Shilling feels the pressure as trade deficit rises 59pc

KNBS reported the current account deficit, stood at Sh101.5 billion, up from Sh63.7 billion recorded in the same quarter last year. The gap between Kenya’s imports and exports widened a massive 59 per cent or Sh37.7 billion in the first quarter of the year, explaining the significant depreciation of the shilling…[...]

Nikon chooses Nairobi for debut showroom

Nikon has invested in a Sh20 million showroom at TRM shopping mall on Thika Road.The Tokyo-based firm focusing on Kenya’s photography enthusiasts, demand from film industry.Nikon, a Japanese manufacturer of high-end cameras, has opened a multimillion-shilling showroom in Kenya, marking the latest local venture by investors from the Asian giant…[...]

US forecasts Kenya coffee output will remain flat next year

Good prices in the international market saw coffee fetch Sh19 billion last year, an 18.8 per cent growth over the previously year. Kenya’s coffee production will remain flat in the 2015/16 crop season even as global output is forecast to rise by more than six million bags, outlook data published by a US agency shows…[...]

Diaspora remittances up despite ban on hawalas

Diaspora remittances rose by 3.7 per cent in May to Sh12.7 billion ($129 million) from Sh12.3 billion ($124.4 million) in April. The amount received in May is the second largest sent from the diaspora going by the decade long money remittance data shared by CBK.Cash sent by Kenyans working abroad went up in May despite closure of hawala money transfer services…[...]

Bank stocks top trade as foreign investors return

The Nairobi Securities Exchange (NSE) rose slightly last week to 4812.57 points as foreigners’ activity intensified, with banks accounting for 74.33 per cent turnover.Investment firm TransCentury was the biggest gainer in the week at 12 per cent averaging at Sh14 last Friday compared to Sh12.50 the previous week. It was followed by NationMediaGroup which gained 11.7 per cent while Express Kenya came third with 10 per cent rise…[...]

Eddy Njoroge group in first NSE trade of Britam shares

Royal Ngao Holdings has moved Sh68.5 million worth of Britam stock nearly one year after they were bought out by the insurance group.The Royal Ngao investors sold their 99 per cent interest in Real Insurance to Britam and in turn received a payout of Sh825.1 million and the Britam stock…[...]

Devki Group seeks licence to set up 15MW power plant

Ruiru-based steel company Devki Group has applied for a licence to install a 15 megawatt (MW) power generating plant in Kajiado where it is setting up a clinker unit. The plant will comprise a coal-fired steam generator and a steam turbine.The purpose for which the licence is required is to enable the applicant to generate electrical energy for own use…[...]

Tuskys ordered not to sack 91 suspended staff

Tuskys had last month suspended 91 employees at its BebaBeba outlet on Tom Mboya Street, Nairobi, accusing them of stealing goods and selling to other traders.The Labour Court has ordered Tuskys Supermarkets not to sack suspended staff pending the hearing and determination of a case filed by a workers union on Friday…[...]

Siginon now allowed to release tea

Logistics firm Siginon has been allowed to release the 5,000 tonnes of made-tea held up in its warehouse after its licence was suspended. The Agriculture, Fisheries and Food Authority (Affa) says the temporary window should enable the logistics firm clear stocks stored before the suspension of its permit…[...]