Category: East Africa
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East Africa:BAT Kenya says regulations threaten its Nairobi factory
British American Tobacco (BAT) Kenya says unfavourable regulations could see it scale down its local cigarette manufacturing in what will lead to job losses. The Nairobi Securities Exchange-listed firm’s Nairobi factory produces cigarettes and semi-processed tobacco for the local market and exports to 13 countries in the region. BAT says increased regulatory uncertainty in the…
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Rwanda to Lift Double Taxation for Moroccan Investors
Rwanda’s Cabinet on Wednesday approved a law removing double taxation for Moroccan investors while mitigating against tax evasion on income accrued by their businesses. Moroccan investors have shown great interest in Rwanda ever since King Mohammed VI visited the country in October last year. “Investments from Morocco are coming in at a high speed; therefore,…
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Rwanda adds to energy mix with first peat-fired power plant in Africa
Rwanda recently celebrated the opening of its first peat-fired power plant at Gishoma in the far west of the country, a $39.2M project. It is the first of its kind in Africa. Another larger peat plant, costing $350M is under development in Gisagara to the east. The plan is for Gishoma to start feeding 15MW…
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Kenya:KCB staff count drops by 223 in cost-cutting drive
KCB Group last year spent Sh186 million to pay staff affected by a restructuring of the company in a period when the bank’s employee count dropped by 223 people, its latest annual report shows. The bank, the country’s largest lender by assets, closed 2016 with 7,192 employees compared to 7,415 the previous year as restructuring…
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Kenya:Ponzi schemes back on poor CBK, Sasra oversight, says lobby
A consumer lobby has accused financial regulators of laxity in protecting poor and small investors against resurgent dubious get-rich-quick schemes. Consumer Federation of Kenya (Cofek) secretary-general Stephen Mutoro said the Central Bank of Kenya (CBK), the Sacco Societies Regulatory Authority (Sasra) and the Cooperatives department had allowed the rogue firms to proliferate. “The re-emergence of…
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East Africa:Treasury eyes fresh debt to bankroll maturing billions
The Treasury has signalled it will borrow afresh to retire maturing debt — including an expensive syndicated loan — which fall due in the course of this year. Treasury bonds totalling Sh63.1 billion, as well as a two-year $750 million (Sh75 billion) syndicated loan taken in 2015, mature this year. PS Kamau Thugge termed as…
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Kenya:Agency bets on cruise boat loans to grow tours
The Tourism Finance Corporation is set to offer loans to investors to introduce cruise boat services to locals and tourists in Mombasa County. The boats would enable residents and tourists in Mombasa County to travel to other neighbouring counties like Kwale, Kilifi, Tana River and Lamu. The TFC chief executive officer Jonah Orumoi says the…
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US tech firm Ciao eyes Kenyan acquisition
An American firm is set to enter Kenya’s telecommunications sector through the acquisition of a company that provides software to mobile virtual network operators (MVNO). Ciao Group yesterday said it was in talks to acquire the provisioning software company in line with a strategy to deepen its presence in developing markets. MVNOs are phone companies…
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East Africa:Wamalwa promises Sh75 a packet maize flour
Government rhetoric on the runaway pricing of staple maize flour intensified yesterday after Water and Irrigation secretary Eugene Wamalwa claimed that retail prices were about to fall by half with the release of flour from its Galana-Kulalu irrigation scheme. Mr Wamalwa said the flour, to be priced at Sh75 for a 2kg packet, would be…
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Kenya: 400 medics say no work over delay of salaries
More than 400 doctors from four central Kenya counties have vowed to paralyse activities in public hospitals from Thursday over delayed salaries, deplorable state of the facilities and poor staffing. The doctors also accused the government of failing to implement a return-to-work formula that they signed when the doctors called off the strike last month.…