FINANCE EA DAILY BUSINESS NEW SUMMARY
Kenya is now the cheapest country to purchase diesel in Eastern Africa
Diesel prices in Kenya are the lowest in eastern Africa in the wake of the monthly subsidy, reversing the market structure that made the country’s fuel the most costly in the region. A litre of the commodity costs Sh112.63 on average in Kenya, compared to Sh118.44, Sh139.08 and Sh149.91 in three of the six East African Community countries, Tanzania, Uganda and Burundi, respectively.
This bucks a trend where Kenya has had the costliest super petrol and diesel in the region mainly due to relatively high taxes and levies, which encourage local motorists in border towns to fuel in the neighbouring countries. The shift in the market structure is linked to the introduction of monthly subsidies in Kenya, which cut the current diesel prices by Sh23.29 a litre…Business Daily
How boda boda riders make Sh1bn every day
The boda boda sector provides one million direct jobs for riders earning Sh1 billion daily, says a new study, underlining the importance the motorcycle business to Kenya’s economy amid a countrywide crackdown on the operators over indiscipline. A study of the sector by listed firm Car & General (C&G) which sells motorcycles, their spare parts and other engineering equipment — shows that it also supports six million livelihoods indirectly, about 10 percent of the country’s population.
C&G estimates that each rider makes an average of Sh1,000 per day from an average of 15 rides, translating to a daily income of Sh1 billion or Sh365 billion annually for the one million of them…Business Daily
Kenya is now the cheapest country to purchase diesel in Eastern Africa
Diesel prices in Kenya are the lowest in eastern Africa in the wake of the monthly subsidy, reversing the market structure that made the country’s fuel the most costly in the region.
A litre of the commodity costs Ksh112.63 ($0.99) on average in Kenya, compared to Ksh118.44 ($1.04), Ksh139.08 ($1.22) and Ksh149.91 ($1.31) in three of the six East African Community countries, Tanzania, Uganda and Burundi, respectively…The EastAfrican
Impounded cars released from Mombasa port
Clearance of hundreds of second-hand imported vehicles that were being held at the port of Mombasa due to disputed debt and unverified documentation has begun. A month ago, authorities launched investigations into a possible car smuggling racket targeting the East Africa region, which led to the holding of the vehicles headed for Uganda, South Sudan and Rwanda…The EastAfrican
When it’s time to walk away from your Sacco
If you reach a point where you want to part ways with your Sacco, it is important to understand a few things before initiating the withdrawal process. Financial experts advise that you should ask yourself why you joined the Sacco in the first place, and whether you have attained that purpose. Moses Chebor, a former manager at Boresha Sacco, says you should have a valid reason for leaving. “It could be reasons such as when you want a loan, they do not issue you with one or delay in processing it,” he says…Standardmedia
Why Ugali could soon be off your menu
Kenyans should brace themselves for higher food prices as the taxman and city authorities move to levy cess on cereals delivered to millers around the city. The pinch is likely to be felt across the country, given that the city millers sell their food products in all corners of the country.
The Kenya Revenue Authority (KRA) said the market cess will be levied on cereals delivered at various millers’ premises in the capital city…Nation