Home Afrika says 2014 profit to fall by a quarter

Kenyan property developer Home Afrika Ltd said on Friday its 2014 profit would be at least 25 per cent lower than the previous year, hurt by a delay in developing its infrastructure projects during the year. A delay in funds from a bond issue in 2014 resulted in the subsequent delay of investment in infrastructure development at the firm's underlying projects [...]

No relief for power users as fuel levy remains intact

The fuel cost levy in electricity bills has remained unchanged for the second month in a row, a signal that cheaper geothermal injected into the grid since July is unlikely to cut prices further. The fuel adjustment levy, which is linked to the amount of power generated from expensive diesel, for post-paid bills to be settled next month will remain at Sh2.51 per kilowatt hour (kWh). The fuel surcharge has been dropping from a peak of Sh7.22 kWh in July to Sh2.51 this month [...]

Construction of railway resumes after design truce

A consortium of supervisors hired by KR to review the design and supervise the Sh447.5 billion project had differed with CRBC over the design of culverts, prompting a freeze of construction. construction of the new Mombasa-Nairobi railway has resumed after the Chinese contractor and the supervising consultant agreed on the design of the mega project that had led to suspension of works [...]

Kenya extends crackdown on alleged financiers of Al-Shabaab

The Government has instructed financial regulators to immediately freeze accounts, insurance cover, pension, shares and bond instruments for individuals and companies suspected of funding terror activities. The Financial Reporting Centre (FRC), a body launched in April 2012 to monitor Kenya's financial system for suspicious transactions, has issued a circular to various regulatory bodies –the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Estate Agents and Gambling Casinos to act immediately, as the country reels from devastating effects of terrorism [...]

Kenya and Qatar to sign key pact next week

Kenya and Qatar will sign an agreement next week to enable establishment of the Nairobi International Financial Centre (IFC). National Treasury Cabinet Secretary Henry Rotich will sign a memorandum of understanding with the Ministry of Finance of Qatar next week. Under the agreement, Qatar will offer assistance to the Kenyan government to implement the plan expected to transform Nairobi into an excellent financial destination [...]

Prices of imported used cars in Kenya ‘to soar’ as State moves to lower age limit

Second-hand vehicle importers in Kenya could soon be restricted from importing vehicles more than five years old as the government moves to improve on fuel efficiency and cut down carbon emissions. This is one of the recommendations of a study by the United Nations Environment Programme (UNEP) and the University of Nairobi commissioned by the Energy Regulatory Commission (ERC). The study looked at the prospect of promoting cleaner and more fuel-efficient vehicles in order to reduce localised air pollution, greenhouse gas emissions and national fuel bills [...]