[VIDEO] Modernizing Ethiopia Opens $475-Million, China-Built Urban Rail
Tekle Negash’s days of riding a battered minibus to work in Ethiopia’s capital are over. Boarding Addis Ababa’s $475-million, Chinese-built and funded Light Rail, he can slash his one-hour commute by two-thirds and still save money. The 50-year-old trader was one of thousands who queued Sunday for the opening of the first phase of the state-owned urban railway, which comprises 34 kilometers (21.1 miles) of lines across the city. In a ceremony that featured a Chinese delegate’s impromptu singing and an Ethiopian dance troupe, Transport Minister Workneh Gebeyu described the project, one of the first of its kind in sub-Saharan…
Chris Kirubi causes a stir with purchase of 2m KQ shares
Billionaire investor Chris Kirubi has bought 2.1 million shares of loss-making Kenya Airways, joining a group of investors who have been buying the stock as the company struggles to stay afloat. Mr Kirubi bought the shares in early August shortly after the airline announced that it made a record-setting net loss of Sh25.7 billion that also left it in a negative capital position of Sh5.9 billion. The investment, revealed in August regulatory filings, has raised questions whether the flamboyant businessman is merely speculating on the share or is privy to a turnaround strategy that will ultimately pay off in the…
Nairobi court gags four FEP Holdings shareholders based in US
A Nairobi court has restrained a section of shareholders in a micro-finance company from publishing statements in the media alluding to misappropriation of funds invested in the Sh5 billion worth firm. Justice Rosyln Aburuli on Thursday issued the gag order against Mr George Njue, Mr Charles Kabaiku, Mr James Octavia Sloan and Mr Geoffrey Soyiantet. The four are named as defendants in a civil suit pending before the court against the multi-faceted investment company, FEP Holdings Limited which also has an interest in media management. The judge said that she was issuing an interim injunction restraining them from publishing, posting and “the…
Kenya Airways most expensive flight from Kenya on key routes
KENYA Airways is losing out to rivals due to high fares even as the national carrier struggles to recover from a massive loss. Ticket prices from the airline’s hub at Nairobi’s Jomo Kenyatta International Airport to various domestic, regional and international routes remain high, giving its competitors an edge. Online booking inquiries by the Star for this this week’s fares show KQ’s one way ticket from Nairobi to Mombasa (economy class) costs between Sh10,130 and Sh11,220. A similar ticket from Nairobi to Kisumu is Sh13,516 , while Nairobi- Eldoret is Sh13,940. Local airline Fly540 is charging between Sh4,150 and Sh9,810…
East Africa Chamber of Commerce annual Trade and investment conference from October 14 to 17th, 2015 in Dallas
You are cordially invited to the 7th annual Trade and Investment Conference organized by the East Africa Chamber of Commerce. The conference will be held from October 14th to 17th, 2015 at the Hyatt Regency North Dallas. Please see details below.
Kidero announces move to convert Nairobi CBD roads to one-way streets
Key roads in the Nairobi’s central business district (CBD) will be converted into one-way streets in a bid to decongest the city in the next four months. The roads affected are Moi Avenue, Koinange Street, Kimathi Street, Tom Mboya Street, River Road and Kirinyaga Road. Kenyatta Avenue will, however, be divided, Nairobi Governor Evans Kidero said on Tuesday. The governor said that in the coming days, most streets in the CBD would free of traffic snarl-ups following the new measures. Dr Kidero said that since the county government started closing roundabouts in the city, the flow of vehicles had increase…
Strong dollar makes Nairobi high-end hotels cheaper for foreigners
The strong dollar has made Nairobi hotel rooms cheaper for visiting foreigners as the tourism sector struggles with record low bookings. Consultancy firm STR Global puts the average price of a stay in Nairobi top-end hotels at $144.76 daily, down from $153.58 in 2012. But the rates indicate an increase from Sh13,000 per day to Sh15,250 in the same period when the rates are converted in Kenya shilling. “The weakening shilling means we have cheaper inbound holidays,” said Kenya Tourism Board (KTB) chief executive Muriithi Ndegwa. The Central Bank of Kenya on Friday quoted the local unit at an average…
Are Kenyans living abroad pushing home prices up?
How much are Kenyans living abroad contributing to the growth of the country’s real estate market? That is the question, as remittances by Kenyans in the diaspora continue to increase. According to the Central Bank of Kenya (CBK), Kenyans abroad, estimated to be 500,000 in number by the World Bank, sent back home about $754 million (Sh78.4 billion) in the first half of 2015, up from $690 million (Sh71.76 billion) in the first half of 2014. CBK says that remittance inflows increased by 17.1 per cent to $136 million (Sh14.14 billion) in June 2015 compared to $116.1 million (Sh12.07 billion)…
Panic as traders in Kenya quote prices in US dollars
Firms are now quoting prices in US dollars to hedge against losses from the fall of the shilling. Sales advertisements ranging from importehttps://www.jambonewspot.com/files/category/business/page/d cars and events have lately been priced in usd in what could be an indicator of bleak sentiment on the kenyan shilling. local mitsubishi motors and mitsubishi fuso truck and bus dealer has since changed to the new pricing in what a source from the company cited as ‘new changes from above.’ “for close to a month now, we have changed to pricing in us dollars. we have been instructed to conduct our sales that way and…
The True Story of Tatu City
Tatu City is a 2,500-acre, mixed-use and mixed-income development with plans for residential, commercial, industrial, tourism, social and recreation amenities for more than 70,000 residents and 30,000 day visitors. Underlying Tatu City’s design is a visionary concept aiming to shift urban development in Kenya from the familiar single node model to a decentralized urban environment. By doing so, Tatu will significantly de-congest the City of Nairobi by offering a unique live, work and play environment. Tatu City is the largest urban development in Kenya with the potential to create tens of thousands of jobs and homes, with the great majority of these…
