Ex-workers sue Uchumi for Uganda exit
Former employees of Uchumi Supermarket have sued the retail chain for not informing them prior to closure of its Ugandan branches and exiting the country without remitting their salaries. Former employees say Uchumi Supermarket duped them and closed shop without paying them. They claim that their employer tricked them into taking 21 days of leave to allow renovation of the supermarket’s premises […]
Uchumi opens 24-hour outlet in Nairobi
Uchumi Supermarkets has introduced 24-hour shopping at one of its branches in Nairobi, becoming the third major retailer in the country to offer round-the-clock services. Uchumi has converted its Koinange Street branch into a 24-hour outlet targeting customers who shop late into the night or early morning […]
StanChart issues profit warning after posting dismal nine-month results
Standard Chartered Bank Kenya has issued a profit warning for the full year ending December after posting a disappointing performance in the nine months ended September. StanChart expects a maximum net profit of Sh7.8 billion this year reflecting a dip of at least 25 per cent. The lender’s earnings have dropped on the back of rising bad debts and the absence of gains on property sales that had boosted its profits last year. The performance was also hurt by a decline in transaction-based income and a sharp rise in loan loss provision […]
Simba Corp has no links with Imperial Bank, says director
Simba Corporation, owned by a son of the late billionaire businessman Abdul Karim Popat, has distanced itself from the collapsed Imperial Bank, saying it does not own any shares in the troubled lender. The group, which has interests in the auto and hospitality industries, is owned by Adil Popat who is a brother to the chairman of the distressed Imperial Bank, which was unexpectedly shut down on October 13 with Sh58 billion in customer deposits. […]
Quick construction of the SGR pushes up Budget deficit
Kenya’s fiscal deficit widened in the year ended June due to an extra Sh45.6 billion spent on the standard gauge railway (SGR), as the project progressed at a faster pace than initially scheduled. The total budget for the project is more than Sh400 billion, with most of it to be loaned by the Chinese government. The spending caused the fiscal deficit to be revised upwards to 12.2 per cent of the gross domestic product […]
Competition agency gives Stanlib go-ahead to buy Greenspan Mall
The Competition Authority of Kenya (CAK) has given Stanlib Investments the go-ahead to buy Greenspan Mall for Sh2 billion using proceeds from Kenya’s debut Income-Real Estate Investment Trust (Reit) issue. In addition to Greenspan Mall, two other office blocks in Nairobi’s Industrial Area node have been identified for purchase […]
Value of Kenyan coffee up 13pc
The value of Kenyan coffee improved 13 per cent at this week’s auction helped by a fresh crop as well as a slight price rise at the New York Exchange. The price is expected to improve in the coming days as the volume of coffee at the auction increases […]