Business highlights July 26 2017

Business highlights July 26 2017

Govt intervenes to salvage sinking Nakumatt

The government seem to be relinquishing its hard stance against Nakumatt’s plea for financial aid and has now moved to help the chain retailer resolve its debt issues.

The giant retailer has been wallowing in debts that has seen it close several branches in Kenya and Uganda and got creditors breathing fire on its neck.

Last month, the government turned down Nakumatt’s plea for bailout. However, the government on Tuesday initiated mediation talks with banks in the country that could see the lenders help in restructuring the supermarket which is now staring at liquidation.

The government has however ruled out bailout as part of the plan. 

Air France to resume Nairobi flights after 18 years

French national carrier, Air France, is set to resume its direct flights between Nairobi and Paris which were suspended in 2000.

In a statement released by Air France on Tuesday, the airline will resume its flights between the Charles de Gaulle airport in France and Nairobi’s Jomo Kenyatta International Airport (JKIA) from March 2018.

“As of March 25, 2018, the French national airline will offer three flights a week operated in Boeing 787-9 Dreamliner seating 30 business class passengers, 21 in premium, and 225 in economy,” reads the statement.

The announcement is a welcome incentive for Kenya’s tourism sector that had been stifled by a series of terror attacks and subsequent travel advisories.

Kenya, South Korea sign tax treaty

Kenya and South Korea have signed a tax deal that will eliminate double taxation on the earnings of private companies which have operations in both Kenya and South Korea.

The pact was signed as a result of talks between delegates from Kenya’s Treasury and South Korean representatives.

Shareholders in these companies will also be exempted from the taxes.

“Kenya has ratified various double taxation treaties in a bid to make herself a choice investment hub. (The country) has cemented her relationship with the Republic of South Korea by ratifying a double taxation relief treaty between the two countries by way of legal notice No217 of 2017,” Treasury said in a statement.

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