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Mombasa tycoon TSS’ land up for sale over bank debts


Commercial banks that had lent Mombasa tycoon Twahir Sheikh Said (TSS) billions of shillings have put up more than 6,700 acres of his leasehold land holdings and property on the Kenyan coast for sale, adding impetus to his business empire’s free fall that began late last year. Mr Said, who died early this month, had defaulted on loans amounting to ...

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Mauritius business confidence rises in Q4 2016


Business confidence on the Indian Ocean island of Mauritius rose in the last quarter of 2016, a survey of leading private companies showed on Tuesday. The Mauritius Chamber of Commerce and Industry’s quarterly confidence index climbed 4.9 percent to 97.5 points. But the index remained well below the long-term average of 100 points. The Mauritius economy grew by an estimated ...

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Ghanaian business leaders applaud Rwanda’s development efforts

Business Leaders of Citi FM's Hello Kigali Tour with some Rwanda public service officials

Ghanaian leaders from the public and private sector have applauded Rwanda’s transformation journey following the 1994 Genocide against the Tutsi. The 20 Ghanaian business leaders, investors and government officials were in the country on a five-day business trip last week to learn from Rwanda’s success story, according to Kojo Akoto Boateng, one of the organisers of the trip, dubbed ‘Hello ...

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Kenya:CAK to probe price fixing claims against supermarkets


The Competition Authority of Kenya (CAK) will investigate supermarkets over rising customer complaints of price manipulation, where customers are misled to overpay for goods. The competition watchdog announced on Friday that the retailers would face scrutiny following mounting claims they were posting different prices on the shelf from what they charge at the tills. “(The study) will scrutinise the prevalence of ...

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Kenya:NSE-listed firms intensify asset sales to shore up flagging profits


Nairobi Securities Exchange-listed companies are increasingly turning to asset sales to shore up their medium-term performance in an operating environment that is beset by slow growth. Sameer Africa, East African Breweries Limited (EABL), Sasini, and Standard Chartered Bank Kenya make the list of companies that have raised a total of more than Sh12 billion from disposal of land and buildings ...

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East-Africa:Portland Cement’s AGM aborts after auditors fail to show up


The annual general meeting (AGM) of East African Portland Cement Company (EAPCC) Friday aborted after the company’s auditors failed to show up. The AGM, held at the company’s Club House, required the presence of the office of the Auditor-General or its appointee Deloitte East Africa to proceed. Auditors usually confirm their opinions on a company’s accounts at such meetings where ...

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Oil truckers dispute with ERC sparks fuel shortage in Nairobi


Petrol stations in Nairobi and its environs reported fuel shortage caused by the standoff between oil transporters and the Ministry of Energy over the implementation of the law requiring trucks to only operate during daytime. Motorists in Nairobi and Kiambu on Wednesday complained of fuel shortage even as truckers remained cagey on the way forward after their demand to have ...

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Mombasa Cement to build 36 MW wind farm in Kilifi


Mombasa Cement is set to build a 36 megawatt (MW) wind farm in Kilifi for its own use and sale to Kenya Power. The project, which consists of 12 turbines of 3MW each, will cost an estimated Sh260 million, according to regulatory filings submitted by the cement manufacturer. The wind park will be build on a section of the 1,200 acres ...

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How China contractors drove Kenyan firms out of mega projects


Big Kenyan contractors are feeling the heat of competition from deep-pocketed Chinese rivals whose superior machinery and lower bids for lucrative State tenders have driven local firms out of business. Kundan Singh, Spencon Holdings and Mugoya Construction are some of the erstwhile big names that have fallen on hard times due to the Chinese invasion, ending up under receivership with ...

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Congo central bank injects $50 million into market to prop up franc


Democratic Republic of Congo’s central bank injected $50 million into the interbank exchange market on Tuesday to prop up the Congolese franc, which has lost nearly 40 percent of its value in the last year, the bank’s spokesman said. The bank injected $50 million into the market five times in 2016 and hiked interest rates but the franc continued to ...

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