KRA bans stripping of containers destined for Zanzibar

The Kenya Revenue Authority (KRA) has banned the stripping of cargo containers at the port of Mombasa before onward conveyance by dhows to various consignees in Zanzibar. The move is meant to curb sea smuggling where cargo is diverted in the ocean, finding its way into the local EAC market. …

Why the IMF has taken away Kenya’s Emergency loan and why it matters

Bloomberg has reported that the International Monetary Fund withdrew Kenya’s access to a $1.5 billion standby loan in June. The newswire quoted IMF country representative Jan Mikkelsen who said that adjustments that were needed to meet the targets were “insufficient and follow-up discussions on the review were postponed due to …

Market opens with microscope on Banks and foreign investors

Controlling 52 percent of the market, the Banking sector started the week as the center of focus after Moody’s Investors Service downgraded three Kenyan banks – KCB Group, Equity and Co-operative following the weakening of the credit profile of the government. The downgrade was due to sizable holdings of sovereign …

South Africa port operator eyes Lamu port

South Africa’s national port and freight-rail operator is hunting for deals across the continent, from Senegal to Zimbabwe. Bloomberg reported that in Kenya, the company will seek to operate the first three berths at the port of Lamu, which is being built by a Chinese company. “Transnet SOC Ltd. has …

National Lands Commission to probe Integrity Centre Ownership

National Lands Commission to probe Integrity Centre Ownership. The firm at the center of the eviction of the Ethics and Anti-Corruption Commission (EACC) has been cast under the spotlight as the National Land commission seeks to investigate ownership of Integrity Centre. NLC says that the government intends to acquire the …

Local banks feel the pinch of holding too much state debt

Local banks feel the pinch of holding too much state debt. The Kenyan government’s junk ratings has taken a shine off local banks which carry exceptionally huge Treasury bills and bonds. Moody’s Investors Service has downgraded three Kenyan banks – KCB Group, Equity and Co-operative following the weakening of the …

Jobs: Postbank is hunting for a Human Resource Manager

Postbank is a leading Savings Bank, with a nationwide network and offering a wide range of financial services. Postbank is seeking to recruit a high caliber, results-oriented and experienced professionals for the positions below:- Human Resource Manager, Welfare & Administration: PB 4 – KPOSB/ HR/1/18. Position Function Reporting to the …

KenGen to switch on 158MW plant next year

Power consumers are set for better times following an announcement by the leading energy generator, Kenya Electricity Generating Company (KenGen), that the 158MW Olkaria V geothermal power plant will be operational next year as scheduled. The power plant is part of KenGen’s ambitious green energy development agenda aimed at delivering …

Was it a suspension or a market halt; Circus of Unga group

EQUITIES The Equities market was dominated by the circus surrounding the offer to take over Unga group from minority shareholders. American firm Seaboard offered to buy the small shareholders for Sh40 a share when the shares traded at Sh29.5. Unga Group recorded a 46.15 percent gain to close the week …

Hides trader charged with evading Sh204 million export duty

A Nairobi based hides and skins trader has been charged with five counts relating to tax fraud and failure to file tax returns leading to loss of revenue amounting to KSh 204 million. Ms. Claire Marisiana Odimwa is said to have under-declared the weight and measure of wet salted cow …