Author: David Indeje

UK supermarket giant Tesco has suspended the supply of avocados from agricultural firm Kakuzi over systemic human rights abuses. The grocery retailer announced the move after law firm Leigh Day said Sunday it had initiated legal action against UK firm Camellia, whose subsidiary runs the site. The lawsuit, filed on behalf of 79 Kenyans at London’s High Court, accuses the subsidiary Kakuzi of employing security guards alleged to have perpetrated killings, rape, attacks and false imprisonment since 2009. According to Britain’s Sunday Times newspaper, Kakuzi supplies avocados to several UK supermarkets, including Sainsbury’s and Tesco. A Tesco spokesperson said: “Any…

Trading at the Nairobi Securities Exchange (NSE) continued to exhibit weakness with NASI, NSE 25, and NSE 20 all recording losses of 0.1 percent, 0.5 percent, and 0.8 percent, respectively. This was mainly attributed to losses recorded by large-cap stocks such as ABSA, BAT and Equity Group, which declined by 4.1 percent, 3.0 percent and 2.9 percent, respectively.  During the week ending October 8, market capitalization, equity turnover, and the total number of shares traded declined by 0.2 percent, 39.0 percent, and 45.0 percent, respectively.  Foreign investors remained net sellers during the week, with a net selling position of USD…

Big Square, a fast-food retail chain, opened its second branch outside Nairobi, in Eldoret, at Rupa’s Mall.  This brings the total number of stores operated by the retail chain to 12. It has 10 stores operating in Nairobi, and one in Mombasa.  Big Square has branches in Westlands, Karen, Lavington, Gigiri, Kilimani, Thika Road, Lang’ata, Ngong Road and Mombasa Road. “On matters expansion, the current pandemic has affected the hospitality industry. Even as we work on increasing our footprint in Nairobi and out of Nairobi, we’re taking caution on when and where we open new outlets,” said Carolle Kariuki, Marketing…

The Fédération Internationale de l’Automobile (FIA) has announced that the once-postponed Kenya’s Safari Rally will be held on June 24-27, 2021. FIA announced the dates during its third meeting of the year of the World Motor Sport Council hosted by FIA President Jean Todt.  Initially, it was scheduled to be held between July 16 and 19 2020 but was postponed due to the Covid-19 pandemic.    The Safari Rally was scheduled to be the eighth round of the 13-event WRC series.  This year, only three events, Monte Carlo, Sweden, and Mexico have been held. Kenya was readmitted to the World Rally…

The number of internet subscribers in Kenya increased to 40.9 million between April and June a growth rate of 5.1 percent according to the latest industry report from the Communication Authority of Kenya (CA) released Friday.   The Communication Authority attributed the rise to increased demand for access to information online during the pandemic period. “With the COVID-19 pandemic, many consumers continue to adopt video-conferencing services as they work from home, access online entertainment, and streaming video-on-demand services,” says the CA.  In the report, internet subscriptions increased to 40.9 million in the second quarter from 38.9 million. In addition, the number…

Competition Authority of Kenya (CAK) has authorized KCB Group to acquire certain liabilities of the Imperial Bank worth Ksh 31.7 billion. Through Gazette Notice No. 8038, CAK says the proposed transaction entails the transfer of various listed assets, including outstanding deposit balance amounting to Ksh 331.7 billion, loans and security portfolios together with all rights, titles, and interests. KCB Group which is Kenya’s biggest lender acquired assets valued at Ksh 3.2 billion and assumption of liabilities of the same value of Imperial Bank effective June 2, 2020. In September, it commenced payment of funds to remaining eligible depositors of Imperial…