Mumias Sugar Company lays off 100 staff at closed water bottling plant

Sugar miller Mumias was on Monday preparing to lay off 100 employees of its water bottling plant, which is being wound up as part of the grand plan to rescue the company from collapse. Mumias Sugar Company on Monday said the decision was informed by poor product performance in the market, which has left the unit in the loss-making territory since its launch. This was done in line with the restructuring plan aimed at reducing the company’s wage bill and returning it to profitability [...]

KQ pilots fear for their jobs as budget carrier leases out crew

The Kenya Airlines Pilots Association has filed a suit in which it claims that Jambojet illegally signed a deal with DAC Aviation that will see the budget airline lease a plane and flight crew to operate the Malindi, Lamu and Ukunda coast routes, arguing that the move could open the door to their sacking. Instead of leasing aircraft from another firm, petitioners want KQ to use its other aircraft said not to be in use [...]

Shilling to weaken further against hard currencies

The shilling is currently trading at the Sh92-93 level against the dollar which is a three-year low. A previous report by Citi had said the Shilling could touch a low of Sh94.50 against the dollar due to a combination of government spending far outpacing revenue collection and a loose monetary policy [...]
 

KCB value hits Sh190 billion on foreign investor demand

KCB Group for the first time inched towards the Sh200 billion value at the Nairobi Securities Exchange after registering more gains in trading on Monday. KCB’s recent price gains have come as demand on the counter grows on foreign investor demand, at a time when there is selling pressure from this class of investors on the Equity stock [...]

China airline to launch Nairobi route

China Southern Airlines is set to begin flying to Nairobi later this year, stepping up competition for Kenya Airways which launched flights to Guangzhou in 2013. The Chinese airline will ply the Guangzhou-Nairobi route three times a week, starting August [...]

DT Dobie takes over sale of Chinese trucks

Motor vehicle dealer DT Dobie has added Chinese pick-up trucks to its product line, taking over distributorship of the Great Wall brand from its affiliate firm, CICA Motors. Sales of commercial vehicles such as pick-ups, trucks and buses accounts for 40 per cent of Kenya’s auto industry, buoyed by increased demand in sectors such public transport, haulage and agriculture [...]

Heineken overlooks Kenya in Sh10bn Ethiopia plant plan

Dutch brewing company Heineken has opened a Sh10 billion factory in Ethiopia, indicating a preference for the country in its regional investment plans. Heineken said it would continue importing its flagship brand from Netherlands to Kenya, despite the setup of the new factory in Ethiopia. The brewer, which set up a Kenya office in 2011, distributes across the country through Maxam Limited, which has held the franchise since 2007 [...]

Individual pension assets up 24pc in year to June 2014

Assets held by individual retirement benefits schemes expanded by 24 per cent in the one year to June 2014, outpacing the industry average growth of 18 per cent. The RBA data show that the membership of the individual schemes grew by 22.6 per cent to reach 127,475 by June last year, from 103,977 a year earlier [...]