Author: Muindi

Kenya’s annual inflation picked up to an 18-month high in August, largely driven by higher food and energy costs the statistics body said Tuesday. The Kenya National Bureau of Statistics (KNBS) said the rate accelerated to 6.55 per cent in August inflation from 6.44 per cent in July. “This was mainly driven by rise in prices of commodities under food and non-alcoholic beverages (10.67 per cent); transport (7.93 per cent); and housing, water, electricity, gas and other fuels (5.07 per cent) between August 2020 and August 202,” KNBS said in a statement. In the period, prices of cabbages, spinach and…

TPS Eastern Africa (Serena) says it registered a KSh557.3million loss after tax for the half-year period ended 30th June 2021. However, this is relatively low from KSh 640.9 million reported in a similar period last year.  During the half-year period, its revenues from contracts with customers closed flat at KSh1.1 billion recorded last year. Its operating loss closed at KSh254.8 million. “Given the pent up demand in regional and international Travel outlook for the second half of year remains cautiously optimistic,” TPS Serena said in its H1 2021 Earnings release Wednesday. “Our sales and marketing campaigns will continue to target…

KCB Group has completed the acquisition of a 62.06 per cent stake in Banque Populaire du Rwanda Plc (BPR) from Atlas Mara Mauritius Limited and Arise B.V. “The combined history of BPR and KCB will take the Group to greater heights, giving us a stronger edge to play a bigger role in driving the financial inclusion and economic empowerment agenda in the East African region,” KCB Group CEO and MD Joshua Oigara said.  “This will increase our scale and improve our operating leverage by enabling us to deliver our existing retail and wholesale offerings to a wider base of customers…

The Kenya Tea Development Agency says it has increased monthly green leaf payments for farmers by up to three shillings aimed at enhancing their earnings. The Agency is increasing the price in regions five, six, and seven by 11 per cent and 17 per cent respectively. The new prices are effective from 1st July 2021. Farmers in region five covers factories in Kericho and Bomet counties will earn Ksh 20 per kilo of green leaf delivered up from Ksh 18 previously.  Farmers in both region six – which covers factories in Kisii and Nyamira counties – and region seven –…

Kenya’s food and beverage Company, Britania Foods Limited has gone into administration, effective August 6, 2021. Audit firm PKF Consulting Ltd said Peter Kahi has been appointed as the Administrator of the company. “By virtue of the Administration, the powers of the directors of the company in terms of dealing with the company’s assets have ceased. None of the directors, shareholders, employees and no other person is authorised to transact any business on behalf of the Company without express written consent from the administrator,” PKF said in a statement issued Tuesday seen by Khusoko. Persons or entities owed by Britania…

Nokia has teamed up with Safaricom, UNICEF and Kenya’s Ministries of Education and ICT, to connect close to 90 schools to the Internet in Kenya. The initiative aims to ‘connect the unconnected’, with the ultimate goal of supporting the Kenyan Government’s plans to scale broadband connection to all schools by 2030. The connected schools are spread across rural and informal urban settlements in Kenya, serving an estimated 32,670 students. The schools are using Nokia’s FastMile 4G Fixed Wireless Access (FWA) broadband solution to provide reliable, high-speed connectivity delivered over Safaricom’s 4G/LTE network. Nokia’s meshed WiFi Beacon technology is used to…