Mumias doubles full year loss to Sh6 billion on low revenues

Mumias Sugar financial woes deepened after the miller doubled its loss before tax to Sh6.31 billion in the year ended June 2015 from Sh3.41 billion. The sugar miller’s full-year after tax loss increased from Sh2.7 billion as at June 2014 to Sh4.6 billion. The cash strapped firm, which recently received Sh1 billion government bailout to help it meet some short-term obligations, saw operating revenues fall to Sh5.53 billion…[...]

Interbank rate now hits 27pc on tea bonus circulation

The rate at which commercial banks lend to each other overnight has doubled in three weeks reaching an average of 26.75 per cent as at 2.45pm Tuesday, thanks to the concentration of tea bonus cash in a few banks. According to the Central Bank of Kenya (CBK) data, the interbank average lending rate stood at 13.44 per cent on September 10, but scarcity of liquidity has been pushing up the short-term price of money among banks…[...]

Stagnant rental prices point to cooling market

Rents for prime residential areas, retail commercial properties and offices stagnated during the first half of this year, pointing to a cooling of the previously red-hot market, real estate consultancy Knight Frank said in an update. In the report for the first six months of 2015, Knight Frank said the property segments recorded marginal or no increase in rents over the period…[...]

Dairy farmers in Kenya threaten to cut milk supplies to processors

Dairy farmers have threatened to stop supplying raw milk to processing plants citing exploitative prices. The farmers are disappointed over what they termed as failure by the processors to involve them when they recently cut raw milk farm gate prices. Speaking in Eldoret during an Annual General Meeting that brought together dairy farmers from various parts of the country, Kenya Dairy Farmers Federation Chairperson Richard Tuwei said they will rally behind all farmers to stop selling their milk to processors until an agreement on prices is made…[...]

Only 7pc of depositors of collapsed Dubai Bank made claims

Only 400 customers of the collapsed Dubai Bank have been compensated since the receiver manager took over operations of the lender last month. That number represents just about seven per cent of insured depositors in the bank that has since been closed for gross violation of industry guidelines. Central Bank of Kenya Governor, Patrick Njoroge, said the firm had about 6,400 customers, each with less than Sh100,000 worth of deposits…[...]

KU cuts funds for children’s hospital to Sh300 million

Kenyatta University’s (KU) budget for a children’s hospital has been slashed by Sh200 million, documents filed with the National Environmental Management Agency reveal. The university said the 300-bed hospital will cost Sh300 million down from Sh500 million, which had been allocated by Parliament…[...]