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Tag: BUSINESS

  • KSh12 billion meant for land compensation under SGR missing

    KSh12 billion meant for land compensation under SGR missing

    Kenya Railway Corporation cannot account for KSh12 billion meant for land compensations under Standard Gauge Railway (SGR) Phase one.

    According to a report by the Public Investments Committee, Commercial Affairs, and Energy states, supporting documents for compensations amounting to Sh 12 billion to the Project Affected Persons (PAPS) including a list of beneficiaries were not provided.

    Also not provided for audit review were copies of National Identity Cards, Personal Identification Number (PIN) certificates, and title deed surrenders from the National Land Commission.

    According to the report published in the local dailies, Kenya Railways also made overpayments of land compensations amounting to Sh14 .7 million. 

    This was made to beneficiaries who were paid Sh15.8 million instead of the entitlement KSh 1.1 million.

    “In the circumstances, the accuracy and propriety of the unsupported payments and overpayments of Sh1. 1 billion and Sh8.9 million respectively on land compensation could not be confirmed,” reads the report.

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    The statement of profit or loss indicates that SGR freight revenue was Sh12.2 billion but this differs from the Kenya Ports Authority (KPA) revenue amount of Sh8.9 billion resulting in an unreconciled variance of Sh3.1 billion.

    Further, although the Corporation generates invoices to KPA using the Freight Management System (FMS), the debtor’s statement indicating the level of indebtedness was not provided for audit review.

    “In the circumstances, the accuracy and completeness of the reported main income of Sh14.6 billion for the year ended June 30, 2020, could not be confirmed,” reads the report.

    According to the report, the company’s current liabilities exceeded its current assets by Sh9.3 billion as of June 30, 2020.

    The company has remained in a negative working capital position for the second consecutive year (from FY 2018/19 and FY 2019/20). 

    The MPs further note that the corporation continues to perform dismally with the statement of comprehensive income for the year ended 30 June 2020 reflecting an operating loss of Sh24.2 billion compared to a loss of Sh8.5 billion for the year ended June 30, 2019.

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  • Kenya donates 240 tonnes of aid material to Turkey

    Kenya donates 240 tonnes of aid material to Turkey

    Kenya donates 240 tonnes of aid material to Turkey to help her citizens following a devastating earthquake.

    Through the United Nations Organization for Migration (IOM) in Nairobi, Kenya donated 240 tonnes of aid material to Turkey.

    The donations were dispatched from Jomo Kenyatta International Airport to Adana Incirlik Base in Turkey.

    Among the materials donated include; 353 tents, 17,245 plastic tarpaulin sheets, 1,261 plastic tarpaulin rolls, 26,565 blankets, and 34,705 sleeping mats.

    After the initial flight on February 23, another shipment of tents, tunnel tents, and other aid materials was also dispatched.

    Turkish Ambassador to Kenya Subutay Yuksel and IOM Deputy Regional Director Justin MacDermott announced that two additional flights were planned.

    Appreciating the donation, the Turkish Embassy in Nairobi stated, “The humanitarian aid materials, donated by the IOM to alleviate the suffering of our citizens that are affected by the recent earthquake disaster, were sent to Türkiye.”

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    On February 7, 2023, Foreign Affairs Cabinet Secretary (CS) Alfred Mutua revealed that Kenya would make donations to Turkey.

    “Kenya joins the international community in condoling with Turkey, which has suffered untold losses due to the earthquake.

    “I call upon fellow citizens to help Turkey by donating material support such as foodstuffs, clothing, financial support, and medical aid,” the CS stated back then.

    Among the materials that were to be donated included clothing, food, fast-moving goods, and medical aid.

    According to CNBC, the death toll from the earthquake in Turkey rose to 44,128 on Sunday, February 26.

    While no Kenyan has been reported to have been affected by the earthquake, the government urges any Kenyan stuck in Turkey to reach for aid via the emergency number +905385020960

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  • China issue demands to Kenya after Kuria’s remarks

    China issue demands to Kenya after Kuria’s remarks

    Chinese investors in Kenya call on the government to guarantee a conducive business environment following the indefinite closure of China Square. 

    In a statement released on February 26 by the Kenya Chinese Chamber of Commerce (KCCC), the investors referred to comments made by Moses Kuria, the trade cabinet secretary, that aimed to force the owner of China Square out of business.

    The Chamber observed that none of the parties involved were consulted before the remarks were made. 

    The KCCC pointed out that the comments were against Kenya’s aim of promoting a fair and impartial environment for trade and investments.

    “We feel discriminated against and don’t sit well with the remarks of the Cabinet Secretary for Investments, Trade, and Industry to Kenyatta University Vice Chancellor to buy out the lease for China Square at the Unicity Mall.

    “This was uttered without any further consultations from all parties involved and not considering the repercussions of such statements which are contrary to Kenya’s investment promotion and protection regime that has always been equitable, non-arbitrary, and non-discriminatory,” the statement read in part. 

    The Chinese investors argued that their role in employment creation and contribution to the Kenyan economy is aligned with the Kenya Kwanza manifesto which seeks to lower the cost of living in the country.

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    “We are therefore requesting the Government of Kenya for a healthy environment to enable us to do business and trade in peace and contribute to Kenya’s growth and development through employment creation and contribution to Kenya’s tax revenue. 

    “The Chinese Nationals are open to working and collaborating with Kenyan traders to lower the cost of living for Kenyans. Our goal is not to compete but rather, to develop our economies,” the statement read in part.

    The declaration was made in the midst of the debate surrounding China Square, which had shaken up the market since its debut by causing the majority of traders to turn their support to Chinese-based commerce.

    Despite its ongoing success, the management of China Square announced an indefinite closure after reviewing its business strategy.

    China Square ascribed the decision to three main problems, including concerns about public safety, a lack of cash registers, false claims, and unreasonable demands made by clients on social media.

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  • Government orders public servants who have attained retirement age to immediately vacate office

    Government orders public servants who have attained retirement age to immediately vacate office

    Public servants who have attained retirement age and still in office have been ordered to vacate with immediate effect.

    The Cabinet Secretary for Public Service, Affirmative Action, and Gender Aisha Jumwa stated that she is on a mission to remove public servants who are still in office despite reaching retirement age.

    In an interview with Citizen TV, CS Jumwa said that since taking her position, she has noticed that many public sector offices are filled with workers who have reached the age-retirement requirements and ought to be sent home.

    CS Jumwa added that it has become a tradition that individuals who are past the retirement age gap get contract extensions yet younger people are grappling with the scarcity of job opportunities.

    According to Jumwa, she has already written to the Public Service Commission (PSC) to interrogate the matter and oust anyone who has passed the age threshold.

    “I noticed that there are older people who have attained the mandatory retirement age but you find that they go to maybe the PSC and they get contracts. They have already retired and instead of going home they are offered contracts for two more years, one year, and so on” said CS Jumwa.

    “I wrote a letter to the PSC and told them that we have a law and if someone has attained the required age to retire aende akiendanga so that we give younger people opportunities,” she added.

    “We have also said in this in the Kenya Kwanza manifesto that we will create job opportunities for young people in the nation.”

    The Public Service minister went on to add that her proposal will pave the way for a seamless transition for university students into the working sector.

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    The letter suspends all extension review cases and any existing cased be revoked to enable proper legislation and succession management guidelines to be implemented across the public service.

    In 2009, the age of retirement was reviewed from 55 years to 60 years. 

    In 2020, the age was set at 65 for persons with disability.

    According to CS Jumwa, the issue is so grave that in the past few months, university graduates have incessantly knocked on her office asking for jobs. 

    She argued that the solution has been impeded by a few individuals who do not want to leave office.

    “What will happen to university graduates who are looking for jobs, and I have been visited by many of them, yet there are offices they qualify to occupy but the positions are held with people who ought to have retired,” she said.

    “That is why you look at some of these government positions and you ask yourself why is this person still here?”

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  • Plans underway to issue every household with government cooking gas cylinder- Ruto

    Plans underway to issue every household with government cooking gas cylinder- Ruto

    Ruto announces plans to issue every household in the country with a cooking gas cylinder in the next three years.

    According to President William Ruto, the move is aimed at reducing the use of wood fuel and promoting the use of clean energy.

    Speaking at a thanksgiving service in Lamu, Ruto emphasized that the government would also remove gas taxation to ensure that gas prices are reduced, and had already issued Ksh25 billion to a contractor to manufacture gas as a move towards ensuring the transition to using clean energy.

    “In the next three years, we will make sure that every home will have a gas cylinder issued by the government to ensure that we stop using firewood as a source of energy.

    “I have already ordered that in the next budget, we will remove all the taxation on gas, to reduce the cost of gas to make it affordable for every household,” Ruto stated.

    The president warned the country’s dishonest cooking gas sellers, claiming they endangered people’s lives in addition to lowering the risk of health problems linked to the use of wood fuel.

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    During the February 24 opening of the Taifa Gas LPG terminal, Ruto also asked of the Kenya Pipeline Company Limited (KPC) managers that they enhance capacity and enable the provision of reservoirs for less expensive LPG gas from Tanzania.

    Following Ruto’s directive, Energy and Petroleum Regulatory Authority (EPRA) announced plans to create a framework to permit more players to invest in the liquefied petroleum gas (LPG) market.

    EPRA’s statement further read that the regulator would facilitate the penetration of LPG in the country by putting in place frameworks towards the adoption of an Open Tender System, which would allow competition in the LPG market and improve the quality and price of the product.

    The move towards providing affordable cooking gas in the country will promote a cleaner environment, reduce the risks associated with wood fuel usage, and also help households save on energy costs.

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  • EPRA announces plans for cheaper cooking gas after Ruto’s directive

    EPRA announces plans for cheaper cooking gas after Ruto’s directive

    EPRA announces plans to develop a framework to allow more investors gas industry in a bid to provide cheaper cooking gas.

    In a statement dated Saturday, February 25, the Energy and Petroleum Regulatory Authority indicated that President William Ruto’s directive informed the plans to lower the cost of cooking gas.

    The authority stated that the framework would see the implementation of the Open Tender System (OTS) proposed by the Kenya Kwanza government.

    “We will facilitate the penetration of LPG in the Country by putting in place frameworks towards the adoption of an Open Tender System (OTS) which will allow competition in the LPG market leading to improvement of quality and price of the product,” read the statement in part.

    EPRA explained that the plans would also help facilitate Ruto’s directive on using LPG gas in all learning institutions by 2025.

    However, the authority noted that unscrupulous business owners would want to take advantage of the open business system. 

    To this effect, EPRA revealed that it would work with security agencies to ensure that the gas produced was to the required standard.

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    “We will collaborate with the Interior Ministry to get rid of unscrupulous traders in the country who endanger the public through illegal and unsafe practices in the handling of LPG,” read the statement in part.

    Nonetheless, the regulatory body did not issue specific timelines for effecting the plans.

    EPRA’s statement came a day after Ruto launched a manufacturing plant for Taifa Gas at Dongo Kundu Economic Zone in Likoni Constituency.

    During the Launch, Ruto announced plans to remove taxes in the LPG industry to promote the use of cleaner energy.

    “We are going to remove all taxes that are currently being levied on cooking gas so that we can make sure that every household in the Republic of Kenya has access to affordable LPG and we eliminate the wood fuel,” Ruto indicated.

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  • China Square Owner reveals that he was making KSh10 million on a bad day

    China Square Owner reveals that he was making KSh10 million on a bad day

    China Square Owner, Lei Cheng reveals that his business, domiciled in Kenyatta University’s Unicity mall, was making KSh10 million on a bad day.

    China Square, a shopping center inside UniCity, opened its doors two months ago, and since then, the trade industry has seen a paradigm shift, with the majority turning their loyalty to Chinese-based trade.

    In an interview with Nation, Lei Cheng noted that he set up his shop in Kenya on January 29, 20223, and two weeks later, he made over Ksh20 million.

    This has been enabled by thousands of Kenyans who throng there for goods and services.

    He also revealed that his daily sales have more than doubled from January 2023- indicating that he sells goods worth Ksh10 million on a low business day. 

    “The business is barely a month old. On a bad day, we sell goods worth Sh10 million,” Cheng told Nation.

    Cheng revealed that he was inspired to start the business after he came across basic things being sold too expensive at local supermarkets.

    He said the idea to start the business was fueled by his desire to avail basic goods to Kenyans at fair prices.

    He maintained that he followed all legal processes in setting up the business.

    Cheng noted that he has attracted Kenyans because of his market strategy that he feels is being unfairly targeted.

    “My business is legal and is centred on healthy completion. We have followed all government directives for opening a business in Kenya and”we are here to break monopolies,” he added.

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    However, on Saturday China Square announced that it had halted operations this Sunday for evaluation of its strategy.

    Lei Cheng alias Charlie said he will take time to re-evaluate and re-plan the business’s strategy following the uproar.

    “We regret to inform you that China Square Limited will be temporarily closed on Sunday, February 26, 2023,” the statement reads in part.

    Cheng said the company was considering cooperation with local traders with an aim to better integrate itself with the community.

    In reaction to the closure, Kuria said he will work with the Chinese owner to ensure that they build a manufacturing plant in Kenya.

    This, he said would ensure they produce goods that Kenya can trade in rather than competing with local businesspeople in the retail business.

    “I will assist China Square Owner Mr. Cheng to set up a manufacturing plant in Kenya and work on a distribution partnership with Gikomba, Nyamakima, Eastleigh, Kamukunji, Muthurwa, and River Road Traders,” he added in another tweet.

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  • Panic at KRA after top bosses logged out of the system in the purge

    Panic at KRA after top bosses logged out of the system in the purge

    KRA top bosses in panic mode after being logged out of the system in the ongoing purge by Ruto’s administration.

    Anxiety has taken over the Kenya Revenue Authority (KRA), where top management-level staff changes are still being implemented in the wake of Commissioner-General James Githii Mburu’s departure.

    The shake-up, which began with Mr. Mburu’s departure on Thursday, has spread to chief managers as new KRA Chairman Anthony Nganga Mwaura, an ally of President William Ruto, moves to appoint key employees who will direct the agenda of the Kenya Kwanza government.

    KRA intends to raise Sh3 trillion by the end of the upcoming fiscal year.

    According to Saturday Nation, several Deputy Commissioners were locked out of KRA’s operating system on Thursday night, effectively making them unable to perform their duties.

    Another six KRA top bosses in procurement, intelligence and strategic operations, corporate support service, customs, and border control, and domestic taxes departments are said to have also had their system access de-activated, without any formal communication as to their fates.

    At least 40 senior managers are said to have been affected. Mr. Mwaura, without detailing the extent of the shake-up, on Thursday said the board is committed to effecting far-reaching changes at the state agency.

    “This is a total overhaul,” Mr. Mwaura told Saturday Nation. 

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    Some of the commissioners are said to have been on the radar of the Kenya Kwanza administration from the day Ruto was declared winner of the August 9 presidential election. 

    Even before he was sworn in, President Ruto met this group at his then-residence in Karen twice and issued a stern warning that it would not be business as usual. 

    After assuming office, Ruto is said to have met Mr. Mburu’s group twice at State House.

    It has also emerged that some senior leaders in the Kenya Kwanza administration were uncomfortable with one of the commissioners, whom they claim was used by the previous administration to go after those who were accused of tax evasion, in a political witch-hunt.

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  • Vice Chancellors endorse varsity fees increment

    Vice Chancellors endorse varsity fees increment

    Vice Chancellors endorse proposals to triple varsity fees from the current Sh16,000 to Sh48,000 for the next cohort of government-sponsored students.

    Under the State’s proposed tuition increase, students enrolling in public universities will need to pay Sh48,000 in order to address the financial issues plaguing the institutions of higher learning.

    35 vice chancellors from public universities across the country resolved to raise tuition from the current Sh16,000 to Sh48,000 for the incoming class of government-sponsored students in September.

    Continued students, however, will continue to pay Sh16,000.

    The 35 vice-chancellors of public universities and state officials from the Ministry of Education and Treasury agreed to raise fees in resolutions passed at the conclusion of the biennial Kenya Universities Fund conference in Mombasa in order to address problems in the universities.

    The institutions have accrued debts amounting to Sh60.6 billion in staff pensions and statutory deductions such as Pay As You Earn and National Hospital Insurance Fund (NHIF). 

    In resolutions read by the Universities Fund chief executive officer Mr. Geoffrey Monari, the dons agreed to save the institutions from the financial cash crunch.

    “This is only for first years who will be joining universities from September, continuing students will not be subjected to any fees increment,” said Mr. Monari.

    A cabinet memo will be sent by March for approval of the fee increment.

    The dons led by the chairman of the Public Universities Vice Chancellors Committee, Prof Geoffrey Muluvi, urged the state to change financing models under the differentiated unit cost (DUC) from 48 percent to 65 percent.

    Other resolutions include a write-off of the Sh18 billion Pay As You Earn (PAYE), remittance of the Collective Bargaining Agreement (CBA), and the pending bills.

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    “We will prepare a cabinet memo by March 31st to request the National Treasury to propose how we can clear the outstanding pension bills. 

    On PAYE we shall be seeking a write-off in the same cabinet memo and for the monies not remitted on the CBAs we shall ask for it,” said Mr. Monari.

    Higher Education and Research Permanent Secretary Dr. Beatrice Inyangala who closed the two days meeting urged the vice-chancellors to make the difficult decision of increasing fees.

    In the heated meeting to deliberate the fee increment, the PS said the stakeholders must make decisions however difficult.

    “I heard your cries. Every student who got a C (+) plus and above goes to university some may have to pay for themselves and some the government will pay for them. As a state we only have Sh15 billion, that’s why we called the Treasury to make a statement. Difficult decisions have to be made,” said Dr. Inyangala.

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  • Ruto says he successfully managed to stabilize the economy

    Ruto says he successfully managed to stabilize the economy

    Ruto says he is happy to have successfully managed to stabilize the economy despite constants from the opposition.

    President William Ruto has responded to the opposition over their remarks on the state of the economy which they have constantly, in their numerous political rallies, termed as deplorable.

    Speaking in Mombasa on Friday, Ruto proudly declared that he has successfully managed to stabilize the economy.

    Ruto blamed his predecessor’s modus operandi stating that he however made fixing the economy the first priority.

    “My first assignment the last five months was to consolidate and stabilize the economy of our country that had been battered by reckless borrowing and unnecessary subsidies,” he said in an address during the launch of the Taifa Gas plant in Dogo Kundu.

    “That is why today the economy of Kenya has stabilized, and I want to assure all our citizens that we will not go back to reckless borrowing, we will not go back to subsidies that benefit brokers, cartels, and people who are politically correct.”

    The President went ahead to state that, after sorting out the economy as he insists he has, he is now moving to something else more urgent; the high cost of living.

    He expressed confidence at reducing the cost of living, telling off Azimio leader Raila Odinga over his recent threats to call for mass action within 14 days over the same.

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    Ruto also lashed out at Raila Odinga for not implementing his ideas on lowering the cost of living as well as the economy during his ‘handshake’ period with former President Uhuru Kenyatta, further blaming the two for the state the country as at present.

    “We’re going to promote, instead, production, and that is why 4.5 million farmers today are accessing fertilizer that we have subsidized as the government so that we can support our production and eliminate the challenges of the high cost of living. We’re on that trajectory, there is no need for others to threaten others with demonstrations. You had 5 years of the handshake shenanigans, and that is the reason why the cost of living is where it is today,” said the President.

    “I have stabilized the economy, I am now dealing with the cost of living. And we’re not dealing with it on a short-term basis; we’re dealing with it in a sustainable manner. The fellows on the other side are not going to give us any lectures or any lessons because they have none to give. If they had any ideas, they had 5 years to implement and they did not.”

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