Investors demand higher interest for Treasury bills

Investors are demanding higher interest rates for the six-month and one-year government Treasury bills as the market continues with its risk-averse approach to longer-dated fixed-income investment over uncertainties in the interest rate environment. Auction results from last week’s Treasury bill offers show investors demanded close to 15 per cent for the one-year paper and nearly 14 per cent on the six month offers…[...]

Former Kebs boss entangled in Sh300 million fraud claim

Former Kenya Bureau of Standards (Kebs) managing director Kioko Mang’eli has been accused of using a shell company to defraud a Dubai-based firm of nearly Sh300 million. Geo Chem Middle East, which is claiming Sh296 million from Kebs for unlawful termination of its inspection contract, says Dr Mang’eli formed a company with a name similar to its own in a bid to dupe the State into paying him the sum…[...]

Real estate upbeat as City Hall building permits hit Sh18bn

The construction industry is looking up with the value of buildings approved by the Nairobi City County rising to the highest level in May compared to the previous four months. Latest data from the county government shows the value rose to Sh18.6 billion in May, the highest so far this year. Compared to April, the value was higher by more than Sh1.3 billion…[...]

Sumac secures $1 million loan as it prepares for cash call

Sumac Microfinance Bank has secured a $1 million (Sh100 million) loan from a European investment firm for onward lending to small businesses. The cash was loaned by the Regional Investment Fund for Micro, Small and Medium Enterprises in sub-Saharan Africa (Regmifa), a Luxemburg-based fund that invests in small lenders in sub-Saharan Africa…[...]

New Portland COO gives Lafarge upper hand in succession

East African Portland Cement Company has appointed a Lafarge executive as its chief operations officer, giving the French multi-national (and shareholder) an upper hand in the looming succession of current CEO Kephar Tande, whose term ends in October next year. Portland said it has hired Mr Albert Sigei effective August 24 to head its production operations, supply chain management, sales and marketing…[...]

Bidco signs 750 casuals on contracts

Thika-based consumer goods manufacturer Bidco has hired 750 casual workers on contract terms triggering protests from some who say they are set to earn less compared to the previous pay. The new employment terms, however, mean that the affected employees will earn a monthly basic salary ranging from Sh11,000 to Sh16,000…[...]

UBA unfreezes former staff’s bank account

United Bank of Africa (UBA) has lifted the freeze on a bank account held by its former head of legal services who is accused of negligence that saw the lender lose Sh165 million in an irregularly approved loan.Sylvia Mututi Magotsi has as a result withdrawn an application seeking to jail UBA’s chief executive Isaac Mwige for allegedly denying her access to the account…[...]

MPs offer relief to firms facing delisting over excise duty

The National Assembly last week handed manufacturers facing cancellation of their licences for failure to meet excise duty requirements, a lifeline by introducing rules that prolong the decision period. The MPs amended the Excise Duty Act to require the Kenya Revenue Authority to give affected firms a 21-day notice to comply. It must also set clearly what the manufacturer or importer needs to do…[...]