Author: Francis Muli

The real estate is experiencing a slump growth, following Central Bank of Kenya (CBK) reports that default on mortgages jumped 41 percent to Ksh38 billion. According to the CBK report, mortgages, associated with the real estate, experienced the biggest hike in non-performing loans (NPLs). Unpaid mortgages increased by Ksh11.2 billion or 41.1 percent, manufacturing  by 19 percent, traders  by four per cent and personal loans  by six percent. According to the report, 16.9 percent of the Ksh224.8 billion gross loans extended as mortgages were not being serviced at the end of December 2018, up from 12.2 percent in 2017. Read:…

‘Retired’ MPs will pocket at least Ksh2.7 billion as retirement perks if a Bill sponsored by Minority Leader John Mbadi, which seeks to raise pension for MPs between 1984 to 2001, sails through. The bill also seeks to award the ex-lawmakers a monthly pension of Ksh100,000 for those who served between 1984-2001, from the current Ksh33,000, while those who served after 2002 will receive a monthly pension of Ksh120,000, for life. Those excluded from the two pools will receive a stipend aimed at lifting them from poverty. Read: KQ In Trouble As Uganda Airlines Launches Direct Flights Between Entebbe and…

The Kenya Commercial Bank (KCB) has made a U-turn on an earlier decision to integrating the National Bank of Kenya (NBK) into its operations. This comes after realization that NBK lost at least Ksh9 billion in deposits during the takeover transaction. It is reported that NBK deposits dropped from Ksh91.3 billion in June to Ksh82.5 billion in September, a time whe the two banks were finalising merger plans. NBK will, after completion of the merger, run as a stand-alone entity owned by KCB in what the latter termed as the fear of loss of deposits and customers. According to new…

A 26-year-old man today was found dead in Catholic Church compound in Kirinyaga forcing the service to be stopped. The body of the youngster was found by one of the worshipers at Nyangati St. John Catholic church in Kutus, who in turn alerted the church authorities. The deceased was identified as Dennis Bundi, but the church through its chairman Mr Michael Gichinga said that they were not able to immediately know the reason behind the man’s suicide. The body was taken away by police officers from Wang’uru Police Station. Email your news TIPS to Editor@kahawatungu.com or WhatsApp +254707482874. You can also find…

President Uhuru Kenyatta today and his Deputy William Ruto cancelled their meetings in Murang’a in the last minutes over ‘unavoidable’ circumstances. However, Kahawa Tungu learns that deep-rooted differences between the two is the reason the meetings were cancelled. The President was supposed to attend a thanksgiving ceremony at ACK Kenol Cathedral in Murang’a, but instead sent Interior CS Fred Matingi and his Transport counterpart James Macharia after cancelling the meeting in the last minute. On the other hand, Ruto was expected at Kandara for another fundraiser. On learning of the President’s event, Ruto cancelled his event to attend the President’s,…

Co-operative Bank of Kenya has said that it will not increase the interest rates on the existing loans, the management has said. This comes days after President Uhuru Kenyatta signe into law a bill scrapping the interest rate caps, a move set to make loans expensive. In a statement  Group Managing Director and CEO Gideon Muriuki stated that the institution would retain existing interest rates. “We are pleased to advise all our customers that Co-op Bank is meanwhile retaining existing interest rates for all our outstanding loans based on existing money market conditions,” he stated. Read: Co-op Bank, CFAO Kenya…

Deputy President William Ruto has insinuated of the existence of a militia group operated by ODM leader Raila Odinga, meant to cause chaos during elections. In a tweet this morning, Ruto accused ODM of being perpetrators of violence, especially in the recently concluded Kibra by-election that was won by ODM candidate Imran Okoth. In his tweet, Ruto hinted that the famous handshake might not survive, if Raila does not disband the alleged militia. Read: DP Ruto Claims ODM Succeeded In Kibra After Raila Unleashed Militia “President Kenyatta & I decided that PEV that had become synonymous with elections since 1992…

Airtel Uganda has unveiled the Airtel Broadband, a new product that will see consumers buy 1GB of data bundle at UGX1500 (Ksh41). The gadget will initially cost UGX280,000 (appx Ksh7,800) with free 51GB valid for a month, with subsequent recharges costing the customer Ksh41 per GB. “Early this year, we made Uganda 100% 4G. We went on to introduce new and transformed technologies like the 4×4 multiple input, multiple output (MIMO).Today we decided to go a step further to introduce fixed data or for homes and businesses,” said Airtel Uganda managing director VG Somasekhar. Brenden Kachenje, the General Manager Airtel…

Intrigues from Royal Media Services (RMS) indicate that all is not well at the SK Macharia-owned media house, especially on the Citizen TV side. According to reports, Mohamed Hussein, who left the station recently, could have been pushed out by top editors and the new “dream team” poached from other media houses. Top editors of the station are said to be divided, with one camp encompassing new employees perceived to be the “dream team” while the other entailing older editors. Read: Citizen TV Unveils Waihiga Mwaura As Hussein Mohamed’s Replacement On News Night In one camp of antagonism are the…

In the past couple of months, there have been over three incidences of planes skidding of the runway at Wilson Airport in Nairobi, raising eyebrows to safety measures at the airport. In October alone, there were at least five incidences that happened at Wilson Airport, involving four commercial planes and one police helicopter. On October 11, a Silverstone Air plane crash landed at the airport in a suspected overloading case. On October 27 at the same airport, another Fooker aircraft belonging to Silverstone hit and damaged another plane, in what is thought to be congested parking area. Read: Safarilink Aviation…

‘Bedroom’ is the word that was used to describe the battle for Kibra Mp by-election, that attracted a total of 24 candidates. The seat was left vacant following the death of Ken Okoth mid this year. At first, the race was all done after the Orange Democratic Movement Party (ODM) nominated Imran Okoth as the contestant. Imran is the late Ken Okoth’s brother, and his nomination was seen as an automatic win. Looking at the past political instances where a politician died and a relative sought to inherit the seat, in rare occasions do the heir/heiress do they lose. Read:…

Bernard Imran Okoth of the Orange Democratic Movement Party (ODM) is the MP-elect of the Kibra Constituency. IEBC returning officer has declared the ODM candidate the validly elected MP for Kibra. https://twitter.com/IEBCKenya/status/1192669816198483968 Okoth floored 24 candidates, garnering 24,636 votes with his closest rival, Jubilee Party’s McDonald Mariga coming in second with 11,230 votes. Mariga has already conceded defeat. Eliud Owalo of ANC) came third with 5,275 votes followed by Khamisi Butichi of Ford Kenya with 260 votes. Read: Mariga Concedes Defeat In Kibra By-election, Congratulates Imran – Video Anaciet Dorn (DP), Martin Andati (Modern Alliance Party), Felix Anditi (Independent), Ibrahim…

Jubilee Party candidate in the Kibra by-election McDonald Mariga has conceded after his ODM rival Bernard Okoth opened a huge gap in the vote tally. In a video clip, Mr Mariga called Mr Okoth to congratulate him for his victory, saying that he was happy the the contest was peaceful. “Hallo boss, ni Mariga. Nimepiga nikuambie congratulations. Race imekuwa poa, hatukupigana mahali popote tulikuwa pamoja. Niko ready hata kwa lunch…vile utataka, na pia support yoyote utataka kutoka kwangu, niko ready. After elections tutarudi ile life yetu ya mabeshte na kila kitu…Kabisa Sir,” Mariga said. He also promised to support…

Cytonn Real Estate, the real estate development arm of Cytonn Investments, has been recognized by the International Business Magazine as the Best Real Estate Developer 2019 in Kenya. Among developments that have earned it the recognition include Amara Ridge in Karen, which was completed and handed over in 2018, and The Alma in Ruaka, Phase 1 of which is 100 percent sold and handed over to clients. Other projects include The Ridge, RiverRun, Taraji Heights, Applewood and Newtown. All of Cytonn’s projects are concentrated in Kiambu and Karen. According to Cytonn Senior Brand Manager, Daniel Mainye, this is part of…

Co-operative Bank and CFAO Kenya Ltd (Toyota Tsusho East Africa Ltd) have launched a new Financing Scheme that will enable farmers and co-operative societies to finance the purchase of tractors, combined harvesters and other farm equipment through loans. The scheme will offer farmers and co-operative societies up to 80 percent financing in purchase of agricultural machinery and equipment. The scheme will also give farmers the option of seasonal loan payments, to match with the seasonal nature of some agricultural crop cycles. In a statement, the two firms said that farmers will enjoy an extended loan repayment period of up to…