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Relief for Kenyans as petrol, kerosene prices drop

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Diesel, widely used in the transport and agricultural sector has also dropped by an equal margin of Sh5, a move that is likely to tame the cost of living (inflation) which has been rising in recent months.

Poor households are the biggest beneficiaries in the latest monthly fuel price review as the cost of a litre of kerosene drops by the biggest margin of Sh7.28.

The drop in fuel prices comes despite an increase in the landed cost of petrol and diesel, where that of petrol increased by 1.71 per cent from $548.36 per cubic metre in August to $557.74 in September.

Diesel increased by 3.10 per cent from $489.51 per cubic metre to $508.68.

The cost of importing kerosene however dropped by 4.1 per cent to $477.75 from $498.19 per cubic metre.

“The government will utilise the Petroleum Development Levy to cushion consumers from the otherwise high prices,” EPRA director-general Kiptoo Bargoria said in a statement on Thursday afternoon.

The adjustments now put new pump prices at Sh129.72 per litre of petrol in Nairobi, down from Sh134.72.

That of diesel drops to Sh110.60 from Sh115.60 while kerosene will now retail at Sh103.54 per litre, down from Sh110.82 until November 14, when new prices will be announced.

Poor households are the biggest beneficiaries in the latest monthly fuel price review as the cost of a litre of kerosene drops by the biggest margin of Sh7.28.

This is because kerosene is widely used for lighting and cooking for these families.

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Section of The Mirage building in Westlands put on auction

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A section of The Mirage property located in Westlands, Nairobi has been put on auction over unpaid debt by Cresta Investments Ltd.

Garam Investments announced through a notice published in the local dailies on Monday, November 22, that the auction was scheduled for December 14, 2021.

The section of the property was described as the pent floor executive office complex of Tower Two within The Mirage.

The mirage is along Waiyaki Way, near Villa Rosa Kempinski, it consists of multi-story commercial buildings.

The title is a leasehold interest for a term of 50 years with effect from 1996 at an annual ground rent of peppercorn.

Rent of peppercorn means that no rent is payable although the property is leasehold.

A bidding deposit of Sh1 million will be produced by Bidders by a way of cash or bankers cheque before being allowed to bid.

The property is also registered in the name of Cresta Investments Ltd.

The section that is being auctioned has been described as Pent Office (Unit C) on the first floor of Nextgen Mall.

The office has a rental income of Sh360,000 per month.

The unit had been put on auction in 2020 but it appears no buyer has been able to acquire it just yet.

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World Bank, AfDB blacklist nearly 20 Kenya firms over fraud

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The world bank said last week an investigation was conducted by its corruption-fighting unit, it established that ADP had engaged in a fraudulent practice in a bank-funded project.

Nairobi-based consultancy firm Africa Development Professional Group (ADP) is the latest firm with Kenyan links to join the financiers’ blacklist after the world bank banned it for illegal fraud. The firm also says it has undertaken several multi-million shillings projects for the government agencies.

Others are Inotec Co. Limited, Sino – Kenya Engineering Group Company Limited, Rockey Africa Limited, Reef Building systems limited.

Two individuals Mr. Yuehua and Mr. Joram Bai and Mr. Joram Opala Otieno are also o the list. arising from the huge number of Kenyan firms that have been blacklisted, the AFDB recently revealed plans to hire quality assurance experts to enable greater transparency and oversight of its funded projects.

“Banks” portfolio in the region is facing a number of challenges and requires close monitoring,” said afdb in an internal document seen by the business. The bank said the consultant will also review and edit operations, strategy, and policy-related. As part of its effort to improve its cooperation with anti- cooperation with the anti-corruption and law enforcement agencies.

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“(They will) assist in the identification of problems related to the bank’s portfolio performance and service delivery, and promptly undertake appropriate action.”

A ban from the AfDB over fraud concerns may attract similar actions from other multilateral development banks, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the World Bank.

The financial institutions, which are mostly owned and financed by governments, have been keen to curb corruption in their projects, which run into billions of dollars annually.

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Bottom Up Hotel owner laughs to the bank after Ruto’s cash donation

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Bwana Zachary Matunda who owns the Bottom Up Hotel in North Mugirango, Nyamira County is a happy man after serving his biggest client yet, Deputy President William Ruto when he stopped over at the hotel during his hour of Nyamira on Tuesday, November 2.

The mud-walled hotel went viral on social media due to its name, Bottom Up which is also the deputy president’s economic model. The owner, Zachary Matunda said the hotel’s name was symbolic of his family’s struggle to rebuild their life from scratch after he lost his job.

After Matunda’s family served Ruto and the residents who accompanied him tea, the deputy president handed a wad of Sh100,000 cash to Matunda and his wife to help improve his situation.

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She immediately broke into prayer thanking God for the Sh100,000 windfall after which the couple took photos with the DP.

The deputy president speaking to Nyamira residents he said small-scale traders and farmers, are at the heart of the bottom-up vision. He added that an economy where they are empowered and thriving is an economy that has a strong base for everyone to grow.

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