Safaricom puts on hold sale of digital decoders

Safaricom has suspended the sale of its Internet-enabled digital TV decoders to allow for software upgrade barely three months after its launch. Chief executive Bob Collymore told the Business Daily the suspension was due to realisation that the Wi-Fi software in the decoders was not strong enough to support indoor Internet access. Dubbed ‘The Big Box’, the 4G-enabled device incorporates data and Pay TV services, more than 30 free-to-air channels, TV recording capability, and USB and SD media playback for pictures, music and videos…[...]

Farm shares beat the market bear as investor’s eye land

Agriculture stocks have shrugged off unimpressive farm results released year-to-date to record a 45 per cent growth in valuation, with analysts attributing the surge to positive corporate announcements and potential undervaluation of land assets. The firms have weathered poor commodity prices and harsher rain patterns to escape the Nairobi Securities Exchange (NSE) bear run at a time other counters are paying the price of operating in a tougher economic environment…[...]

KRA accuses Eastmatt of making false tax returns

The Kenya Revenue Authority has accused the Eastleigh Mattresses (Eastmatt) supermarket of making false tax returns. While responding to a suit filed by the retail chain seeking to stop the criminal prosecution of its directors for failing to produce employment records of its staff for inspection, KRA officer Justus Kiuvu said in court papers that Eastmatt had concealed its income to reduce its tax bill…[...]

Tea prices fall to a ten-week low at the Mombasa auction

The prices of tea at the Mombasa auction have fallen to a 10-week low as the volumes continue to grow. During last week’s auction, a kilogramme of processed tea was sold at an average Sh293 compared to the previous Sh303. This price was last witnessed two-and-a-half months ago, when a kilogramme of made tea traded at Sh295…[...]

Moody’s tips PTA Bank to double loan issuance in two years

PTA Bank, where the Kenyan government holds an 8.7 per cent stake, is expected to double its loans in the next two years according to a credit rating report by Moody’s. The bank, which has also lent various entities in Kenya to the tune of Sh48.7 billion ($472.7 million) in project and trade loans, had issued Sh259 billion that constitutes the biggest portion of the balance sheet at the end of 2014…[...]

CBA to roll out M-Shwari across E. Africa region

Commercial Bank of Africa (CBA) plans to roll out its M-Shwari product in regional markets by the end of the year. Group chief executive Isaac Awuondo said the launch of the product, which allows users to save and borrow small amounts through mobile phones, is one of the bank’s key focus in the second half of the year…[...]

Why electricity bills are still rising despite switch to cheaper geothermal

Steam generated geothermal overtook hydro-electric generation early in the year to become the highest contributor to Kenya’s power at 46.4 per cent. However, the government is still legally bound to long-term Power Purchase Agreements. Power Purchase Agreements between it and 24 independent power producers out of which five use diesel to generate electricity. The cost of purchasing power from these thermal producers is transferred to a customer’s bill as fuel cost charge…[...]

Consumers lose out as Safaricom and Equity tariff wars intensify

A fresh storm is brewing between Kenya’s financial services giants, Safaricom and Equity Bank, over the rates being levied to consumers making transactions across the two service providers. The latest round of controversy comes as Equity accuses Safaricom of arbitrarily increasing the mobile money transfer rates charged to Equitel’s consumers transferring money to Safaricom’s M-Pesa service…[...]