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Drought cuts 14pc in tea production


Tea production in the first eight months of the year dropped 14 per cent due to a severe drought in the first quarter. Monthly data from the Tea Directorate indicate the volumes of the crop dropped from 309 million kilos last year between January and August to 265 million kilos in the corresponding period this year. “The decline is attributed ...

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Kenya: Safaricom’s share of calls market hits 5-year high


Safaricom’s share of the voice calls market rose to a five-year high in the year ended June 2017, underscoring the company’s continued dominance of Kenya’s telecommunication market. Newly-released data from the Communications Authority of Kenya (CA) shows that Safaricom had 80.4 per cent share of voice traffic, up from 75.7 per cent the previous year. Safaricom’s dominance of the voice ...

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New Renault saloon brand hits Kenya’s showrooms


Auto dealer Simba has introduced the Renault Megane in the Kenyan market, targeted at customers looking for a compact saloon car. The model, priced at Sh4.4 million inclusive of Value Added Tax, has a 1.6-litre engine and an automatic transmission system. It has a GPS navigation system with Kenyan maps, keyless entry with walk-away auto-locking and welcome sequence and a ...

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Interest paid on Kenya’s debt increases by Sh56bn


The interest charged on Kenya’s public debt rose by Sh56 billion in the 2016/17 fiscal year compared to the previous period, with total interest payments gobbling up more than a third of the country’s annual revenue. Latest Treasury data from the 2017 Budget outlook and review paper (BROP) shows that the country spent Sh271.3 billion in interest payments, of which ...

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Kenya: Director opposes proposed Tuskys, Nakumatt merger


Yusuf Mugweru, the fourth born of seven siblings who own Tuskys Supermarkets, has opposed a proposed merger of the retail with struggling Nakumatt in a move that could scuttle the deal that was announced last week. Mr Mugweru claims that his siblings sidelined him in ongoing negotiations with Nakumatt, and that he is yet to receive any information on the ...

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Kenya raises inspection fee on Tanzania wheat imports by over 13 times


Kenya has imposed a steeper inspection fee on Tanzanian wheat imports, threatening to escalate the trade war between the two neighbours. The government has increased the cost of wheat inspection at the border from Sh600 per truck to Sh8,000, a move that would technically lock out the commodity. The two East African countries have been at loggerheads over wheat trade ...

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Barclays Bank starts scheme to merge seven of its branches


Barclays Bank of Kenya (BBK) has started closing some of its branches in Nairobi in line with an earlier announced plan to merge seven of its units countrywide starting October 1. The bank on Thursday sent alerts to customers explaining the closures while giving them alternative branches that will offer them services. Haile Selassie branch operations will, for instance, be ...

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Kenya: Paunranas lose Sh17bn ARM wealth in 3 years


The value of Paunrana family’s wealth in cement maker ARM dropped by Sh17.8 billion in three years as the company battled the challenges of debt-fueled growth and a persistent pricing war arising from the entry of multiple players in the market. ARM’s stock yesterday touched a new low of Sh12.7 at the Nairobi Securities Exchange (NSE), taking the market value ...

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Kenya Power signs on IFC plan to curb electricity leakages


Kenya Power has tapped the International Finance Corporation (IFC), the World Bank’s private arm, in a two-year project aimed at sealing electricity leakages that eat into the power distributor’s profit margins. The Sh80 million initiative, half financed by the IFC, will focus on reducing power losses on the utility firm’s network. The electricity losses have remained above target levels, costing ...

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Kenya to spend Sh2bn on cooking gas cylinder plan


Kenya will spend Sh2.2 billion on acquiring 720,000 cooking gas cylinders and several refill plant machinery through a State-owned fuels dealer as it rolls out a programme to entrench use of the commodity among low income households. The State Department of Petroleum Principal Secretary Engineer Andrew Kamau said the move would help the government avail affordable cooking gas to low and middle ...

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