KenolKobil exits Congo, Tanzania with sale of units Oil marketer KenolKobil has sold its subsidiaries in Tanzania and the Democratic Republic of Congo, marking an exit from the two countries. The company said in a statement Wednesday it has disposed of all its interests in Kobil…

KPMG set to replace Ernst & Young as Uchumi auditors KPMG is set to take over from Ernst & Young the auditing of troubled retailer Uchumi Supermarkets, which has accused its former top management of manipulating its last year’s financial statements. The consultancy, classified as one…

500 to lose jobs in Telkom Kenya layoffs Five hundred employees of Telkom Kenya could lose their jobs in a restructuring plan announced by the company which is in acquisition talks with private equity fund Helios Investment Partners. Telkom Kenya has indicated that the layoffs are…

Tuskys signs finance deal with DTB for upfront payment of suppliers Tuskys Supermarkets has signed a financing facility that will see its suppliers get payments from the Diamond Trust Bank even before their invoices are due. The deal will also enable small and medium sized companies (SMEs) that supply the…

Tuskys set to open 75 shops at Shell stations Tuskys Supermarket has moved to open convenience stores at 75 Shell-branded fuel stations, operated by Vivo Energy Kenya, as part of its expansion strategy. The supermarket has already opened two such shops along Thika Road in a…

Diaspora remittances rise to Sh14bn in August on weak shilling Kenyans working in the diaspora sent home Sh14 billion in August as they sought to take advantage of the weak shilling. Diaspora remittances increased by 3.2 per cent to Sh14 billion compared to Sh12.9 billion sent…

Safaricom’s share of voice market drops as Airtel, Orange gain Safaricom’s share of the mobile phone communications voice market has dropped by 3.8 percentage points in the past year, as the company ceded ground to rival telcos Airtel and Telkom Kenya. Industry data released by the…

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…

  Brokers rattled as banks take over the bond market The licensing of commercial banks as securities traders has unsettled stockbrokers who stand to lose a substantial share of their revenue, particularly in the wake of falling turnover and volatile trading at the stock market.The Capital…

Banks demand retrenchment insurance for borrowers Commercial banks are increasingly demanding insurance cover against retrenchment for customers seeking personal loans, signaling increased concerns over the rising load of bad debts. Commercial Bank of Kenya (CBA) last week announced a requirement for salaried borrowers seeking secured and…