business

Economy flying into headwinds

Fred Aminga @faminga Kenya’s economy is headed for tougher times even as National Treasury proposes a Sh3.08 trillion budget for the 2019/20 financial year with projections growth may not surpass last year’s expansion of 6.3 per cent. The Parliamentary Budget Office report on Estimates of Revenue and Expenditure...

Shoe giants urge Trump to end trade war

President Donald Trump. Photo/AFP Some of the world’s biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a “catastrophic” effect on consumers. A letter signed by 173 companies, including Nike and Adidas, says...

Parliament’s budget office raises concern over Big Four

George Kebaso @Morarak Parliamentary experts on budgeting have raised concern over the pace at which the Big Four projects are being implemented, three years and four months to the end of President Uhuru Kenyatta’s term in office. The Parliamentary Budget Office (PBO) said the slow pace of implementing...

Kenyan consumer bears brunt of Huawei debacle

Seth Onyango @SethManex Kenyans have been caught up in the crossfire in the United States-China trade wars after tech giant Google restricted Huawei’s access to its Android operating system and apps ― a move expected to have far-reaching implications on the local smartphone market. Huawei smartphone owners and...

CS, Kebs clear air on spare parts ban

Reuben Mwambingu  and Barry Silah @PeopleDailyKe Trade Cabinet secretary Peter Munya yesterday clarified that the government has not imposed a total ban on importation of used motor vehicle spare parts, a sentiment shared by Kenya Bureau of Standards (Kebs). Speaking on the sidelines of a meeting with the...

Non-funded income drives KCB profit to Sh5.8b

Zachary Ochuodho @zachuodho Increased non-funded income, growth of the loan book and reduction in interest expense contributed to KCB Group’s net profit rise of 11.5 per cent to Sh5.8 billion in the first quarter of the year. KCB Group chief executive and managing director Joshua Oigara said while...

All eyes on banks as State launches mortgage lender

Martin Mwita @MwitaMartin The launch of the Kenya Mortgage Refinancing Company (KMRC) has now turned the heat on lenders, as the government soldiers on to implement the affordable housing arm of the Big Four Agenda amid pending issues. President Uhuru Kenyatta unveiled KMRC in Nairobi yesterday, setting the...

Co-op Bank first quarter profit up 6pc

Zachary Ochuodho @zachuodho Co-operative Bank Group has posted a net profit of Sh3.6 billion in the first quarter of 2019 and earmarked Sh15.2 billion to be disbursed to micro, small and medium enterprises (MSMEs). The profit during the period under review grew by 5.9 per cent from Sh3.4...

Huawei gets relief as airline asks Boeing for payoff

New York/Shanghai The United States has temporarily eased trade restrictions on China’s Huawei to minimise disruption for its customers, a move the founder of the world’s largest telecoms equipment maker said meant little because it was already prepared for US Action. US Commerce Department blocked Huawei Technologies Co...

Hammer finally falls on Deacons

Fred Aminga @faminga Kenya’s premier high-end fashion retailer Deacons East Africa exits the market after 60 years leaving nostalgic memories among shoppers with affinity for finer things in life. The cash-strapped outlet renowned for luxury brands is scouting for interested buyers for four stores based in Nairobi and...

MP pushes for CRB law to be reviewed

Loan application. Photo/File Belgut Member of Parliament Nelson Koech has proposed to repeal the Credit Bureau Regulations of 2013.  In a letter to the Speaker of the National Assembly, the legislator wants lending institutions to resort to the conventional means of...

It’s all systems go for Big Four’s mortgage refinancing company

Martin Mwita @MwitaMartin The much-awaited mortgage refinancing company to support the Big Four’s housing programme will be launched today. National Treasury Cabinet Secretary Henry Rotich, Principal Secretary Kamau Thugge and Central Bank of Kenya (CBK) Governor Patrick Njoroge are expected to preside over the launch of Kenya Mortgage Refinance...

MP vows to fight directive

Seth Mwaniki @MwanikiM The National Assembly Committee on Trade chair Kanini Kega (pictured) has called into question the ban on importation of second-hand vehicle spare parts. Kega, who is also the Member of Parliament for Kieni, marvelled at the speed at which Kenya National Bureau of Standards issued the...

No end in sight yet as coffee prices plummet

Value chain players in the coffee sector have raised alarm over the continued decline in global coffee prices prompting farmers to resort to alternative crops or economic activities. Coffee Sub-sector Implementation Committee (CSIC) chairman Joseph Kieyah said current prices have decreased to 30 per cent below their 10-year...

ARM Cement Kenyan assets sold for Sh5b

Martin Mwita @MwitaMartin National Cement Company Ltd, manufacturers of  Simba Cement, has clinched the deal to buy ARM Cement’s assets for Sh5.1 billion, its administrator said yesterday. The deal, now awaiting regulatory approval will ensure the subsidiary company of the Devki Group owned by business mogul Narendra Raval (pictured), acquire all...

Why motorists ride on mitumba spares

Barry Silah @obel_barry Majority of motor vehicle owners in Kenya rely on imported second-hand spare parts to keep their cars running. This explains why there is an uproar from dealers, mechanics, PSV operators and motorists to ban the imports. With 70 per cent of the Kenyan roads occupied by...

Banks set aside cheap loans for cash-strapped small traders

Zachary Ochuodho @Zachuodho Micro, small and medium enterprise (MSMEs) sector yesterday received the much-needed shot in the arm after five banks teamed up to launch a mobile loan which will revolutionise lending to the enterprises. Branded Stawi, the product will avail cheap loans to MSMEs that have been...

Comesa deal to entrench agro-inputs technology across member countries

Carrots. Photo/File Barry Silah @obel_barry Common Market for Eastern and Southern Africa (Comesa) has launched a partnership with global technology firm mPedigree to expand the agro-inputs protection technology into the whole of the Comesa region. For Kenya, where the technology is...

NBK warned over ignoring audit requests

National Bank of Kenya. Photo/DENNIS ONSONGO Mercy Mwai @wangumarci The National Assembly has written to the National Bank of Kenya (NBK) management demanding for an explanation as to  why it has failed to present itself for statutory audit by Office of...

Plans to privatise terminal 2 questioned

Mombasa governor Hassan Joho. Photo/File Mombasa Governor Hassan Joho and legislators from Coast have asked the government to stop plans to privatise the second container terminal, saying the move is detrimental to the economy of the region. The leaders said plans...

Tea export unshaken by US sanctions on Iran

Kenya Plantations and Agricultural Workers Union official says they are demanding 10 per cent salary increment. Photo/Courtesy Tea export at the Mombasa Tea Auction remains unshaken despite growing fears of decline in sales after US renewed trade sanctions against Iran, one...

Court extends order barring enactment of 1.5pc housing levy

The Employment and Labour Relations Court yesterday extended interim orders barring the government from implementing the 1.5 per cent housing levy until May 27. Justice Maureen Onyango made the orders to allow the consolidation of the various cases filed against challenging implementation of the Housing Fund Levy. Among...

CMA recovers Sh19m from suspicious KenolKobil shares trade

Zachary Ochuodho @zachuodho Capital Markets Authority (CMA) has completed the outstanding aspects of the insider trading investigations into the KenolKobil counter and secured an additional Sh19 million of potentially illegal gains. It said the money was secured  through No Contest Settlement Agreements from an additional five traders whose...

Coca-Cola ends plan to refranchise Africa bottling unit, keeps majority stake

Coca-Cola so Reuters Coca-Cola Co said on Monday it had dropped plans to refranchise its Africa bottling business, Coca-Cola Beverages Africa (CCBA), and would instead keep its majority stake in the unit for the time being. The U.S. beverage giant had...

COMESA partners with mPedigree to eradicate fake agro-inputs

Pascal Sala Common Market for Eastern and Southern Africa (COMESA) has launched a partnership with global technology firm mPedigree to improve the agro-inputs protection technology among its members. The partnership, launched under the COMESA Alliance for Commodity Trade in Eastern and Southern Africa (ACTESA) Seed...

Kwal to invest Sh3b in new Tatu facility

Kwal managing director Lina Githuka  Kenya Wine Agencies Ltd (Kwal) plans to invest Sh3 billion in a new facility in Tatu City to enable it meet consumer demands for its fast-growing portfolio brands and continue to localise production of its imported...

‘No meat or water’ at sustainability meet

Delegates attending the fourth Private Sector Conference on Sustainable Inclusive Business held at the United States International University-Africa, Nairobi were shocked to learn that no meat would be served for lunch. Before the incident, the delegates were served with the first surprise; there...

NIC Bank secures Sh516m for lending to small businesses

Zachary Ochuodho @zachuodho NIC Bank Kenya has signed a Sh515.9 million loan guarantee agreement with African Guarantee to facilitate the growth of the Small and Medium-sized Enterprises (SMEs). Speaking during the partnership launch on Friday, AGF Group Deputy Chief Executive Officer, Jules Ngankam (pictured left with NIC Bank corporate...

Standards disparity pile extra expenses on Kenyan consumer

 Fred Aminga @faminga The Kenyan consumer stands to be fleeced while procuring services and validating product quality due to inconsistency of local standards. This is because the consumer may have to part with an extra coin to ensure conformity to local regulatory requirements and benchmarking against best global practices....

How to make wise investment decisions

Francis Muli @PeopleDailyKE If you want to take a shot at becoming wealthy, experts say, you need to do more than just earn money. Once earned, you will need to grow the money. To do this, you need to learn how to invest. However, every time, for instance, one visits...
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Economy flying into headwinds

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After Huawei, U.S. could blacklist Chinese surveillance tech firm

The U.S. administration is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision, media reports show, deepening worries that trade friction between the...

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National Cement secures IFC debt for ARM deal

Narendra Raval, the chairman and major shareholder of National Cement. FILE PHOTO | NMG  The International...
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