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Nzoia Sugar Company Denies Insolvency Claims

Nzoia Sugar Company has denied a report by the Auditor General last week that indicated that it is technically insolvent and operating on a negative working capital, allAfrica.com reported. The company is reported to have debts amounting to Sh16billion h ...

Daily Headline - global.abi.org - 12/09/2013 - 00:14 - 0 comments

Cabinet Approves Telkom Restructuring Plans

The Kenyan government has approved a restructuring plan to bolster the operations of stricken fixed line operator Telkom Kenya, Standard Digital reports. The new proposals include the recapitalisation of the firm via a KES10 billion (USD115.6 million) ca ...

Daily Headline - global.abi.org - 11/26/2012 - 23:40 - 0 comments

Banks Face Probe Over Emergency Loans

Commercial banks that borrow from the Central Bank of Kenya (CBK’s) emergency lending window more than twice in a week will be investigated, Business Daily Africa reported. In a circular elaborating on the new market-based operations, CBK said banks usin ...

Daily Headline - global.abi.org - 11/03/2011 - 21:58 - 0 comments

Uchumi Supermarkets of Kenya Gains as Investor Flight Eases

Uchumi Supermarkets Ltd., which resumed trading in May after a five-year suspension, advanced for the first day in as sell-offs by long-time shareholders slowed down, Bloomberg Businessweek reported. “We have seen the tail-end of the selling pressure of ...

Daily Headline - global.abi.org - 10/11/2011 - 19:37 - 0 comments

Consumers Feel The Heat From Rise In Cost Of Loans

Kenyans who were attracted to bank loans by last year’s low interest rates are headed for tough times as the lenders raise the cost of money to protect their margins against inflation and exchange rate turbulence, Business Daily Africa reported. The real ...

Daily Headline - global.abi.org - 09/28/2011 - 22:04 - 0 comments

Blue Shield Placed Under Receivership

Troubled insurer Blue Shield was on Friday placed under statutory management by the Insurance Regulatory Authority for inability to honour claims. IRA commissioner Sammy Makove further barred the insurer from conducting any new business and advised exist ...

Daily Headline - global.abi.org - 09/19/2011 - 20:48 - 0 comments

Collapsed Brokers Get NSE Shares Ahead Of Public Sale

Stockbrokers have reserved large portions of the Nairobi Stock Exchange (NSE) for collapsed rivals in a move that could see them rake in billions of shillings when the bourse is sold to the public early next year, Business Daily Africa reported. A legal ...

Daily Headline - global.abi.org - 07/12/2011 - 19:26 - 0 comments

Borrowers Enter Era Of Costly Loans As Bank Raises Rate

The I$M Bank has raised its lending by 1.5 per cent to reflect an increase in lending rates by the Central Bank, Business Daily Africa reported. This makes I$M Bank the second industry player to increase the cost of credit in the country with other playe ...

Daily Headline - global.abi.org - 06/27/2011 - 23:18 - 0 comments

Uhuru’s New Tax Proposals Signal Rise In Property Prices

Treasury’s new measures to plug loopholes that property dealers use to avoid paying taxes are expected to add impetus to real estate price inflation, as agents pass on the additional levies to home buyers, Business Daily Africa reported. The new measures ...

Daily Headline - global.abi.org - 06/15/2011 - 21:36 - 0 comments

Pay Raises Push Civil Servants Ahead Of Private Sector

Civil servants last year earned better pay than their private sector counterparts in what marks the biggest labour market shift in more than three decades, Business Daily Africa reported. Public servants took home an annual average pay of Sh394,131 compa ...

Daily Headline - global.abi.org - 05/25/2011 - 22:29 - 0 comments

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