Business highlights July 31 2017

Business highlights July 31 2017

Cybersecurity firm puts android users on alert

Cybersecurity firm, ESET East Africa, has issued an alert to users of Android mobile phones over the alternative app stores’ potential to spread malware such as the screen locking malware.

ESET’s Country Manager in Kenya, Teddy Njoroge, has said that the malware is a fast growing problem for android phone users.

“Just like SMS trojans, ransomware threats have evolved over the past few years with hackers adopting techniques that have proven effective in regular desktop malware to develop lock-screen types and file-encrypting ransomware. These have been causing major financial and data losses for years and which have now made their way to the Android platform“, he said.

Maize prices hit record high prices amid scarcity threats

The retail price of maize has hit a record Ksh5,849 for a 90kg bag amid prevailing scarcity of the product in the country.

This comes despite the government’s efforts to increase the inflow of duty-free imports and the projected season’s harvest.

The local retail price of maize has risen by 14% in the last 30 days to Friday, overtaking Tanzania, which up to last month was the most expensive market for the staple grain, shows data prepared by Regional Agricultural Trade Intelligence Network (Ratin).

In May 2017, the government introduced a subsidy for imported maize in a bid to lower the cost per bag to Ksh2,300.

Serengeti acquisition row lands EABL in trouble

East African Breweries (EABL) has been slapped with a fine of an undisclosed amount over failure to meet the terms attached to a pact in which the brewer acquired a controlling stake in Serengeti Breweries.

Tanzania’s antitrust agency imposed the financial penalty on the brewer to settle a dispute in which the Fair Competition Commission accused EABL of failing to honor the promises they pledged during the acquisition of the loss-making Serengeti in 2010.

EABL group finance director György Geiszl refused to disclose the amount of the fine terming it as “confidential information”.

“The cost of settlement was already provided for in the fiscal year 2016, so there was no impact on the year to June 2017 financials,” said Dr Geiszl.

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