Saturday, July 26News That Matters

Tag: BUSINESS

Gov’t To Pay A Further Ksh.14 Billion To Oil Marketers
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Gov’t To Pay A Further Ksh.14 Billion To Oil Marketers

The government is expected to pay a further Ksh.14 billion to oil marketing companies (OMCs) to cover arrears from the fuel subsidy. Already, the Ministry says it has paid Ksh.34.2 billion of the arrears owed to the fuel retailers over the course of the fuel shortage crisis in the country. "We are in receipt of the full outstanding balance that is payable to the OMCs. As of yesterday (Wednesday) we had dispatched upwards of Ksh.34.6 billion since the program started last year and will continue with these disbursements once done with the administrative procedures," stated Acting Petroleum and Mining Cabinet Secretary Monica Juma. According to Petroleum Principal Secretary Andrew Kamau, the payments are expected to be booked later on Thursday or Tuesday next week. "EPRA will...
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Gov’t Promises To Stabilise Fuel Supply Within 3 Days
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Gov’t Promises To Stabilise Fuel Supply Within 3 Days

Normal fuel supply across the country will be stabilised within the next 72 hours as the government moves to address the artificial fuel shortage that has hit Kenya. Energy Cabinet Secretary Monica Juma insisted that the current fuel crisis is artificial created by Oil Marketing Companies (OMCs) who complained that the government was yet to pay billions of shillings in fuel subsidy. She also said the crisis was further exacerbated by the oil companies hoarding stock with the hope of a spike in fuel prices set to be announced today by the Energy and Petroleum Regulatory Authority (EPRA). Saying that anyone behind the crisis will be punished to the full extent of the law, Juma said that the government has moved to try and place country back on the path of normalcy. “I h...
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Absa Bank Kenya Plc doubled its 2021 earnings with profit into Billions.
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Absa Bank Kenya Plc doubled its 2021 earnings with profit into Billions.

Absa Bank Kenya Plc has doubled its 2021 full year earnings with profit rising by 160 per cent in the calendar year to Ksh.10.9 billion from Ksh.4.2 billion a year prior. The rise in the lender’s profitability is anchored on falling expenses and a steady growth in income streams across the 12 months. Absa’s total operating income for instance has grown by seven per cent to Ksh.36.9 billion on the backdrop of an 8.1 and 5.4 per cent growth in net interest income and non-interest funded income (NFI) to Ksh.25.3 billion and Ksh.11.7 billion respectively. At the same time, the bank has trimmed its total operating expenses by 16.7 per cent from Ksh.25.7 billion to Ksh.21.4 billion. This is after trimming its cover for potential loan defaults by 47.8 per cent to Ksh.4.7 billion ...
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EABL to Ditch Expensive Kenya Power Electricity for Solar
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EABL to Ditch Expensive Kenya Power Electricity for Solar

The East Africa Breweries Limited has announced plans to ditch the expensive Kenya Power electricity for cheaper and more reliable solar energy to power its factories. Kenya Breweries Limited managing director John Musunga said the company plans to generate its power before 2030 in an ambitious proposal worth KSh 22 billion. "We are committed to sourcing 100% renewable electricity by 2030 in all of our facilities.The KSh22 billion investment also includes the production of biofuel," Business Daily quoted Musunga. The MD revealed the brewer had partly switched to using solar energy in its new Kisumu plant, where 10% of its electricity requirements was met by renewable energy. In the green energy plan, the foreign-owned company targets to generate at least 9.3 megawatts at its Ruara...
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University staff threaten to down tools over CBA
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University staff threaten to down tools over CBA

Non-academic staff at public universities have threatened to go on strike after their employers failed to implement the 2017/2021 Collective Bargaining Agreement (CBA). Members of the Kenya Universities Staff Union (Kusu) are also demanding to be paid their full salaries. “Money was released in two tranches. (Some) Sh6.6 billion was the first tranche which was released in July last year. The second tranche, Sh2.2 billion, was released last month. The CBA should be implemented fully if there’s anything else we do not know,” said Dr Charles Mukhwaya, Kusu secretary-general. Speaking at a press briefing in Mombasa, union officials said they want vice-chancellors to fully implement the CBA as signed in 2019. Dr Mukhwaya said the government had already disbursed money to uni...
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748 Air Services gets reprieve after KQ eviction orders
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748 Air Services gets reprieve after KQ eviction orders

Aviation company 748 Air Services has been granted stay orders by a Nairobi court, preventing Kenya Airways and its agents from further executing eviction orders. The airline on Monday filed a legal suit against Kenya Airways for malicious damage of its property worth millions of shillings and harassment of employees. “In the interim, a temporary injunction be and is hereby issued restraining the plaintiff by itself or servants and/or agents from interfering with the defendant/Applicants quiet enjoyment use and occupation of the suit property pending interpartes hearing of this application,” Milimani Commercial Courts, Principal Magistrate, A.N. Makau said. The court has also directed Commandant, Jomo Kenyatta International Airport to ensure compliance of the orders. On Fr...
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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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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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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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