Kenya and Singapore Monday signed an agreement that will ease air connections between the two countries.
The agreement, witnessed by Prime Minister Raila Odinga will allow Kenya Airways and Singapore Airlines to operate in the two countries.
In the air services agreement, the two countries granted their designated airlines rights to operate in either or both countries.
Under the agreement, air carriers from Singapore and Kenya have the flexibility to operate any number of air services between and beyond both countries.
The agreement also grants the airlines of the two countries the right to make stops in each other's territory. It also grants them the right to operate between the territories without any limitations or restrictions on capacity, frequency or aircraft type.
The agreement was signed by Kenya's Minister for Transport Mr. Ali Chirau Mwakwere and his Singaporean counterpart Raymond Lim.
The signing ceremony was witnessed by Prime Minister Raila Odinga and his Singaporean counterpart Lee Hsien Loong.
The two countries also signed another agreement on technical cooperation.
On the technical agreement, the government of Kenya, in its efforts to enhance the development of its infrastructure to support vision 2030 expressed the desire to share Singapore's developmental experience and expertise.
The government of Kenya agreed to engage Singapore Co-operation Enterprise (SCE) in the planning and implementation of affordable and sustainable public housing system.
SCE was also asked to conceptualize, implement and manage three special economic zones in Mombasa, Kisumu and Lamu.
The technical agreement was signed by Kenya's High Commissioner Festus Kaberia and Mr. Alphonsus Chia, the CEO of Singapore Cooperation enterprise.
Earlier Mr. Odinga and Mr. Lee HsienLoong held talks at the latter's palace where they explored various areas of economic and technical cooperation between Kenya and Singapore.
Prime Minister Odinga said there was need to increase Kenya's economic portfolio in Singapore to address the imbalance which is currently in favour of Singapore on the ratio of 1:10.
Noting that Kenya was open to trade and investment, the PM asked the Singaporeans to invest in Kenya's technical and infrastructure fields especially in ports, communications and tourism.
"We have also prioritized the development of energy sector and we are making investments in the production of geothermal, wind, solar, biomass and ethanol."
He assured his host that Kenya was ripe for investment adding that the government had embarked on reforms to address concerns raised by international investors notably corruption, bureaucracy ,insecurity and poor infrastructure.
Noting that Kenya could be the entry point for Singapore into the East African region, Mr. Odinga pointed out that the East African community was a large market of 170 million people.
Mr. Lee Hsien Loong lauded the signing of the two agreements saying his government will quickly follow up on the signing by increasing its technical and economic presence in Kenya.
Earlier, Mr. Odinga was accorded an official reception at Istana palace in Singapore city during which he inspected a colourful guard of honor mounted by detachment of the Singaporean forces.
Mr. Odinga visited the Singapore Housing Development Board, the Singapore Mass rapid Transport (SMRT) and Changi International airport.
The PM is accompanied by the Minister for Industrialization Mr. Henry Kosgey, the Minister for Transport Mr. Chirau Ali Mwakwere, the Minister for Housing Mr. Soita Shitanda, the Minister for Trade Mr. Amos Kimunya, the Minister for Information and Communications Mr. Samuel Poghisio and an Assistant Minister for Finance Dr. Oburu Oginga.
Source:kbc.co.ke/
Showing posts with label Kenyan oil marketers thrive. Show all posts
Showing posts with label Kenyan oil marketers thrive. Show all posts
Wednesday, January 20, 2010
Kenyan insurance sector growing
NAIROBI, Kenya, Jan 19 - Players in the insurance sector say there is a growing demand for political violence, terrorism and sabotage cover thus the need for firms to provide them.
African Trade Insurance (ATI) Acting CEO Stewart Kinloch called upon insurance firms to protect their clients by coming up with innovative products that guard against potential losses emanating from such events.
“As the financial crisis bites deeper into pockets, there is a trickle-down effect that has impacts on fuel, food shortages and it doesn’t take a lot to turn fuel shortages and food shortages into political unrest and malicious damage,” he said.
Pointing to the events that led to the 2007 general elections, he pointed out that the need for this cover could not be overemphasized and underscored the need for property owners to take some precautionary measures.
Speaking after ATI signed a Sh31 billion political violence, terrorism and sabotage reinsurance agreement with APA Insurance, Mr Kinloch said the demand for such covers in the East African region was growing, a move which called for such insurance.
APA CEO Ashok Shah said they had moved to fill this gap in the market and even make it accessible to policy holders with modest incomes.
“The insurance industry in Kenya has been accused of shying away from non-traditional insurance leading to great suffering by the public in terms of loss of property by calamities,” Mr Shah said.
Premiums for policyholders with lower than Sh2 million would not be increased, he said.
“By doing this, APA is realy standing up for its customer base, the man on the street,” he added.
Under the reinsurance agreement, ATI will act as APA’s re-insurer by absorbing over 90 percent of the risk underwritten on any resulting claims. The arrangement increases APA’s capacity to insure an individual property or that of an SME of up to a maximum of Sh265 million. Higher value properties will be covered under a separate agreement
The APA Political Violence reinsurance cover is the third such cover provided by ATI to Kenyan-based insurer. ATI is already in partnership with Jubilee and UAP insurance agencies offering similar covers
ATI expects to announce additional political violence reinsurance deals in 2010 with insurance companies in Kenya and Uganda as well as other markets that have experienced civil unrest in recent months.
Source:capitalfm.co.ke/
African Trade Insurance (ATI) Acting CEO Stewart Kinloch called upon insurance firms to protect their clients by coming up with innovative products that guard against potential losses emanating from such events.
“As the financial crisis bites deeper into pockets, there is a trickle-down effect that has impacts on fuel, food shortages and it doesn’t take a lot to turn fuel shortages and food shortages into political unrest and malicious damage,” he said.
Pointing to the events that led to the 2007 general elections, he pointed out that the need for this cover could not be overemphasized and underscored the need for property owners to take some precautionary measures.
Speaking after ATI signed a Sh31 billion political violence, terrorism and sabotage reinsurance agreement with APA Insurance, Mr Kinloch said the demand for such covers in the East African region was growing, a move which called for such insurance.
APA CEO Ashok Shah said they had moved to fill this gap in the market and even make it accessible to policy holders with modest incomes.
“The insurance industry in Kenya has been accused of shying away from non-traditional insurance leading to great suffering by the public in terms of loss of property by calamities,” Mr Shah said.
Premiums for policyholders with lower than Sh2 million would not be increased, he said.
“By doing this, APA is realy standing up for its customer base, the man on the street,” he added.
Under the reinsurance agreement, ATI will act as APA’s re-insurer by absorbing over 90 percent of the risk underwritten on any resulting claims. The arrangement increases APA’s capacity to insure an individual property or that of an SME of up to a maximum of Sh265 million. Higher value properties will be covered under a separate agreement
The APA Political Violence reinsurance cover is the third such cover provided by ATI to Kenyan-based insurer. ATI is already in partnership with Jubilee and UAP insurance agencies offering similar covers
ATI expects to announce additional political violence reinsurance deals in 2010 with insurance companies in Kenya and Uganda as well as other markets that have experienced civil unrest in recent months.
Source:capitalfm.co.ke/
Kenyan tea prices ease slightly, volumes up
NAIROBI (Reuters) - The price of top Kenyan Broken Pekoe Ones (BP1s) eased to an average $4.20 per kg from $4.44 per kg last week, brokers said on Wednesday.
Best BP1s sold at between $4.55 and $3.85 per kg at the weekly auction in Mombasa, compared with $4.72 and $4.16 per kg last week, Africa Tea Brokers (ATB) said in their market report.
BP1 prices set a record of an average $5.45 per kg in mid December.
"There was fairly good demand for the 137,105 packages... on offer at easier rates with some teas remaining unsold," ATB said.
Brighter Pekoe Fanning Ones (PF1s) sold at between $3.28 and $2.96 per kg compared with $3.47 and $3.18 per kg at the last sale.
Kenya is the leading exporter of black tea globally. Prices hit record highs last year after a long spell of dry weather reduced supply.
ATB said 21,580 of the packages offered remained unsold. Last week 115,308 packages were offered, with 18,577 unsold.
Yemen, other Middle Eastern countries and Afghanistan bought more tea than last week, as did Pakistan Packers and Sudan, ATB said.
United Kingdom and the Egyptian Government Sector bought less tea than last week while Egyptian Packers, Kazakhstan and Russia bought similar amounts as last week, ATB added.
Source:af.reuters.com/
Best BP1s sold at between $4.55 and $3.85 per kg at the weekly auction in Mombasa, compared with $4.72 and $4.16 per kg last week, Africa Tea Brokers (ATB) said in their market report.
BP1 prices set a record of an average $5.45 per kg in mid December.
"There was fairly good demand for the 137,105 packages... on offer at easier rates with some teas remaining unsold," ATB said.
Brighter Pekoe Fanning Ones (PF1s) sold at between $3.28 and $2.96 per kg compared with $3.47 and $3.18 per kg at the last sale.
Kenya is the leading exporter of black tea globally. Prices hit record highs last year after a long spell of dry weather reduced supply.
ATB said 21,580 of the packages offered remained unsold. Last week 115,308 packages were offered, with 18,577 unsold.
Yemen, other Middle Eastern countries and Afghanistan bought more tea than last week, as did Pakistan Packers and Sudan, ATB said.
United Kingdom and the Egyptian Government Sector bought less tea than last week while Egyptian Packers, Kazakhstan and Russia bought similar amounts as last week, ATB added.
Friday, December 11, 2009
Kenyan oil marketers thrive
NAIROBI, Kenya Dec 10 - As many well established multinational petroleum companies exit the Kenyan market, local marketers now feel they have an opportunity to thrive.
Hass Petroleum Group Chief Executive Issah Sheikh told a news confrence on Thursday that the exit presents a window of opportunity that small companies can exploit.
“Obviously when someone leaves, you look for ways in which as a player, you can fill in the gap by capitalising on customer needs and giving them the best value for their money,” Mr Sheikh said.
He was however quick to add that the exit of big companies did not automatically mean closure of the business (altogether).
Most multinationals sell their stake to another company in the region ensuring the business still exists.
He added the advantage that is presented is a change of management, which takes time to gel and can be then exploited.
“When a company goes out, there is always a change of ownership. If you are aggressive and you understand the market then the opportunities are endless,” he said.
Multinational petroleum marketers such as Chevron (Caltex), Mobil and BP have exited the market only to be taken up by other players.
French oil company Total bought the Chevron business in Kenya while Mobil was taken over by Oil Libya.
Another reason given for the rise of smaller oil marketers in Kenya is the liberalisation of oil market in 2004.
The CEO said this has removed technical inefficiencies paving the way for increased competition in the market.
“Real competition is setting in and we feel that we have what it takes to compete effectively. It has also created a level playing field in the oil business which makes it easier for new entrants to fit in,” he said.
With this in mind, the company plans to invest Sh20 million in tripling its service stations (currently three stations) in Kenya with a keen focus in Nairobi.
“We have plans in the next three months to intensify our service outlets in Kenya because there are opportunities in as far retail is concerned and Kenyans should be able to access fuel at their convenience.”
Also on the cards for Hass are plans to complement its range of oil products by adding a consumer range of liquefied petroleum gas (LPG) to its stable by mid 2010 even though it already supplies LPG in bulk.
Mr Sheikh was speaking during the unveiling of a new range of lubricants as part of the group’s efforts to reinforce its presence in East Africa and Great Lakes Region markets.
He revealed the company had made a strategic decision to invest in its own range of lubricants blended locally.
The lubricants are formulated with advanced technology to suit the requirements of modern diesel and petrol engines applicable to all conditions to ensure optimal engine performance.
The lubricant brands are Toperx and Atroil for diesel and petrol engines, respectively. Other products unveiled include high grade engine oils, normal grade engine oils and gear lubricants.
Hass Petroleum has fully fledged operations in Tanzania, Uganda, Southern Sudan, Rwanda, Burundi, and the Democratic Republic of Congo.
Hass operates 60 retail stations across East and Central Africa and the company is the sole distributors of the Abu Dhabi National Oil Company (ADNOC) products in the region.
Source:capitalfm.co.ke
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