Business News Highlights

Nema receives 1Bn to mitigate climate change

The National Environment Management Authority (Nema) has received Sh1 billion from the Adaptation Fund to help in mitigation of Green House Gas Emissions in some parts of the country that are mostly affected. Speaking yesterday in Nairobi during the Second National Communication to the UN framework Convention on Climate Change, Prof. Geoffrey Wahungu Director General for Nema, said that more funds are needed as Global warming is a reality.

He noted that the fund will go a long way by helping 14 communities that are more exposed to climate change, the communities include Western parts of Kenya like Budalangi that are mostly flooded, Coast province, Laikipia and Kajiado. Globally carbon dioxide emissions have increased due to the growth of the population. Experts say the emissions will continue to increase towards 2030 if nothing is done.

Government’s move to increase supply of affordable electricity firmly on course, Kenyatta says

The Kenya government’s objective of increasing supply and reliability of electricity to all Kenyans at an affordable rate is firmly on course, President Uhuru Kenyatta has said. The Head of State has noted that increased access to power will boost economic growth and create jobs across the country. Speaking during the recent State House Energy Summit in Nairobi, Kenyatta vowed to improve service delivery within the energy sector.

Also at the event, Ministry of Energy Cabinet Secretary Charles Keter added that the government has invested in developing more electricity substations and transmission lines to boost power availability across the country. Kenyatta said the aim of the Summit is to bring the administration, as well as energy consumers, a clearer, more coherent picture of energy policy and its consequences.

New report calls on Competition Authority to crack down on cartels inhibiting fair pricing of goods

Kenya’s Competition Authority should take additional steps to strengthen their ability to detect and deter cartels, World Bank officials have said. A new report from the World Bank Group and the African Competition Forum, dubbed ‘Breaking Down Barriers: Unlocking Africa’s Potential’, says that consumers in Kenya and her sub-Saharan counterparts are suffering due an inhibitive pricing ofgoods and services brought on by cartels.

The data, released earlier this week, shows that cement in Africa costs 183 per cent more than it does in the rest of the world. The analysis also indicates that sub-Saharan Africa has the highest final telecoms cost for consumers in the world. It indicates that farmers in the region have been forced to contend with the inhibitive price of fertilizer, which is 29 per cent higher than it should be.

The data has called on competition authorities to use more effectively tools for detecting cartels and investigating them. The World Bank Group has stipulated that one strategy for promoting competition is to focus on key sectors that are especially important to the growth of African economies.

Uber slashes cab prices for Nairobi residents by 35pc

Uber, an American-based multinational online transportation company with operations in Kenya, has announced a 35 per cent reduction in its prices that will benefit customers using its services in Nairobi. The company said the discounted prices were as a result of its effective and advanced technology that has seen a majority of Kenyans subscribe to the service. Uber Kenya’s General Manager, Nate Anderson revealed yesterday that the group will be offering value-added prices and that less time will be wasted in seeking their facilities.

More than one million trips have been made using Uber since their launch in January 2015. He stated that the older prices were based at Sh100 per kilometer and have now been reduced to Sh35 per kilometer. He further noted that Sh300 will be the minimum fare and that cancellations will cost Sh200.

 

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