Uhuru rejects mobile T-bill investment

President Uhuru Kenyatta has rejected changes to the law that would have allowed retail buyers to invest small amounts in State securities, including through mobile phones. The proposed changes to the Central Bank of Kenya Act would have forced the banks’ regulator to lower the minimum amount one can invest in T-bill below the current Sh100,000 and bonds under Sh50,000. Banks, insurers, and pension funds are the major investors in the government bonds, and the entry of many retailers has the potential of lowering the State interest rates and forcing lenders to channel more cash into the private sector [...]

Consumer lobby sues Nakumatt over pricing discrepancy complaints

The Consumer Federation of Kenya (Cofek) has taken Nakumatt Holdings to court over discrepancies in the shelf and point-of-sale pricing of its commodities.The watchdog has sued the retail chain and its managing director, Atul Shah, over what it terms as unfair business practices and false representation of goods [...]

Private equity firms seek alternatives as insecurity hits malls

Insecurity is informing where and how private equity firms put up their businesses with attractiveness of malls taking a hit, players in the industry said Tuesday. Emerging Capital Partners, a private equity owning the Java chain of coffee shops – two of them located at Westgate mall – told an industry conference the mall attack forced them to re-examine where to set up new outlets.Insecurity is also affecting the education sector, especially the high-end of the market[...]

Kenya Power halts bills deal with Uchumi

Kenya Power has suspended its bill payments service at Uchumi Supermarkets, claiming the retailer had repeatedly delayed submitting cash paid in by customers [...]

Higher import costs dent growth in manufacturing

Growth in the private sector eased in May compared to April, as businesses faced currency-inspired higher import costs, the Purchasing Managers Index by CfC Stanbic Bank shows. Kenyan private sector output in May had a Purchasing Managers Index (PMI) of 55.1 compared to 56.2 in April, which was still the second highest recorded this year. According to CfC Stanbic, a strong increase in new orders and a rise in payroll numbers helped keep growth going in May, despite of the rise in input and output costs [...]