Author: James Wambua

Shauri Moyo Nairobi
News
James Wambua

Bahati, Maringo and other decayed estates set for a major facelift

A fresh bid to give the old estates in Kenya’s capital city a new look is underway with Nairobi City County seeking bids from financiers and developers to build modern houses in nine popular neighborhoods in the Eastlands region. The county is now inviting requests for proposals from development partners in the banking industry, pension schemes, real estate firms as well as other investors to redevelop Bahati, Maringo, Jericho, Lumumba, Bondeni, Ziwani, Kariobangi North, Ziwani as well as Woodley estate, off Ngong Road. The redevelopment is set to be done under a joint venture approach. “The developments will be undertaken in a phased approach beginning…

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BAT
CorporateMarketsNews
James Wambua

BAT to pay record Sh5.7 billion dividends as exports bolster sales

Cigarette giant British American Tobacco (BAT) is set to pay Kes5.7 billion in dividends, an eight percent jump from the previous year, following a strong performance that saw net profit surge 6.3 percent to Kes6.9 billion in the trading period that ended December 2022. BAT will be paying a record Kes52 per share in the final dividend by June 15, effectively taking the total payout to Kes57 per share for a company that waded through “steep and frequent tax increases” to deliver strong results. The company said the tax distress, high inflation, and prolonged drought that has left 4.5 million Kenyans staring at hunger eroded…

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Tourism numbers Kenya
CorporateNewsTravel
James Wambua

Tourists to Kenya, Egypt post a sharp rise in January

Egypt’s tourism sector, which was witnessing a boom before the pandemic, received a timely boost in January when Kenya sent one of the biggest delegations to Sham el Sheikh for the UN-backed climate talks. Statistics from e-Visa.co.uk shows that Egypt visa applications went up by 175 percent in the month under focus coinciding with the time when the country hosted UN-backed climate talks, popularly known as COP27, where President William Ruto led one of the biggest global delegations of over 380 people from Kenya.  Besides the Presidency, Kenya’s delegation was drawn from nearly 100 senior officials from ministries, 17 governors, four senators, 17 attendees from…

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Kenya Drought Appeal Fund
CountiesNews
James Wambua

Kenya’s drought appeal fund stuck at Sh600 million as famine ravages communities

The donations from corporates and well-wishers that are meant to tackle famine in Kenya have remained stagnant at about Sh600 million since the National Steering Committee on Drought Response was formed by President William Ruto. On Thursday, the 15-member national steering committee reported they have so far raised Kes650 million. In late December, the team said they have “over Kes600 million” for the joint effort meant to support millions of Kenyans hurting due to the harsh effects of the ongoing drought. In the latest effort to rally more corporates to heed the call for donations and support, the committee on Thursday received a boost after…

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National Treasury Cabinet Secretary
CorporateNews
James Wambua

Foreign Affairs, Interior budgets slashed in fresh estimates

The state department of interior and citizen services has been hit hardest as the Treasury adjusted spending and budget deficit projections for the fiscal year ending June 30. In documents presented to Parliament for consideration, the latest revised spending plan has been projected at Kes3.37 trillion, compared to Kes3.36 trillion in the original budget presented to MPs by former Treasury CS Ukur Yatani in April last year. In the new order, the state department of interior and citizen services will contend with Kes31.4 billion less after Treasury Cabinet Secretary Prof Njuguna Ndung’u allocated the unit Kes112 billion from an original allocation of Kes143.5 billion. The…

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Equity Group CEO Dr James Mwangi.
CorporateEditors PickNews
James Wambua

For Equity’s Mwangi and teachers, love is blind

After four years of whirlwind moves by top executives of troubled Spire Bank and its parent Mwalimu Sacco looking for a suitor, teachers who constitute majority savers in the microlender can now breathe a sigh of relief following its acquisition by Equity Bank. All through Spire Bank had been bleeding money and putting the top leadership of giant Mwalimu Sacco at loggerheads with its members who wanted out of their marriage with the cash-strapped subsidiary. Equally, the banking industry regulator Central Bank of Kenya and well as Parliament heaped pressure on the microlender bosses demanding answers on the viability of the business. In what Dr…

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