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Magdalene Ougo

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Asian stocks tumble after U.S. plunge

World

Asian stocks are following Wall Street’s drop. Japan’s Nikkei plummeted as much as 4% Thursday morning, while the Hang Seng in Hong Kong fell as much as 2.1%. The declines came after a rough day of trading in U.S. markets Wednesday that brought the Dow, S&P 500 and Nasdaq into correction territory, meaning they have tumbled 10% or more from their recent peaks. Experts say stocks are coming under pressure from slumping oil prices and uncertainty over China’s slowing economy and its weakening currency. Chinese stocks on Thursday flirted with the lows of last summer’s market crash, with the Shanghai Composite sinking as much as 2.8%. The index has lost around 18% since the start of this year. For years, China’s booming economy was a key engine for global growth, but now its slowdown is rippling out through global commodity markets. Oil prices fell under $30 a barrel Tuesday for…

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Oil price briefly falls below $30 a barrel

Latest News

Oil prices have briefly fallen below $30 a barrel on international markets for the first time since April 2004, before recovering again. Brent crude, used as an international benchmark, fell as low as $29.96, but bounced back to trade at $30.22. Oil prices have fallen by 70% in the past 15 months. Earlier, Russia’s Prime Minister, Dmitry Medvedev, warned tumbling oil prices could force his country to revise its 2016 budget. He said that the country must be prepared for a “worst-case” economic scenario if the price continued to fall. Taxes from oil and gas generates about half the Russian government’s revenue. The 2016 federal budget that was approved in October was based on an oil price of $50 a barrel in 2016 – a figure President Vladimir Putin has since described as “unrealistic”. Government departments have been ordered to cut spending by 10%, repeating a policy imposed in 2015,…

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UK-based Sports Betting firm Premier Bet Launches in Kenya

Tech

Headquartered in London (UK) with offices in Paris (France), Gothenburg (Sweden) and Bucharest (Romania), sports betting, gaming and lottery operator in Africa, Editec has launched in Kenya. The firm which operates under brands such as Premier, SBA and Guinea Games, went live in Kenya as Premier Bet on the first weekend of January 2016. The firm’s first office is in Kawangware area of Nairobi and aims to bring fun, entertainment and opportunity to the youth in the country. The Kenyan operation is run by Andrew Batley, who has many years of experience working with EDITEC as the Operations Manager of SBA Uganda. In a statement, Simon Burrell, Head of Business Development at EDITEC said: “EDITEC is delighted to open Premier Bet in Kenya, one of Africa’s most powerful nations. The move shows that Premier is a growing force on the continent and we are all very excited to provide our…

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Dodgy Doctor app launches in Nigeria to help users find quality care

Tech

Source:: TechMoran Code for Africa is working with local news websites to help readers find out if doctors in some of these countries are con-artists or professional doctors with Integrity. The network through its arms Code for Kenya and Code for Nigeria has launched a service dubbed Dodgy Doctor with a database of legal recognized doctors in both Kenya and Nigeria to help citizens identify if their doctors are registered. In Nigeria,  Code for Nigeria has partnered with SaharaReporters, and are using official data from the Medical and Dental Council of Nigeria (MDCN) which regulates Medical and Dental Practitioners, to help identify registered doctors from ‘quack’ doctors. Apart from helping users identify if one is a licensed medical practitioner, the service also lists prices of common prescription drugs and a hospital finder to help patients locate hospitals. Users need only to search for a doctor’s name and the system shows…

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SALT LAKE CITY, UT - APRIL 26: A pile of Bitcoin slugs sit in a box ready to be minted by Software engineer Mike Caldwell in his shop on April 26, 2013 in Sandy, Utah. Bitcoin is an experimental digital currency used over the Internet that is gaining in popularity worldwide. (Photo by George Frey/Getty Images)

BitHub Africa launches to be Kenya’s biggest Blockchain incubator

Tech

Nairobi-based web development agency  Space Kenya Networks Limited has today announced the launch of its  Blockchain incubator BitHub to be the countrys home of startups doing blockchain technology and solutions across Africa. Space Kenya Networks, says BitHub‘s “focus will be solving problems using innovative blockchain solutions that are currently under development across the World. We believe that blockchain solutions will make substantial contributions to rethinking existing structures in the following political, social and economic sectors.” The firm aims to work with Bitcoin-powered startups running data Management and Storage services, legal and Governance services, Identity Management, Financial Services, Internet of Things, Biotechnology, Software Security and Cultural & Intellectual property protection tools among others. “BitHub seeks to bring together a consortium of individuals, organizations and expertise to drive the development and adoption of blockchain technologies especially within the African continent,” the firm writes on its site. Though this is a good move for…

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BuyRentKenya.com Brings Apartment Hunting to WhatsApp

Featured News

You can now get your next apartment via WhatsApp. No calls, no time-wasting walking from estate to estate with property agents and you can still do that sales pitch as Buy Rent Kenya works for you. According to the firm, the WhatsApp service has been launched in pilot to make it possible for anyone to send property inquiries and requests via WhatsApp – while they’re travelling, or in between meetings – anywhere! “Buy Rent Kenya’s ongoing effort is to take advantage of the global technological progress to reach out to the largest number of property seekers in Kenya and across the world,” Lizzie Costabir, Buy Rent Kenya’s Marketing Manager said in a statement. “The service will also be useful for those property seekers in countries where text messaging is less accessible and more expensive. WhatsApp is one of the preferred methods of communication around the world.” Through the launch of the…

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Kenya Government plans March rollout of mobile phone-based T-bond

Business

The government expects to roll out its mobile phone-based Treasury bond by the end of March after the planned sale in October last year was derailed by volatile interest rates. The government had planned to start selling the Sh5 billion five-year bond in October but prevailing interest rates, which had risen to 22 per cent for short-term government paper, meant that the Treasury had to shelve the offer until lower rates come into play. The latest Treasury bond sold—a nine year infrastructure bond— carried an interest rate of 14.75 per cent, while the prevailing interest rates of Treasury bills range between 11.4 and 13.8 per cent. The product should be in the market by the end of quarter one. What had delayed the launch was pricing, where interest rates were volatile. But now that it has stabilised I think we can go ahead,” said Mr Rotich. He added that the…

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Bloggers Association of Kenya (BAKE) announce 2016 Blog Awards

Tech

Bloggers Association of Kenya (BAKE) is a body formed by an association of bloggers seeking to promote content creation on the web in Kenya. Through BAKE, bloggers can syndicate their content, network with other content creators as well as receive legal and communal representation from the association.  BAKE has today announced the launch of the 5thKenyan Blog Awards.  The announcement of the awards opens up the submission phase, where anyone can nominate their favorite blog in Kenya. Thereafter judges will decide the best 5 in each category before the public votes for their best in each category. https://www.youtube.com/watch?v=W0K9BLA7zHY To submit blogs for nomination to the Kenyan Blog Awards 2016, bloggers and their fans should visit blogawards.co.ke/submit.  This year’s edition has 19 categories following the addition of Best Religious/Spirituality blog. Other categories include Best Technology Blog for blogs covering social media, internet usage, consumer electronics, mobile phones, tech startups; Best Photography Blog targeting those showcasing original photos…

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Airtel Kenya partners with National Bank on m-banking

Business

Airtel Kenya has launched a partnership with National Bank of Kenya (NBK) to deliver mobile banking services through the Airtel money service. The mobile banking service will allow Airtel customers to access their National Bank accounts free from their phones for the first three months, with minimal charges after the three-month campaign, Airtel said. Customers will be able, via mobile, to view their accounts, manage their accounts, make bill payments, transfer money to their Airtel Money accounts from their bank accounts and vice versa. In addition, National Bank agents will offer Airtel Money services and Airtel agents will offer National Bank services. This will be extended later to National Bank branches.

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