Tobacco firms seek Senate help to suspend strict rules

British American Tobacco (BAT) and Mastermind Tobacco have picked 10 clauses they want declared unconstitutional before the rules come into effect in two weeks. Appearing on Thursday before the Senate Committee on Delegated Legislation, the two firms warned of industry wide disruption come June 5 because they will not have complied with the new rules. Among other things, the rules require manufactures to print graphic warnings against smoking on each cigarette packet [...]

Safaricom disowns GTel deal claims

Safaricom has disowned a Zimbabwean mobile handsets manufacturer’s claims that it has entered into a deal with the telecommunications firm to offer phones to subscribers on contract payment terms. G-Telecoms had in a statement claimed that it had reached a partnership deal with Safaricom that would allow them to sell G-Tel branded phones through monthly payments to the telco’s subscribers [...]

NSE investors lose Sh149bn in three months

Investors at the stock market have lost Sh149 billion in value over the past three months as share prices continue falling over currency fluctuation, price correction and the capital gains tax. In addition to a price correction, market analysts attribute the drop to a mix of factors, including the capital gains tax and a weaker currency but say market fundamentals remain strong. They rule out chances of a prolonged bear run [...]

Micro lenders deposits drop by Sh200m as competition rises

Deposits held by microfinance banks (MFBs) shrunk by Sh200 million in the three months between December and March, data from the Central Bank of Kenya shows. Microfinance banks were holding deposits of Sh32.5 billion in March down from Sh32.7 billion in December on stiff competition from banks for corporate deposits [...]

Treasury faces funding headache as revenue falls short by Sh93.8bn

Government revenue for first nine months of the year fell short of target by a significant Sh93.8 billion, signalling looming funding difficulties. The government blames deficit on under reporting of collections from universities and ministries [...]

SMEs rely on overdrafts as banks fail to offer options

Small and medium sized businesses are relying on expensive bank overdrafts to finance short-term needs due to failure by banks to develop friendly products, Financial Sector Deepening (FSD) has said. Businesses are paying an average of 15.7 per cent monthly for overdrafts that are usually repayable within 30 days while paying 15.5 per cent per annum for long-term debt [...]

KenGen wins Africa renewable energy awards

Electricity generator KenGen has won the Africa Energy Company award for 2014/15 which featured firms in the continent that are involved in development of renewable power projects. The Kenya Electricity Generating Company (KenGen) beat Umeme of Uganda, Electricity Company of Ghana Limited, Nigeria’s Niger Delta Power Holding Company Ltd and Uganda Electricity Transmission Company Limited to clinch the award [...]

Microsoft starts low-cost Internet plans in Nanyuki

US tech giant, Microsoft, has started connecting rural residents of Nanyuki in Laikipia County to low-cost wireless Internet, creating new opportunities for businesses, education, healthcare and delivery of government services. Microsoft is utilising connectivity that is made possible by TV white spaces — the unused portions of wireless spectrum in the frequency bands used for television broadcasting [...]