Wednesday, March 02, 2005

Business Briefs

Econet Licence Good: Econet is Back (for now at least) on track - But I won’t believe it till I see the launch, and a kiosk selling Econet airtime.

KRA is no IRS: The Kenya Revenue Authority is unable to pay 2.2 billion in VAT refunds it owes to corporations. They blame the Minister (Treasury) for giving away to many incentives and waivers.

Daima Bank: Depositors and Creditors of Daima Bank are invited to a meeting at 680 Hotel on 4th March at 10 a.m. where they will be given an update on attempts to revive the Bank that is now under statutory management by CBK.

Serena Profits: In a sign of the recovery in the tourism sector, Tourism Promotion Services (the Serena Hotels Group) announced a 420% increase in profits – from 25m in 03 to Kshs. 130 million in 2004.

Media: After reviving True Love and Drum Magazines, the Nation Media Group will now also revive the Weekly Review after taking over the name from Hillary Ngweno.

Meanwhile the Standard will launch a Coast magazine pullout in its Thursday paper, starting tomorrow, to compete against the Nation’s Coast Express which is published on Friday’s (as a separate weekly newspaper).

Supermarkets: Uchumi plans to do a share rights issue (similar to KCB in 04) in June 2005 to raise Kshs. 750 million.

Meanwhile Nakumatt management confirmed plans to open 2 stores every year.

Airlines: An Official of Miami Dade Aviation wrote a letter to the Standard to clarify that (i) their recent visit to Kenya was to assist JKIA upgrade from a category II to Category I status which would enable direct flight to America, and also to promote a trade conference which will take place in the US later this year( ii) denied that they (Miami) had insisted that KLM/KQ alliance be dissolved (iii) confirmed that there were no plans yet for KQ to fly to Miami, at this stage they have only presented a proposal to the KQ MD

Meanwhile Al-Etihad Airlines will fly from Abu-Dhabi to Nairobi

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