Muthoka firm,Africa Flight Services, wins China Southern’s cargo business
China Southern Airlines has hired a firm associated with billionaire businessman Peter Muthoka to handle its cargo business, making his company one of the biggest beneficiaries of the entry of the giant Asian carrier into Kenya. The airline is mainly targeting the increasing number of Kenyan businessmen who import goods from China…[…]
Market watchdog puts out new exchange funds commissions
Exchange-traded funds (ETFs) investors will be charged fees equivalent to those charged equities market, Capital Markets Authority (CMA) has proposed. The new collective investment products, modelled on unit trusts but with lower management fees, are some of the products the capital markets regulator plans to introduce in an effort to expand options available to investors…[…]
EACC opposes Pattni firms Sh140m legal fees demand
The anti-corruption watchdog has asked the High Court to stop two firms previously associated with billionaire businessman Kamlesh Pattni from demanding Sh140 million from it in legal costs incurred in a previous civil suit. The Ethics and Anti-Corruption Commission (EACC) filed the application after Marshalls East Africa and Delphis Bank (now Oriental Commercial Bank) slapped it with a combined Sh140 million claim for legal fees the High Court ordered it to pay to the firms…[…]
Chase Bank eyes Sh2.5bn injection to shore up capital base
Chase Bank is set to expand its ownership through a private placement, after concluding its third cash call in as many years, to shore up a capital base that is running thin. The bank raised Sh1.6 billion in the cash call that closed in June and an additional Sh600 million by selling shares to its staff members through the employee share ownership programme…[…]
CBK maintains base lending rate at 11.5 per cent
The Central Bank of Kenya (CBK) held the base lending rate at 11.5 per cent in its Monetary Policy Committee (MPC) meeting on Wednesday following the fall in inflation last month and reduced volatility in the currency market. CBK governor Patrick Njoroge said that the MPC also held the rate steady to allow the economy to factor in the effects of the previous rate hikes…[…]
Mombasa tea auction prices fall marginally
Tea prices at the Mombasa auction on Tuesday dropped slightly after hitting new highs last month. A kilogramme of made tea dropped to sell at Sh309 from Sh312 in the previous trade. East African Tea Trade Association, however, downplayed the drop…[…]
Kitengela businessman sets up Nakuru cement firm
A Kitengela-based quarry operator is stepping up his investments in the cement business with the planned construction of a Sh428 million plant in Nakuru, the second such project in the past one year. Karsan Ramji & Sons has sought regulatory approval to set up a cement factory in Engashura area, seven kilometres from Nakuru town…[…]
Mwalimu Sacco given ex-Merali bank deadline
Mwalimu Sacco has six months to regularise its ownership in Equatorial Commercial Bank in compliance with the Central Bank Act which bans non-banking institution from holding more than 25 per cent shares of a bank…[…]
Kenya Airways deals with other airlines to be reviewed, CS Henry Rotich says
The government will review agreements between Kenya Airways and other airlines, National treasury Henry Rotich has said. Speaking on an evening show on Citizen TV, Mr Rotich said some of the deals were not favourable to KQ. He said competition from low cost airlines has given KQ a run for its money…[…]