Electricity users to pay more as levies hit record highs
Consumers face a double-barrelled increments in their August power bills as after the energy regulator moved to significantly raise fuel and currency fluctuation levies. The Energy Regulatory Commission (ERC) has adjusted fuel cost on electricity consumed in August upwards to Sh3.11 per unit, from Sh2.51 in June — the highest since last November — indicating increased use of diesel generators despite recent heavy rains and high geothermal power injected into the national grid…[…]
Investors inch closer to tax havens after House backs Bill
Investors inched closer to establishing businesses in exclusive tax-exempt zones after Parliament approved the Special Economic Zones Bill, 2015. MPs concluded debate on the Bill which seeks to provide for the establishment of special economic zones. The Bill, published by Leader of Majority Aden Duale on February 12, also seeks the promotion and facilitation of global and local investors…[…]
Kenyan firms struggle to weather S.Sudan forex crunch
Kenyan companies operating subsidiaries in South Sudan are feeling the heat of political and foreign currency volatility in the young country that has seen a South African multinational beer maker contemplates shutting down its factory. East African Breweries Limited (EABL), during its full-year results announcement last week, reported that its South Sudan business is currently operating at two-thirds below capacity due to limited access to US dollars, the predominant international trading currency…[…]
Diaspora cash to widen gap on tea as top forex earner
Cash sent back home by Kenyans working abroad became the country’s highest foreign exchange earner last year outperforming the tea sector, with the gap forecast to widen this year. Fresh Central Bank of Kenya (CBK) analysis shows those working in the diaspora sent back home Sh138 billion ($1.38 billion) compared to Sh110 billion ($1.1 billion) earned from tea…[…]
Regulator turns the heat on milk traders with demand for licence
The Kenya Dairy Board (KDB) has turned the heat on informal milk traders in draft regulations that will require them all to be licensed before opening vending machines and other outlets. Acting managing director Humphrey Maina said the move was aimed at safeguarding consumers with strict laws that would govern the dairy sector. It will be illegal for the milk vendors to sell milk without a licence that will only be issued once they meet stipulated health requirements…[…]
New tough laws to regulate Human Resource industry
The Institute of Human Resource Management (IHRM) will start registering afresh all professionals as part of a process to get rid of quacks. Further, all human resource experts found to have contravened the new code of conduct will have their names deleted from the register and their certificates withdrawn. IHRM Council Chairman Paul Kasimu stated that the new measures are part of professionalising the human resource industry and protecting it from errant officers…[…]
Kenya Airways Sh8,000 per barrel fuel pricing bet that flew off radar
Airways is purchasing fuel at Sh8,000 ($80) per barrel, about a quarter over the prevailing market prices in a pricing bet gone awry and partly responsible for its record loss. This is first time the airline has divulged details of its fuel hedging contract which the management has repeatedly claimed were highly confidential…[…]