Business highlights – November 10, 2017

Business highlights – November 10, 2017

Senate approves Bill for release of County cash

Kenya’s Senate has approved a Bill allowing the National Treasury to release money to county governments.The passage of the County Allocation of Revenue (Amendment) Bill unlocked a stalemate with the Council of Governors (CoG). The county bosses had threatened to go to court over the delay in the release of the Sh77.4 billion for the first quarter.The devolved units have been cash-strapped for months due in part to the prolonged elections.

Tensions high as Nakumatt stakeholders prepare for Supreme Court ruling on November 16

Tensions have remained high among Nakumatt’s stakeholders as they await a High Court ruling slated for November 16 regarding the retailer’s petition for protection from creditors to whom it owes billions of shillings . Thousands of jobs are at stake, and France’s Carrefour and South Africa’s Shoprite are already moving to fill a gap that has continued to widen as Nakumatt closes down some of its outlets.

Over 600,000 homes to be connected to national power grid

As many as 626,700 households will soon be connected to electricity after utility company Kenya Power awarded contracts to construct new power lines and transformers into villages at a cost of Ksh30 billion. On Thursday, the firm launched the second phase of the government’s mass connectivity project introduced in 2015 where homes are connected at a subsidised fee of Ksh15,000, about half the previous cost. The project is estimated to take 18 months.

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