Khashoggi killing complicates Saudi rescue bid for South African arms firm

By Reuters,

Loss-making South African arms maker Denel has a problem as it fights to survive. Its potential savior is Saudi Arabia, now drawing fierce criticism f...

Khashoggi killing , President Cyril Ramaphosa , Saudi , South African arms firm

Uchumi banks on franchising after Govt pulls plug on bailout

By Mumbi Warui,

Uchumi Supermarkets has called for franchise bids for its Nairobi west branch just a month after it invited bids for its Langata Hyper branch. This...

bailout , Chris Kiptoo , franchise , government , Mohammed Ahmed , retail , Retail Traders Association , uchumi , Wambui Mbarire

Govt rules out Uchumi bailout

By Mumbi Warui,

Uchumi Supermarkets is staring at a bleak future with the government ruling out pumping in more money to revive the struggling retailer. Uchumi, wh...

bailout , cash crunch , Chris Kiptoo , debt restructuring , investment , Mohamed Ahmed , nse , retail , ROI , Trade , uchumi

Uchumi bets on franchising to lift fortunes

By Citizen Reporter,

Loss making retailer Uchumi is set to venture into a franchising deal as it seeks to salvage its operations. The move is aimed at offering private ...

bailout , branches , franchise , loss , retail , uchumi

Uchumi strike over unpaid salary

By Citizen,

Business across Uchumi branches came to a halt on Wednesday morning after workers downed their tools to protest nonpayment of salaries. According t...

Andrew Dixon , government bailout , Julius Kipng'etich , retail , strike , uchumi , Workers

Sakaja pledges more Leopards support after Super Cup bailout

By Benson Mbare,

Nairobi Senator Johnson Sakaja has come to the rescue of troubled AFC Leopards after it emerged the 12-time champions were going to forfeit Sunday’s...

AFC Leopards , Nairobi , Sakaja pledges more Leopards support after Super Cup bailout , senator

Kenya Airways CEO sees 10 pct revenue bump from direct U.S. flights

By Reuters,

Kenya Airways expects its daily direct flights to the United States that it launches for the first time in October to boost annual revenue by 10 perce...

Aviation , boeing , dreamliner , Kenya Airways , Michael Joseph , New York , Revenues , Sebastian Mikosz , US based companies

Banks, suppliers rope in trade ministry to mediate Nakumatt payment delays

By Patrick Igunza,

The Ministry of Trade and Industrialization has been called in to mediate talks between Nakumatt Holdings and its creditors as concerns mount over unp...

bailout , Chris Kiptoo , delayed payments , Ministry of Trade and Industrialization , nakumatt , non performing branches , restructuring , suppliers

Govt. eyes large Kenya Airways stake in debt restructuring deal

By Mumbi Warui,

The cabinet has approved a proposal by Kenya Airways to guarantee its debt owed to the  Export-Import Bank of the United States and a consortium of l...

Aviation , Bail out , debt restructuring , government , Kenya Airways , KLM , Michael Joseph , Sebastian Mikosz , shareholding structure

Britain’s state-rescued Lloyds bank back in private hands

By AFP,

British bank Lloyds, bailed-out by the UK government at the height of the financial crisis, said Wednesday that it had returned to full private owners...

bailout , banking , Britain , financial crisis , Lloyds Bank , Royal Bank of Scotland , UK government

Mumias disputes indefinite factory closure claims

By Patrick Igunza,

Lack of sugarcane availability has forced listed sugar miller Mumias to shut down its factory. The out of crop closure(OCC) is a normal procedure u...

bailout , cane , Errol Johnston , farmer debt , government , Ken Mulwa , milling , Mumias , sugar miller , sugarcane

Uchumi cuts half-year loss to Sh547.3m

By Citizen,

Uchumi Supermarkets restructuring plans continue to pay off, with the retailer cutting its half-year loss by nearly half a billion shillings. In th...

bailout , capital raising plan , cautious stock policy , cost management , Julis Kipng'etich , National Treasury , restructuring plan , retail , return to profitability , sale of non core assets , strategic investor , suppliers , Trade , uchumi , Uchumi Express

Greece debts still unsustainable despite progress – IMF

By VOA,

Greece, which has been struggling for years with high debts and painful rates of unemployment, is making progress toward reducing its massive budget p...

Mumias brings in new chairman to steer turnaround

By Citizen,

Sugar miller Mumias has overhauled its board after shareholders expressed dissatisfaction with the previous directors. In the shakeup Kennedy Mulwa...

business , Cane Poaching , Dan Ameyo , ethanol , government bailout , John Barorot , Kennedy Mulwa , Mumias Sugar , sugar mill , sugarcane , sugarcane farmers , turnaround strategy

Uchumi restructuring cuts full year loss to Sh2.8bn

By Michael Karanja,

Uchumi Supermarkets’ restructuring efforts have begun paying off as the retailer cut its full year 2016 full year loss. In the period ended June ...

business model , franchising model , full year loss , government bailout , Julius Kipng'etich , operating costs , renegotiating supplier debt , retailer , Revenues , sales , suppliers , uchumi , Uchumi Express , Uchumi Mini

Ex Uchumi CEO Ciano deposits Sh9.5m as he fights CMA case

By Dzuya Walter,

Former Uchumi Supermarkets chief Executive Officer Jonathan Ciano has entered into an agreement with the Capital Markets Authority (CMA) to deposit ha...

Anti-corruption and Economic court , Capital Markets Authority , conflict of interest , former Uchumi CEO , government bailout , illegaly supplying Uchumi with goods , jonathan ciano , Justice Roselyn Aburili , National Treasury , turnaround king , uchumi , Uhuru kenyatta

New Ghanaian President Nana Akufo-Addo sworn in

By VOA,

Nana Akufo-Addo was sworn in Saturday as the new president of Ghana after winning the election a month ago. Akufo-Addo, 72, defeated incumbent John...

Ghana , Ghana new president , Nana Akufo-Addo

Treasury allocates Uchumi Sh500m in first tranche of bailout package

By Sophie Kinoti,

The National Treasury has allocated half a billion shillings to cash strapped Uchumi Supermarkets, as part of government efforts to revive the retaile...

bailout , Christmas Shopping , Dr Julius Kipng'etich , first tranche in the bailout , National Treasury , offer liquidity support , restructure the business , supplier debt , suppliers , uchumi , Uchumi supermarkets

Govt. writes off Sh2.4bn coffee debt

By Ephraim Mugo,

The government has bailed out coffee farmers from Sh2.4 billion owed to cooperative societies. The announcement made by President Uhuru Kenyatta du...

Coffee , coffee cooperative societies , Economists , farmers , government bailout , Institute of Economic Affairs , Kirinyaga County. , Kwame Owino , President Uhuru Kenyatta

CMA goes after ex-CEO Ciano for role in Uchumi mess

By Citizen Team,

The Capital Markets Authority (CMA) has taken stern action against former Uchumi Supermarkets Chief Executive Officer Jonathan Ciano as well as five p...

Chadwick Okumu , CMA , Faida Investment Bank , financial mess , forensic audit report , Institute of Certified Public Accountants of Kenya , James Murigu , jonathan ciano , Khadija Mire , regulator , stern action , uchumi