Author: Francis Muli

Mumias Sugar company has recorded a double loss of Ksh15.1 billion loss in the year ended June 2018, as compared to a loss of Ksh6.8 billion loss in the previous year. The firm has attributed its loss to shortage of sugarcane for milling, which interrupted its operations. “The acute cane shortage significantly hindered the plant throughputs with cane delivered dropping by 32 per cent to 283,435 tonnes compared with 417,347 in the last financial year,” says the board’s chairman Kennedy Ngumbau. Also, Mumias Sugar, which at one time was the Kenya’ leading sugar miller, attributed its woes to impairment charges…

Mr Beiju Shah and Mr Fred Rabongo have been appoinyted as independent non-executive directors of cash strapped Uchumi Supermarket. Mr Baiju is a technology and financial systems expert while Mr Rabongo is a corporate business strategist and and a businessman with a background in advertising,marketing , outsourcing and business development. Rabongo also unsuccessfully ran for the Homa Bay senatorial seat during the 2015 by-election after the death of Otieno Kajwang. Rabongo is also a former National Social Security Fund (NSSF) Managing Trustee. “The board takes this opportunity to welcome the new directors and is looking forward to drawing from their respective…

Insider trading suspects led by Aly-Khan Satchu will have to forgo the amount they were to gain in Kenolkobil takeover deal, the Capital Markets Authority (CMA) has announced. CMA announced that the suspects were set to pocket an estimated Ksh458 million in the Ksh26 billion takeover by French firm Rubis Energie. In a statement, CMA said that the cash is contained in 14 accounts that were involved in dubious transactions last year at the commencement of the takeover deal. “The funds surrendered to date relate to 90 percent of the quantum of suspicious trades identified… The recovered funds will be…

Cement uptake dipped to 5.49 million tonnes in 2018 from 5.78 million tonnes in 2017,  Kenya National Bureau of Statistics (KNBS) has announced. This is the second year in a row the uptake of cement is dropping, pointing to a reduced uptake of real estate which is the main consumer of the commodity. This has forced manufacturers to slash production by 8.6 percent to 5.63 million tonnes from 6.7 million tonnes in 2016. Among the most hard hit by the dip is Bamburi Cement, which has already issued a profit warning for the second year in a row. Another manufacturer,…

In the advent of internet and technology, most services can be done from anywhere, anytime with just a touch of the button. This could be shopping, communication, holding meetings, banking and business management among others. One sector that is experiencing the touch of technology, with services that could take days to execute now being done in less than a minute. However, integrating services from different banks to one platform has been a ‘challenge’, to banks especially due to competition. Customers who have accounts in different banks have to download apps or access services differently from these bank. But what if…

The Auditor-General Edward Ouko has raised an alarm on the Ministry of ICT over Kh3.2 billion dubious pending bills. In a report tabled in the National Assembly by Majority Leader Aden Duale, the Ministry’s Department of Broadcasting and Telecommunications could not provide proof for, or explain, how it incurred debts. According to the reports, the bills were accrued from debts owed to local media houses for advertising services. Speaking on the report, the National Assembly’s Public Accounts Committee (PAC) chair Opiyo Wandayi revealed that part of the bills totaling to Ksh633.7 million were listed without details of the supplier and…

30 startups will stand a chance to win financial and technical support from NIW.Startups programme at the Nairobi Innovation Week. The competition will entail startups in early stage and growth stage, and those with existing profiles on the NIW.Startups online portal. Of the 30 startups that will be selected to pitch during the fifth Nairobi Innovation Week, with six ‘Most Promising Startups 2019’ being feted. “The startups are set to receive funding, network, get discovered by investors, partners, customers, mentors and the media. They will also learn from coaches and mentors,” reads a statement from the organisers. Startups with existing profiles…

With new cars being bought everyday and parking space consequently shrinking, homeowners can now rent out their spare spaces to drivers using a new app, Kerb. The app, according to the Australian entrepreneurs, will allow people with parking spaces lease it out to motorbike or vehicle drivers or even to helicopters. Kerb will also be available to churches, schools and other business entities. Kerb Co-founder, Rob Brown says, “Kerb reduces congestion and environmental impact by getting cars off roads, makes use of existing infrastructure – and means more money for locals to spend in the economy.” Kerb parking spaces start…

Google has announced the launch of its Women Will initiative in Kenya. The program takes the shape of similar projects in Brazil, India, Indonesia, Japan and Mexico. According to Farzana Khubchandani, Country Marketing Manager, Google, Kenya, the programme is designed to create economic opportunities for women by connecting them to digital skills and mentorship. “From helping women across Kenya access digital skills and bringing together women entrepreneurs, Google is keen on developing and supporting programs that help women build skills, get inspired and connect with each other,” said Khubchandani. According to an International Finance Corporation (IFC) report, approximately 32.2 percent of…

Standard Chartered Bank has launched SC Mobile Digital Bank for its retail customers with enhanced features at a cost of Ksh83.4 million. In a statement, the bank says that the platform will allow clients to open an account, transact, save, borrow, invest and insure their wealth online without having to visit a branch. The digital bank platform according to the bank will provide over 68 services on phone including; updating account information, activating or stopping banking cards, bill payments; stop or block a cheque, fixed deposit creation and termination, funds transfer locally and internationally among others. Speaking at the launch, Standard Chartered…

The two black boxes of the Ethiopian Airline Boeing 737-800 flight that crashed on Sunday have been recovered. The crashed plane killed all the 157 occupants. The airline in a tweet said the Digital Flight Data Recorder (DFDR) and Cockpit Voice Recorder (CVR) have been found. They will be used to provide information on what exactly caused the ill-fated crash. “The digital flight data recorder (DFDR) and cockpit voice recorder (CVR) of ET302 have been recovered,” the airline said. https://twitter.com/flyethiopian/status/1105056691891175424 The pilot Capitan Yared Mulugeta is said to have sent out a distress call before the crash. Read: Family Loses Five…

One lady was awarded twice at the Beyond Zero Marathon held today, Kahawa Tungu can authoritatively report. The lady in question, Brilian Jepkoech (suspected to be a fake name), was awarded as the winner of the 21 kilometre road race and at the same time as the winner for 10 kilometre race. The name of the real winner for the 21km race is Brilian Jepkorir, who was not allowed to step on the podium. In the 10km race, she was given the name Ngige Monica, to confuse the dignitaries present to think that it was a different person. According to…

Boeing 737 could be the unsafest planes in the African skies, former NTV investigative journalist Dennis Onsarigo has warned. In a long Instagram post, Onsarigo says that Boeing, the manufacturer of the Boeing airliners had taken a shortcut in assembling the new Boeing 737 NG ( Next Generation) series planes. “Instead of the manufacturer assembling the aircrafts electronically they manually fitted them because the original parts were either too big or too small.  Between 1996 and 2004 ill-fitting, illegal and dangerous parts were assembled on to many of the most commonly-used passenger planes in the world today,” posted Onsarigo, referring…

No survivor for the crashed Ethiopian Airline plane that crashed this morning, the airline has confirmed. All the 149 passengers and eight crew members perished in the crash which happened today at around 8.44 am local time, six minutes after take-off. “The Group CEO who is at the accident scene right now regrets to confirms that there are no survivors,” read a statement from the airline. An eyewitness at the scene told the BBC there was an intense fire as the aircraft hit the ground. “The blast and the fire were so strong that we couldn’t get near it,” he…

The US Department of State: Consular Affairs through the Us Embassy in Ethiopia had warned US citizens from travelling in or out of Bole International Airport today, March 10. US cited security concerns around Meskel Square following planned protests on the material day. However, it seems there could be more than meets the eye as to why the embassy warned its citizens not to travel in/out of the airport where the Boeing 737 took off from and lost contact just six minutes after departure. “The U.S. Embassy is aware of calls for a protest to be held on Sunday, March…