1. NCPB under spotlight over maize price

The government’s latest bid to fill up the national granary by offering maize farmers high prices has turned the spotlight on its role in the market as households forego low prices associated with the harvest season.

While weekly data gathered by the Agriculture ministry this month indicates that the price of a bag of dry maize has dropped to a low of Sh2,500 in places such as Kitale, the National Cereals and Produce Board (NCPB) has offered a blanket Sh3,000.- Business Daily

 2. Central Bank move boosts low inflation rate

Increased currency hedging activities and withdrawal of liquidity from the market by the Central Bank have helped the shilling to stabilise, limiting the likelihood of imported inflation. Currency dealers said corporate Kenya has increased its demand for forward contracts, whereby one secures currency at a fixed price in advance of a future payment.

This is in a move to avoid the risk of volatility that characterised last year and exposed them to forex losses.-Business Daily

3. Unaitas now targets 100,000 new members in recruitment campaign

 Unaitas Savings and Credit Co-operative, formerly Muramati Sacco, plans to double its membership and assets by the end of June next year, a move that may make it the largest in the country. Chief executive officer Tony Mwangi said last week that the co-operative is eyeing 100,000 new members by mid next year.

“We are committed to grow by 100 per cent from July…we want to grow by 100,000 members within the next one year and the driver is the corporate brand,” said Mr Mwangi on the sidelines of a chama (business clubs) conference organised by the sacco on Friday.- Business Daily

 4. Companies fail to comply with new gender rule

Getting companies adhere to the one third gender rule promises to be a daunting task for the Capital Markets Authority as it moves to implement the latest leadership guidelines.

A quick survey by Daily Nation of the board of directors in public companies reveals appalling gender inequality, with a sizable percentage lacking female representation in the top management.

Only three out of 45 listed companies that were surveyed have conformed to the one-third gender rule requirement, signifying a 6.7 percentage compliance.- Daily Nation

5. Deacons issues profit warning as revenue dips

Clothes retailer, Deacons, has announced a profit warning for its full-year results after realising a 77 per cent decline in after-tax profits in first six months this year.

The apparels dealer, recorded Sh10.4 million in profits in the period ending June 30, compared to Sh44.6 million the company posted in a similar period last year.

The firm blamed the decline in profits on high interest and inflation rates, which eroded purchasing power, further noting that full-year earnings could decline by 25 per cent. - Daily Nation

6. Farmers hit hard as global coffee prices go into free fall

The earnings of local coffee marketers are down 47 per cent this month compared to January prices as the impact of the eurozone crisis hits home.

And the returns for coffee farmers have been decreasing as marketers squeeze the payout margins.

According to data compiled by the Sunday Nation, coffee prices have been dropping consistently from January to August, down about 47 per cent from what the crop fetched at the beginning of the year.- Daily Nation

7. Bata Home Officially Launched in Kenya

Bata Home, a new service by Bata that gives you the freedom to buy shoes from the comfort of your Home or office, was officially launched on Friday evening by Communications PS, Bitange Ndemo and Bata Mananging Director, Fernando Garcia.

Bata customers no longer have to visit Bata shoe stores as they can now simply visit www.batakenya.com. Here a selection shoes of their choice will be available. Once payment is made online the shoes will be delivered to their home or office.

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