Author: Muindi

Joe Sang is officially back as Kenya Pipeline Corporation’s (KPC) managing director, four years after he was forced to resign in December 2018. KPC chairperson Faith Boinett confirmed his appointment Monday. He takes over from Irungu Macharia whose three-year contract expired on January 1, with the board opting not to renew it. https://twitter.com/kenyapipeline/status/1617443528497315841?s=20&t=Jz0TIwg1d5YFDzNtU8fYbQ According to the board, Sang’s tenure between 2016-2018 saw a rise in profit, culminating with a record earning after tax of KSh8.6 billion in 2018. In 2018, Sang and other senior managers were charged in court with the alleged loss of funds in constructing the KSh1.7 billion…

The Capital Markets Authority (CMA) has extended the in-principle approval granted to the Nairobi Coffee Exchange (NCE) to continue operating as a coffee exchange to April 30, 2023. Initially, it had been extended to December 31, 2022. This is expected to give impetus to the ongoing coffee sub-sector reforms. The CMA chief executive officer, Wyckliffe Shamiah, said that the key requirements for NCE stipulated in the Coffee Exchange Regulations include; on boarding a Direct Settlement System provider to expedite and enhance transparency in the settlement of coffee sale proceeds. Other roles include submission of trading rules aligned to the Coffee…

The International Telecommunication Union (ITU), the United Nations specialised agency for information and communication technologies, has established an expert focus group to work towards international technical standards for the metaverse. The group aims to develop a roadmap for setting technical standards to make metaverse services and applications interoperable, enable a high-quality user experience, ensure security, and protect personal data. “The metaverse and its layers of technologies can help human development and progress,” says ITU Secretary-General Doreen Bogdan-Martin. “The work of this ITU focus group is the first step in ensuring that these technologies work well and that they work for…

Kwara, a fintech startup, has raised a $3 million seed extension led by DOB Equity, Globivest, and the founder of Kobalt Music. The new funding brings the total seed amount raised by the startup to $7 million. According to Cynthia Wandia, CEO, Kwara, they have spent the last three years uplifting the credit union sector in Kenya, becoming the leading core banking provider in Kenya. “Our clients grow up to 4 times faster than other credit unions and serve members up to 100 times more efficiently,” she said concerning acquiring the Kenya Union of Savings & Credit Cooperatives (Kuscco) ‘s…

Cosmetics, liquor, fruit juices, and non-alcoholic beverages are set to become more expensive as the National Treasury has proposed to increase the current rates of excise duty stamps by 300 per cent. The Excise Duty (Excisable Goods Management System) (Amendment) Regulations, 2023 propose to raise the stamp fees for cosmetics from 60 cents per stamp to KSh2.50, fruit juices and non-alcoholic beverages will go up by 267 per cent to KSh2.20 from 60 cents. The cost of a stamp affixed on a beer bottle will double to KSh3 from KSh1.50, while those for wines, spirits and tobacco products are set…

Mitchell Cotts Freights Kenya Limited, in collaboration with Perishable Movements Kenya Limited and Fresh Handling Kenya Limited, unveiled Kshs 30.0 million in dry cargo and cold storage facilities at Jomo Kenyatta International Airport (JKIA). The cold storage occupies 1,943 SQM, whereas the dry cargo storage will take up 4,174 SQM, summing up to 7,609 SQM of total space occupied by the facilities in JKIA at the landslide of the air-cargo terminal. Both facilities are designed to provide more space to preserve horticultural products to mitigate losses incurred by exporters. “The improvement of standards of service in the aviation industry is…