KQ hires Deloitte for 6-year audit of financial decisions

The Kenya Airways’ board has appointed consulting firm Deloitte to undertake a forensic audit of the airline’s financial decisions dating back six years. Deloitte joins a growing list of consultants that the airline has engaged as its seeks to get a lift out of the current sticky financial hole it has found itself in, and ease pressure from shareholders. The carrier in November 2014 hired New York-based firm, Seabury, to evaluate its [...]

Flower firms brace for 30pc sales hit on Valentine’s Day

Flower firms expect earnings this Valentine’s Day to fall as much as 30 per cent on account of a weak euro and high costs. The chief executive of the Kenya Flower Council Jane Ngige said the weakening of the euro against the US dollar, increased cost of production and the Sh50 billion that the Kenya Revenue Authority is withholding in VAT refund [...]

How Standard Bank propped up Sh3.6bn Fahari I-Reit

South Africa’s Standard Bank and its Kenyan-based executives put Sh594.2 million in a real estate investment fund that was promoted by its local subsidiary Stanlib Kenya Ltd, helping to prop up the offer which also saw the Treasury buy a 7.2 per cent stake. South Africa’s Liberty Group, majority-owned by Standard Bank, invested Sh154 million in the offer equivalent to a 4.2 per cent equity [...]

German car firm Daimler opens Africa hub in Nairobi

German motor vehicle manufacturer Daimler AG has opened an office in Nairobi aiming to use it as an entry to East, Central and West Africa’s truck and bus market. The Nairobi office will manage sales and customer service of both Mercedes-Benz and FUSO brands in [...]

Youth in Kenya to benefit from auto-parts business deal

General Motors East Africa (GMEA) has entered into a deal with a State agency to help youth venture into spare parts business. Branded as ‘Isuzu Mashinani’, the project aims to make available original Isuzu car spare parts that will be sold in outlets across the country [...]

IREN in deal with Car and General to train Jua Kali artisans

The Inter Region Economic Network (IREN) Thursday signed an enterprise skilling deal with Car & General Kenya Ltd to train over 100 Jua Kali Artisans on Business and Technical skills in 2016 [...]

Chase bank taps into Postbank 104 networks

Chase Bank has announced strategic partnerships with Postbank as it moves to enhance its distribution networks across the country. The new partnerships will provide Chase Bank customers access to 104 Postbank branches, which will provide agency banking services to Chase Bank customers [...]

UAP, Valuraha launch schools money contest

UAP-Old Mutual Group and Valuraha, a local company that promotes financial literacy, are set to kick off a student investment competition on Thursday. The two will organise a high school students’ investment competition that will take place at the Alliance Boys High School, Kiambu County [...]

Swiss logistics giant Panalpina buys majority stake in Nairobi-based Airflo

Swiss logistics giant Panalpina has completed the buyout of a majority stake in Nairobi-based air freight forwarder Airflo for an undisclosed amount. The new entity will now be called Airflo Panalpina and will retain the staff of about 160 [...]

Uhuru wants firms using courts to delay projects blacklisted

The government will blacklist companies that perpetually use the courts to delay projects, President Uhuru Kenyatta said Tuesday. Mr Kenyatta warned that suppliers would in particular not be allowed to delay the rollout of the digital learning project [...]