Kenya Airways’ #ticker:KQ customers lost Sh4.48 billion last year after they failed to show up for their flights, leaving them with expired tickets. The value of the expired tickets have been disclosed in the airline’s latest annual report. KQ, as the carrier is known by its international code, books revenue from ticket sales whether customers […]
Category: Kenya
Airline fares halve after Easter celebrations boom
Planes at the Moi International Airport. PHOTO | JEFF ANGOTE | NMG The cost of air tickets for domestic routes has fallen by more than half after the Easter holiday ended, giving relief to travellers who had been stranded when charges more than doubled. A one-way ticket that was costing as high as Sh17,000 on […]
Kenya Airways’ restructuring goes full-throttle by late 2Q22
Kenya Airways Boeing 787-8 Kenya Airways (KQ, Nairobi Jomo Kenyatta ) has been granted waivers and deferrals on unpaid interest on KES25 billion shillings (USD217 million) worth of loans from the Kenyan government, advanced in the past two years to enable the airline to sustain operations during and after the COVID-19 pandemic. According to the […]
Kenya: IMF Reaches Agreement to Issue Sh28bn Loan to Kenya
Nairobi — The International Monetary Fund (IMF) staff has reached an agreement to advance Sh28 billion loan to Kenya as part of the 38-month IMF’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF)financed program. The agreement is the third review of the economic policies program which took place between March 31 and April 22. […]
Kenyan politician, Nigerians wired Sh500 billion in days amid money laundering fears
US Dollars. PHOTO| FILE Three Nigerians suspected to enjoy the backing of a powerful Kenyan politician and two Kenyans wired Sh25.6 billion between October and November 2020, setting off alarm bells in Europe and at the global police agency Interpol over possible money laundering. Bank statements provided by a European investigator revealed a cross-continental operation […]
Kenya moves to reduce interest on foreign debt
Kenya is reviewing the currency composition of its external debt in order to reduce currency volatility that has seen the cost of its dollar-denominated loans increase by two percent in four months. Haron Sirma, director-in-charge of Debt Management at the Treasury, said the proposal is aimed at reducing foreign exchange costs.“On the external debt stock, […]
How I Lost a Ksh30 Million Deal – Jimmy Gathu
Photo collage of Spice FM Presenter Jimmy Gathu Spice FM radio presenter, Jimmy Gathu, has regretted losing a Ksh30 million deal which he attributed to a change in policies effected by the government. Speaking during an interview with Standard Digital , the veteran TV actor noted that he lost the deal years after retrenchment from […]
KPC Ventures into Internet Market With Launch of Fibre Optic Cable
Photo courtesy The Kenya Pipeline Company (KPC) has launched a fibre optic cable to run alongside its soil pipeline from Mombasa to Nairobi to Eldoret and Kisumu through Nakuru. The project which is expected to diversify the company’s revenues involves a single-mode fibre (SMF) product that was initiated in 2018 under a tier 2 network […]
Judge halts Uganda-based firm’s Mumias Sugar lease
Mumias Sugar receiver manager Ponangipalli Venkata Ramana Rao. PHOTO | DIANA NGILA | NMG The High Court on Thursday cancelled a 20-year-lease awarded to Uganda-based Sarrai Group to manage Mumias Sugar Company , delaying plans to revive the ailing miller that was placed under administration. Justice Alfred Mabeya froze the Sarrai Group deal on grounds […]
Murang’a residents grow stake in Kakuzi to 1.11pc
Individuals living around Kakuzi #ticker:KUKZ raised their stake in the agricultural firm to a new high of 1.11 percent in the year ended December. Through Kakuzi Neighbourhoods Development Foundation, they increased their ownership to 216,598 shares that have a current market value of Sh91.9 million. The foundation is backed by former Kakuzi squatter John Kibunga […]