Safaricom steps up internet price turf war with rival Airtel
Telecommunications company, Safaricom has revised its Internet bundle prices for the third time this year, stepping up an ongoing fight for data revenue with rivals Airtel and Telkom Kenya. Safaricom, the market leader, revised the cost of its Internet packages, and also scrapped some usage limitations that had sparked a public backlash…[…]
SA chemical firm targets Kenyan plant in two years
A South African manufacturer of chemicals used in the construction industry has opened a Nairobi office to serve the region as it gears up to set up a factory in 2016.Chryso Southern Africa Group said the Nairobi subsidiary is meant to make the company more efficient in serving the East African countries where it already has a presence. Chryso is owned by private equity firm LBO France and operates in 20 countries across Europe, North America and emerging markets…[…]
KCB gets boost from good rating
GCR has accorded KCB Group the best credit rating for a local bank, meaning it can borrow relatively cheaply to fund capital-intensive projects in the east African region.The bank has high capital and liquidity buffers to absorb business risks, said Global Credit Ratings (GCR) in its latest outlook…[…]
Broadway gets Sh500m Barclays loan funding
Bread maker Broadway Limited is set for a Sh1 billion expansion of its Thika milling plant that will be partly funded by Barclays Bank.The expansion will double the production capacity of one of Kenya’s oldest bakery, having opened half a century ago.Barclays Bank will provide a Sh500 million loan, while the balance will be funded through internal cash savings…[…]
Forex fuel levy in power bills hit new highs
Low consumers of electricity will be hit hard after the energy regulator increased the fuel cost levy in bills for the first time since the injection of additional geothermal power to the national grid in July 2014.Data from the Energy Regulatory Commission (ERC) shows that the fuel adjustment levy on electricity consumed in July has increased to Sh2.51 per unit from Sh2.31 per unit in June.…[…]
Brookside cuts farmer milk prices on rise in supply volumes
Brookside Dairy has reviewed the price of milk downwards by Sh2, setting the stage for other processors to follow suit in the wake of increased supplies.The highest paid farmer will earn Sh32 per litre down from Sh34 while the lowest will earn Sh27 from Sh29 previously…[…]
Dubai Islamic Bank to crank up rivalry with Kenya branches
Dubai Islamic Bank has started recruiting key managers after it received approval “in principle” from the Central Bank of Kenya to open a subsidiary in the country.UAE’s largest Islamic banker plans to enter the Kenyan market through a green field operation, with branches in Nairobi and Mombasa, and could usher in formidable muscle in the banking segment…[…]
Treasury fails to settle Sh34bn overdraft
The Treasury did not settle its overdraft position of Sh34 billion with the Central Bank of Kenya at the end of the financial year, indicating a cash crunch at the Exchequer.The Treasury said it was not mandated to settle the amount at the end of June but rather within a calendar year of borrowing…[…]
Kenya Power monopoly at risk as firm vies for ‘last-mile’ customers
A solar microgrid company plans to become the country’s first licensed private utility to sell power to the public, ending a half-century monopoly by the State electricity firm. Earlier this year, the Government granted Powerhive East Africa, an energy technology venture with itsroots in the United States, a permit to supply electricity to rural homes in competition with 53-year-old grid giant Kenya Power…[…]