Business

Telkom unveils new data bundle

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97 total views, 26 views today BY EURIDICE NZIOKA,NAIROBI,18TH OCT 2017-Telkom  on Wednesday  unveiled a new data bundle proposition – the Freedom Bundle – that grants subscribers free calls within the network, free WhatsApp and free SMSs to any local network. Subscribers to the proposition will also be able to make calls to other networks at KSh2 per minute. […]

Business

PesaLink wins global award, breaches Kshs 15 billion gross transactions value

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174 total views, 4 views today BY KORIR JUMA,NAIROBI,7TH OCT 2017-Local Financial Technologies (FinTech) solutions delivery firm Integrated Payment Services Limited (IPSL) has received a global accolade for its role in delivering PesaLink; Kenya’s first real time payments platform. PesaLink has picked the Best Banking Initiative Award in the just concluded 10th annual Emerging Payments Awards held in London on […]

Business

Online tax service firm Uber unveils customer friendly service in Kenya

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166 total views, 3 views today BY EURIDICE NZIOKA,NAIROBI,5TH OCT 2017-Online Taxi company, Uber has  launched a new service   aimed at providing   a better  customer experience in kenya.The new service dubbed ‘UberSELECT’ costs Sh100 instead of UberX’s Sh80 with the charge per minute and per kilometre being Sh4 and Sh43 respectively.In a statement to the press […]

Business

MPESA 1Tap service soon to extend to more towns s countrywide

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481 total views, 11 views today BY EURIDICE NZIOKA,NAIROBI,4TH OCT 2017-Mobile phone services provider  Safaricom has announced that they will now extend their MPESA 1Tap to Nairobi, Mombasa, Kisumu, Eldoret and Nyeri. This comes after several  trials  running over the last  four months.The service aims to take cashless payment to another level.It  will be available for all […]

Business

High court blocks Junction Mall owners from shutting down Nakumatt branch

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294 total views, 4 views today BY EURIDICE NZIOKA,NAIROBI,3RD OCT 2017-Attempts by the owners of the Junction Mall  in Nairobi   close the Nakumatt Supermarket branch housed in the expansive mall has hit a snag after  the High Court blocked  the move until  when a hearing for all parties involved in the dispute is heard  and determined on […]

Business

HFC REDEEMS KSHS 7.03 BILLION SEVEN-YEAR BOND ON MATURITY

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327 total views, 6 views today BY NAMULONGO PETER,NAIROBI,2ND OCT 2017-Integrated property and financial solutions provider, HF Group’s banking subsidiary HFC, is set to redeem in full its first tranche Medium Term Note (MTN) upon maturity on October 2nd.  In 2010, the company raised Kshs. 7,030,900,000 under the 7 year Medium Term Note (MTN) whose programme size […]

Business

Nakumatt accuses Junction Mall owners of closing down its branch despite fulfilling conditions

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618 total views, 2 views today BY EURIDICE NZIOKA, NAIROBI,2ND OCT 2017-Retail supermarket chain  Nakumatt  is  accusing   owners of junction mall  of  illegally shutting down its branch, saying it will take action to protect its legal rights. The branch at The Junction on Ngong Road in Nairobi was shut down on Sunday evens as it continued […]

Business

Huawei rises to No.70 on the Best Global Brands 2017 Rankings of Interbrand

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582 total views, 7 views today BY EURIDICE NZIOKA,NAIROBI,28TH SEPT 2017-Mobile handsets manufacturer  Huawei has risen to No.70 on Interbrand’s Best Global Brands 2017 Rankings. The Huawei brand is valued at approximately USD $6.676 billion, up by 14 percent over the past year. Technology brands continue to dominate Interbrand’s Best Global Brands Reports this year, holding the greatest […]

Business

Sanlam Kenya to offload landmark building as part of its property investments portfolio alignment strategy

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773 total views, 14 views today BY EURIDICE NZIOKA,NAIROBI,5TH SEPT 2017-Non-Bank financial services provider Sanlam Kenya Plc, has retained a panel of local and international property management agents as it embarks on a global effort to attract tenants at its almost complete Sanlam Towers Property in Westlands. The firm, has also retained an international consultancy to help […]

Business

Sanlam Kenya’s latest investment property nearing completion

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562 total views, 5 views today BY EURIDICE NZIOKA,NAIROBI,4TH SEPT 2017-Local Non-Bank financial services firm Sanlam Kenya Plc has announced that plans to complete its new office complex have now entered the final leg. The ongoing construction works of the Kshs 2.7billion eco-friendly 18 storey Sanlam Tower architectural masterpiece along Nairobi’s Waiyaki way are progressing on schedule […]

Business

Britam Holdings has announced a 44 percent reduction in its net profit for the first-half of 2017

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397 total views, 2 views today BY EURIDICE NZIOKA,NAIROBI,24TH AUG 2017-Britam Holdings has announced a 44 percent reduction in its net profit for the first-half of 2017 from Sh1.7 billion last year to Sh995 million. The  reduction is  largely to over increased insurance claims. The group’s regional insurance businesses contributed Shs1.2 billion in revenues, accounting for 13 […]

Business

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

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490 total views, no 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 […]

Business

Flights disruption hits kenya airways

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483 total views, 3 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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352 total views, 3 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 drought […]

Business

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

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437 total views, 2 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 its […]

Business

A Dubai firm set to take over Java coffee house group

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376 total views, 6 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 and […]

Business

safaricom M-PESA to undergo upgrading

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684 total views, 15 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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280 total views, 3 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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257 total views, 1 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 the […]

Business

Sanlam emerging markets wins African insurance company of the year award

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311 total views, 3 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 Africa […]

Business

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

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399 total views, 2 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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428 total views, 11 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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272 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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314 total views, 1 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). The […]

Business

Lending rates for commercial banks to remain at 10%-Central Bank

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250 total views, 2 views today Central Bank Of Kenya-FILE BY EURIDICE NZIOKA,NAIROBI,2017-The central bank of Kenya says lending rates by the commercial banks in the country will remain at 10% owing to the high cost of food and basic commodities. Central bank governor Patrick Njoroge  says  the same case  applies to the domestic borrowing . Speaking […]

Business

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

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276 total views, 1 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 profit […]

Business

Vodafone sales 35pc stake in Safaricom to Vodacom

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339 total views, 2 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 in […]

Business

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

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422 total views, 1 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, he […]

Business

Vast postal network to deepen financial inclusion in Africa

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269 total views, 4 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 the […]

Business

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

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231 total views, 1 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 consecutive […]

Business

Foreign companies to start trading in global depository receipts in Kenya

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332 total views, 2 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, bonds […]

Business

Increase trade, developing nations urged

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311 total views, 4 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 Macharia […]

Business

CIC, Spire Bank partners to increase life insurance penetration

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322 total views, 2 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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276 total views, 1 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 further […]

Business

Telkom Kenya upgrades network in healthcare renowned Kijabe

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343 total views, 4 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 wireless […]

Business

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

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340 total views, 2 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 in […]

Business

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

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535 total views, 14 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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348 total views, 1 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). The […]

Business

Make Tax predictability a budgeting priority

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456 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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356 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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337 total views, 2 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 a […]

Business

Kenya to start exporting oil in June, on trial basis

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433 total views, 5 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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316 total views, 5 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 jump […]

Business

EQUITY BANK OPENS NEW BRANCH IN ZANZIBAR

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314 total views, 5 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 seeks […]

Business

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

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502 total views, 4 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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255 total views, 1 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 available […]

Business

Nakumatt installs Warehouse Management System

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499 total views, 4 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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289 total views, 1 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 water.The […]

Business

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

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442 total views, 6 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 […]