business

How to make compensation cash last a lifetime

  Francis Muli How to make compensation cash last a lifetime Early this week, residents of Pangani Estate woke up to bulldozers pulling down structures that they had called home for years. The City Hall moved to demolish the houses on Monday night to pave way for the...

Best ways to pass assets to children

  Hellen Njeri Recent deaths of Tanzanian billionaire Reginald Mengi and Safaricom Chief Executive Officer Bob Collymore have rekindled the debate over how super-rich people are supposed to pass their fortune to their children and grandchildren – if at all. While some wealthy parents want to leave money to their kids, but are...

Why Central Bank Governor is uneasy about online lenders

Lewis Njoka @LewisNjoka Central Bank of Kenya (CBK) Governor Patrick Njoroge is unsettled on how the mobile lending sector in the country is operating as most of the players are not regulated. Speaking during the Afro-Asia Fintech Festival that closed at Kenya School of Monetary Studies in Nairobi yesterday, ...

Exporters to benefit from systems refit

Kinyuru Munuhe @kinyurumunuhe Traders will soon enjoy expanded market access following automation of Certificate of Origin (CO) systems for quick identification of goods originating from Kenya. Kenya National Chamber of Commerce Industry (KNCCI) is currently upgrading Certificate of Origin system to accept issuance of all preferential certificates for exports...

Shilling on losing streak, touches 103 against the US dollar

Zachary Ochuodho @zachuodho The shilling weakened against the US dollar yesterday, touching a new mean of 103 on the back of huge balance of payment, high deficit and increased demand from importers. It last touched the low of 103 units to the dollar early this month due to high...

State House dispels fears over dry ports

State House has moved to quell fears regarding the government’s move to allocate land to South Sudan for construction of a dry port at the Naivasha special economic zone. Spokesperson Kanze Dena said yesterday that the land is not necessarily being issued for free but to allow South Sudan a place to store...

Why you should tread carefully in derivatives market

Lewis Njoka @LewisNjoka Financial experts are cautioning would-be investors in the recently launched Nairobi Securities Exchange (NSE) derivatives market against investing in futures without proper understanding of the financial instrument. But NSE CEO Geoffrey Odundo allays fears about the possibility of losing money to fraudsters on the bourse...

South Coast hotels go online to woo tourists

Domestic tourists at the SGR station in Mombasa. Photo/NDEGWA GATHUNGU Barry Silah @obel_barry South Coast hospitality facilities have increased their online booking campaigns to attract international and domestic tourists  to have better returns in the second half of 2019. This is with intention...

Kilifi leaders, CS clash over Sh28b hotel

Tourism Cabinet secretary Najib Balala and leaders in Kilifi county are locked in a battle over the proposed construction of a Sh28 billion hotel-cum-residential project in Watamu. While Balala says the project would destroy Watamu as a beach destination as it would act as floodgate for such skyscrapers,...

Co-op Bank moves in to rescue troubled Metropolitan Sacco

Lewis Njoka @LewisNjoka Members of Metropolitan National Sacco are eagerly waiting to see whether it will make a full turnaround following the announcement of a restructuring programme being spearheaded by Cooperative Bank. The sacco, whose members are mostly teachers, has been reeling under the weight of financial distress...

Petrol prices up as diesel, kerosene goes down in latest review

Lewis Njoka @LewisNjoka Kerosene and diesel users got some reprieve yesterday after Energy and Petroleum Regulatory Authority (Epra), announced new retail pump prices for the period ending August 14. However, super petrol users were not so lucky as pump prices were raised, yet again. Diesel prices in Nairobi...

State agency faces Sh15b debt black hole as farmers struggle

Reuben Mwambingu @reubenmwambingu Commodities Fund is bearing the brunt of the acts committed  by its predecessors as it is unable to recover Sh15 billion provided as credit and advances to sugar and coffee farmers. The Fund is the successor of Coffee Development Fund and Sugar Development Fund (which was part...

How social media ruins businesses

Whether it comes from hackers, disgruntled customers, or is simply a backlash against something you post, negative social media content can destroy trust in your brand in a matter of minutes. “Social media is the most immediate threat to your company’s reputation,” says Pete Knott, digital consultant at...

Gaming firms fault State order as economic shock waves loom

PD Reporters @PeopleDailyKe The implementation of a directive by the betting regulator appeared to falter yesterday even as betting firms cried foul, saying their businesses were being unfairly targeted by the very government that issued them with licences to operate. This follows the suspension of the operations of 27...

Counties petitioned to speed up payments of pending bills

Chamber President Richard Ngatia. He says payment will help unlock stalled businesses. Photo/FILE Kinyuru Munuhe @kinyurumunuhe County governments must move with speed and clear all the pending debts owed to suppliers and contractors, Kenya National Chamber of Commerce and Industry (KNCCI) has...

Boost to mart as derivatives debut on NSE

  by Lewis Njoka @LewisNjoka The need to develop necessary systems to position Kenya as a global financial markets leader contributed to the delayed launch of derivatives market by Nairobi Securities Exchange (NSE),  the  sector regulator explained yesterday. Capital Markets Authority (CMA) Chief Executive Officer, Paul Muthaura...

Poor hide carving techniques choke leather industry

Peter Ngila @peterngilanjeri Low quality of hides is impending the growth of the leather sector which is listed under the manufacturing pillar as an enabler of the Big Four agenda, stakeholders in the sector have said. Tanners Association of Kenya chairperson who is also the director of Reddamac Leather...

State takes steps to protect local pharmaceutical manufacturers

B Braun Pharmaceuticals EPZ Ltd managing director Samuel Muchiri. Rose Muthoni @rosemuthoniN Government departments have been barred from importing drugs and pharmaceutical products already available in the market, to allow local manufacturers enjoy easier market access. Trade Cabinet secretary Peter Munya said...

CBK wants Parliament to enact law to tame phone-based lenders

Mercy Mwai and Hillary [email protected] Central Bank of Kenya (CBK) has raised concern over proliferation of unlicenced and unregulated digital lenders, amid fears a few of them are enough to bring down the entire financial sector. Governor Patrick Njoroge appealed to Parliament to urgently come up with a legal...

Agriculture, manufacturing lag behind in job creation, earnings

Agriculture, manufacturing lag behind in job creation, earnings. Mutwiri Muriithi @mutwirimuriithi Agriculture and manufacturing sectors pay their employees the lowest according to employment trends in Kenya from 2014 to 2018. Compiled by the ICEA Lion Asset Management firm, the report shows that...

PS issues order on purchase of locally assembled vehicles

Lewis Njoka @LewisNjoka All government agencies and parastatals will beginning this financial year be expected to buy locally assembled vehicles and motorbikes from a list of 50 locally-made products. Interior Principal Secretary Karanja Kibicho said the products will have been approved by the National Development Implementation Technical...

Kenya to host global purchasing summit

Barry Silah @ObelBarry Preparations are in high gear for the International Federation of Purchasing and Supply Management (IFPSM) World Summit 2019 in Mombasa. The three-day summit, to run from September 10 to 13, will attract at least 500 local and international professionals. Participants at the IFPSM Summit, themed...

DCI probes unlicensed EPZA firm

The Office of the Director of Criminal Investigations is investigating land hived off the Export Processing Zone Authority (EPZA) acreage in Athi River for construction of a petrol station, management has said. According to EPZA chairman Paul Gicheru, the authority is awaiting a comprehensive report on the...

KenGen to inject 200mw into grid by 2021

Electricity generator KenGen will increase electricity production to the national grid by more than 200 megawatts in the next two years. Under the plan, the power producer will add 165mw to the grid by the end of the year from the ongoing Olkaria V power plant and another...

Swiss hotel opens doors in Sagana

Swiss hotel opens doors in Sagana. Njambi Wanjiku @NjambiCiiku FEP Holdings Ltd has signed a management contract with international hospitality group Swiss International Hotels and Resorts to operate its property in Saganaunder the name Swiss International Sagana Resort and Conference Centre. The...

Poor logistics hold back e-commerce

Josephine Wawira Logistic challenges are hampering e-commerce growth in Africa even as more investors look to the continent, which is posed as the next big investment destination by 2030. African Development Bank (AfDB) considers costs due to dysfunctional market logistics a greater barrier to trade, more than the...

New underwriting law bites brokers, favours customers

Peter Okong’o @peterokongo Kenyans stand to gain from innovation and better quality of services if recent amendments to the insurance law are well implemented. The Insurance Amendment Act 2018  was signed into law last week by President Uhuru Kenyatta. It requires one to pay premiums directly to an insurance...

Debt gobbles up large portion of FY 2018/19 Budget

Controller of Budget Agnes Odhiambo. Hillary Mageka @hillarymageka Public debt is likely to grow exponentially as the government increases its borrowing appetite to finance the Big Four agenda. According to a report by the Controller of Budget Agnes Odhiambo, capturing expenditure for...

Coffee income declines by 25pc

Coffee prices registered a 24.67 per cent drop as at the end of eight months of the 2018/19 production year, a Nairobi Coffee Exchange (NCE) report has revealed. Average prices of a 50 kilogramme at the end of 2018/19 main crop bag dropped to Sh15,964 compared to the...

Del Monte invests Sh580m in new facility, creates 200 jobs

A section of Kenol-Thika Road showing part of a Delmonte Kenya pineapple plantation in Murang’a county. Photo/CHRISTINE MUSA Njambi Wanjiku @NjambiCiiku Fruits juice maker Del Monte Kenya has invested Sh580 million in a new fresh fruit packing facility with a processing capacity...
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How to make compensation cash last a lifetime

  Francis Muli How to make compensation cash last a lifetime Early this week, residents of Pangani Estate woke up to bulldozers pulling...
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