Uchumi shuts down Syokimau Railway branch

Retail Chain Uchumi Supermarkets has shut down one of its outlets along Mombasa Road citing poor location. The move is part of the retailer’s reorganisation expected to cut costs and drive it back to profitability. The branch was shut down last week. The affected store was based at Syokimau Railway Station opposite Naivas Supermarket, a competitor to Uchumi Supermarkets…[...]

Uchumi shake-up spurs 36pc gain at the stock exchange over the past month

Uchumi Supermarkets stock has seen the highest price gain at the stock exchange over the past month, with investors betting on the retailer’s second turnaround after a difficult first-half year that saw top managers fired. Its share price has risen 36 per cent to Sh10 since mid-August, when it had sunk to a low of Sh6.40…[...]

66 KQ foreign staff ‘lack work permits’

Up to 66 foreign nationals employed at Kenya Airways do not have work permits, as per records at the Department of Immigration. Immigration deputy director Joseph Munyoki on Wednesday told the Senate committee investigating affairs at the troubled airline that only 16 permit applications had been received from the airline…[...]

Agency warns CEOs over unclaimed assets

Chief executive officers of companies that default on remitting unclaimed assets face a one year jail term. The defaulting firms will also pay up to 25 per cent of the principal amount held as a fine for non-compliance. The Unclaimed Financial Assets Authority (UFAA) fully launched its operations Wednesday, with a four year strategic plan that will see it adopt the stringent penalties compelling companies to start complying…[...]

US firm entry affirms Kenya's rising housing market

American Real estate broker Coldwell Banker has opened a Kenyan office signalling rising confidence in the sector. The company said that almost 90 per cent of buyers now using the internet when looking for a home. It will be using online platform to drive sales under the new venture even as it eyes the African market…[...]

Brewer AB InBev plans bid for SABMiller

SABMiller, manufacturer of Castle Lager beer, says it has received a takeover bid from the world’s biggest brewer AB InBev. The world's biggest brewer, Belgian-Brazilian giant AB InBev, is planning a takeover bid for the next largest SABMiller, the British target revealed Wednesday, sending their share prices soaring…[...]

Telkom Kenya sale talks head for home stretch

Negotiations on the sale of Telkom Kenya will be concluded by the end of this month as the government comes aboard to ascertain its position in the firm. National Treasury Cabinet Secretary Henry Rotich Tuesday told the Nation that the authorities would then determine whether it will retain its 30 per cent stake in the telco or sell part of it…[...]

MTN completes its Sh800m fiber network in Kenya

MTN Business Kenya has invested Sh800 million in its fiber-optic infrastructure to enhance coverage in major counties and connect its clients. The network provider has completed laying fiber in Nairobi, Mombasa and Kisumu. The firm was leasing fiber-optic capacity from Kenya Data Network (KDN), Telkom Kenya, Jamii Telecoms and Wananchi Group…[...]