Business highlights – December 29, 2017

Business highlights – December 29, 2017

Maize flour prices set to rise

The price of maize flour is likely to rise above Ksh110 after Ministry of Agriculture Cabinet Secretary Willy Bett said a Ksh6 billion subsidy meant to deal with a countrywide shortage will not be extended beyond Sunday. Maize millers said the cost of buying the grain is set to average Ksh3,400 a 90-kg bag, forcing them to increase flour prices by at least Ksh20 from the current Ksh90. This will benefit farmers who had been pushing for higher grain prices but put pressure on inflation.

Tanzania ranked favourite destination for Kenyan investors

A Kenya National Bureau of Statistics report shows that Tanzania has beaten Uganda and the US to become the main destination of investment for enterprises and investors in Kenya. Recent figures on Kenya’s investment stock across the world indicate a gradual shift in investor preferences, with Tanzania and South Africa now emerging as key investment destinations.

Total Kenya moves to curb distribution of counterfeit cooking gas

Oil marketer, Total Kenya has launched a service for its cooking gas customers to use their phones to verify validity of the fuel they are buying to avert accidents linked to illegal refilling by unscrupulous dealers. To verify, customers will have to scratch the label attached to the gas cylinders and text a unique code to 38353. The SMS service is free. The oil distributor said the campaign will help to weed counterfeit products out of the market that is currently choking with illegal refills.

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