Brokers rattled as banks take over the bond market
The licensing of commercial banks as securities traders has unsettled stockbrokers who stand to lose a substantial share of their revenue, particularly in the wake of falling turnover and volatile trading at the stock market.The Capital Markets Authority (CMA) two weeks ago licensed Chase Bank to start trading bonds directly without going through the Nairobi Securities Exchange (NSE) – formally repealing a law that required all secondary trading of the treasuries to be channeled through stockbrokers…[…]
SA’s Broll Property picks new boss for Kenyan operations
South African consultancy firm Broll Property Group, which is managing several multibillion-shilling projects including Centum’s Two Rivers in Nairobi, has appointed a new boss for its Kenyan operations. Broll appointed Brad Gee as the new managing director for its local business, replacing Mr Jonathan Yach who set up the Kenyan unit in mid-2013 and is now exiting to pursue other interests…[…]
Court awards former Tuskys employee Sh3m severance payment
The High Court has awarded a Sh3 million payout to a former Tuskys Supermarkets employee sacked due to gross misconduct. Mr Andrew Nderitu Ndung’u who worked for the retailer for 13 years was first hired as a shop assistant before being promoted to a branch manager at Tusker Mattresses. MrNdung’u had moved to court seeking his gratuity payment. He told the court he had resigned on his own volition through an April 30, 2014 letter; but Tuskys accepted his termination letter 15 days later with false accusations levelled against him…[…]
Indian drugs company wins battle to use disputed name
An Indian pharmaceutical company engaged in a trademark row with a Kenyan rival has been allowed to continue trading under the contested trademark pending determination of the case. Mr Justice Francis Gikonyo varied the orders that had stopped Cipla Ltd from trading using the trademark Cipla, which is also being claimed by Lords Healthcare Ltd…[…]
Thika macadamia nuts processor pays Sh350m bonus to farmers
Thika-based macadamia processor Jungle Nuts has made a Sh350 million bonus payout to its farmer-suppliers.The company said on Monday that the money was disbursed to its 30,000 farmers, implying an average payout of about Sh11,666 per farmer. The bonus comprised Sh60 per kilogram of organic nuts and Sh30 per kilogramme of conventional nuts. The bonus is in addition to the Sh110 farm-gate per-kilo price paid on supply of the conventional nuts…[…]
Fuel prices set to increase in monthly review
Higher cost of petroleum in an environment of high interest rates is expected to spoil the party for motorists and further slowdown economic activity in the remaining part of the year. Prices of petroleum products are expected to rise to the highest level this year with Tuesday’s review that comes in the wake of a steep drop in the shilling’s value against the US dollar…[…]
Government rejects Portland bid to sell 1,300 acres in Athi River
The State has rejected a proposal by East African Portland Cement Company (EAPCC) to dispose 1,300 acres of land it has exhausted mining raw materials from in Athi River. In an interview with The Standard, EAPCC Chief Executive Kephar Tande said the company has now put off the planned sale after the Government refused to okay the deal…[…]
Court revives Kenya Power’s case against insurance firm
The Court of Appeal has revived Kenya Power’s Sh55 million claim against a local insurer. A three judge bench composed of Justices Wanjiru Karanja, GBM Kariuki and Hannah Okwengu overturned a decision by the High Court that had thrown out the case against American Life Insurance thus giving the electricity provider a glimmer of hope over the cancelled accident insurance claims…[…]
Debate on dominance gets telcos charged
The telecoms industry is set to witness new rounds of messy fights for the mobile phone service market. This time round, it might not be through price or marketing wars as previously witnessed, but intense lobbying. Airtel Kenya, which is a distant second in terms of market share, has renewed its push to have industry leader Safaricom declared dominant and treated as such…[…]