1. KES 5 Billion Deal To Boost Electricity Supply in Nairobi
A Spanish company has been awarded the Sh5billion substation power project which will allow the transmission of electricity imported from Ethiopia and the Lake Turkana wind project into Nairobi.
The project is expected to boost reliability of power in the capital.
2. Banks Record 23% Profit Jump
Commercial banks have recorded a 23 per cent growth in profitability to hit Sh80.8 billion in the nine months to September, mainly due to high interest rates.
In an quarterly report released by the Central Bank of Kenya (CBK) capturing developments in the Kenyan banking sector, the cumulative pre-tax profit to September 2012 is now Sh15.5 billion more than what the industry recorded over the same period last year.
3. I&M Bank Drops Mortgage Rate to 16.5%
I&M bank has dropped its home loan base lending rate to 16.5% per annum from its previous 18%. The new move officially kicked off on the 1st of November, 2012 and is part of the bank’s Step Up Loan service.
According to Kenya’s 2nd best mainstream housing lender, the product is designed for clients with undeveloped plots, construction plans, and renovations. It also targets clients wishing to make property purchases.
Kenya Airways passenger numbers have remained flat for the second quarter ended September when compared to a similar period last year. The total passenger tally closed at 1.004 million in the period.
The airline increased numbers to the Middle and Far East and India regions, but this was diluted by decreased crew numbers to economic crisis-ridden Europe.
5. Blow to Mastermind as it Looses KES 442 Million Tax Case
CIGARETTE manufacturer Mastermind Tobacco has been ordered to pay Sh442 million to the Kenya Revenue Authority in under-declared exercise duty for the year 2007/08.
The manufacturer of the popular Supermatch brand has lost a court case through which it wanted to quash an agency notice for the under-declared taxes.
6. Mombasa Port Hobbled as Workers Go On Strike
More than half of the workers at Kenya’s main port of Mombasa went on strike on Thursday demanding better working conditions, halting operations of the east African region’s main trade gateway, union and management officials said.
The union said 3,500 workers, most of whom are loaders, had worked at the port for between 15 and 20 years on casual and contractual basis, and were now demanding permanent jobs.
7. Standard Chartered Chairman Steps Down
Standard Chartered Bank has announced today that its Chairman, Wilfred Kiboro, has stepped down from serving as the bank’s board chairman. In a statement to the Nairobi Securities Exchange, the bank’s Chief Executive Officer Richard Etemesi said Kiboro steps down with effect from 2nd November 2012 to pursue other interests.
Standard Chartered, Etemesi’s letter said, has appointed Anne Mutahi as the interim Chairman while the Bank seeks for a replacement. To the time of her appointment, Anne has been an Independent Non-Executive Director of the Bank.
8. KENGEN Target Tourism Market with mega Olkaria Health Spa
State-owned electricity producer KenGen is building a multi-million shilling natural health spa at its Olkaria geothermal fields, opening up a window for the firm to tap into the growing tourism market.
Construction of the spa, which is to consist of four interconnected lagoons, a sauna and a steam bath is under way on an expansive piece of land to the west of Olkaria II power plant. Sponsors describe it as the biggest natural spa in Africa with the capacity to host 500 people at once.