EA Cables picks ex-Safaricom manager as CEO in revival bid

East African Cables has hired a former Safaricom manager, Peter Arina, as its chief executive. Mr Arina will be expected to revive the flagging fortunes of the cables manufacturer. The East African Cables reported 14 per cent decline in its net profit to Sh341 million in the year ended December 2014. The new chief executive also takes office ahead of an impending entry into the cables market of a Sri Lankan company, Sierra Cables, which has announced plans to set up a manufacturing plant in Kenya…[...]

Equities trade platform launch set for April

The Central Depository and Settlement Corporation (CDSC) has delayed by six months the introduction of same-day transactions in the equities market. The corporation attributed the step to launching the trading method — allowing conclusion of payments on the same day — to synchronising of its system with that of the Nairobi Securities Exchange (NSE). The NSE system is being upgraded…[...]

Bamburi targets 1,600 masons in training

Cement maker Bamburi has started training 1,600 masons across the country to address the shortage of skilled workers in the building and construction industry. The training is already under way in areas such as Nyeri, Migori, Embu, Chuka, Meru and Maua. “The main objective is to enhance masons’ skills and professionalism by offering formal training to promote safe construction and job creation in the country,” said the company in a statement on Monday…[...]

Cytonn, Finnish firm break ground for Sh1bn Karen homes

Investment firms Cytonn and Taaleritehdas of Finland have broken ground on their first real estate project, Amara Ridge, worth Sh1 billion. The two investment firms are putting up the high-end residential development in the Karen suburb of Nairobi on a five-acre parcel of land…[...]

Global rating agencies give KCB Group stable outlook

KCB Group, Kenya’s largest lender by assets, has a stable outlook with strong ability to raise long-term funds and mobilise deposits, two rating agencies said in separate reports on Monday. The ratings by Moody’s and Standard & Poor’s (S&P) make it easier for KCB to raise funds for expansion, the bank’s management said in a statement in reaction to the new ratings…[...]

Treasury to float Sh5 billion M-Akiba bond targeting ordinary Kenyans

Treasury will float a Sh5 billion bond next month which will only be traded on mobile phone platforms targeting ordinary Kenyans. The five year infrastructure bond will go on the market on October 21 at a rate to be set by the National Treasury and the Central Bank of Kenya. Individuals can bid with as little as Sh3,000 and a maximum of Sh140,000 for the income tax free bond…[...]

New tax laws to net Sh64b as Kenya moves to plug Budget deficit

The revised excise duty law is expected to bring in Sh63.6 billion in additional revenue, the Treasury has said, as it moves to plug this year’s Budget deficit of Sh570 billion. The new tax measures will be the biggest cash cow for the Government this year, with an extra Sh28.4 billion anticipated from smokers, alcohol consumers and motorists…[...]