Business highlights  – August 10 2017 – Kenya horticultural exports overcome Brexit effect, grow by 20%

Qatar to offer visa-free entry in effort to ease diplomatic crisis:

Qatar on Wednesday introduced a visa-free entry programme for 80 nationalities to stimulate air transport and tourism.

The Gulf nation has been isolated by neighboring Arab countries since June after the US alleged that it had links with terror group Isis.

“The visa exemption scheme will make Qatar the most open country in the region,” tourism department official Hassan al-Ibrahim told a news conference in Doha.

The waiver programme, which took immediate effect, applies to European Union’s Schengen zone, Ltin America, other Western states and Asian nations.

Family Bank’s half year net profit dips by Ksh492 million:

Family Bank recorded a Ksh492.4 million decline in net profits for the first six months of 2017 on the back of decreased lending and lower interest in the wake of the rate capping law.

This was a significant decline from the Ksh711.5 million net profit recorded in the same period last year.

Net interest earnings dropped by Sh1.6 billion to Sh1.9 billion from Sh3.5 billion in June 2016. Lending plunged to Sh43.8 billion from Sh57.7 billion.

Non-interest income from fees and commissions dropped 14.6 per cent to Sh1.12 billion.

However, the lender’s investments in government securities rose to Ksh9.2 billion from Ksh6.1 billion.

Kenya horticultural exports overcome Brexit effect to grow by 20% in HY1 2017:

Kenya’s cut flower export grew by 20% between January and May 2017defying challenges such as the Brexit effect and the subsequent weakening of the sterling pound which were expected to reduce the demand.  

According to data from the Kenya National Bureau of Statistics (KNBS), cut flowers raked in Ksh42 billion in the first five months of 2017 compared to Ksh35 billion collected in the same period last year.

Collectively, horticultural exports, including rose flowers, French beans and mangoes, amounted to 138,000 tonnes between January and May 2017 compared to 113993 tonnes collected in the same period in 2016.

 

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