Afternoon business highlights – February 15, 2018

Afternoon business highlights – February 15, 2018

Regulator raises Likoni Ferry charges

Kenya Ferry Services has increased charges for vehicles crossing the Likoni Channel by between 25 and 35 per cent. Vehicles between 3.5 and 4.5 metres long will pay Sh120, up from Sh90 while pick-ups are to be charged Sh150, up from Sh120. Tourist vans which used to be charged Sh220 will now pay Sh280 while passenger buses fees have been increased from Sh880 to Sh1,100.

Alcohol manufacturers want tougher laws to curb trade in illicit products

Alcohol manufacturers want the licensing mandate for manufacturing and importing liquor take away from the county governments to the national government. Speaking during the launch of a campaign on illicit brews in Kerugoya, Kirinyaga County, the manufacturers insisted on tougher laws to seal loopholes allowing the re-emergence of illicit and substandard alcoholic products. Alcoholic Beverages Association of Kenya (ABAK) chair Gordon Mutugi called for an amendment of the liquor laws to deal with the cartels that have infiltrated the business.

Treasury angered by Moody’s downgrade

Kenya has questioned a decision by credit ratings agency Moody’s to downgrade the East African country’s debt at a time when senior officials are travelling abroad to market new dollar bonds. Moody’s downgraded Kenya’s rating to “B2” from “B1” on Tuesday and assigned a “Stable” outlook. Director General for budget, economic and fiscal affairs at the Treasury, Geoffrey Mwau, said Moody’s had not taken account of Kenya’s positive economic fundamentals, with growth expected to rebound to 5.8 percent this year.

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