1. Inside Coca Cola’s KES 5.6 Billion
Coca-Cola faces a KES 5.6 billion tax bill after ignoring a review of taxation laws that required soft drink makers to pay excise duty on costs incurred during washing and sanitising of returned bottles.
Former Finance minister David Mwiraria had in 2004 changed the laws and subjected the cost incurred in cleaning up returnable bottles together with soda production expenses to excise tax, which is based on the total cost of production.
2. Kenya Courts Singapore for Help on Lamu Port
Kenya has turned to Singapore for support in construction and management of Lamu Port.
Speaking to the Daily Nation on the sidelines of a regional meeting between Asian and African countries that share the Indian Ocean, Foreign Affairs Minister Sam Ongeri revealed that Nairobi had opened talks with the South East Asian country, which could potentially lead to investments in the Lamu harbour.
Construction on the KES 1.4 trillion Vision 2030 project is expected to start in June next year with KES 25 billion raised through public-private partnerships.
3. ICT Trade Set to Grow in County Structure
The ICT sector is eyeing a boom in business once the government devolves services to the county level after the March General Election.
Speaking to the Nation on Friday, Wananchi Group chief technical officer Riyaz Bachani said the uptake of Information Communication Technology (ICT) is likely to improve in the devolved system especially if the government makes available more public services online.
4. Uchumi Seeks to Cross List Shares
Uchumi Supermarkets will seek to increase its authorised share capital from KES2 billion to KES3 billion when shareholders convene for the 32nd AGM in December. It will create an additional 200 million new nominal shares valued at KES5 each, it disclosed in a press notice yesterday.
Approval to increasing authorised capital will place Uchumi in a strategic position to easily raise capital from shareholders to grow the business.
5. Chloride Exide Battery Maker Send Home 34 Employees
Chloride Exide maker Auto Battery Manufacturer on Thursday sent home 34 employees due to a surge in illegal export of scrap batteries. The company’s CEO Guy Jack warned that the company risks closing shop if the illegal exportation of the raw material continues.
“Our production capacity has gone down by almost 60 per cent in the recent days leaving us with no option but to look into ways of cutting costs,” Jack said.
6. Why Family Bank Founder Exited Stage
When Titus Muya stepped down as Family Bank chairman last Friday, he did not just exit an institution he founded and has managed for 28 years. It also marked the formal fall of the curtain on a corporate career that straddled banking, insurance and real estate.
But he left surrogates and trusted allies in charge.
“There comes a time when you want some change, call it a day and go do something different or nothing at all,” Mr Muya said on Friday when he introduced Mr Wilfred Kiboro to the media as the designate Family Bank chairman.
7. Scangroup’s Thakar Sees Digital Expanding Most Over 3 Years
Scangroup Ltd. (SCAN) Managing Director Bharat Thakrar said the digital advertising division of the marketing company, East Africa’s biggest by sales, will record the fastest rate of revenue growth over the next three years.
Revenue doubled in the first half, boosted by the use of mobile phones by people 18 years old to 35 years old, he said yesterday.
8. Water Hyacinth Re-invades Lake Victoria
The future of over 30 million people whose livelihood depends on Lake Victoria hangs in balance following a resurgence of the water hyacinth on the region’s main inland water body. The news comes at a time when Lake Victoria is already attacked by other threats such as overfishing and pollution that have reduced fish stocks, jobs and revenue.
The weed has from the early nineties blocked fish landing sites and communal water points along the lakeshore. It is highly disastrous to the lake for its ability to cut oxygen supply thereby causing death to aquatic life mainly fish.