Sunday, May 25News That Matters

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Uhuru commends Equity for growing continental presence
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Uhuru commends Equity for growing continental presence

President Uhuru Kenyatta has commended Kenya's Equity Bank for its growing continental presence saying the financial institution's expansion is helping unite Africa and expand her economic freedom. "It is a moment of rare regional and continental pride, as we witness our local enterprises coming together in the spirit of One Africa, One People," Uhuru said. The Head of State spoke Wednesday in DR Congo when he presided over the official inauguration of the rebranded Equity BCDC office block in Central Kinshasa. With the merger, Equity Group successfully combined BCDC’s heritage of 112 years in the DRC market, with its established track record in corporate banking; together with Equity Bank Congo’s solidly strong focus on financial inclusion. Uhuru urged private i...
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Hoteliers urge Uhuru to reopen hotels.
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Hoteliers urge Uhuru to reopen hotels.

Local hospitality industry players have called on the government to consider allowing hotels and restaurants to reopen immediately. The hospitality sector was hit hard after President Uhuru Kenyatta locked down five counties and closed restaurants and bars. “It is painful seeing staff stay home jobless yet they have families to support. It’s a pity that hotels and tourism industry players in Kenya are not given the ears required," PrideInn Group Managing Director Hasnain Noorani said. In 2020, when the President first announced measures to prevent the virus from spreading, the monetary and fiscal authorities followed up with a number of measures to safeguard businesses and individuals from the ensuing economic hit. “The government has been silent on measures to give busine...
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Kenya signs security, trade and transport agreements with the DRC
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Kenya signs security, trade and transport agreements with the DRC

Kenya has signed crucial agreements on transport, security and trade with the Democratic Republic of Congo, signalling a push to improve low figures of business between them. After a bilateral meeting between Presidents Kenyatta and his host Felix Tshisekedi, the two sides on Wednesday signed a new deal to handle cargo from the port of Mombasa that grants the DRC certain privileges for using Kenyan facilities. Kenya also offered to open diplomatic outposts in Goma and Lubumbashi in eastern DRC in what President Kenyatta said would ease consular services for traders. The Agreement on Maritime Freight Management, revised from earlier arrangements, will be the basic legal framework in handling all freight cargo coming through Mombasa destined for the DRC. President Kenyatta t...
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Court extends orders to increase of city parking fees.
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Court extends orders to increase of city parking fees.

The High Court has extended orders barring the Nairobi City County Government from increasing parking fees for private cars and public service vehicles from Sh200 to 400. Justice Anthony Mrima has ordered that NMS be enjoined in the case as an Interested Party. The judge ordered a mention date of May 3, 2021, to allow parties to file submissions and for further directions. In March the judge also extended orders. Through Lawyer Henry Kurauka, Cofek and the Matatu Owners Association argued that the increment of fees was unfair, unreasonable, exorbitant and lacked public participation in accordance with Article 10 of the Constitution. The new charges were to come into effect on December 4, 2020. City Hall issued a public notice dated December 2, last year increasing th...
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Water supply in Nairobi CBD shut down.
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Water supply in Nairobi CBD shut down.

Water supply to the entire Central Business District has been shut down due to a pipe damage, Nairobi water has said. In a notice on Wednesday, the Water company said the damage of the pipes was done by the Express Way Contractor. "The line has been shut to pave way for repairs. Bear with us as we work to restore supply in the shortest time possible," they said. The ongoing construction of the Sh62 billion Nairobi Expressway which has gained pace has in the past interrupted the water supply in Nairobi. The tunnel alone is being constructed for Sh6.8 billion, the treatment plant at Sh6.5 billion, while the pipeline will cost Sh4.6 billion. The tunnel starts at Ichichi in the Kangema sub-county, runs through Kigumo before joining the Ndaka-ini dam in the Gatanga sub-count...
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Uhuru bows stops fuel price rise.
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Uhuru bows stops fuel price rise.

A last minute intervention by the National Treasury after public uproar on expected fuel prices increase forced the energy agency to retain pump prices.  A letter from the Exchequer  addressed to acting Energy and Petroleum Regulatory Authority director Daniel Kiptoo indicated that the government will compensate oil marketers.  "The purpose of this letter is therefore to authorise EPRA to publish fuel prices for the period March 15 to April 14 to apply for the period April 15 to May 14," the letter reads in part.  A litre of petrol will continue trading at Sh122.81 in Nairobi, diesel Sh107.66 and a litre of Kerosene to retail at Sh97.85 for the one month to May 14. This, despite the landed cost of petrol increasing 9.27 per cent to $4491.50 per cubic me...
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Apple will launch new products on April 20
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Apple will launch new products on April 20

Apple is set to host its first product launch of the year next week, and it’s expected that it will be announcing an updated iPad Pro as well as new AirPods. The company on Tuesday sent out press invitations for a virtual event — with the tagline “Spring Loaded” — that will take place on Tuesday, April 20, at its Apple Park headquarters in Cupertino, California. Apple’s Siri had actually revealed the date ahead of the official announcement, giving it as an answer to users who asked when the company will host its next big product launch. Apple is expected to introduce a refresh to its iPad lineup: an updated iPad Pro with a super-bright LED display and a redesigned iPad mini with smaller bezels and a larger display, according to Bloomberg. The company is also re...
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Lamu fishermen arraigned in court for using prohibited gear
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Lamu fishermen arraigned in court for using prohibited gear

Twenty fishermen were on Monday arraigned in court in Lamu after they were arrested for using illegal fishing gear in the Kenyan Ocean waters. The fisherfolks were arrested at Ziwayu and Mtangawanda areas of Lamu last week while fishing onboard motorized boats christened Nasubiri and Nazra, using prohibited fishing gear, including monofilament net.  Twelve of the fishermen admitted the charges and were fined Sh20,000, or in default serve six months in prison.Eight of the fishermen, however, denied the charges and were released on a Sh50,000 bond or Sh20,000 cash bail. The case will be mentioned on April 19, 2021. The fishermen have been presented to court at a time when the government launched a crackdown for illegal fishing gear across the Indian Ocean, in Lamu count...
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KRA risks losing Sh2.2bn in row.
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KRA risks losing Sh2.2bn in row.

In July 2018, the Kenya Revenue Authority (KRA) contracted Keysian Auctioneers for an assignment. Diplomatic Duty Free Ltd, a company linked to Goldenberg architect Kamlesh Pattni, owed Sh2.2 billion in tax arrears and the auctioneer was to issue a notice of distress to recover the money or attach the company’s property. But when the auctioneers went to the premises of Diplomatic Duty Free Ltd at the Jomo Kenyatta International Airport (JKIA), there was a new company, Suzan General Trading Ltd (trading as Suzan Duty Free), whose staff denied knowledge of a company by the name Diplomatic Duty Free Ltd and they, therefore, refused to sign the papers. The notice of distress was giving Diplomatic Duty Free Ltd 10 days to pay the arrears or have its property attached. At the end of t...
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Treasury adds Sh81bn to debt.
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Treasury adds Sh81bn to debt.

Government had targeted Sh60 billion from the bond, but on getting Sh88.6 billion bids from investors, it took up Sh81.9 billion. The 18-year bond will earn investors 12.67 per cent. “The IFB was oversubscribed as predicted due to its tax-free status and capital flight by risk-averse investors from the Nairobi Securities Exchange (NSE), with the Central Bank of Kenya (CBK) accepting more than issued to bridge its growing fiscal deficit amid declining revenues,” said Sterling Capital in a note on the bond result. This was the third infrastructure bond sale in the 2020/21 fiscal year, with the 11-year paper sold in August 2020 and January 2021’s 16-year offer also raising huge subscriptions of Sh101.5 billion (Sh78.6 billion accepted) and Sh125.5 billion (Sh81 billion accepted), r...
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