Business highlights – September 12 2017 – Political jitters likely to affect agriculture, construction and tourism sectors

Business highlights – September 12 2017 – Political jitters likely to affect agriculture, construction and tourism sectors

Political jitters likely to affect agriculture, construction and tourism sectors

Political uncertainty in the run up to the October 17 Presidential election is likely to slow down economic growth to 4.8% this year, market analysts have warned. The outlook is hinged on the expected slowdown in public investment that has been a key driver of growth in recent years, in the wake of a slump in private sector activity that began three years ago. Economists at Stanbic Bank hhave downgraded Kenya’s growth projection to 4.8%  from 5.2% previously, citing a slowdown in public investment in infrastructure development and a drop in private sector activity for the fourth straight month in August. The new outlook is largely based on the slowdown in agriculture, construction and tourism sectors, and a decline in private sector credit growth to 2.1 per cent in May from over 17 per cent in December 2017.

Major deals to accelerate Africa’s path to prosperity through agriculture

Close to US$6.5 billion (Ksh667 billion) worth of investments in palm oil, pulses, potato and rice, mainly in West Africa, over the next eight years, were made and the new US$280 million Partnership for Inclusive Agricultural Transformation in Africa (PIATA) launched Abidjan, Cote d’Ivoire, Friday 8 September 2017 – Africa’s economic growth prospects received a major boost this week with the signing of a record number of new investments and partnership agreements for inclusive agricultural transformation at the 2017 Africa Green Revolution Forum (AGRF). The forum, hosted by H.E. Alassane Ouattara, President of Côte d’Ivoire, was attended by more than 1300 delegates and high level dignitaries.

Online taxi firm drivers down tools

Taxi drivers affiliated to online cab-hailing platforms in Kenya  on Monday launched an indefinite strike in Nairobi citing ‘unfriendly’ policies by their service providers.

The drivers operating via Uber, Taxify, Little and Mondo Ride said in a joint statement that they were protesting against improper management by their service providers.

“We online drivers and partners would like to inform our esteemed customers that as from this coming Monday 11/9/2017 our services shall not be available until further notice. This is due to improper management of our service providers which has been making us to work for long hours only to get nothing,” this statement read.

The drivers allege that their incomes have reduced drastically in recent months as the taxi-hailing firms continue to accept more cabs and are now demanding the suspension of new registrations.

 

 

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