The cost of land degradation due to poor soil health is estimated to be between $850 and $1,400 per year for every individual, with a global cost of between $6.3 and $10.6 trillion annually. Soil fertility decline not only reduces crop yield but also worsens the impacts of climate change by reducing the land’s resilience and capacity to adapt. Since the 1960s, land degradation in Africa has led to a...
Sri Lanka’s Browns Investment Plc has taken over tea estates and factories owned by Lipton Teas and Infusions in Kenya, Rwanda, and Tanzania. The deal will push Browns’ processing capacity to 87 million kilogrammes of tea, making it one of the world’s largest tea companies. “Browns is the perfect partner with credibility, capabilities, and scale to work with us to raise standards in the whole...
By Sam Kiplagat Court Reporter Nation Media Group The proprietor of Pinewood Beach Resort and Spa has moved to the Court of Appeal to block a KCB Bank-appointed receiver manager from taking over the establishment in Kwale. In an application on May 3, ITCO Investments Ltd, which runs the hotel, said there was a real risk that its intended appeal would be rendered nugatory unless the...
By Bonface Otieno Nation Media Group Business Reporter Kenya Airways (KQ) will resume Nairobi-Kinshasa flights on Wednesday after the military officials in the Democratic Republic of Congo (DRC) unconditionally released two of its employees who had been detained in late April for allegedly transporting cargo without customs clearance. KQ Group Chief Executive Allan Kilavuka said the...
By Constant Munda Business Reporter Nation Media Group Payrolls in Kenya’s private sector showed signs of growing in April after months of stagnation, signalling increased hiring and a positive outlook on future demand for goods and services amid rising concerns over disruptive floods. The findings of Stanbic Bank Kenya’s Purchasing Managers Index (PMI) survey showed expenditure on...
By Kabui Mwangi Business and Tech Reporter Nation Media Group That X (formerly Twitter) is the only social media platform whose potential advertising reach in Kenya declined during the full year to December as peer channels expanded their range has shone a spotlight on the biting aftermath of radical policy and operational changes billionaire Elon Musk has effected since he took over...
Prime Tuesday, May 07, 2024 - 3 min read The CMA attributes the higher returns to sovereign default risk reduction. Photo credit: Photo | Shutterstock By Kepha Muiruri Business Reporter Nation Media Group The Nairobi Securities Exchange (NSE) posted returns of 44.43 percent in US dollar terms in the four months to April 2024, according to data from the MSCI index. The Morgan...
By Julians Amboko Business Reporter Nation Media Group Kenya’s inaugural Shariah-compliant bond, Linzi Sukuk, has raised the targeted Sh3 billion after bids came in at Sh3.02 billion. Sources familiar with the issuance have told this publication the Sukuk is earmarked for listing on the Nairobi Securities Exchange in what authorities hope will further widen the array of asset classes...
Prime Tuesday, May 07, 2024 - 5 min read The National Treasury building. Treasury proposes to restrict the lucrative infrastructure bonds to retail investors. Photo credit: Fle Photo | Lucy Wanjiru | Nation Media Group By Julians Amboko Business Reporter Nation Media Group The National Treasury plans to restrict infrastructure bonds to retail investors in a new set of...
Top executives of Kenya Union of Savings and Credit Cooperative Society (Kuscco) siphoned Sh587.6 million annually over a decade, in a series of transactions including transferring money to their own accounts and tapping unsupported loans, plunging members into multi-billion shillings loss. A government-backed special audit on Kuscco has revealed the executives rode on weak internal management structure...