Former Uchumi top managers on the spot over Sh1bn cover-up

The revelation that Uchumi Supermarkets manipulated financial statements to the tune of Sh1.04 billion has put former senior managers including ex-chief executive Jonathan Ciano on the spot. Uchumi has announced that the former management had cooked books to prop up earnings, giving a false picture of the retailer’s financial position. The revelations vindicate a June 2015 research note by London-based Exotix which charged that Uchumi used revaluation gains from its properties to conceal losses [...]

TransCentury appoints ex-KRA boss to its board

Former taxman Michael Waweru has been appointed to the board of TransCentury, deepening the role of top shareholders at the NSE-listed investment firm. Mr Waweru currently serves as the chairman of the upcoming Mwai Kibaki Institute, which will be styled along the American presidential libraries. TransCentury is now banking on the experience and deep-rooted networks of Mr Waweru to turn around its fortunes after posting a loss of Sh676 million in the half-year to June 2015 [...]

MPesa-based sacco in trouble for taking deposits

Sacco industry regulator has raised the red flag over the emergence of a mobile money-based credit union dubbed Digital Sacco, warning that the entity is not licensed to take deposits or transact sacco business. The sacco, which launched operations last month, has styled itself as a virtual co-operative with no paperwork where people can use their mobile phones to sign up as members and access their accounts via M-Pesa. By end of last week the sacco had signed up 10,000 members with Sh10 million in member contributions [...]

Treasury floats Sh30bn bond to build roads

The Treasury has floated the second infrastructure bond this year with the intention of raising Sh30 billion at an interest rate of 11 per cent. Interest earned from the bond is exempted from withholding tax imposed on other Treasury instruments’ earnings at the rate of 15 per cent. The new nine-year bond’s yield will be determined by investors at the auction, meaning they have the leeway to quote at a discount, at par or at a premium to the face value [...]

Study shows fall in business confidence

Kenyan businesses say activity slowed down as the Christmas season approached but expressed confidence the environment will improve in coming months. The Standard Chartered-MNI Business Sentiment Indicator (BSI), a survey that measures business confidence, dropped to 59.5 points in November from 64.7 points a month earlier. SMEs and larger firms said their confidence levels had reduced due to uncertainty on the direction of exchange and interest rate [...]

Mombasa port Cargo traffic up 10pc

Cargo traffic through Kenya's biggest port grew by 10.1 per cent in the first nine months of the year after expansion and installation of new cargo-handling facilities, its head said on Monday [...]

Africa to focus on China debt at Jo'burg summit as commodities slump

Chinese state-owned firms in Africa face criticism for using Chinese labour to build government-funded projects like roads and hospitals, while pumping out resources and leaving little for local economies, an image Beijing wants to change at the Forum on China-Africa Cooperation in Johannesburg on Dec. 3-4 [...]