Kenya's sole power distributor Kenya Power aims to convert its 2,000 petrol and diesel-driven vehicles to electric over the next four years, it said on Tuesday. The move is part of a rising trend in the East African economy to take advantage of the abundant electricity supply from renewable sources, and switch vehicle and motorcycle engines to electric from fossil fuels. Kenya Power will phase out its petrol and diesel vehicles by retrofitting electric engines and buying new electric vehicles.
Currencies in emerging markets slipped on Tuesday, with the Russian rouble hitting a one-month low, while Turkey's lira was flat after its drop to a record low in the previous session as a deadly earthquake hit Turkey and northwest Syria. The Turkish lira was subdued at 18.83 against the dollar by 0920 GMT, with the major earthquake adding to pressures from a strong dollar and the war in Ukraine, as well as a surprise inflation reading. "In the past 4-5 months, the move (in lira) continues to be in the direction of a weaker currency and the main reason is that the underlying fundamental picture of the country features a number of very clear macro financial imbalances that cannot be kept under control forever," said Cristian Maggio, head of portfolio and ESG strategy at TD Securities.
House price falls have started to plateau, following four months of consecutive drops.