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1. Electricity bill to go up by 16pc this month
Your electricity bill will go up by at least 16 per cent this month following a decision by Kenya Power to increase charges levied on the power.
In a legal notice published last Friday on the Kenya Gazette, Kenya Power tripled the foreign exchange levy from 76 cents to Sh2.80 and increased the fuel levy by 27 cents to Sh5.66 per unit.
The two are variable components of the monthly bill that the power distributor is allowed to adjust every month to take into account changes in international prices of crude oil, used in generating thermal power and fluctuations in the value of the local currency against the dollar.- Daily Nation
An initiative to grant incentives to vehicle owners less prone to accidents by charging them lower insurance premium and penalising those filing claims through high premiums is paying off to the insurance industry.
For the first time in a decade, the industry posted profits for its underwriting business last year attributed to tight regulations by the market authority.
Statistics released by the Association of Kenya Insurers (AKI) in Nairobi on Monday, shows that the private motor insurers made an underwriting profit of Sh320 million in the year 2011 compared to a loss of Sh900 million in 2010, representing 135.6 per cent growth.- Daily Nation
3. KQ to launch low budget flight by year-end
Kenya Airways has received a route license for its low cost carrier, Jambo Jet, as it prepares to launch the service before the end of the year.
The license granted by Kenya Civil Aviation Authority approves Jambo Jet to operate air services for passengers and cargo within Kenya and other African countries.
KQ is betting on the low budget subsidiary to contain the competition from other airlines including, Jet Link, Fly540 (which will operate across the continent under FastJet) and Air Kenya.- Daily Nation
4.Hospitals feel the heat as doctors down tools
Operations at Kenya’s three referral hospitals were paralysed on Sunday after doctors went on strike to press for the implementation of a return-to-work pact agreed with the government in December last year.
More than 400 doctors at Kenyatta National Hospital, Moi Teaching and Referral Hospital and Mathari Hospital downed their tools, saying the government had reneged on its promise to sponsor medics taking postgraduate studies and pay them allowances.- Business Daily
5. Bumper maize harvest signals price stability
Kenya will not need to import maize from outside East Africa since the long-season harvest will produce enough stocks to last up to the end of the year, a new food security situation report has indicated.
The update published by the Ministry of Agriculture has projected that the country will not need to import any maize from beyond its East African neighbours in the next five months.
The ministry expects a surplus of 9.8 million bags of maize as at the end of December, even after providing for a 15 per cent post-harvest loss.- Business Daily
6. Court case changed KRA’s view on transfer pricing
Fourteen years ago, someone at the Kenya Revenue Authority (KRA) found out that Unilever was selling its Nairobi-produced Omo washing powder and Close-Up toothpaste at lower prices in Uganda than in Kenya.
The local committee of the Income Tax Department on September 17, 2003 ruled against the multinational for diverting part of its profits to its Ugandan subsidiary, denying Kenya taxes. Unilever Kenya Ltd moved to High Court in the same year to appeal against KRA decision.- The Standard
7. Reckitt overtakes Safaricom in new spending on ads
Manufacturing giants have emerged as top advertisers in Kenya as they battle for choosy consumers, with Reckitt Benckiser replacing Safaricom as the biggest corporate advertiser.
Data from research firm Ipsos shows that Reckitt, Unilever, and Coca-Cola accounted for 53.3 per cent of the Sh7.7 billion gross ad spend in the six months to June.
This was up from a share of 35.3 per cent in the same period last year, with the three firms growing their ad spend by between 45 and 127 per cent.- Business Daily
8. SISDO launches Sh34 a day medical cover
SISDO, a micro-finance institution has rolled out a new medical insurance scheme that will offer cover to a family of five.
The cover, dubbed SISDO Health, was launched on Sunday in Eldoret. Families will now be able to contribute daily premiums of Sh34 to be insured against losses in health.
The micro-health insurance scheme, introduced by the Smallholder Irrigation Schemes Development Organization (SISDO), is targeting its 16,000 members and a further 20,000 non-members in the country by the end of the year.- Daily Nation
Abacus is the result of over 10 years market experience and is licensed as a data vendor by the Nairobi Securities Exchange
| Email: | hello@abacus.co.ke |
|---|---|
| Tel: | +254 792 753 774 |