business daily Archives - Page 2 of 2

23Apr

By Nasra HusseinNo Comments

Business

Toyota Kenya launches new SUV.

Motor distributor Toyota Kenya has launched the Urban Cruiser in the Kenyan market, the latest SUV in the the firm's product line-up . The new model retails from Sh2.7million inclusive of VAT. “The Urban Cruiser, embodies Toyota’s quality, durability, and reliability promise, with the vehicle designed for customers looking for SUV comfort,” said Toyota Kenya Managing Director, Arvinder Reel. Despite the effects of the Covid-19 pandemic, Toyota Kenya recorded a four per cent share growth in the market, excluding truck and buses. “We are therefore optimistic that the small car segment will continue performing well as we progress in the year,” said Reel. Toyota describes the Urban Cruiser as a combination of design, performance and technology offering consumers the c...

21Apr

By Nasra HusseinNo Comments

Business

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...

15Apr

By Nasra HusseinNo Comments

Business

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...

9Apr

By Nasra HusseinNo Comments

Business

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...

Equity to be named biggest lender in Kenya

6Apr

By Nasra HusseinNo Comments

Business

Equity to be named biggest lender in Kenya

Equity Bank h ranked as the most stable lender in Kenya both in terms of revenue and asset growth by the prestigious Africa Business Magazine. The ranking based on the 2020 end year financial results acknowledged the lender's asset growth which hit over Sh1 trillion, becoming the first bank to reach such margins in East and Central Africa. Equity's total assets are valued at Sh1.015 trillion, followed by KCB Group at Sh987.8 billion. NCBA Bank is third with total assets as of December 31, 2020, standing at Sh527.6 billion followed by Co-op Bank at Sh464.5 billion. Even so, KBC has the highest primary funding strength, with Tier 1 capital at 18 per cent. Under Basel III, a bank's tier 1 and tier 2 assets must be at least 10.5 per cent of its risk-weig...

KQ increases domestic flights ahead of deadline.

27Mar

By Nasra HusseinNo Comments

Business

KQ increases domestic flights ahead of deadline.

Kenya Airways has added more flight capacity ahead of Monday deadline when domestic flights will be suspended in five counties. This comes after president Uhuru Kenyatta announced a cessation of all movement by road, train or air in and out of Nairobi,Kajiado,Machakos,Kiambu and Nakuru counties until further notice. This is a move the government has chosen to curb the spread of Covid-19 in the country. The national carrier have four flights-two flights from Nairobi to Mombasa and Mombasa to Nairobi. KQ said passengers affected by the suspension of domestic flight can reschedule or request a refund.

23Mar

By Nasra HusseinNo Comments

Business

Kenya Airways reports 36.2 bn loss.

Kenya Airways has sunk deeper after he reported a sh 36.2 billion loss for the ended year December 2020, the biggest loss in the airline’s history. Its revenue shrunk by nearly 60 percent to sh52.8 billion as the covid -19 pandemic took toll on the national carrier. Its passenger number numbers dropped by 65.7 percent to 1.8 million in the year under review. This saw its customer revenue shrink from 103.6 billion to 33.7 billion. Its comprehensive losses worsened by a further sh 5.1 billion loss on hedged exchange differences on borrowings and another sh4.8 billion was lost on fuel related hedges. This pushes the total comprehensive loss for the airline which made a loss of sh12.9 billion in a similar period last year to sh46.2 billion which is five time the 8.8 billion. T...