May 6, 2016

US Ice cream company Coldstone Creameries in row with Kenyan musician over lewd video

Coldstone

American ice cream seller Coldstone Creameries has sued a local musician for posting on YouTube a music video that he shot at its Westlands parlour despite its objections to the move. Coldstone has asked the Constitutional and Human Rights court to compel David Oreyo Ngala to pull down the video, which it considers to be sexually explicit, and bar the artiste from making it public, arguing it could destroy the firm’s brand. Mr Ngala, who goes by the stage name Ngalah the Brand, shot the video at the parlour on March 1 with permission from Coldstone, which now says it…

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All cars in Kenya older than four years to be subjected to fresh inspection

Cars

All vehicles more than four- years- old will be required to undergo mandatory inspection after the government released rules on the vetting aimed at removing unroadworthy cars from roads. The draft rules, released by the National Transport Safety Authority (NTSA) for public review, require private vehicles to be inspected every two years and commercial vehicles annually. Private car owners will pay between Sh2,600 and Sh3,900 for the checks depending on the vehicle engine capacity. “All private vehicles which are more than four- years- old from the recorded date of manufacture shall undergo a motor vehicle inspection test after every two…

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Kenya’s Shark Tank: NTV reality show to help Kenyan start-ups attract funding

Lion's den

Kenyan entrepreneurs will get a chance to attract funding for their businesses in a weekly NTV reality show that will bring the local version of American programme Shark Tank to their screens. The show named Lion’s Den, will see entrepreneurs get an opportunity to pitch their ideas to local millionaires from September this year in exchange for potential capital injection and partnerships. The programme will be sponsored by Kenya Commercial Bank’s youth fund. Nation Media Group Broadcasting Division General Manager Linus Kaikai on Tuesday said the show offers Kenyan audiences a unique product that will be a first in the…

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The new green gold: Laikipia cople rides high on grass sales

green gold

Why would a farmer uproot maize and beans, which feed millions of people, to plant grass? Easy. To make more money. Linus Mathenge, a retired teacher living in Matanya-Mare, Laikipia County, and his wife, Grace, also a retired teacher, have no regrets about their decision to turn away from food crops as they are reaping huge gains from their new venture. Their farm lies about 20 kilometres from Nanyuki town in the expansive Laikipia Plateau famed for its ranches. It is an area well known for the rearing of beef cattle. “We would initially spend hours on our farm planting…

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[AUDIO] Chase Bank to reopen on Wednesday, KCB acquires majority stake

ChaseBank

Central Bank has agreed to KCB’s proposal to acquire majority stake in Chase Bank, 13 days after the mid-tier bank was closed down. The deal with Kenya Deposit Insurance Corporation, signed at 8.30am on Wednesday, will see the bank’s 62 branches reopened by next Wednesday. CBK governor Patrick Njoroge said depositors will access up to Sh1 million. He said 167,290 accounts, equivalent to 97 per cent of accounts or 6 per cent of total deposits, will have their funds available in full. The bank was placed under the KDIC on April 7 for having liquidity problems, after a series of panic withdrawals…

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Britam to pay dividends despite a Sh1 billion loss

Britam

Britam Holdings has maintained its dividend payout despite announcing a loss of Sh1 billion for the year ended December 2015 linked to lower valuations of the companies it has invested in at the Nairobi Securities Exchange. Britam, which has insurance, asset management and property development businesses, posted a profit of Sh2.4 billion a year earlier. The firm will pay an unchanged dividend of Sh0.30 a share, translating to a payout of Sh581.5 million. “The downturn in performance of the securities market has negatively impacted on the fair value of the financial assets hence resulting in a loss,” said Benson Wairegi,…

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State House official fled Chase Bank ownership days to closure

paul

A senior State House official and a Safaricom executive were two days before Chase Bank collapsed paid back money they had invested in the bank through a private placement late last year, raising questions as to whether they had prior knowledge of the looming shutdown. The two were among the select group of investors that Chase Bank had invited to participate in a Sh2.3 billion fundraiser, effectively making them shareholders in the company. But in a move that has taken the banking fraternity by surprise and brought into question the integrity of Chase Bank’s operations before the Central Bank of…

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Chinese to build Sh1.8 billion Kilimani serviced units

units

Chinese investors Wednesday launched a Sh1.8 billion serviced apartments project in Kilimani, Nairobi to tap into the growing number of business travellers and tourists. The 11-storeyed Soho Apartments will be on Kirichua Road. A consultant for the project Nathan Luesby said the building targets non-government organisation, embassy and multinational workers visiting Kenya for short periods of between three to 12 months. Real-estate agent Realto Group Ltd managing director Rajbal Sahib said expatriates like serviced and fully furnished apartments to enable them settle in and start working upon arrival. The event yesterday saw the launch of a serviced apartments report dubbed…

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16 new hotels planned for Kenya this year pushing bed count to 2,956

marriott

Sixteen new hotels are set to be put up in Kenya this year raising the country’s bed count to 2,956 units, according to a report by W Hospitality Group. The anticipated new rooms are nearly double those that were in the pipeline last year as global brands continue to set up shop in the region. Kenya went up two spots on the number of hotels and rooms in the pipeline, overtaking Ethiopia which has in the past two years seen the entry of more hospitality industry investors than Kenya. The number of planned hotel rooms in Africa has soared to…

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Kenya Airways lends pilots to rival firm Ethiopian Airlines

KQ

In a confounding move, Kenya Airways this week wrote to some of its Boeing 777 captains ‘redeploying’ them for three years to its high-flying competitor, Ethiopian Airlines. A confidential letter seen by the Saturday Nationhas provoked legal questions from its association, setting the stage for an industrial conflict with KQ’s management as the airline seeks to cut down its workforce by 600 people. We have established that 21 captains and 18 First Officers have received the letters. In aviation, a captain is the pilot in charge of the aircraft while the First Officer is the co-pilot. The Kenya Airline Pilots…

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