Author: David Indeje

Carbacid Investments plc, an investment holding company that has invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited, has issued a profit warning for the full year. It has reported a 36% dip in Profit After Tax.   “Based on the company’s unaudited financial results for the first six months ended 31st January 2019 and the company’s second-half forecast particularly as regards the investment portfolio, profit for the full year is projected to be at least 25% lower than the previous financial year,” said Nalin Kothari, the Company Secretary on behalf of the…

Coca-Cola global World Without Waste campaign aims to collect and recycle the equivalent of 100% of the packaging it sells by 2030. Kenya will benefit from over Kshs 3.8 billion fund by the Coca-Cola Company to stimulate plastic recycling industries and create awareness on plastic waste pollution in the Southern, East and Central Africa over the next three years. This is part of the pledge made by the world’s largest beverage company to tackle a global “packaging problem” by cutting waste. “We have formulated strategies to ensure that our post-consumer plastic bottles do not pollute the environment as wastes. We…

Kenyans should expect depressed rainfall in most parts of the country impacting the agricultural sector according to the Meteorological Department. In its Climate Outlook for the March-April-May (MAM) 2019 ‘Long Rains’ Stella Aura, Acting Director of Meteorological Services said: The spatial and temporal distribution of the March 2019 seasonal rainfall was expected to be good over most of the Western sector and generally poor over the eastern sector of the country, especially in the Arid and Semi-Arid Lands (ASALs). However, the existence of the tropical cyclones and the unfavorable SSTs patterns both in the Indian and the Atlantic oceans are…

Kenya’s National Treasury raised KSh197 million from its mobile-based infrastructure bond, M-Akiba which had a 79% subscription rate. The overall target was set at KSh250 million. This tranche which was on offer from February 25 to March 10, 2019, attracted over 82,000 new registrations, pushing the total number of registered M-Akiba accounts to 459,586 CDS accounts. The Capital Markets Authority has consequently approved its listing of the M-Akiba Retail Infrastructure Bond on the Nairobi Securities Exchange (NSE). The bond will enjoy a coupon rate of 10% payable every six months will be redeemed on September 7, 2020, and will have…

A three-judge Kenyan High Court bench ruled on Thursday that capping of commercial banks’ lending rates at 4 percentage points above the Central Bank of Kenya benchmark rate is unconstitutional. Justices Francis Tuiyot, Racheal Ngeetich, and Jacqueline Kamau ruled that Section 33 (B)(1) and (2) of the Banking Act is vague, ambiguous and indefinite rendering it unconstitutional. “The provisions of section 33B (1) and (2) of the Banking Act is vague, imprecise, ambiguous and indefinite. And insofar as the contravention of the provisions attracts penal consequences, the same violates Articles 29 and 50 of the Constitution. Article 29 (a) of…

‘Choose Africa’ a $2.8 billion initiative by the French Government will be launched at the UN Environment Assembly in Nairobi. French President Emmanuel Macron on Wednesday said the funds will be used in financing and supporting startups and small- to medium-sized enterprises by 2022 in Africa. “This is aimed at creating jobs and building a positive win-win approach with African governments,” said President Macron in Nairobi. He said this will foster growth and returns, that reduce public expenditure risks. “The best way to have growth is respecting a country’s sovereignty through sustainable financing,” he added. In Kenya, he pledged Ksh…