Business news highlights June 15 2017

Business news highlights June 15 2017

Hearings on controversial coal plant postponed for lack of quorum

Hearings on the controversial Lamu coal plant were stalled for the second time after two members of the National Environmental Tribunal failed to appear in court.

A local lobby group, Save Lamu, moved to court to bar the construction of the Ksh210 billion plant, disputing National Environmental Management Authority’s (Nema) circumstances under which they issued a licence to the firm.

“Nema used the same tactic in Lamu County to block public input on the coal plant, holding public consultation meetings at inaccessible places,” an official said.

Other groups opposing the plant in Lamu include Unesco, Lamu Juu, Nature Conservancy, Sierra Club and Lamu’s local communities.

 

House team shoots down plan to bail out KQ

The National Assembly’s Finance, Trade and Planning Committee on Wednesday dashed hopes of Kenya Airways’ Ksh77.3 billion bailout plan by the Treasury.

The house team declined to approve the loan guarantee that Treasury has granted the national carrier on grounds of illegality.

The law makers said they could not ask Parliament to approve the loan until the legitimacy of using leased assets (airplanes) to guarantee the debts that KQ owes local and foreign banks is determined.

The national carrier is seeking Treasury’s guarantee for a $525 million loan obtained from America’s Export-Import Bank and an additional $225 million obtained from local lenders.

Nairobi traffic 2nd worst in the world, report says

Numbeo, a website that that collects user-contributed data about cities and countries worldwide, has ranked Nairobi’s traffic situation as the second worst in the world.

India’s Mumbai and Pune rank as first and third respectively, with Egypt’s Cairo coming in fourth and Kolkata, also in India fifth.

The traffic index put into consideration time spent in traffic as people commute to work, estimation of time consumption dissatisfaction, CO2 consumption estimation in traffic and overall inefficiencies in the traffic system.

On average, Nairobians spend 55.79 minutes in traffic while the traffic condition index is at 253.22.

It is estimated that congestion leads to loss of about Kh58 million a day in terms of lost productivity with as many as 13,000 people dying each year in road accident.

 

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