Loss-making Home Afrika sends CEO packing

Loss-making real estate developer Home Afrika has sacked its CEO, Njoroge Ng’ang’a ,nearly two years after he took over the post from his predecessor, Gerald Chege ,in November 2013. The company did not disclose reasons for sending Mr Ng’ang’a packing…[...]

NCPB cuts maize prices, offers millers 2.4m bags

The National Cereals and Produce Board (NCPB) has cut the price of maize and released 2.4 million bags from the strategic food reserve to check the runaway flour prices. The sale will be restricted to maize millers and public institutions to lock out middlemen seeking to profit from the sale of the grains that the government had bought at between Sh2,800 and Sh3,000 from farmers…[...]

BAT, Equity lift foreign inflows at the NSE

Foreign investors turned net buyers in the stock market in August halting five months of net outflows that have contributed to the main index falling to its lowest level since the end of December 2012. The return of foreigners to a positive inflow position has provided a measure of support to the bearish market, buoying it above the 4000 points mark…[...]

Airtel demands a share of Safaricom Internet frequency

Airtel Kenya has demanded a share of the 4G broadband spectrum allocated to Safaricom by the Communications Authority of Kenya (CA), arguing that it is unfair for the regulator to allow the dominant telecommunications operator to launch the high-speed Internet service ahead of its competitors. …[...]

Govt moves to cut red tape in building sector

The government will give the Board of Registration of Architects and Quantity Surveyors (BORAQS) land to set up a one stop shop for pre-construction approvals. Acting Lands and Housing Cabinet Secretary Fred Matiang'i says the ministry has earmarked two parcels of land at Upper Hill and along Thika road, one of which will host everyone involved in the construction process…[...]

Audit report reveals rot in Nzoia Sugar Company

A report from the Office of the Auditor-General has exposed the extent of trouble at the Nzoia Sugar Company, which is not only heavily in debt but has also failed to remit to the taxman taxes deducted from employees. The company is among the sugar firms the government wants to privatize in a bid to get them back on their feet. The Auditor-General found that it’s affairs are in a sorry state…[...]

President asked to reject tobacco bill

President Kenyatta was Tuesday asked not to assent to a bill that lowers cigarette prices and reduces revenue collection. The Civil Society led by Kenya Tobacco Alliance in Partnership with International Institute of Legislative Affairs (IILA) faulted MPs for passing the Excise Duty Bill, 2015. If the bill becomes law, the excise duty on cigarettes will be charged based on the nature of the cigarettes as opposed to the types and per kilogram…[...]

Uchumi stock rises despite profit warning

Uchumi’s profit warning failed to dampen local investor appetite for its stock as it gained 4.3 per cent to close Monday trading at Sh8.50. The retailer was the fifth leading gainer despite board’s profit warning. The Board Chair, Ms Khadija Mire announced that the Supermarkets forecast that earnings for the financial year ending June 2015 will be lower than those recorded in 2014 by at least 25 per cent…[...]

Proposed Bill to lower construction costs in city

A proposal to reduce building permit fees, if passed, will go a long way in reducing construction costs in Nairobi. The Nairobi City County Finance Bill 2015 proposes to slash permit costs to 0.5 per cent of the total construction cost, down from the current rate of between one and 1.5 per cent. The proposed flat rate is a departure from the current one, which is based on the size of the building…[...]