• 5 Dec 2020 - On January 2, 2020, Ksh.101.34 would have been enough to get your hands on a US dollar, today, you would require Ksh.110.97 to close the same transaction. More Kenyan shillings are required in the swap for dollars while less US dollars are needed to end up with more of the local currency in your…
  • 5 Dec 2020 - Stakeholders in Kenya’s construction sector have sought collaboration with government agencies to grow the share of local contractors in projects. This as the share of domestic contractors in major construction projects remain below par and against provisions requiring a 30:70 split of ownership…
  • 4 Dec 2020 - The National Treasury has moved to cut off COVID-19 tax relief measures effective from January, 2021 as it seeks to reinstate lost government revenues. In a statement to newsroom on Friday, Treasury Cabinet Secretary Ukur Yatani says tax rates for pay as you earn (PAYE) along with value added tax…
  • 4 Dec 2020 - Private sector activity in the economy has slumped to a five-month low in November on COVID-19 resurgence fears. According to the monthly-published Stanbic Bank Kenya Purchasing Managers Index (PMI) productivity in local firms has softened significantly as new orders plateau. The headline PMI…
  • 4 Dec 2020 - The Kenyan shilling has remained in a free fall as it crosses a new confidence marker to trade past Ksh.111 mark against the US dollar. The local unit was quoted at Ksh.111.13 ahead of Thursday’s trading close in contrast to Ksh.110.67 on Wednesday evening. The shilling’s weakening continues to be…
  • 2 Dec 2020 - Commercial banks have been put on the spot for resembling digital lenders by saddling Kenyans with exorbitant mobile loans. This is as the traditional lenders also opt for loan issuance via mobile applications which present avenues to slap customers with hidden fees which have the impact of…
  • 2 Dec 2020 - The number of international arrivals through all points of entry into the country has fallen 72 per cent across ten months to October. This is according to data from the Tourism Research Institute which shows 470,971 arrivals between January and October in comparison to 1,718,550 arrivals at the…
  • 2 Dec 2020 - Retail chain Carrefour has opened its first store at the Kenyan Coast as it takes up space at Nyali’s City Mall replacing Shoprite which exited the local scene earlier this year. The new Mombasa outlet expands the chain’s footprint in the country to nine branches including eight in Kenya’s capital…
  • 1 Dec 2020 - The National Treasury has set Ksh.40 billion as its local borrowing target during the month of December. The Central Bank of Kenya (CBK) which executes the government’s local borrowing program on behalf of the fiscal agent has re-opened two bonds tenured at 6.8 and 13.5 years respectively. The CBK…
  • 1 Dec 2020 - The National Treasury says it will now favour taking out Euro-denominated loans over credit extended in US dollar terms as it seeks to minimize Kenya’s foreign exchange exposure. The proposal which is part of the planning ministry’s medium term debt management program is geared at cutting risks by…
  • 1 Dec 2020 - A new ride hailing entrant in the East African region, Catch Taxi Kenya has offered to slash down travelling costs by 30%. In the newly-launched holiday campaign dubbed Ride sawa, Kamata catch, riders will now enjoy comfort and safety within Nairobi and upcountry at affordable rates. According to…
  • 1 Dec 2020 - Kenyans are expected to feel the pinch of greater costs with November inflation shooting to a seven-month high 5.46 per cent from 4.84 per cent in October. Food costs pressures continue to build with the month-to-month food and non-alcoholic drinks inflation rising by 1.54 per cent during the…
  • 1 Dec 2020 - A Kenyan tech-company has set up a new e-learning platform for children who are still at home in the advent of the COVID-19 pandemic. Also Read: Learning to resume in 2021 but schools that already reopened to continue  Techlait Innovation (K) Limited offers lessons suitable for students in the 8.4…
  • 30 Nov 2020 - National carrier Kenya Airways (KQ) has resumed direct flights to the United States effective Sunday ending a near-11-month hiatus. The carrier had suspended its passenger flights to the John F Kennedy airport in New York City on March 27 keeping only cargo and special repatriations flights…
  • 30 Nov 2020 - The Ministry of Trade has proposed a new set of operating guidelines for traders selling alcoholic drinks to tame the spread of COVID-19. In the new rules, businesses will be expected to have a designated staff or team responsible for enforcing compliance to Health Ministry regulations. “Owing to…
  • 30 Nov 2020 - Multichoice draws first blood in copyright strike The post Multichoice Kenya draws first blood in copyright strike appeared first on Citizentv.co.ke.
  • 30 Nov 2020 - Spire Bank has sunk further into the hole with its nine months of operations in the year leaving it with a widened Ksh.783.6 million loss. The four times acceleration in loss making from Ksh.212 million has come on the back of the bank’s extended break to the Central Bank of Kenya (CBK) thresholds…
  • 30 Nov 2020 - Housing Finance Group has announced a near eight time expansion in loss making across nine months to September 30 to Ksh.730.2 million. The greater loss from Ksh. 84.6million last year is largely attributable to depleted operating income streams with both interest and non-interest income heads…
  • 29 Nov 2020 - The tweet was when Eric Yuan knew something had to change. Boris Johnson, the UK prime minister, shared a photo from his first ever virtual cabinet meeting. The cybersecurity red flags jumped out immediately. Some cabinet secretaries’ Zoom screen names were visible, you could see which platform…
  • 29 Nov 2020 - Kenya is positioning tea tours as part of top tourism experiences that will add to the diversity of tourism products offered by the destination. Bomet County on Friday played host to the unveiling of the tea tourism product ceremony paving the way for packaged tea tours across tea growing areas in…
  • 27 Nov 2020 - Local banks have now restructured Ksh.1.38 trillion in customer loan repayments as part of relief measures passed on to borrowers over COVID-19 related distresses. The loan restructures to the end of October represent 46.5 per cent of the total banking sector loan book of Ksh.2.97 trillion and is…
  • 27 Nov 2020 - The Kenya shilling slipped past another crucial confidence marker on Friday as it breached the Ksh.110 mark in its valuation against the US dollar. The shilling was quoted at Ksh.110.06 ahead of Friday’s close in comparison to Ksh.109.98 at Thursday’s close. The unit which has been trading at…
  • 27 Nov 2020 - NCBA bank has reported a 45.7 per cent decline in nine months earnings with profit dipping to Ksh.2.5 billion from Ksh.4.6 billion last year. The near halving of earnings is largely attributable to the bank’s increased cover for loan defaults occasioned by riskier borrower profiles. The loan loss…
  • 27 Nov 2020 - Investment firm Centum Group has sunk into a Ksh.2 billion loss in six months of operations to September 30 from a profit of Ksh.6.8 billion at the same time last year. The loss position is largely attributable to a substantive hit on two of the Group’s private equity investments including…
  • 27 Nov 2020 - Stanbic Bank Kenya has announced a Ksh. 3.6 billion after-tax profit for the period ended September 30, 2020 underpinned by solid balance sheet growth and improved operational efficiency. Announcing the Q3 results, Stanbic Bank Chief Executive Charles Mudiwa said: “2020 has been a challenging year…
  • 27 Nov 2020 - It has emerged that despite the data protection law being in force for nearly 12 months, most Kenyans are unprepared to effect its regulations. With COVID-19 pushing more organizations to adopt technology for their operations, public and private sector staff, contractors and executives are working…
  • 26 Nov 2020 - The Central Bank of Kenya (CBK) has left the benchmark lending rate unchanged at seven percent for the fifth straight time following its policy meeting on Thursday. The reserve bank’s notes the seven percent Central Bank Rate (CBR) adjusted last in April this year remains accommodative of economic…
  • 26 Nov 2020 - Oil explorer Tullow Oil says it will deploy the 11 months left on its extended exploration license to optimize the project to fit low oil prices in the international market. In a statement issued on Wednesday, the company says the lower than expected crude prices have forced the company to…
  • 26 Nov 2020 - The manufacturer of carbon dioxide gas for industrial use Carbacid Investments has made a Ksh.1.2 billion bid for its peer BOC Kenya, an industrial and medical gases manufacturer. The offer will see Carbacid pay out a Ksh.63.50 premium for each ordinary share of BOC Kenya. The deal is however…
  • 26 Nov 2020 - The National Securities Exchange on Thursday launched a premium digital learning platform called the NSE Digital Academy. It is an online platform incorporating a fully automated Learning Management System (LMS) that will support virtual training and certification as well as a trading simulator…