Kenya Power says it does not own transformers that KRA is auctioning over unpaid taxes. Says the transformers are owned by suppliers who won tenders. — Business Daily

Kenya Revenue Authority(KRA) has issued a notice to auction Kenya Power transformers. KRA has given Kenya Power 30 days to clear taxes on import of the transformers plus storage fees. — Business Daily

South Africa based Global Credit Ratings (GCR) has downgraded credit profiles of CIC Insurance Group general and life units. Assigned BBB from BBB+ citing deterioration in the group’s credit profile with a negative outlook. — Business Daily

Safaricom paid 2% of its MPESA revenues to MPESA Africa, a company it owns on a 50:50 basis with Vodacom Group. Amount paid was Kshs 1.4 billion. — Business Daily

Lipa na Mpesa is currently generating Shs 40 million in revenues monthly for Safaricom. — Business Daily

State-run Ethio Telecom, which has invited private investors to buy a stake in it, reported a 18.4% rise in full year revenue to end-June to 56.5 billion birr ($1.29 billion). The Company recorded a 22% jump in subscribers to 56.2 million. — Reuters

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