Personal loans defy defaults after Covid pay cut, layoff woes
Summary
Massive layoffs, pay cuts and unpaid leave policies adopted by Kenyan firms at the height of Covid-19 pandemic shocks last year did not trigger spikes in personal loan defaults, latest industry data shows.
Central Bank of Kenya (CBK) data suggests non-performing loans among households accounted for Sh1.9 billion, or 2.83 per cent, of the Sh67 billion loans that were not repaid in nine months through December 2020.
Friday April 16 2021
By CONSTANT MUNDA
Summary
Massive layoffs, pay cuts and unpaid leave policies adopted by Kenyan firms at the height of Covid-19 pandemic shocks last year did not trigger spikes in personal loan defaults, latest industry data shows.
THE STANDARD
BUSINESS NEWS
Tourists at Maasai Mara National Game reserve. [Kipsang Joseph/Standard]
Tour operators are asking the State to offer financial bailouts and lift restrictions for inter-county travel to save the tourism industry from collapse.
In a statement on Thursday, the Kenya Association of Travel Agents (Kata) said new lockdown restrictions announced by President Uhuru Kenyatta at the end of last month dealt a major blow to the sector, which was just recovering.
“The government’s new Covid-19 restrictions announced on March 26, including suspension of domestic air services, an extended night curfew and a lockdown of five counties dealt a major blow to the industry,” said Kata Chairman Mohammed Wanyoike.
Tour industry asks State for bailout amid travel ban standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
Barring last-minute changes in the monthly review, petrol prices will have increased by Sh20.12 a litre over the past three months, with diesel up Sh13.56 over the same period, one of the biggest jumps over the period in recent history.
This has sparked anger among Kenyans, with the costly fuel unleashing pricing pressure across the economy and having ramifications on the cost of living measure.
The sharp rise in fuel prices has shifted the spotlight on taxation of petroleum products, with Kenyans in border towns reportedly seeking cheaper fuel in the neighbouring countries of Tanzania and Uganda.
The Energy and Petroleum Regulatory Authority (Epra) has linked the expensive fuel to the recovery in crude oil prices. The current pump prices are based on the barrel at $61.61, up from $55.27 previously, and $65.41 for the review that kicks off midnight.
More pain as petrol prices to hit historic high Wednesday
Wednesday April 14 2021
By JOHN MUTUA
Summary
A brief from the energy regulator seen by the Business Daily indicates that petrol will increase by Sh4.30 to Sh127.11 per litre in Nairobi while diesel is expected to rise from Sh107.66 to Sh109.96 the highest level since December 2018.
Barring last-minute changes in the monthly review, petrol prices will have increased by Sh20.12 a litre over the past three months, with diesel up Sh13.56 over the same period, one of the biggest jumps over the period in recent history.
This has sparked anger among Kenyans, with the costly fuel unleashing pricing pressure across the economy and having ramifications on the cost of living measure.