NSSF KES 2.9 billion Deal with Treasury Goes Sour

The Sh2.9 billion deal between National Social Security Fund (NSSF) and Treasury for the purchase of two office blocks in Nairobi’s city centre is on the verge of collapse after the government failed to meet the terms.

The fund Thursday said it was considering selling Hazina Towers and View Park Towers to private investors, whom it had rejected after the government offer that was hinged on curbing the State’s rising rental bill and need to get accommodation for the widening public service.

Kibaki Roots for Roads Upgrade to Grow Trade Within Comesa Block

President Kibaki has likened Malawi’s investment in transnational road networks to a policy that he has pursued in the last 10 years as he roots for deeper economic ties between the two countries.

More investments in major highways and bypasses to neighbouring countries such as Zambia will reduce the cost of intra-African trade and deepen regional integration, president Kibaki said, shortly after laying the foundation stone for the Lilongwe West By-pass.

Public Schools Remain Closed to Allow Primary Nominations

Public schools will remain closed for the second day Friday to allow parties complete nominations.

Head of Civil Service Francis Kimemia overturned an earlier directive by the Permanent Secretary, Basic Education Prof George Godia that schools would reopen. No further closure will be allowed, MrKimemia said.

Egypt Lifts Punitive Tax on Kenya Cigarettes after Comesa Lobbying

Egypt has reversed a December tax increase on cigarettes imported from Kenya, which had threatened to lock out local manufacturers from the vast market.

In a decree issued by the Egyptian President Mohamed Morsy raising taxes on consumer goods, import duty on foreign cigarettes went up by 85.3 per cent to Sh33 per packet from Sh17.8 per packet.

NHC Plan for 10,000 Low Cost Houses

The National Housing Corporation (NHC) is planning to build thousands of low cost homes.This is a major shift in strategy for the public developer that has been leaning towards the middle income and top end segments.

Peter Njuguna, NHC managing director said that the shift to the down-end market was informed by the realities in the housing industry, where the shortage was widest amongst lower income earners.

Insurers Mobilise Funds Amid Rush for Political Cover

The insurance industry has warned of decreasing investor confidence in the country ahead of the March 4 General Election.

According to Africa Trade Insurance Agency — a multilateral business reinsurance agency based in Nairobi, investor confidence has decreased in the past 12 months. The country has also witnessed increased demand for political and credit risk insurance.

Kenya Wildlife Service Hikes Park Fees

The Kenya Wildlife Service will increase charges for students and children visiting the Safari Walk and Animal Orphanage in Nairobi.

This will also include the Kisumu Impala Sanctuary. KWS has said that starting February 1, it would increase the fees to Sh100 from Sh50 for resident children and students. Charges for resident adults, however, remain at Sh150.

Your Electricity Bill this Month: January 2013

The year is off to a positive start as you should expect a marginal drop in your electricity bills this month following Kenya Power latest review of the Fuel Cost Charge and the Forex adjustment rate in electricity bills.

Electricity consumers will this month be required to pay KES 4.98 per kilowatt hour in fuel cost levy, down from KES 5.35 per kilowatt hours in December 2012. The Forex Adjustment rate has increased to KES 1.59 per unit from KES 1.35 per unit in December 2012.