The Energy Regulatory Commission data showed rising global oil prices since January has led to revising the domestic prices upwards for petrol, diesel, and kerosene. “Changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol increasing by 3.71 to $568.85 per tonne in February, diesel increasing by 2.79 to $561.64 per tonne and kerosene by 9.16 percent to $650.29 per tonne,” said ERC on Thursday. Year-to-date, oil prices have risen by 13.8%. According to data published by the ERC on Thursday, the price of Super Petrol, Diesel and Kerosene increased by…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
NIC Group PLC shareholders overwhelmingly accepted the company’s plan to merge with Commercial Bank of Africa Limited. According to a statement issued by the directors of CBA group, 29 out of 34 investors in CBA now own 98% of the bank as of 11th March 2019 through a share swap. “As a result of the Share Exchange Transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries,” said CBA in a cautionary announcement. In January, the respective Boards of Directors agreed to the merger of NIC and CBA. “The proposed merger will create a…
Mumias Sugar Company is seeking a strategic investor to enable full business recovery after posting KSh15.1 billion loss in the year ending June 2018. “The board is seeking to enlist the support of the lenders to identify a suitable and competent strategic partner to enhance the financial capabilities to enable full business recovery,” said Kennedy Ngumbau, the board chairman. In the period under review, the firm posted Ksh.15.1 billion net loss, double the previous year’s Ksh.6.7 billion loss. It attributed the loss to Ksh.4.9 billion impairment of its plant and machinery and low production following its plant shut down in…
The United Nations has asked its staff not to fly in Boeing 737-8 MAX planes following Sunday’s crash that claimed 21 lives of of its workers. “The horrific loss of Ethiopian ET302 on 0 March 2019 took the lives of 21 United Nations staff members. This is the second aircraft, on the same aircraft type, the Boeing 737 Max 8, in less than 6 months,” said the UN in an advisory communique to its Designated Officials. “UNDSS recommends that official UN staff travel not be conducted using Boeing 737 Max series aircraft (Max 7, Max 8, and Max 9). UN…
Safaricom (NSE: SCOM) has opened its Ksh 900 million call centre in Eldoret town to ensure that the bar on customer experience is continuously raised. The new hub has also created job opportunities for over 800 people. “Today, we celebrate yet another milestone in line with our strategic business objective of putting the customer first. We want to ensure that, as we continue growing and investing in technology and in our network, we do not lose sight of our customers and their needs”, said Sylvia Mulinge, Chief Customer Officer Safaricom The Call Centre will further enhance Safaricom’s efficiency in handling…
The British government suffered another significant defeat as MPs voted by 321 to 278 votes to reject a ‘no-deal’ Brexit’. https://twitter.com/HouseofCommons/status/1105919887015374850 French President Emmanuel Macron who is in Nairobi, Kenya on a two days’ visit, said: “The withdrawal agreement is not negotiable.” If the British ask for a delay it could perhaps be a technical delay to allow more time to put their departure in place. But if an additional delay is requested, they need to explain why,” he added. “It cannot be to allow more negotiations over something we’ve already negotiated for many months and said cannot be further…