Low cost Kenya made car goes on sale at KES 950,000

A Kenyan-made vehicle that is designated as Africa’s cheapest car has hit the showrooms, bringing to reality the dream of an entrepreneur who designed it four years ago. The car, which trades under the brand name Mobius, entered the showrooms this month at a price of KES 950,000 – making it the lowest priced new vehicle in the country. Mobius Motors is the car maker while Thika-based Kenya Vehicle Manufacturers (KVM) is the assembler of the car that is designed for Africa’s rough terrain and off-road [...]

Safaricom fires 56 employees in graft related cases

Safaricom sacked 56 employees in the year ended March, a move that highlights rising cases of economic crime in corporate Kenya. The telco said it conducted 32 audit reviews in the period, three of which were special requests from management. The investigations covered various frauds, including asset misappropriation, fraudulent expense claims and corruption cases. [...]

Family Bank's profits ahead of 2013 earnings

Family Bank told shareholders yesterday profit before tax for the first eight months stood at Sh1.78 billion and has already surpassed the 2013 full year earnings of KES 1.76 billion. Net earnings were however slightly lower to KES 1.23 billion compared with KES 1.24 billion in the entire 2013, the lender said as it wooed investors to take up more shares in the ongoing KES 3.12 billion rights issue. [...]

KenGen blames high taxes for profit decline

KenGen has posted an 85% drop in profit after tax for the year ended June, on higher tax payment. The power generating company recorded KES 2.82 billion in after- tax earnings against KES 5.22 billion recorded over a similar period last year. “The tax credit last year arose from higher capital allowances enjoyed at 150 per cent for investments in power projects outside major cities,” the firm said in a statement on Thursday. [...]

Global airlines regulator sues Henry Rotich over ticket sales dispute

The International Air Transport Association ( IATA) has moved to court to compel Treasury Cabinet Secretary Henry Rotich to appoint a chairperson for the Competition Tribunal. In a certificate of urgency filed before High Court Judge George Odunga, IATA wants Mr Rotich compelled to constitute the tribunal to challenge a decision by the Competition Authority of Kenya (CAK) that barred it from insuring airlines against ticket sale losses. [...]