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Business Daily

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The construction sector posted the slowest growth in 17 years as retired President Uhuru Kenyatta’s debt-funded building construction bonanza of roads, railways, and airports fizzled out. https://www.businessdailyafrica.com/bd/corporate/companies/construction-grows-at-slowest-pace-in-17-years--4683922
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Construction grows at slowest pace in 17 years

The construction sector posted the slowest growth in 17 years.

Eldoret-based textile manufacturer Rivatex posted a Sh347.6 million loss in the financial year ended June 2023, a new audit shows, pushing its cumulative losses to Sh3 billion, leaving it on the edge even as it operates below factory capacity. https://www.businessdailyafrica.com/bd/corporate/companies/rivatex-pushed-to-the-edge-as-cumulative-losses-hit-sh3bn--4684006
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Rivatex pushed to the edge as cumulative losses hit Sh3bn

Rivatex posted a Sh347.6 million loss in the financial year ended June 2023.

Kenya has thrown a fresh hurdle on Uganda’s direct fuel import scheme, doubling the bond fee for imported consignments destined for Kampala to $45 million (Sh5.78 billion at current exchange rates). https://www.businessdailyafrica.com/bd/economy/nairobi-slaps-uganda-with-fresh-hurdle-on-fuel-imports--4684232
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Nairobi slaps Uganda with fresh hurdle on fuel imports

Kenya has thrown a fresh hurdle on Uganda’s direct fuel import scheme.

The Kenya Revenue Authority (KRA) missed its target for the full year ended June by Sh267 billion, hurt by reduced corporate profits and job cuts in a period when businesses were devastated by the depreciation of the shilling and high energy prices. https://www.businessdailyafrica.com/bd/economy/kra-misses-target-by-sh267bn-as-corporate-earnings-tumble--4684224
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KRA misses target by Sh267bn as corporate earnings tumble

The Kenya Revenue Authority (KRA) missed its target for the full year ended June by Sh267 billion.

UK multinational Vodafone Group Plc says it has recorded a loss of €37 million (Sh5.1 billion) from the sale of the company holding M-Pesa funds to Safaricom at a token price of $1 (Sh128). https://www.businessdailyafrica.com/bd/corporate/companies/vodafone-books-sh5bn-loss-from-m-pesa-cash-firm-sale--4684234
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Vodafone books Sh5bn loss from M-Pesa cash firm sale

Vodafone Group Plc says it has recorded a loss of €37 million (Sh5.1 billion) from the sale of the company.

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Vodafone books Sh5bn loss from M-Pesa cash firm sale https://epaper.nation.africa
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The current account deficit fell to four percent in the quarter ended March 2024 from 4.7 percent previously, providing a greater cushion for the exchange rate which has made notable gains since start of the year against major world currencies. https://www.businessdailyafrica.com/bd/markets/currencies/current-account-deficit-drops-to-4pc-on-higher-output-4683090
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Current account deficit drops to 4pc on higher national output

The current account records Kenya’s transactions with the rest of the world and specifies net trade in goods and services, payments and cross-border investments.

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The government has moved to safeguard the absorption of Junior Secondary School (JSS) teachers and medical interns on permanent terms, despite their hiring having faced uncertainty following the collapse of the Finance Bill 2024. https://www.businessdailyafrica.com/bd/economy/hiring-of-jss-tutors-intern-doctors-is-on-4683248
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Hiring of JSS tutors, intern doctors is on

Their hiring will be financed through budget cuts from other government agencies’ vote heads in the first supplementary budget for the current financial year.

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Oil marketer KenolKobil got a reprieve after a court suspended the execution of a judgment where it was ordered to pay over Sh32 million to its former landlord, Canarian Holdings Ltd. https://www.businessdailyafrica.com/bd/corporate/companies/kenolkobil-respite-in-sh32m-row-with-ex-landlord-4683124
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KenolKobil respite in Sh32m row with ex-landlord

KenolKobil had argued that it had good grounds of appeal and that the court should grant the stay order sought.

Kenya Airways is expanding into the Slovenian market, with a new code-sharing agreement with Air France to carry passengers between Paris and Ljubljana, the capital and largest city of Slovenia. https://www.businessdailyafrica.com/bd/corporate/companies/kq-eyes-slovenia-with-new-air-france-code-share-deal-4683106
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Kenya Airways eyes Slovenia with new Air France code share deal

The national carrier and Air France in 2019 agreed to share the route but the deal had not been implemented.

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