Author: Muindi

The Kenyan housing prices index contracted by 0.20 percent during the second quarter of 2020 compared to 0.51 percent in the first quarter, KBA-HPI said on Monday. According to the Kenya Bankers Association House Price Index for the second quarter, despite still being on the negative side, the growth of house prices pointed to a stabilising market. “With demand remaining depressed, the concluded sales during the second quarter of the year represented a nearly 40 percent drop from the previous quarter,” notes the KBA-HPI, adding that while demand during the quarter was muted due to a weak economy, the price…

Low-cost carrier Jambojet has been given the green light to operate scheduled non-stop flights within its domestic market without stopping at its Nairobi hub. In May, it had applied for approval from the Kenya Civil Aviation Authority (KCAA)  to operate two hubs from where it will fly nine new domestic routes and 12 additional international routes. This means it will fly to five new routes from Mombasa to Kisumu, Eldoret, Malindi, and Lamu using its B737, DHC8, ATR72 based at JKIA and Mombasa. “With the approval, we shall now do conventional cargo that will basically involve the belly freight as…

The Kenya’s Ministry of Agriculture has appointed an interim management committee that will oversee the leasing of the five state-owned sugar mills. Agriculture CS Peter Munya, through Gazette Notice No. 5473, says “In the period leading up to the leasing and in order to strengthen the fiduciary responsibilities of management, the Ministry has set up an Interim Management Committee to oversee the operations of the Sugar Mills during this transition period before the eventual takeover by the successful bidders.” The members of the committee include: Agriculture Cabinet Administrative Secretary Anne Nyaga will chair the team and members include: Anthony Murithi,…

KRA as begun Processing tax waiver applications The Kenya Revenue Authority (KRA) has commenced processing tax waiver applications, following the June 30th deadline for filing tax returns.  “KRA has finalised the rollout of the system enhancements for processing of the waiver applications and has embarked on clearing the backlog of the applications,” read a notice by Elizabeth Meyo, KRA’s Commissioner for Domestic Taxes Department. The Tax Procedures Act of 2015 allows taxpayers to apply for a wavier for penalty or interest. According to the tax collector, businesses and individuals seeking waivers must meet the requirements in line with the Tax…

Nairobi’s InterContinental Hotel is considering winding up its local operations. The 51-year-old hotel cited low revenues as well as a rapidly worsening uncertain outlook for shutting triggered by coronavirus pandemic. In a statement, the 389-bed hotel said it has issued a  45 days notice of its intention to declare all its staff redundant. “As a consequence of such intended winding up, all employment positions within the hotel including your position of waitress, would become redundant,” reads the notice signed by the hotel appointed attorney Oliver Geyer.  “Faced with the most challenging environment our industry has ever seen. we have had…

Coffee grower Eaagads Limited, has reported Ksh 18.4 million loss for its full-year results ended in March 2020. The coffee grower attributed the loss to unfavorable weather and poor crop production during the period. “The decrease was mainly attributed to the severe drought experienced in the first half of the year which affected the formation of the late crop for the production year 2019/2020. Due to the low yield, the company only achieved sales of 127 tons of coffee compared with 416 tons last year,” the company said on Monday. Its revenues dropped from Kshs179.6 million last year to Kshs48.6…