Electricity leakages and theft cost Kenya Power Sh17bn in sales

Kenya Power is losing Sh17.5 billion annually through electricity thefts and leakages from an ageing transmission network, translating to lost earnings to shareholders of the listed utility. Kenya Power managing director Ben Chumo on Thursday said the firm had channeled Sh10 billion in the current financial year towards strengthening transmission to cut the losses from 17.5 per cent to below 10 per cent…[...]

Bribes paid to KRA staff jumped most, says Transparency report

Bribes paid to tax officials jumped the highest last year as Judiciary staff received the largest inducements, a new bribery survey reveals. The Transparency International survey shows that the average size of bribe to Kenya Revenue Authority (KRA) workers increased to Sh6,815 last year, up Sh3,400. Judiciary officials received the largest bribes at Sh7,885, which is lower than the Sh8,390 paid, in spite of the huge resources spent reforming the court system…[...]

I&M targets to complete Giro Bank acquisition by middle of next year

Listed mid-sized lender I&M Bank plans to complete the acquisition of Giro Bank by mid next year in a move it hopes will deepen its branch network in the country. “We expect to hold the extra-ordinary annual general meeting around February or March after we receive the approvals. We expect CBK to support because they are looking for stronger larger institutions, which is what we are looking at,” said I&M’s chief executive Arun Mathur…[...]

Quality beans increase price of coffee by 21pc

The price of coffee has increased by 21 per cent at the currently biweekly auction, as the market continues to receive quality beans from central Kenya. A 50 kilogramme bag of coffee traded at Sh21,522 on average up from Sh17,748 registered in the previous sale. This is one of the highest price the auction has recorded this year and comes as a relief to farmers who have been grappling with low prices in the last few months…[...]

Europe bank gives ABC Sh555m for small firms

ABC Bank has secured a Sh555 million loan from European Investment Bank (EIB) for long-term lending to small- and medium-sized enterprises. The credit from EIB is a top-up of a previous Sh770 million ABC Bank received in 2012 from the European Union-owned bank…[...]