Business

Co-op Bank pre-profit tax reduces by Ksh 1.1B

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164 total views, 1 views today BY EURIDICE NZIOKA,17TH AUG 2017-Cooperative Bank  posted a 1.1 billion shillings drop in half year profit before tax to 9.3 billion shillings down from the 10.4 billion shillings recorded in the same period last year. Group Managing Director Gideon Muriuki however says this was a commendable performance against the backdrop of […]

Business

Flights disruption hits kenya airways

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27 total views, 2 views today BY UPESINEWS REPORTER,NAIROBI,29TH JULY 2017– The national career Kenya Airways on Saturday 29th July   said majority of its flights maybe cancelled or delayed due to operational disruption  caused  by flight crew constraints. through a statement  to  the press , the company says its guests remain their highest priority noting that the […]

Business

WRIGLEY COMPANY FOUNDATION RESPONDS TO NATIONWIDE APPEAL WITH KSH 2 MILLION DONATION

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41 total views, no views today BY JOHN WERU,NAIROBI,18TH JULY 2017-The Wrigley Company Foundation on Tuesday 18th July  provided support of the Kenya Drought Operation, championed by the Kenya Red Cross Society (KRCS), with a donation of Kshs. 2 million. A formal presentation was made to the First Lady at State House, Nairobi. KRCS issued a […]

Business

Sanlam Kenya picks Ms. Stella Njunge to lead its Life business

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23 total views, no views today BY JOHN WERU,NAIROBI,7TH JULY 2017-Local non-bank financial solutions provider Sanlam Kenya, has confirmed the appointment of Ms. Stella Njunge as the Chief Executive Officer for its Life business. The appointment of Ms. Njunge as the Principal Officer for Sanlam Life is part of the Sanlam Kenya Group efforts to enhance […]

Business

A Dubai firm set to take over Java coffee house group

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15 total views, no views today BY UPESINEWS REPORTER,NAIROBI,3RD JULY 2017-A local  business conglomerate Java House group is set for take over by Dubai-based private equity investor The Abraaj Group .The  amount to be given for the take over to be complete is however yet to be disclosed by Emerging Capital Partners (ECP).. Abraaj Managing Partner […]

Business

safaricom M-PESA to undergo upgrading

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57 total views, 2 views today BY NAMULONGO PETER,NAIROBI,29TH JUNE,2017-The safaricom  money transfer platform  M-PESA Safaricom  is undergoing a system upgrade  aimed at ensuring customers are served better.The upgrading   will take a time frame of three weeks .Since its launch in the ten years ago the system has undergone several such upgrade  that has seen services  improve […]

Business

Kenya Power to reduce customer connection timeline to ease investment

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10 total views, 2 views today BY UPESINEWS BUSINESS REPORTER,NAIROBI,19TH JUNE,2017-Kenya Power is targeting to bring down the timeline for connecting new commercial customers to less than two months.Acting Managing Director & CEO Dr. Ken Tarus said that the Company is focused on streamlining the customer connection process and is carrying out continuous follow-up of all premium […]

Business

Kenya Re announces share holder dividend payout of Kshs. 0.80 per share

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8 total views, no views today BY KORIR JUMA,NAIROBI,16TH JUNE 2017-In the interest of building shareholder inclusivity and boosting shareholder value, Kenya Reinsurance Corporation on Friday  16th June  announced the shareholder dividend for the year 2016 during the 19th annual general meeting held at the Bomas of Kenya in Nairobi. Kenya Re recently announced results for […]

Business

Sanlam emerging markets wins African insurance company of the year award

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10 total views, no views today Junior Ngulube-Sanlam emerging markets CEO after receiving the award-UPESINEWS BY EURIDICE NZIOKA,NAIROBI, 16TH JUNE,2017-The largest non-bank financial services provider in sub-Sahara Africa, has confirmed plans to adopt an organic growth strategy to further accelerate its growth. Fresh from winning the Insurance Company of the Year award at the 3rd annual […]

Business

DELAMERE EXPANDS ITS BRAND PORTFOLIO AS IT MARKS 90 YEARS IN KENYA

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51 total views, 1 views today a shop attender stands next to a shelf with delamere products-FILE BY KORIR JUMA,NAIROBI,8TH JUNE 2017-.Delamere, the leading brand in Fruit Yoghurt segment in Kenya has announced the expansion of its product offering, as it seeks to strengthen its market share in Kenya and become the market leader in Africa. The […]

Business

Orange Kenya re brands to Telkom

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34 total views, 4 views today BY KORIR JUMA,NAIROBI,6TH JUNE,2017-Telkom Kenya on Tuesday 6Th June  changed its brand  name in an effort aimed at expanding its  strategy to be more  competitive. Telkom chief executive Aldo Mareuse said the company is now ready to become a player to be reckoned with in the sector. “It’s fair to say […]

Business

Investors in EPZ now set their eyes on local markets to stay afloat

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12 total views, no views today Workers prepare textile for export-FILE BY JOYCE KAMAU ,NAIROBI ,2ND JUNE 2017-. Unpredictable  conditions  in the global market for Kenya’s textile and apparels industry has  greatly led to  Export Processing Zones aiming  local as well as the wider Eastern and Southern Africa markets to remain competitive. Industries  making garments at […]

Business

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13 total views, no views today BY JOHN WERU,NAIROBI,30TH MAY 2017- The European Union has signed two Financing Agreements for a total amount of 68 million Euros to finance implementation of two programmes in  countries in the COMESA region. They  are; Trade Facilitation programme (53 million Euros) and Small Scale Cross-Border Trade programme (15 million Euros). […]

Business

Equity Bank records 6pc drop in profits during first quarter to Sh4.8bn on rate cap

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10 total views, no views today Equity Bank Group C.EO James Mwangi-FILE BY UPESINEWS BUSINESS DESK,NAIROBI,25TH MAY 2017-Equity Bank  has recorded a 6.1 per cent drop in net profit for the three months to March 2017, joining lenders that are counting the cost of reduced interest income on customer loans following rate caps. The bank’s net […]

Business

Vodafone sales 35pc stake in Safaricom to Vodacom

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10 total views, no views today BY KORIR JUMA,15TH MAY 2017-Safaricom is set to have a new majority shareholder following the decision by UK based telecom operator Vodafone to substantially reduce its stake in the company. In the deal, Vodafone will sell 35 percent of its stake in Safaricom to its South African based subsidiary Vodacom […]

Business

This is why Safaricom’s Bob Collymore is a happy man

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15 total views, no views today Safaricom’s Bob Collymore/FILE BY EURIDICE NZIOKA,NAIROBI,10TH MAY 2017-Bob Collymore’s contract as Safaricom CEO has been extended further by two years. The board cites exemplary effort in steering the company through hard times. Bob Collymore took over from Michael Joseph, the founding Safaricom CEO in August 2010. As the company’s CEO, […]

Business

Vast postal network to deepen financial inclusion in Africa

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7 total views, no views today BY SAMSON MBII,NAIROBI,8TH MAY 2017-The vast postal network offers a platform for deepening financial inclusion in Africa, Information, Communications and Technology Cabinet Secretary Mr. Joe Mucheru has said. Addressing delegates attending the 36th Ordinary Session of the Pan African Postal Union Administrative Council at a Nairobi hotel, Mr. Mucheru said […]

Business

ATI in firm growth trajectory as more countries join the Pan-Africa Insurer

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13 total views, no views today ATI’s Chief Underwriting Officer John Lentaigne (left), ATI’s Chief Financial Officer Toavina Ramamonjiarisoa (centre, and ATI’s Chief Executive Officer George Otieno go through the company’s 2016 financial results. BY UPESINEWS BUSINESS DESK,NAIROBI,4TH MAY 2017– The African Trade Insurance Agency , the pan African investment and commercial risk insurance provider posted record results for the sixth […]

Business

Foreign companies to start trading in global depository receipts in Kenya

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6 total views, no views today C.M.A C.E.O Paul Muthaura/COURTESY BY EURIDICE NZIOKA,NAIROBI,3RD MAY 2017-Foreign companies operating locally will soon start trading in global depository receipts in Kenya following the completion of guidelines governing the trade. The Capital Markets Authority says the instruments will help deepen the Kenyan Capital Markets, which has historically relied on stocks, […]

Business

Increase trade, developing nations urged

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8 total views, no views today   BY SAMSON MBII,NAIROBI,2ND MAY 2017- Developing nations have been urged to promote and grow trade between them as a way of creating a common market and effectively compete with developed nations economically. Speaking during the South – South and Triangular Cooperation workshop, Kenya’s Permanent Representative to the United Nations […]

Business

CIC, Spire Bank partners to increase life insurance penetration

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11 total views, 3 views today   BY UPESINEWS BUSINESS,NAIROBI,1ST MAY 2017-CIC Life Assurance has entered into a new partnership with Spire Bank in a deal that will see the two firms combine forces to distribute co-branded life insurance products. The strategic relationship involves CIC Life leveraging on its insurance strengths while Mwalimu Sacco majority-owned Spire Bank’s […]

Business

Nakumatt raises ante on management enhancement programme

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13 total views, no views today Operations at  one of the Nakumatta branches/FILE By UPESINEWS BUSINESS REPORTER,7TH APRIL 2017–Regional retailer Nakumatt Holdings has announced the stepping up of its management and business operations enhancement programme as part of an ongoing corporate restructuring exercise.  The management programme to be undertaken through the next few months will feature […]

Business

Telkom Kenya upgrades network in healthcare renowned Kijabe

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13 total views, no views today BY EURIDICE NZIOKA,NAIROBI,3RD APRIL 2017-Telkom Kenya has upgraded its Mobile Network in Kijabe to 3G to support the famed health community improve its service delivery. The network upgrade means the internationally renowned AIC Kijabe Mission Hospital which is world-acclaimed for its sophisticated surgery and anesthesia services can utilize mobile and […]

Business

Kenye Re posts Ksh 4.2 billion profit before tax for the year 2016

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11 total views, no views today Kenya Re Chairman David Kemei addresses the investors during the release of the corporation 2016 full year result at intercontinental on 31st March 2017/PHOTO UPESI NEWS. BY EURIDICE NZIOKA,NAIROBI,31ST MARCH 2017-Kenya RE  has announced  a profit before Tax  amounting to ksh 4.2 for the period ending 31st Dec 2016.Addressing  investors […]

Business

Good news for AIRTEL customers as the mobile phone service giant launches cheaper call rates product

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31 total views, 5 views today Airtel CEO, Prasanta Das Sarma with Joy Nyaga interact with boda boda operators during the launch of the new Airtel voice product dubbed Tubonge. BY UPESINEWS BUSINESS REPORTER,NAIROBI,28TH MARCH 2017-The leading mobile phone service provider Airtel has launched a new product aimed at ensuring that all its prepaid and postpaid customers […]

Business

Sanlam group acquires Majority stake in PineBridge East Africa

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9 total views, no views today BY UPESINEWS BUSINESS REPORTER,NAIROBI,22ND MARCH 2017-The Sanlam Group, through its subsidiary Sanlam Emerging Markets (SEM), is pleased to announce that it has reached an agreement with PineBridge Investments (“PineBridge”), a leading global multi-asset class asset manager, to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL). […]

Business

Make Tax predictability a budgeting priority

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10 total views, 1 views today Kenya Association of Manufacturers (KAM) CEO Phyllis Wakiaga (left) and Tax Expert Phillip Muema listening to Strathmore University Don, Dr. James McFie (centre) at the first Tax Predictability Forum held at the Strathmore Business Schoolon 20TH MARCH 2017/UPESINEWS BY EURIDICE NZIOKA,NAIROBI,21ST MARCH 2017-Business leaders have urged policy makers to embrace a […]

Business

I&M Bank Group’s posts 9% growth in 2016 after tax profits

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15 total views, 1 views today I&M Holdings Director Sarit Raja-Shah (left) flanked by I&M Bank Kenya Chief Executive Officer Kihara Maina skim through the firm’s Annual Report with Shareholder Sheila Saganda (right) during the I&M Holdings 64th Annual General Meeting held on 18/06/2016. Shareholders of the regional diversified financial services provider I&M Holdings Limited, on 21st […]

Business

Butali Sugar Company in a Shs 208 million cane haulage fleet investment

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14 total views, no views today   The new Butali Sugar Company fleet of New Holland tractors./UPESINEWS BY UPESINEWS BUSINESS REPORTER ,NAIROBI,17TH MARCH 2017-TA Western Kenya based sugar milling firm has expressed positive optimism on the local economy with a heavy investment on its production logistics infrastructure. The Kakamega County based Butali Sugar Company has commissioned […]

Business

Kenya to start exporting oil in June, on trial basis

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11 total views, 2 views today BY UPESINEWS BUSINESS REPORTER,NAIROBI,14TH MARCH 2017-The government has entered into a memorandum of understanding   with Tullow, Africa Oil and Maersk to allow exportation of oil on pilot basis beginning June this year. Tullow, which has had wild success in exploration in Kenya, has in the past estimated that there are about […]

Business

Sanlam Kenya announces a Kshs 317million full year 2016 pre-tax profit

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17 total views, no views today Sanlam Kenya Chief Financial Officer Victoria Impomai (Left) Group Chairman Dr John Simba and Group CEO Mugo Kibati during the Sanlam Kenya Full Year 2016 Trading Results Release. BY UPESINEWS BUSINESS REPORTER,NAIROBI,2ND MARCH 2017-Local non-bank financial services provider Sanlam Kenya has announced a Kshs 317million full year 2016 pre-tax profit […]

Business

EQUITY BANK OPENS NEW BRANCH IN ZANZIBAR

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13 total views, no views today Equity Bank Tanzania Managing Director, Joseph Iha (Centre) takes Hon. Salama Aboud Twalib, Tanzania  Minister for Lands, Water, Energy and Environment on a tour of the news opened Zanzibar Branch./Courtesy BY UPESINEWS BUSINESS,NAIROBI,20TH FEB 2017-Equity Bank has officially commissioned its newest branch in the coastal city of Zanzibar as it […]

Business

It’s a new dawn for Shoppers in Nairobi as two Rivers opens its doors

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8 total views, 1 views today The two rivers mall Ina Nairobi/upesinews BY UPESINEWS BUSINESS REPORTER,NAIROBI,17TH FEB 2017-Shoppers in Nairobi have every reason to smile as their shopping experience  is enhanced by opening of yet another first class shopping mall in Nairobi.The two rivers shopping mall opened its doors to the public  on Friday the 17th Of […]

Business

SAFARICOM INTRODUCES REAL TIME PRICE CHECKS ON M-PESA

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5 total views, no views today BY UPESINEWS BUSINESS REPORTER,NAIROBI,15TH FEB,2017– February 15th 2017- Safaricom (NSE: SCOM)  has updated its mobile money transfer service M-PESA to enable customers to automatically receive information on the cost of each transaction. As part of its drive to enhance pricing transparency on the payment platform, the updates will be made […]

Business

Nakumatt installs Warehouse Management System

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9 total views, 1 views today Nakumatt Holdings Warehouse Executive John Githinji scans a dispatch consigment BY UPESI NEWS BUSINESS,NAIROBI,7TH FEB 2017-Regional retailer, Nakumatt Holdings, has announced the first phase completion of a Warehouse Management System (WMS) integration project, at its Nairobi logistics hub.The successful completion of the project, featuring one of the most advanced WMS systems […]

Business

The country set to experience depressed economic growth in the first quarter of 2017

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7 total views, no views today CBK Governor Dr Patrick Njorige the economy is expected to slow in the first quater of the year  UPESINEWS BUSINESS REPORTER,NAIROBI,31ST JAN,2017-CBK Governor Patrick Njoroge says  growth in the first quarter of 2017 will be depressed, with Kenyans being forced to spend more for basic necessities such as food and […]

Business

Hass consult report reveal lowest annual growth rate in land and rentals

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28 total views, 2 views today Ms.Sakina Hassanali,Head of Research and Marketing at HassCosult address the press/UPESINEWS   BY UPESI NEWS BUSINESS REPORTER,NAIROBI,30TH JAN,2017-Property prices and rentals in satellite towns have recorded the lowest annual growth rate in 8 years with Nairobi recording slowed growth in land prices.The same has led to the  interest rate cap law […]

Business

Safaricom dominate telephone market as users drop by 1.2m

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13 total views, no views today BY UPESI NEWS BUSINESS,NAIROBI,20TH JAN 2017-Safaricom added 669,594 subscribers in the three months ended last September, maintaining its market leader position with a total of 25.94 million users even as the total number of active mobile phone users dropped by 1.2 million. The drop in total mobile phone subscriber base […]

Business

Nakumatt moves in to strengthen its management team to boost corporate efficiency

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11 total views, 1 views today Nakumatt chief marketing officer Mr Andrew Dixon BY UPESI NEWS BUSINESS,NAIROBI,19TH JAN,2017- Regional retailers Nakumatt Holdings has moved to beef up its management capacity with the appointment of key executives in its C-suites.As part of an ongoing corporate restructuring programme, Nakumatt Holdingshas appointed substantive executives to spearhead operations in its Marketing, […]

Business

AAR Launches online Marine Insurance Cover

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13 total views, no views today AAR MD Caroline Munene (left) ,AAR Group chairman Kiprono Kitony center among other top managers of the company pose for a photo after the launch of the AAR online marine insurance cover in Nairobi on 19th Jan 2017/PHOTO UPESI NEWS BY UPESINEWS BUSINESS REPORTER,NAIROBI,19TH JAN,2017-AAR Insurance has launched an online […]

Business

Ex-Uchumi boss Jonathan Ciano to ‘pay Ksh 9.5M’

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12 total views, no views today Former uchumi supermarket C.EO Jonathan Ciano/FILE PHOTO UPESI NEWS BUSINESS REPORTER,NAIROBI 17TH JAN,2017-Former Uchumi Chief Executive Officer, Jonathan Ciano, has entered a consent to deposit Ksh 9.5 million bank guarantee in favor of the Capital Markets Authority (CMA) pending the hearing and determination of a case in which he is […]

Business

Find out the reason why physically challenged Nakumatt customers have all the reason to smile as they go shopping

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17 total views, no views today NCPWD Chairman Dr David Ole Sankok and Nakumatt Business Development Manager Neel Shah. BY UPESI NEWS BUSINESS,NAIROBI,JAN 17TH ,2017-The National Council for Persons with Disabilities (NCPWD) has announced plans to embark on a national crackdown against property developers flouting the accessibility code for persons with disabilities.The Council, which is a […]

Business

President Kenyatta’s visit to India Boosts local agriculture after Kenya gets Sh10b credit

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7 total views, no views today President Uhuru Kenyatta and India Prime Minister Narendra Modi witness the exchange of a bilateral agreement between Treasury secretary Henry Rotich and his Indian counterpart at Hyderabad House, New Delhi. PHOTO | PSCU   BY UPESI NEWS BUSINESS,NAIROBI,12TH JAN,2017-India has extended a Sh10 billion ($100 million) loan to Kenya for […]

Business

Savannah Cement successfully completes scheduled plant upgrade

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11 total views, 1 views today Savannah Cement  Marketing Manager  Joseph Mugambi,MD Ronald Ndegwa and  Sino hydro Engineer  and cooperate sales advisor Zubesh Yoon BY UPESI NEWS BUSINES REPORTER,NAIROBI,11TH JAN, 2017-Local cement manufacturer Savannah Cement has resumed full-scale operations following a major plant overhaul closure over the festive season.The firm, which has traditionally undertaken its annual maintenance […]

Business

Electricity bills expected to rise as dam levels drop

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11 total views, 1 views today Energy CS addresses journalists when he toured Masinga Dam/PHOTO UPESI NEWS BY UPESI NEWS BUSINESS REPORTER,JAN 6TH,2017-Kenyans are been asked  to prepare for  higher electricity bills in this month of  January. This is due to the reduction in the  country’s hydro generated power which is expected to be seen following a […]

Business

Nakumatt holdings record increased sales at its upcountry branches as back to school season gets underway

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12 total views, no views today BY UPESI NEWS BUSINESS,NAIROBI,5TH JAN,2017-Retailer Nakumatt holdings has confirmed that its upcountry branches have continued to record increased sales  as Back To school season gets underway countrywide.T he retailer’s outlets in Nanyuki,Meru,Kakamega,Busia,Eldoret,Kitale,Nakuru and the entire coast region have continued to post good customer footfall in the new year.With an early […]

Business

DR KEN TARUS APPOINTED ACTING KENYA POWER MANAGING DIRECTOR

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16 total views, no views today BY UPESI NEWS BUSINESS REPORTER,NAIROBI,4TH JAN,2017-Dr Ken Tarus appointed Kenya Power acting Managing Director .Dr Ken Takes over from Mr Ben Chumo  whose contract expires officially on Friday 6th Jan,2017. The acting Kenya power managing Director Dr Ken Tarus/File Photo Speaking to the media  the outgoing Kenya power Chief Executive […]

Business

Nakumatt Holdings Opens its 63rd Branch on Mombasa Road,Nairobi

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7 total views, no views today   The newly opened Nakumat NextGen supermarket at the Next Gen Mall/photo/Upesi News BY  IRENE KIBOIT,NAIROBI, DEC 9,2016-.The leading Regional retailer Nakumatt Holdings has opened a new branch along Mombasa Road, Nairobi, on Friday 9th making this its 63rd store in East Africa. The new Nakumatt NextGen Supermarket is located […]