Imagine spending a night in the caves where Mau Mau fighters hid as the colonial government relentlessly pursued them. Also picture yourself spending the next day in one of the houses where their colonial masters lived in opulence. This is the experience the Nyandarua County government was selling at this year’s East Africa Travel Expo. The government is one among several organisations that pitched tent outside KICC’s Tsavo Hall in a bid to attract as many local tourist and investors in their areas. They are new entrants in the annual event. Mr Shadrack Kanyungo, Nyandarua county tourism officer, said the…
Author: Editor
Eveready East Africa finally announced the closure of its Nakuru-based battery making factory, bringing the curtains down on an iconic brand in the energy sector. If you grew up in the 1980s and 90s you must have seen adverts about Eveready Shika Power promoting dry cells. Eveready has been a part of Kenyans’ lives for years and this move left many wondering which company is next as the business environment gets more hostile. The company’s financial report for the year ending September 30, 2014, was an indicator that it had lost its power. Net profit fell from Shh70 million to…
Sidel, a global provider of liquid packaging solutions, recently launched the world’s first-ever pasteurisable lightweight PET bottle for beer with a non-petaloid base. The innovative bottle supports a crown cap, which together with the non-petaloid base gives the bottle the appearance of glass, but with all the advantages of PET. The new bottle weighs only 28 grams, which is up to 86% less than an average equivalent glass bottle, according to Sidel data. The beverage market in Africa currently stands at 56 billion litres. Beer ranks second amongst various beverage categories, constituting 22 per cent share, with bottled water being…
Central Bank of Kenya has given the greenlight to Choice Microfinance Bank, the first ever financial institution that solely targets the diaspora in a bid to get funds for the empowerment of marginalised communities. Choice Microfinance said it will capitalise on business opportunities within the marginalised communities and proceeds from the siaspora to change lives. Speaking when it was issued with a letter of intent by the regulator, the bank said it would especially target slum dwellers with the aim to create business opportunities while increasing its sustainable revenue. “We refer to your application for a licence to carry out…
The development pace in the constituencies may slow down if the High Court finds that the Constituency Development Fund Act 2013 is unconstitutional. A three-judge bench is hearing a suit in which the Institute for Social Accountability and Centre for Enhancing Democracy and Good Governance want a determination made on the law that governs more than Sh30 billion dispersed to the grassroots for development this year. At the heart of the suit is the argument that the law requires that 2.5% of the annual revenue allocated to the CDF to be extracted from the total revenue before the 15% minimum…
Family Bank has urged its shareholders to purchase more shares in the ongoing rights issue to raise over Sh3 billion to power its expansion. The bank has been promoting the rights issue since it opened in October. The offer, going for Sh25, closes on November 28. “The bank is on the right course as we confront a rapidly changing industry guided by our universal banking strategy with the ultimate goal being to play in the top tier space by 2017,” Family Bank CEO Peter Munyiri said. The lender has been on an unprecedented growth momentum since conversion to a bank…
Banking and finance industry magazine Euromoney has named Barclays Africa as the best domestic cash management house in six African countries. This is the third accolade to be awarded to the English Premier League sponsors within a span of three months. The bank received the twin awards for being the Best Investment Bank in Africa and Best M&A House in Africa during the Euromoney Awards for Excellence held in London’s Natural History Museum on July 10, 2014. The bank was recognised for being one of the leading advisors on debt access and business acquisition on the continent. Euromoney Cash Management…
National carrier Kenya Airways has broken new operating efficiency ground following the high ranking of its recently acquired fleet of Boeing 787 Dreamliner aircraft among other global airlines. According to a mid-term technical evaluation report by Boeing, the aircraft manufacturers, Kenya Airways’ fleet of five 787 Dreamliner planes received by early October have been performing at an operations reliability rate of 99.4%, making KQ number one among Dreamliner airline operators in terms of scheduled interruptions. The technical report shows that at such an operations reliability score, the Kenya Airways fleet is performing above the current 787 Dreamliner fleet average reliability…
Born in December 1985 in Gathukeini Location, Murang’a County, Ndindi Nyoro went to primary school in Gathuekini before advancing to Kiambugi High School where he earned his ‘O’ Level certificate in 2003. In 2005, young and naïve, he was admitted at Kenyatta University to study BA (economics) and graduated in 2009 December. Now with a net-worth of well over Sh100 million , the 28-year old entrepreneur is indeed a strategic business man who has learnt to thrive in East Africa’s most complex market. It didn’t come easy though. He lets us in to his tough but exemplary journey in business.…
The value of active projects planned or under way in Tanzania is worth just over $100bn making it one of the largest project markets on the continent, according to MEED Projects, the Middle East and East Africa’s leading projects tracker. Of the $100.3bn worth of active projects in the country, $17.9bn worth of schemes are under construction, while a further $82.4bn are planned and not yet awarded. Tanzania is one of Africa’s fastest growing economies, with GDP growth averaging 7 per cent a year for the past three years. Recent major off-shore gas discoveries, a booming gold-mining industry, rapidly developing…