Category: East Africa
-
Kenya Airways moves to seal revenue loopholes
Kenya Airways has moved to protect its revenue streams from exploitation by staff and external parties after an earlier audit flagged weaknesses in its sales management system. The national carrier says in its latest annual report that it has created a new division to ensure its transactions are well priced and in compliance with its…
-
Kenya Airways to replace KPMG as external auditor
Deloitte & Touche is set to replace KPMG Kenya as the external auditor of Kenya Airways , which is working on a turnaround plan. The national carrier will ask shareholders to ratify the proposed appointment of Deloitte at its annual general meeting on September 22. “To resolve that Deloitte & Touche be appointed auditors of…
-
Kenya: Electricity prices surge to 6-year high on forex levy
Electricity prices have hit a six-year high, piling pressure on households already grappling with rising food costs. Power bills for homes that consume 200-kilowatt hours (kWh), mostly middle class, rose from Sh3,642 in July to Sh3,944 last month – the highest cost since the government started making public the data in 2012. Users of 50…
-
Kenya: Eyes on fresh poll as NSE plunges Sh92bn in a day
All eyes will be on the financial markets that opened today for the first full trading session after Friday’s Supreme Court ruling that annulled the August 8 presidential election. The Friday pronouncement by the highest court in the land immediately triggered a bloodbath at the stock market that saw Nairobi Securities Exchange (NSE) investors lose…
-
Kenya presidential election cancelled by Supreme Court
Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had…
-
Kenya: Imports split sugar farmers as gates open
Sugarcane farmers from western Kenya have opposed a plan to have local millers import and re-brand the sweetener for sale to customers, terming the move a death blow to the industry. They said once millers engage in retail business, they would forget their core role of crushing cane. Kenya National Federation of Sugarcane Farmers deputy…
-
East Africa: Treasury bill uptake in sharp rise after falling for weeks
Treasury bill subscription picked up last week as markets normalised after the elections, also indicating liquidity in the money markets has loosened. Investors offered the government a total of Sh34.8bn in the three tenors of Treasury bill — against a target of Sh24bn — of which the Central Bank of Kenya (CBK) accepted Sh33.8bn. During…
-
Kenya: Insurers see profit after peaceful poll
Insurers that covered risks arising from political violence are expected to make underwriting profits from those policies in the wake of the largely peaceful General Election. There has been minimal damage to property and business disruption following last week’s elections compared to the violence seen in the aftermath of the 2007 polls. Companies spread across…
-
Dar calls off Kenya trade row meeting
Tanzanian officials have put off a meeting intended to iron out outstanding trade disputes with Kenya amid concerns Dar es Salaam was maintaining a hardline stance in the spat. Representatives of the two countries, including officials from cross-border trade agencies, were expected to meet from tomorrow in Tanzania, according to an agreement reached on August…
-
Kenya: Sidian slips into loss on lower interest income
Sidian Bank has slipped into the red in the six months to June weighed down by lower interest income as the rate cap regime narrowed the lender’s earnings from loans. The Centum-backed tier III bank, formerly known as K-Rep, posted a loss of Sh122.7 million as at June 2017 compared to a net profit of…