Four things you need to know today

1.Bread prices drop, again

Bread makers have been forced to slash prices of bread by Ksh5 amidst stiff competition.

Bread makers such as Festive Bread, Superloaf and Broadways have in the recent past lost revenue in a brief price war with in-house bakeries across Kenya’s supermarkets.

The price of bread in the in-store bakeries of supermarkets has been cheaper by an average of Ksh5 since April. This is due to baker’s increasing their prices to have consumers bear the additional cost of wheat and ingredients such as cooking oil.

To the consumer’s delight, it is observed that a 400-gram loaf of either Superloaf or Festive Bread is currently retailing at Ksh 50 down from Ksh 55.

External bakers have lowered their final prices to keep up with the competition –

2. Rich Kenyans move Sh34 billion in fixed deposits 

Wealthy Kenyans and companies stockpiled a record Sh33.8 billion in two months in fixed bank deposits in the wake of withdrawals from dollar-based accounts and search for safety for their savings.

Central Bank of Kenya (CBK) data shows that fixed bank deposits held by Kenyans hit a historic high of Sh1.567 trillion in May, up from Sh1.533 trillion in March.

Analysts say the switch was triggered by the strengthening of the shilling against the dollar, which has reduced the appetite to put money in foreign currency with the hope earning both bank interest and capital gains.

The savings in fixed accounts, which have increased by Sh165 billion since the onset of Covid-19 in Kenya in March last year, is an indication that the wealthy are protecting their value and hedging rather than seeking new areas in which to invest their fortunes – Businessdaily Africa

3. UDA’s original owners want back their party

Fresh ownership wrangles have rocked the United Democratic Alliance (UDA), linked to Deputy President William Ruto after former officials moved to court seeking to take back the party.

UDA former Chairman Mohammed Abdi Noor moved to the Political Parties Disputes Tribunal in a bid to reclaim the party from the interim officials – Chairman Johnstone Muthama and Secretary General Veronica Maina.

Noor accused Muthama and Maina of illegally taking over the party leadership in an unconstitutional manner. He wants to Tribunal to overturn the changes made at the Party and reinstate him as the Chairman of UDA –

4. President Uhuru visits volatile Boni Forest

President Uhuru Kenyatta visited the multi-agency team of Kenyan security officers undertaking joint operational training in Boni Forest, Lamu County.

The Field Training Exercise (FTX), is part of a broad Whole-of-Government approach to the delivery of security services by leveraging on interoperability of Kenya’s security assets.

The FTX, which is coordinated by the Kenya Defence Forces (KDF), brings together troops from the different security formations in the country among them Kenya Police Service (NPS), National Youth Service (NYS), Kenya Wildlife Service (KWS), Kenya Forest Service (KFS) and Kenya Coast Guard (KCG) with a view of attaining high levels operational efficiency – People Daily