Chase Bank Q3 profit up 28 pc on increased lending

Chase Bank’s net profit for the first nine months of the year grew by a third on the back of increased lending and higher earnings from fees and commissions. The mid-tier lender has announced an after-tax profit of Sh2.3 billion as at September, 2015. Its loan book grew same as its non-funded income grew by Sh841 million to hit Sh2.7 billion mainly from fees and commissions and earnings from forex trading [...]

Local firm plans Sh10bn investment in data centres

A group of Kenyan investors under the trade name Icolo.io plan to invest Sh10 billion over 10 years to construct rental data centres. Through its 10-year strategy, the firm expects to capture the East African market, as well as deepen penetration in the country. The firm has partnered with data providers Liquid Telecom, Jamii Telecom, Telecommunication Service Providers of Kenya (Tespok) and Seacom to boost their data capacity [...]

Canadian firm wins tender to study ICT gaps in telecoms

The Communications Authority of Kenya (CA) has contracted a Canadian firm to conduct a fresh study on ICT access gap that will determine how the Sh2.9 billion levy collected from the sector operators will be used. Intelecon Research and Consultancy will, among other things, develop an interactive online portal for the gaps indicating interventions by the Universal Service Fund and determine the cost of rolling out services [...]

Senate expands audit scope in the KQ probe

Parliament has asked the Auditor-General to expand the scope of his review of Kenya Airways’ affairs after a report he presented proved unhelpful. The audit scope will now cover the airline’s hedging policy, the ambitious Project Mawingu, the 2012 staff retrenchment, training of pilots and ticketing [...]

City Hall gives farmers Sh10m milk machines

City Hall has given out five milk pasteurising machines to Nairobi farmers’ groups to improve the hygiene and shelf-life of their products. The pasteurisers, each can process 200 litres of milk at a go, have been given free to farmers in [...]

Firms registrar kept in the dark on Sh240bn Tatu City project dispute

The office of the Registrar of Companies has revealed in court that it would not have effected changes in three firms associated with the Sh240 billion Tatu City project if it had been made aware of a dispute between shareholders. The battle for control of the project has seen multiple suits filed by both the local and foreign shareholders [...]