Bourse slips below 4,300 points in sixth successive session of losses

The Nairobi Securities Exchange 20 share index fell for the sixth straight session Thursday to slip below the 4,300 points barrier for the first time this year as major counters lost ground. The index stood at 4,242.73 points, 17 per cent down year to date…[...]

Bill imposes fire compliance certificate fee on Nairobi businesses

Nairobi-based businesses will pay an annual charge for a fire compliance certificate if a new Bill is passed by the County Assembly. The Nairobi City County Finance Bill 2015 introduces the charges which will vary according to the size and nature of a business. Small petrol stations and bulk LPG storage facilities will pay Sh6,000 for the certificates…[...]

NSE Half Year profit increases by 39.6pc

Levies from the equities trading and income from data vending helped the Nairobi Securities Exchange (NSE) grow its net profit for the six months to June by 39.6 per cent to Sh178.6 million.  The NSE total income grew 13.6 per cent to Sh401.1 million, while total assets increased by 66 per cent to Sh1.89 billion from Sh1.14 billion as a result of additional capitalisation of the company and growth in retained earnings…[...]

Uchumi poaches Julius Kipng’etich from Equity for top job

Uchumi Supermarkets has picked Julius Kipng’etich as its new chief executive, counting on the senior executive at Equity Group to lead the debt-laden retail chain back to profitability. Mr Kipng’etich has been poached from Equity, which he led as chief operating officer since 2012, having been hired from State-owned Kenya Wildlife Service (KWS) where he was the chief executive for eight years…[...]

Kenya Power loses bid to cash firm’s Sh40m bond

Kenya Power has lost its bid to cash a Sh40 million performance bond it was holding from a supplier, Muwa Trading, following a dispute over a consignment of 708 transformers. Justice Francis Gikonyo ordered the electricity supplier to restore the funds in the Prime Bank account in which they were previously held until the suit is determined…[...]

Serena Hotels in Sh2bn deal with French fund Proparco

TPS Eastern Africa, the owner of Serena Hotels and Lodges, is set to receive a $20 million (Sh2 billion) loan from French fund Proparco to refurbish and expand its properties. The eight-year loan will fund capital expenditures over 24 months starting next year…[...]

Forget Sh60bn cash from State, Kenya Airways told

Kenya Airways will not get the Sh60 billion cash injection from the government to keep it afloat. The government plan to dig the airline out of debt will depends on the management and shareholders decision. Acting Transport Cabinet Secretary James Macharia told two parliamentary committees that it will only come in as a shareholder or step in to offer State guarantee to the lenders…[...]

More pain for depositors of collapsed Dubai Bank

Depositors with over Sh100,000 held in the collapsed Dubai Bank will have to wait for at least a year to get their money. According to the Kenya Deposit Insurance Corporation (KDIC), only insured deposits of the same amount will be paid forthwith upon verification of their details…[...]