Business highlights June 16 2017

Business highlights June 16 2017

Relief for KQ as parliament gives nod to Ks77.3 billion loan guarantee

National carrier Kenya Airways, has received a major boost after parliament on Thursday approved a Ksh77.3 billion loan guarantee.

The National Assembly approved recommendations by the Finance, Trade and Planning Committee in which the Treasury will guarantee the Ksh77.3 billion loan in a bid to resuscitate the ailing airline.

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.

The guarantees are being made in exchange for material concessions which include the extension of debt tenors, which will in turn improve KQ’s repayment obligations. 

Fashion retailer Deacons opens outlet in Mombasa

Deacons, a listed fashion retailer, will on Friday open doors to its fourth Adidas outlet in the country, in Mombasa’s City Mall, Nyali.

Deacons has held franchise for Adidas, a German multinational, since 2010. Other Adidas stores are in Sarit Centre, The Hub and Two Rivers Mall.

The launch of the new Adidas store comes after the retailer closed Angelo at its Sarit Centre branch in Nairobi and laid off five senior managers in May over poor performance.

The retailer operates under several brands including Angelo, 4u2, Truworths, Reebok, baby Shop and Mr Price.

Mombasa, Malindi hoteliers decry garbage pile-up in towns

Players in the hospitality industry in Mombasa and Malindi have raised alarm over increasing piles of garbage, ahead of the country’s tourism peak season.

The hoteliers have called upon Mombasa and Kilifi county governments to collect the garbage and clean up the towns.

The Kenya Association of Hotelkeepers and Caterers (KAHC) Coast branch executive, Sam Iwaye, has said that Mombasa, the country’s tourism hub, is sinking in the stench of the rotting garbage.

KAHC officials have termed Mombasa as an eyesore as road reserves and public areas produce overpowering stench, dispelling both local and international tourists.

 

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