Author: Francis Muli

Equity Group Holdings has withdrawn proposed dividend declaration and payment in what they say is market uncertainty. In a statement, the lender says that the withdrawal is as a result of assessment of risk, post balance sheet date of December 31, 2019 and of the Group’s approach to prudent risk mitigation and management amidst the Covid-19 pandemic. “COVID-19 global health pandemic has led to a great lockdown which has induced a complex and multi-faceted global crisis of health, economic, and social challenges of an unprecedented magnitude. The pandemic’s effects have created a significant drop in the global GDP, and a…

Zoom has temporarily disabled the integration of Giphy with its chat feature until “additional technical and security measures have been deployed”. Zoom has recently started implementing a list of security updates on its platform. These include limits on screen sharing, restrictions on logging in to meetings from multiple devices for meetings that require registration and changes to muting and unmuting functions. The temporary action on Giphy has come just a few days after Facebook acquired the GIF platform for $400 million with plans to integrate the feature prominently on Instagram. The company has not disclosed how the acquisition will affect…

The government has snubbed a plea for Ksh7 billion bailout money for national carrier Kenya Airways (KQ). The government says that the troubles bedeviling the carrier are beyond Covid-19 pandemic, which was cited as one of the reasons for its financial woes. KQ was seeking for the funds to help pay workers, service the grounded planes and pay utility bills such as water, electricity, parking fees among others. KQ has grounded its fleet of planes since the country suspended international flights,adding to its financial troubles which existed even before Covid-19. Read: Kenya Gifts Ethiopian Airlines With Cargo Deal At The…

The Kenyan government has rejected Ksh16 billion compensation claim by Tullow Oil for its eight year works at the Turkana Oil fields. The money is part of Ksh204 billion compensation bill that the shareholding firms had presented to the Ministry of Petroleum. The money is meant to compensate firms involved in the oil exploration, payable after Kenya starts full production and exportation of the oil, which in this case is slated for 2022. “The ministry audit has suggested that eight percent of this expenditure (around $150 million – or Ksh16 billion) does not qualify for Cost Recovery. The partners and…

Another Kenyan plane was shot at today allegedly by Ethiopian troops in Qansahdere, Bay Region in Somalia, sources have told Kahawa Tungu. The plane was carrying humanitarian aid when it caught fire mid-air after the shooting. Photos shared online show the plane with bullet holes as a result of the shooting. No fatalities or injuries have been reported from the incidence, with the Somali, Kenyan and Ethiopian governments yet to issue a statement on the same. The plane, registration number 5Y-VVA, used to be operated by Blue Bird Aviation but it was later sold it to Kenya School of Flying/Aeronav.…

Following the US sanctions on Huawei networks last week, the UK is conducting a fresh review into the impact of allowing the telecoms company to be used in British 5G networks. In January, the UK did not bow to pressure from the US to ban the company from contributing to 5G. However, the National Cyber Security Centre has decided to review the decision. A NCSC spokesman said: “The security and resilience of our networks is of paramount importance.” “Following the US announcement of additional sanctions against Huawei, the NCSC is looking carefully at any impact they could have to the…

Safaricom in partnership with Scope International have installed sanitation booths in the counties of Homabay, Siaya, Migori, Kisii, Bungoma and Busia to help curb the spread of COVID-19. The sanitation booths have been installed at Kenya’s border to Tanzania at Isebania in Migori County and at the Ugandan border in Bungoma and Busia Counties. Additionally, ferry users will benefit from booths set up in Homabay and Siaya Counties. In Kisii County, the sanitation booths have been set up at the main bus stage, the Migori-Kisii-Homabay junction and the Nairobi-Kericho-Nyamira transit. Read: Safaricom Foundation Partners With Kenya Red Cross To Support…

The Nation Media Group (NMG) on Friday issued a profit warning to its investors, citing reduced revenues due to the effects of Covid-19 pandemic. In a statement to shareholders, NMG chairman Wilfred Kiboro said that Covid-19 global pandemic presented an unprecedented risk to the economy in 2020 and possibly beyond. “The Board of Directors, having reviewed the company’s performance forecast for the current trading period, has determined that the earnings for the financial year ending 31 December 2020, will be lower than the earnings for the previous year by at least twenty five percent,” said Kiboro. The forecast is for…

Two people have been confirmed dead in Narok livestock theft clashes, that were reported over the weekend involving two communities. The clashes erupted on Saturday night at Oloruasi village in Narok South Sub-County, where several houses were torched. The deceased were shot with arrows and rushed to Narok Sub-county Referal Hospital in critical conditions where they succumbed to injuries, according to Narok County Commissioner Samuel Kimiti. One victim died while on his way to Kenyatta National Hospital. Read: Narok Residents Surrender 6 Guns In Ongoing Disarmament Operation Before the clashes, photos were shared online showing some community members preparing for ‘war’.…

Former Senate Majority Leader Kipchumba Murkomen has been forced to explain why he has been quoting the Bible regularly of late especially in the period before and after his ouster from the majority seat. Responding to a tweet by Prof Simon Gicharu of Mount Kenya University, Murkomen said that he has been a religious man before politics, and so are other politicians allied to DP William Ruto. Prof Gicharu was wondering why politicians have been quoting the Bible while preachers have been quoting the Constitution. “These are interesting times… Politicians are quoting the Bible and preachers are quoting the Constitution.…

On April 17, the government of Kenya announced a Ksh8.5 billion to the elderly and poor under the cash transfer programmes run by the Labour ministry, in the wake of Covid-19 pandemic. At least Ksh8 billion was a new injection, on top of the Ksh500 million, which was in arrears, which was reported to have been released to people with disabilities. “These monies will be devoted specifically to cushion the most vulnerable and to protect our healthcare workers,” President Uhuru Kenyatta said. The president revealed that the government had identified needy households in Nairobi who will receive the weekly Covid-19…

Probe into the alleged murder of Sergeant Arnold Kipyegon Kenei is ongoing and on Saturday evening detectives from the Directorate of Criminal Investigations (DCI) revisited his house at Villa Franca Estate in Imara Daima for further investigations. Reports indicate that the sleuths stormed the premises at around 7pm in five cars and immediately entered Kenei’s house. DCI Boss George Kinoti, sources indicate, could have accompanied the sleuths in the raid that was unexpected. “There were reports Kinoti was present. The car that was on the scene is alleged to be his, I did not see him alight his car, but…

Ugandan President, Yoweri Museveni, has won a case in which a Twitter follower had sued him for blocking him on his private twitter handle. The high court in Kampala ruled that the President was right to block Mr Hillary Innocent Taylor Seguya, a Ugandan who lives abroad, on twitter. Mr Seguya had sued Museveni, Ofwono Opondo- The executive director of the Uganda Media Centre and Assistant Inspector General of Police, Alan Kasingye, for blocking him from following them on their respective twitter handles. Justice Andrew Bashaija in his ruling, said that Museveni uses his private handle @kagutamuseveni and is free…

Safaricom has launched a new feature that will allow businesses transact directly using their MPesa tills. The feature is an upgrade of the Lipa Na Mpesa tool, which has only been accessible by customer MPesa wallet. The MPesa business tool will now allow Micro, small and medium enterprises to send money and make payments directly from the MPesa till number. Businesses will now be able to send customers and their employees money directly from their MPesa till numbers. The service is available through the Bulk disbursement service (B2C), which is also instrumental in facilitating salary, sacco and dividend payments. The…

The Athi River Mining (ARM) has announced plans to sell its subsidiaries in Rwanda and South Africa. The amount gained from the sales will be used to settle debts of $284 million (approximately Ksh30 billion) owed to creditors in Kenya ($170 million), Tanzania ($110 million), and Rwanda ($4 million). The firm plans to sell its Kigali Cement plant in Nyarugenge District, Rwanda, which produces 100,000 tonnes a year. ARM Cement was placed under administration in August 2018 after failing to meet its financial obligations. The company was also suspended from trading at the Nairobi Securities Exchange (NSE). Read: Billionaire Narendra…