Eveready inks distribution deal with US-based manufacturer Eveready East Africa Ltd has partnered with Clorox sub-Sahara Africa Ltd – a regional subsidiary of the global household products manufacturer Clorox – to supply and distribute household products such as bleaches under the brand name Clorox. According to…

KQ eyes rebound with McKinsey turn-around plan Kenya Airways (KQ) will be hoping to calm headwinds that pummelled its business as it seeks to rebound from record losses and turn around a negative equity position that saw the Senate call for the sacking of its top…

Barclays’ parent company could sell Kenyan unit Barclays Bank Kenya could be sold by its London-based parent Barclays Plc, which is considering selling some or all of its subsidiaries in Africa. The proposed divestitures are being pushed by Barclays Plc’s new CEO Jes Staley, according to…

Electricity leakages and theft cost Kenya Power Sh17bn in sales Kenya Power is losing Sh17.5 billion annually through electricity thefts and leakages from an ageing transmission network, translating to lost earnings to shareholders of the listed utility. Kenya Power managing director Ben Chumo on Thursday said the firm had channeled…

Former Uchumi top managers on the spot over Sh1bn cover-up The revelation that Uchumi Supermarkets manipulated financial statements to the tune of Sh1.04 billion has put former senior managers including ex-chief executive Jonathan Ciano on the spot. Uchumi has announced that the former management had…

NBK net income more than doubles The National Bank of Kenya has announced a more than double growth in net earnings for the nine months to September to Sh2.3 billion from Sh1 billion the same period last year. The group’s total interest income of rose to Sh9.75 billion…

Safaricom hands over CCTV system to police this week Safaricom is set to hand over the national surveillance system to the government this week after the completion of the project in Nairobi and Mombasa. The telecoms operator said the government would use the infrastructure at no…

CBK suspends licensing of commercial banks Central Bank of Kenya (CBK) has in a shock move slapped a moratorium on licensing new commercial banks throwing off balance the entry of Dubai Islamic Bank and the planned conversion of Unaitas Sacco. The moratorium is likely to force…

KRA, Unilever Tea in Sh1.8bn tax battle The Kenya Revenue Authority (KRA) is locked in a multibillion-shilling tax battle with Unilever Tea Kenya where it is seeking unpaid taxes dating back to the start the millennium. Unilever has however countered the KRA’s claims that the tea…

Fidelity Shield downgraded to negative outlook Fidelity Shield Insurance’s future outlook has been downgraded from stable to negative over weak liquidity and recently “subdued” cash flow. GCR assigned the negative grade to Fidelity Shield Insurance but retained BBB+ rate on its ability to settle claims. The…