The poor invest in airtime to grow income, says study
Many of Kenya’s poor would rather go hungry and walk to work than be short of airtime, according to a study commissioned by the World Bank.
The preference reflects the changes in spending priorities brought about by the use of mobile phones.
Taxpayers offset KES 1.6 billion City Hall, KBC loan default
KBC and the City Council of Nairobi have defaulted on a multi-billion shilling borrowing from international lenders, forcing tax payers into a Sh1.64 billion bail-out in the six months to December 2012.
City Hall has failed to service a debt it took nearly 30 years ago from the USAid to build residential houses in Umoja Estate, prompting the Treasury to pay the aid agency Sh40 million.
I&M threatens direct listing if merger with City Trust fails
I&M Bank will directly list at the Nairobi bourse if its shareholders and those of City Trust fail to approve a merger, a move analysts say will hurt the investment firm’s shares at the stock market.
The bank wants to use the merger to list on the Nairobi Securities Exchange on June 11, riding on City Trust which is already trading at the stock market.
Alarm as house deficit doubles in three years
Demand for housing is increasing faster than supply by developers, increasing the annual house deficit by more than double.
Preliminary results from a government sponsored survey conducted over the past three years indicates that housing deficit in urban and rural areas stand at 200,000 units and 350,000 units respectively.
Google boss sees Nairobi as next tech hub
Google’s executive chairman is touting Nairobi as the potential leader of Africa’s information technology revolution.
In a blog posting about his recent visit to five Africa countries, Google chief Eric Schmidt wrote on Tuesday that “Nairobi has emerged as a serious tech hub and may become Africa’s leader.”
British ant-drug team gives miraa clean bill of health
Miraa farmers will be breathing a sigh of relief after a drug advisory council in the United Kingdom ruled against plans to ban the drug.
In January last year, the British Parliament ordered a review of the impact of miraa (khat) on health, social order and security amid agitations by conservative legislators for greater control of the drug.
Real estate developers get nod to source funds at NSE
New rules governing implementation of Real Estate Investment Trust (REITs) will be gazetted before the March 4 General Election.
CMA Acting Chief Executive Officer Paul Muthaura said the rules to be introduced for the first time, would allow private developers in the property market to list at the Nairobi Security Exchange (NSE) and source for adequate funds.
Home builders back in market as CBK rate cut boosts confidence
Confidence in the property market is back after a slump in 2012, with home builders resuming construction of stalled projects and starting new ones as financing comes through.
Real estate firm HassConsult in its quarterly property index says that the last three months have seen buyers back in the market with hope for financing after the Central Bank cut its rate consecutively to the current 9.5 per cent.