Mombasa – Mombasa Info http://mombasainfo.com/ Mon, 21 Nov 2022 11:52:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://mombasainfo.com/wp-content/uploads/2021/06/icon-3.png Mombasa – Mombasa Info http://mombasainfo.com/ 32 32 Route analysis: Mombasa-Dubai | routes https://mombasainfo.com/route-analysis-mombasa-dubai-routes/ Mon, 21 Nov 2022 11:52:00 +0000 https://mombasainfo.com/route-analysis-mombasa-dubai-routes/

Kenya Airways will launch non-stop flights from the coastal city of Mombasa (MBA) to Dubai (DXB) in the United Arab Emirates to meet leisure demand from the Middle East and Europe.

Service between destinations will begin December 15 and will operate four times a week using Boeing 737-800 aircraft. The airline will be the only airline on the 3,669 km (1,981 nm) sector once flights begin.

Data provided by OAG Schedules Analyzer shows that Kenya Airways plans to offer a Nairobi (NBO)-Mombasa-Dubai route and maintain its existing 10-times-weekly non-stop Nairobi-Dubai route, which is operated with a mix of 737-800 and 737 operates -8 sec

Flights depart Mombasa at 23:10 on Mondays, Tuesdays, Thursdays and Saturdays and arrive in Dubai at 05:45 the next day. The return leg leaves Dubai at 6:55am on Tuesdays, Wednesdays, Fridays and Sundays and arrives in Mombasa at 11:20am

The two cities were last connected non-stop in March 2019, when Rwandair suspended its 3-times-weekly Kigali (KGL)-Mombasa-Dubai service to increase the Kigali-Dubai connection from 4-times-weekly to daily.

Rwandair’s exit from the market came shortly after Qatar Airways opened a four-times-weekly Doha (DOH)-Mombasa route, which operated with Airbus A320s from December 2018 until the outbreak of the pandemic in March 2020. Since then there have been no non-stop routes between Mombasa and the Middle East.

Kenya Airways caters to inbound leisure travelers to Mombasa, which is located in southeastern Kenya on the Indian Ocean. Freight will also be a factor providing increased cargo hold capacity for exporting seafood and fresh produce to the Middle East.

Looking at the traffic flow on the Qatar Airways service from Doha to Mombasa in 2019, 22,381 single passengers were traveling on the route. Of this, 94% of passengers traveled from destinations beyond Doha, with only 5.5% of the traffic being local.

MBA DXB











Carrier:

Kenya Airways

Airplane:

Boeing 737-800

Frequency:

4 times a week

Start date:

December 15, 2022

Distance:

3,669 km (1,981 nm)

O&D Transport Demand (2019):

24,425

Annual growth:

-26.2%

Average base rate (2019):

$148.65

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Eric Latiff surprises fans with perfect Kalenjin accent as he addresses issues on Mombasa Road: ‘Waligula’ https://mombasainfo.com/eric-latiff-surprises-fans-with-perfect-kalenjin-accent-as-he-addresses-issues-on-mombasa-road-waligula/ Thu, 17 Nov 2022 06:14:03 +0000 https://mombasainfo.com/eric-latiff-surprises-fans-with-perfect-kalenjin-accent-as-he-addresses-issues-on-mombasa-road-waligula/
  • Eric Latiff hilariously addressed Cabinet Secretary for Roads, Transport and Public Works Kipchumba Murkomen in a thick Kalenjin accent
  • Spice FM’s morning show host blamed the Kenya National Highway Authority (KenHa) for the run-down condition of Mombasa Road
  • TUKO.co.ke understands that the funniest comedians have inherently humorous attitudes, looks and accents and have attracted admirers of all ages

Spice FM presenter Eric Latiff has a special message for Cabinet Secretary for Roads, Transport and Public Works Kipchumba Murkomen regarding the Nairobi Expressway.

Spice FM host Eric Latiff surprised fans with a perfect Kalenjin accent. Photo: Eric Latiff.
Source: Facebook

While hilariously addressing Murkomen in a thick Kalenjin accent, Latiff accused the Kenya National Highway Authority (KenHa) of interfering with the structure of Mombasa Road during the construction of the Nairobi Express.

“Serikali ilitoa 9 billion KSh ya kutengeneza hii barabara ya chini ya Mombasa Road. Iligulwa, Waligula. (The government allocated KSh 9 billion for the project, but it was misappropriated),” Latiff said.

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Eric Latiff points out the problems at Mombasa Road

During a morning talk show on Wednesday, November 16, Latiff said pedestrians were unable to walk because of the mud.

ATTENTION: Join Telegram channel TUKO.co.ke! Never miss important updates again

“Hakuna stage, yote imebomolewa. Hii footbridge, ikitoka pande hii inaingia kwa mtaro hakuna mahali inaenda. Kipchumba Murkomen ongelesha hii watu yako wajenge hii barabara. Watu naumia, watu wanalia, iko machozi,” he added.

Freely translated as:

“There is no matatu stage, it has been torn down. The pedestrian bridge is in a run down condition. Kipchumba Murkomen is talking to your people to build this road because people are suffering, there are tears everywhere.”

Netizens react to Latiff’s Kalenjin accent

Here’s what netizens had to say:

Michael Ollinga Oruko said:

Woooohh… Kiplatiff iyo accent wewe ametandigah kama mursik kapsaa.

Macharia James wrote:

Good news, the road in Mombasa needs to be reconstructed earlier.

Travon Trevor said:

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very funny but address the topic.

Justus Tiego said:

Hahaha kumbe this guy can be such a good comedian..

Justine Nyamato wrote:

Latiff, you’re going to be a comedian, but I like your interviews

Baba Kays said:

Kip-toe arap latif kutoka nandi

Reuben Gitahi wrote:

There’s a BBC podcast comedian against news. Iangalie Brother… Good stuff.

Bona Linah wrote:

Latiff’s Kienyeji version of Haki is so original.

The Kenyan Comedy Industry

TUKO.co.ke understands that comedy is one of the highest paying industries.

The Kenyan comedy industry has grown very rapidly. It has come a long way since the days of Redykyulas.

There are so many comedians who have risen through the ranks and become household names in the industry.

The funniest comedians have naturally humorous attitudes, looks and accents and have attracted admirers of all ages. They will make you eagerly anticipate the upcoming video release.

PAY ATTENTION: watch the news closely for her ➡ Find the Recommended for you block and enjoy!

Source: TUKO.co.ke

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Mombasa Governor is inviting applications for CEC positions https://mombasainfo.com/mombasa-governor-is-inviting-applications-for-cec-positions/ Sun, 13 Nov 2022 17:30:35 +0000 https://mombasainfo.com/mombasa-governor-is-inviting-applications-for-cec-positions/

Mombasa Governor Abdulswamad Nassir has invited competent individuals to apply for the 10 cabinet posts available in the district government.

The announcement comes two months after he took office on September 15, succeeding his predecessor Hassan Joho.

The governor has also invited applications for the positions of 16 chief officers and one county secretary.

Addressing the media at his offices, Nassir said he had set up three committees of professionals to help him screen and select people to fill the advertised positions.

“I have already written to the county civil service to immediately hire those selected for the chief officer positions while the rest faces the assembly for review,” Nassir said.

Nassir said the decision to promote the positions was to ensure Mombasa got the right people, qualified in their professional fields, to serve.

“The law allows me to choose people, but I think it’s wise to consult professionals to help me choose who should serve in my administration. We want to make sure we have professionals who also understand my manifesto and my vision for Mombasa,” he said.

Committee members include Mahmoud Noor, who currently chairs the Finance Taskforce, Ali Ahmed Pastor Ibrahim Charo, representing the Church, Sheikh Ahmad Kassim, former Chief Kadhi, representing the Muslims, Benjamin Njoroge, former Chairman of the Mombasa Law Society, and a representative of the Mombasa Diaspora Council.

CECM positions to fill include Land, Housing and Urban Planning, Water, Natural Resources and Climate Resilience, Environment and Waste Management, Transport and Infrastructure.

Others will be Health, Finance and Economic Planning, Blue Economy, Agriculture and Livestock, Civil Service Administration, Youth Gender and Sports and Tourism, Culture and Commerce Department.

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SeaLead launches IDEA service connecting India and UAE to East Africa https://mombasainfo.com/sealead-launches-idea-service-connecting-india-and-uae-to-east-africa/ Thu, 10 Nov 2022 18:23:20 +0000 https://mombasainfo.com/sealead-launches-idea-service-connecting-india-and-uae-to-east-africa/
SeaLead has announced the launch of a new service connecting India and the United Arab Emirates to East Africa. The India-Dubai-East-Africa (IDEA) service will begin on November 22 as a four-vessel weekly service, with SeaLead providing two and one each for OOCL and TS Lines.

The rotation for the new service will be as follows: Nhava Sheva (JNPT), Mundra (ADANI), Jebel Ali (DPW), Khalifa (CSP), Mombasa (Kilindini), Dar Es Salam (HIT), Nhava Sheva (JNPT)

Henry Schmidl, Managing Director of SeaLead, commented on the new service as follows: “We are pleased to introduce this new service together with our partners. Trade between India, UAE and East Africa has greatly increased and our new service will add more options for our customers. Delivering this fast and direct service will reduce transit times and enable faster connections.”

The new service offers solutions for large and small customers who want to open up this lucrative and fast-growing trade channel. With an estimated annual growth of 8% in Kenya and Tanzania, the East Africa region is becoming an increasingly attractive region for companies looking to expand their business.

The growth is very well encouraged and fueled by the efforts of the EAC (East African Community) – an intergovernmental organization formed in 2000 with a strong focus on infrastructure development needed to facilitate trade in Africa. India and the United Arab Emirates also benefit from robust domestic economies, while India is one of East Africa’s (and Africa’s broader) largest trading partners, having signed trade deals with several African nations.

Runtimes for the IDEA service:

westward Mombasa Dar es Salaam
Nhava Sheva 18 20
Mundra fifteen 17
Jebel Ali 11 14
eastbound Nhava Sheva Mundra Jebel Ali Abu Dhabi
Mombasa 14 17 20 21
Dar es Salaam 12 14 18 19

Relatively new to the global shipping sector, Sea Lead has grown rapidly in recent years and is currently ranked 22nd by industry expert Alphaliner. The company will continue to expand and develop new services to support its rapidly growing customer base and meet global demand for cargo capacity.

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Kenyans no longer need a visa to visit South Africa

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EABC calls for consolidation centers to boost fresh produce exports https://mombasainfo.com/eabc-calls-for-consolidation-centers-to-boost-fresh-produce-exports/ Sat, 05 Nov 2022 05:54:51 +0000 https://mombasainfo.com/eabc-calls-for-consolidation-centers-to-boost-fresh-produce-exports/

EABC Chief Executive Officer (CEO) John Bosco Kalisa called on Thursday as he spoke during the regional private sector engagement in the ocean freight transport and logistics sub-sector, which focused on fresh produce and managed by the East African Business Council (EABC) in Partnership was organized with TradeMark East Africa (TMEA), funded by the Ministry of Foreign Affairs of the Netherlands.

He said intra-trade in the East African Community is low at 17% due to barriers and the high cost of transportation, estimated at around $1.8 per tonne per kilometer.

Kalisa stated that the complexity and competitiveness of the EAC economies depend on the transport and logistics sector. He also called on ports and trade facilitation agencies to better facilitate trade.

He stated that the ports of Dar es Salaam and Mombasa should compare Durban’s best practices in terms of efficiency, ship turnaround time and congestion in order to be competitive in the African Continental Free Trade Area (AfCFTA) and international markets.

Paveen Mbeda, Head of Public-Private Dialogue and Export Capability at TMEA, said TradeMark East Africa is committed to supporting trade facilitation initiatives to increase economic growth and prosperity.

She explained that according to a study funded by the UK government in 2021, sea freight can reduce CO2 emissions by 84% to 95%. She urged fresh produce exporters to explore sea freight options.

Agayo Ogambi of the Shippers Council of Eastern Africa announced that air freight for fresh produce costs $2/kg (40ft lot / 22 tons) up to $40,000, while sea freight costs $12,000. Transit time of sea freight from Mombasa to Europe is 24-30 days.

He explained that the World Bank’s 2021 Global Container Port Performance Index (CPPI) ranked the port of Mombasa 293rd and Dar es Salaam 362nd out of 370 overall, with the low rankings related to delays, congestion and facility management.

Ogambi said the Port of Mombasa is a crucial landing point for goods and connections to the North Corridor, and expansion of sea freight through the port could boost exports to the Middle and Far East, including China and Singapore.

Emmanuel Rutagengwa, Head of Transport Policy & Planning, Central Corridor, said Central Corridor will transform into an economic corridor with value creation hubs connecting manufacturing hubs to boost exports and create more jobs.

dr Merian Sebunya, Chair of Uganda’s National Logistics Platform (NLP), called for an EAC strategy for fresh produce that will depend on the country’s comparative and competitive advantages.

South Sudan Shippers Council’s Yowa Soso called for investing in soft and physical infrastructure and comparing international best practices and lessons learned from other countries to improve the transport system in the region.

Hosea Machuki from the Fresh Produce Exporters Association of Kenya explained that Kenya exports 58% of the fruit by sea, which is about 3,000 containers per year, and 42% by air, which is about 50,000 tons per year. The main export markets for Kenyan horticultural products are the Netherlands, the United Kingdom, Germany, the United Arab Emirates and France.

Clement Tulezi, CEO of the Kenya Flower Council, also stressed the need for EAC countries to establish horticultural product consolidation centres.

Port Infrastructure Development, Non-Intrusive Verification, WTO Trade Facilitation Agreement, Railway Expansion and Development Reducing compliance costs, delays and fuel prices and loan interest charges; automating processes to reduce human intervention; introduction of electronic phytosanitary certificates and target clearance; Elimination of non-tariff barriers to trade, reducing land freight costs to the Port of Mombasa and Dar es Salaam; Proposals put forward to encourage exports of fresh produce from the EAC block include configuring trains to transport fresh produce and increasing direct deliveries to European markets.

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Badminton: Akwanyi and Awuori crowned champions of the Nyanza Open in Kisumu https://mombasainfo.com/badminton-akwanyi-and-awuori-crowned-champions-of-the-nyanza-open-in-kisumu/ Tue, 01 Nov 2022 21:26:33 +0000 https://mombasainfo.com/badminton-akwanyi-and-awuori-crowned-champions-of-the-nyanza-open-in-kisumu/
Akwanyi Edwin is awarded by Badminton Tournament Director John Apollo after emerging as the winner of the Nyanza Badminton Tournament in Kisumu. (Collins Oduor, Default)

Kenya international Edwin Akwanyi is the new champion of the Nyanza Mega Badminton Open 2022

Nairobi-based Akwanyi dethroned former Kenyan John Wanyoike, who won last year’s edition after beating Kisumu’s Fabian Derrick 2-0 in Sunday night’s final at Agha Khan Hall in Kisumu.

Wanyoike, who missed the two-day Lake City tournament, was crowned champion in 2021 when he defeated his training and doubles partner Edwin Waitathu from National Bank, who also missed the final.

After the win, Akwanyi, the partner of current Kenyan leaders Sammy Sikoyo, who represented Kenya at the Commonwealth Games, said he was pleased with the win despite having the challenge of adapting to new playgrounds in Kisumu.
“Adapting to the Kisumu courts was a challenge because of the big difference compared to Nairobi, but overall it was a great win for me,” said Akwanyi.

Brender Awuori of Uganda defended her women’s title after beating University of Nairobi’s Favor Walumbe 2-0.

Last year, the Ugandan star bested Theertha Vanemredy in the final to be crowned champion.
In women’s doubles, Awuori teamed against Maryanne Makongo to defeat Wedleen and Yvonne. Last year Jacinta Sengera from Mathare Youth Sports was there

Association and Agnes Jori edge out Theertha Vannemreddy and Brenda Awori to win.
Uganda’s Babu Alex teamed with Mombasa‘s Clinton Olumasai to beat Nickson Kiprotich and Fred Ngumo to win the men’s doubles
In the junior category, Kisumu’s Cindy Joy won both the U15 and U19 categories against Mpesa Foundation’s Zippy.

Eddy Ojienda, on the other hand, defeated John Apollo 2-1 to win the Veterans Edition.
Tournament Director John Apollo was impressed by the nearly 140 participants who turned up but continued to campaign for new Sports CS Ababu Namwamba to help clear Kenya’s badminton ban.

“We had a very good tournament, well attended, actually we were overwhelmed by the number of players who came. The tournament ended at 1am. We have a number of young players challenging the seniors like Fabian Derrick who beat Uganda’s Babu Alex to reach the final. We are still appealing to the Ministry of Sport to clean up the mess in badminton,” he said.

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With just two players, hostess Lady Bucks defeats ANU Panthers https://mombasainfo.com/with-just-two-players-hostess-lady-bucks-defeats-anu-panthers/ Sun, 30 Oct 2022 10:12:51 +0000 https://mombasainfo.com/with-just-two-players-hostess-lady-bucks-defeats-anu-panthers/
Lady Bucks’ Juliet Amollo (left) dribbles past ANU’s Nicole Adhiambo during yesterday’s KBF Women’s Premier League match at Magadi Primary School in Kisumu. [Michael Mute, Standard]

Lady Bucks survived a second-half scare to defeat the African Nazarene University (ANU) Panthers in overtime 70-68 in overtime in a tight Women’s Premier League match yesterday at Magadi Primary School in Manyatta, Kisumu by the Kenya Basketball Federation (KBF).

Lady Bucks, with only seven players available on game day, played with two players in overtime after five of their players were ejected after more than five fouls.

Stephanie Tongoi, Cindy Phylis, Jecinta Adhiambo, Caster Nasiyo, Mary Omala and Florence Juma were all ejected after accumulating five fouls.

Under the KBF Rules of the Game, a player will be banned for the entire game if he or she commits five personal fouls.

Forward Stephanie Tongoi, who was kicked out in the second overtime, lost a double-double with 29 points and 12 rebounds as he led the Kisumu team out of the relegation zone.

Shooting guard Elsa Ndong followed with 15 points and seven assists, while point guard Juliet Omollo lost 11 points and 10 assists in the win that put Lady Bucks in eighth place overall with 13 points.

Tongoi helped the hosts get off to a strong start after scoring eight points as Cindy Phylis added three points to lead 11-7 in the first quarter.

Another great performance from Tongoi (9 points) and Omollo (6 points) saw Lady Bucks lead by 11 points at half-time and the visitors trailed 25-14 after the second quarter.

In the final half, Stella Nekesa, who scored 20 points for ANU, started the visitors’ struggle back into the game as the Panthers defeated the Bucks 19-14 and cut the deficit to six points.

ANU, fourth on 16 points despite the loss, sent the game into overtime with a 20-14 win in the fourth quarter after using their numerical advantage against Bucks, who had four players on the court, rather than three players kicked out after five fouls.

Things got worse in overtime when Tongoi also racked up five fouls, leaving Omollo, Nasiyo and Ndong on the court with the scores still 53-53.

Both teams scored 10 points each to go 63-63 by the end of overtime before Lady Bucks was reduced to two players with 10 seconds remaining (Nasiyo suspended).

Against all odds, Lady Bucks would beat the Panthers 17-15 in overtime to win the game 70-68 with only two active players (Omollo and Ndong) left on the court.

In Mombasa, teams from Kenya Ports Authority (KPA) moved to the top of the table after beating teams from Kenyatta University (KU) at Makande Gymnasium.

KPA men, who are the defending champions, announced their return from Basketball Africa League appearances with a 72-61 win over KU Pirates to reclaim their top spot with 21 points.

KPA had fallen to third in the table with 19 points, while former champions Ulinzi Warriors and Equity Dumas previously topped the table with 20 points

In the women’s, champions KPA KU beat Oryx 93-20 to maintain their 100 percent start to the season with 11 straight wins.

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Capital markets: Emerging markets continue to send mixed signals https://mombasainfo.com/capital-markets-emerging-markets-continue-to-send-mixed-signals/ Tue, 25 Oct 2022 22:23:54 +0000 https://mombasainfo.com/capital-markets-emerging-markets-continue-to-send-mixed-signals/

Issues in Emerging Markets
Investment grade borrowers from emerging markets continue to generate positive demand.

Notably, the Kingdom of Saudi Arabia sold a new six-year dollar-denominated Sukuk issue and 10-year conventional dollar bonds with initial price forecasts of 135 and 180 basis points spreads over comparable US Treasuries. It placed $5 billion with demand in excess of $26.5 billion, including $7.5 billion for the Sukuk tranche: prices were tightened by 30 basis points for both parts, resulting in a coupon of 5.268% for led the Sukuk and a coupon of 5.5% on the longer tranche. The issuance is expected to help fund a $3 billion tender offer for 2023 bonds, along with $12.5 billion of debt maturing in 2025 and 2026.

Also on October 18, Emirates NBD won $1 billion in demand for a $500 million five-year issue at a price of 5.745%, 155 basis points over US Treasuries and 20 basis points narrower than the original forecast.

Investment-grade Lithuania also sold EUR1.2bn of new debt, including a EUR900mn new issue with a maturity of 5.5 years at a price of 120 basis points over mid-swaps with a coupon of 4.125 % and an entry fee of 99.26% and EUR 300 million tap of its previous 10-year deal with a spread of 135 basis points. Earlier reports indicated a demand of almost EUR 2 billion. After its completion, Latvia instructed the banks to make another sale in euros.

Broader SSA debt restructuring talks

In addition to Ghana’s ongoing negotiations with the IMF, which we have forecast will likely result in a renegotiation of its debt under the G20 Common Framework, Nigeria and Kenya have been in focus.

The former was prompted by Nigeria’s Finance, Budget and National Planning Minister Zaineb Ahmad, who in an interview with Bloomberg TV stated that the country was considering debt restructuring, both internationally and domestically. Their statement mentioned that the ministry had appointed a consultant to study “restructuring and negotiations to extend repayments for longer periods”. This Day newspaper added that it stressed the need to use 65% of projected 2023 revenue to cover debt service in 2023. Although Nigeria’s debt has been rising rapidly, driven by poor tax collection and heavy spending on subsidies, its debt-to-GDP ratio is modest (just over 23% in mid-2022), but debt service costs are projected by the World Bank to be around the to exceed government revenue by next year.

Nigeria had already shown some signs of debt problems by seeking broader extension of official DSSI debt relief to sub-Saharan Africa, but had not previously used the term “restructuring”. The proposal to extend maturities seems to indicate that it does not seek capital discounts but instead extends the duration of its liabilities.

A later statement by Nigeria’s Debt Management Office (DMO) has denied that a reorganization was planned, claiming instead that it intends to manage its debt through “debt maturity spread” and “refinancing short-term debt with long-term debt”. , suggesting that it also explores bond buybacks and exchanges as liability management tools. The subsequent statement said “Nigeria remains committed and will honor all of its debt obligations,” but that it will seek to apply liability management tools to its international obligations, including bilateral and concessional loans.

According to a Bloomberg report Oct. 20, Kenya is planning negotiations to extend loans from the Export-Import Bank of China for the construction of a rail link between Nairobi and the Port of Mombasa. Transport Minister-designate Kipchumba Murkomen warned that the Belt and Road Initiative project “will never break even” and that it will be “impossible” to repay the loan from the project’s proceeds. He cited a 50-year term as the target for renegotiations, compared to the current 15-20 year terms.

Under recently elected President Ruto, users of the line were given more flexibility in transporting goods to Mombasa, ending a previous policy that forced them to transport them to inland hubs before shipment. Even then, the line is unprofitable with passenger and freight revenue of 15 billion Kenyan shillings and operating costs of 18.5 billion. Exim lent KSH 500 billion (US$4.13 billion) to the project. A KSH 1.3 billion (US$930,000) penalty was reportedly imposed on Kenya’s Treasury Department in early October for non-payment of debt service obligations, following earlier problems with non-payment by AfriStar, the Chinese-owned railway operator.

Bank Capital “Extension Risk”

Banco Sabadell failed to call an Additional Tier 1 deal (its €400 million 6.125% issuance) on its first call date, which falls in November. The bank announced its decision ahead of October 23, the deadline for notification of the request, “taking into account the cost of replacing AT1 instruments under current market conditions.”

On November 23, the instrument’s coupon is reset to the five-year swap rate (currently 3.08%) plus a yield margin of 6.051%, implying a new coupon of around 9.13%. The issue was already trading at a discount of 10 percentage points
Their decision didn’t stop the Bank of Nova Scotia from issuing an AT1 deal, $750 million in 60-year, non-callable, five-year notes at 8.625% versus 8.75% of the early guidance. If not called, the bonds would revert to the 5-year US Treasury yield plus 438.9 basis points.

Later in the week, Ireland’s Permanent TSB also sold €250m of AT1 perpetual debt, callable at 5.5 years, with the unusually high coupon of 13.25%, a record for the sector, versus the coupon of 7.9% needed to sell similar instruments at the end of 2020 The problem is to strengthen its balance sheet ahead of the €6.8bn purchase of loans from Ulster Bank, mainly through the sale of shares to the seller NatWest Group.

Our opinion

Both the Kingdom of Saudi Arabia and Emirates NBD enjoyed healthy demand, further confirming strong investor sentiment towards stronger GCC borrowing given the positive deadweight effects on their finances from higher energy prices. The healthy appetite for investment-grade EM risk also extended to Lithuania’s two-part sale.

Nigeria’s debt stress should not require a major restructuring at this time. Even after the projected growth this year, the debt-to-GDP ratio is unlikely to go well beyond 30%. Its main problems stem from overspending on subsidies and ineffective tax collection. However, the growing burden of debt service costs versus modest tax revenues requires policy attention. Kenya’s position is more strained (with a debt-to-GDP ratio of 67% in mid-2022), but far more so than Ghana’s.

So far, Banco Sabadell’s decision not to call an AT1 instrument is an isolated event and could well be temporary. Nonetheless, it has brought investors’ “extension risk” back into the focus of investors: the possibility that banks will not call AT1s and subordinated debt in deteriorating market conditions, resulting in investors holding longer (and potentially perpetual) maturity instruments, where possible, in accordance with normal market practice, although originally expected to do so. Nonetheless, the subsequent offer shows that it did not block the new issues but may have contributed to the record coupon paid by Permanent TSB.

Banco Santander had previously opted to miss an AT1 call opportunity in 2019 before redeeming the issue shortly thereafter, and both Deutsche Bank and Lloyds Bank also missed first call dates in 2020, but the previous norm was to use the first-call facility.

Sabadell’s decision highlights the growing “extension risk” in AT1 instruments as interest rates rise. As banks face higher funding costs, there is a greater temptation to keep such instruments uncalled and allow them to switch to less favorable post-call coupons. Sabadell has stressed that it may call the issue at a later quarterly call date, but difficult refinancing conditions increase “extension risk”. Investors face the risk of severe losses if the practice spreads further, which would hamper the future issuance of AT1 capital instruments.



Posted on October 25, 2022 by Brian LawsonSenior Economic and Financial Advisor, Country Risk, S&P Global Market Intelligence


This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, a separately managed division of S&P Global.

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The Ugandan artist says he lost his phone and cash shortly after arriving in Nairobi https://mombasainfo.com/the-ugandan-artist-says-he-lost-his-phone-and-cash-shortly-after-arriving-in-nairobi/ Sat, 22 Oct 2022 17:12:48 +0000 https://mombasainfo.com/the-ugandan-artist-says-he-lost-his-phone-and-cash-shortly-after-arriving-in-nairobi/
  • When Payitone Kash packed his bags and left Uganda, he had high hopes of making it big in Nairobi
  • However, things took a wrong turn when he lost all his money and phone, forcing him to sleep on the street
  • The proud father of a recently released song Weiwe shared how he overcame the tough life on the streets

A Ugandan artist living in Kenya has shared the hardships he went through after arriving in Kenya.

Payitone Kash learned a hard lesson about Nairobi shortly after arriving in Kenya. Photos: Payitone Kash.
Source: Facebook

Payitone Kash becomes homeless in Nairobi

Payitone Kash tells TUKO.co.ke that he arrived in Nairobi in 2017 hoping to build a good future for himself. However, he got off to a daunting start.

“As soon as I arrived, I lost all the money I had.”

PAY ATTENTION: Share your outstanding story with our editors! Please reach us via news@tuko.co.ke or WhatsApp: 0732482690.

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Faced with the prospect of calling his poor parents home and adding to their misery, he decided to remain homeless in Kenya, come what may.

“I begged for cash on the street and started a business selling bottled water.”

Life on the streets was tough, and Payitone recalled being beaten numerous times by other street kids.

One day the musician stood at the intersection of Haile Selassie Avenue and Mombasa Road and marveled at the endless stream of vehicles.

“I inquired where the road leads and based on my scenic perception of Mombasa, I decided to drive there.”

Payitone began his trek in the morning hoping to arrive in the seaside town by nightfall, but only managed to reach Syokimau at the end of the day.

“I asked a Boda Boda driver if I was almost reaching Mombasa and he laughed out loud.”

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Otile Brown gets emotional when the artist gives him his late grandmother’s portrait at the JKIA after the US tour

The young man was discouraged when he learned it would take about six hours by bus to reach his destination.

As returning to the CBD was not an option given the late hour, he looked for a gas station where he spent the night with the security forces.

Payitone’s fate changed when a friendly music producer offered him a place to sleep in his studio and he got back on his feet.

As of 2022, Payitone is doing well and has a Kenyan wife and daughter.

The artist recently released a love song, Weiwe, inspired by his wife.

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Khaligraph Jones pays rent for homeless mother

In other news, TUKO.co.ke reported that Khaligraph showed his philanthropic side by helping a distressed mother of three.

He sent KSh 10,000 to help the woman who fell into postpartum depression after giving birth.

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First grader drives expensive Mercedes-Benz to school accompanied by bodyguard: “I Wanna Ball”

The mother had been fired for rent arrears, forcing her to live on the streets with a five-day-old baby.

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Source: TUKO.co.ke

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Uganda’s second oil rig arrives in Mombasa https://mombasainfo.com/ugandas-second-oil-rig-arrives-in-mombasa/ Thu, 20 Oct 2022 06:44:17 +0000 https://mombasainfo.com/ugandas-second-oil-rig-arrives-in-mombasa/

TotalEnergies Uganda Ltd, operators of the Tilenga oil project in western Uganda, have shipped their first drilling rig, signaling readiness for scheduled oil production to begin in 2015.

The rig, the first of three, arrived at the port of Mombasa in Kenya yesterday Wednesday after setting sail from China in August.

From Mombasa it is transported to Buliisa by road.

TotalEnergies ZPEB Rig 1501 is a 1,500hp walking land rig with full integration, automation, low emissions and full soundproofing

The substructure and rig floor integrate all the necessary equipment to allow movement of the rig from well to well without having to disconnect the equipment

According to TotalEnergies Uganda, the Tilenga project facility has been upgraded with new power technology, with only a single power cable and fiber optic cable up to 150m between the facility and the backyard electric house. The device is equipped with a side saddle mast, the tube of which is picked up by the well row at an angle of 90° in order to facilitate handling and work outside the basement area.

The Uganda National Oil Company (UNOC) described the arrival of the Tilenga rig as a “huge milestone on the road to First Oil 2025”.

The arrival of the Tilenga rig comes just over a month after CNOOC Uganda Ltd, the other licensed oil company in the Albertine, delivered its own rig.

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