Nairobi bourse sheds 3pc value in a fortnight
The stock market has shed three per cent in value so far this month to slip below the 4,700 point level for the first time in 22 months.The Nairobi Securities Exchange (NSE) has been weighed down by continued foreign investor exits and cautious trading by local investors.Market capitalisation has fallen by Sh68 billion since the beginning of the month to Sh2.2 trillion.Analysts say that the market is likely looking at a bear run, which could however open up an opportunity for some investors previously shut out by high stock valuations…[…]
Tuskys suspends 16 Embakasi branch staff in crackdown on theft
Tuskys Supermarket has suspended 16 of its Embakasi branch staff, accusing them of stealing.The workers have been working mainly at the bakery and dairy sections of the store. They were arrested and booked at the Embakasi Police Station and later released on a Sh1,000 bond each. The staff who held a protest outside the branch denied the theft claims…[…]
Rents flat as Nairobi luxury property fails to excite market
Rent for properties in Nairobi’s luxury market has remained flat as prime clients such as multinational corporations are reluctant to pay landlords more, property consultancy Knight Frank said.Budget limits by multinational corporations, embassies and NGOs is said to be one of the major reasons for the freeze in rents…[…]
Airtel offers subscribers free medical insurance
Airtel Kenya has partnered with Pan Africa Life Insurance to offer a free medical cover to Airtel customers based on the amount of monthly airtime used as the telecommunication company seeks to grow its market share.Airtel Insurance becomes active on the first day of the month following registration, and is based on the amount of airtime recharged the previous month…[…]
StanChart, Lipa na M-Pesa link up for real-time money transfer
Businesses that use Safaricom’s Lipa na M-Pesa mobile phone payments system and are StanChart Kenya’s customers will get real-time transfer of money to their accounts after the two companies signed an agreement to hasten the transactions.Lipana M-Pesa users previously had to wait for a minimum of six hours (or more especially on weekends and public holidays) to access their money after requesting for transfers from Safaricom to their bank accounts…[…]
EABL seeks court protection against liquor crackdown
Beer maker EABL has moved to court seeking to protect its alcohol brands from being destroyed in the ongoing crackdown on illicit liquor. East African Breweries Ltd’s (EABL) subsidiaries Kenya Breweries Ltd and UDV Kenya have sued Interior secretary Joseph Nkaissery, the Inspector-General of Police and the Kenya Bureau of Standards…[…]
Employees of listed firms accumulate Sh8.5bn in ESOPS
Employees of Nairobi Securities Exchange (NSE)-listed firms have accumulated share options worth Sh8.5 billion, booking substantial capital gains on assets they were offered for free or at discounted prices. Equity Bank, Safaricom, East African Breweries Limited (EABL), Housing Finance (HF) and KenolKobil are among 10 publicly traded companies that had outstanding employee share ownership (ESOP) plans last year…[…]
Safaricom, Airtel fail to reach settlement on advert dispute
Kenya’s two biggest telecommunication firms, Safaricom and Airtel, have failed to broker an out-of-court deal on an advert on mobile money transfers. The two companies told High Court Judge Francis Gikonyo that weeks of dialogue had not borne any fruit, meaning the case between the two would continue. Safaricom is aggrieved by Airtel’s move to display the M-Pesa logo on an advert marketing Airtel Money Service…[…]
Kenya Pipeline Company (KPC) calls for investment in private fuel stores in new business model Private investors will for the first time get an opportunity to invest in the lucrative petroleum storage business in a new model that seeks to free cash flows for the Kenya Pipeline Company (KPC). The company’s chairman, John Ngumi, announced yesterday that KPC would not be investing in additional storage tanks in an expanded network within counties, but would instead invite private players to set up the storage facilities…[…]