• 15 Oct 2021 - The relief marked by Kenyans at the pump on Thursday has been short-lived with October electricity costs set to go up to stick above the already record highs. According to new tariffs for the month of October gazetted on Friday by the Energy and Petroleum Regulatory Authority (EPRA), the fuel cost…
  • 15 Oct 2021 - Digital lenders will not be subjected to minimum capital and liquidity requirements as the Central Bank of Kenya (CBK) is handed powers to regulate the controversial creditors. On Thursday evening, the National Assembly passed the 2021 Central Bank of Kenya (Amendment) Bill whose provisions will…
  • 15 Oct 2021 - Tax collected through the first quarter of the 2021-2022 fiscal year has risen by 31.2 per cent to Ksh.416.8 billion from Ksh.317.7 billion at the same stage last year. This is according to the latest data from the National Treasury statement of actual revenues and net exchequer issues as of…
  • 15 Oct 2021 - Digital lender Tala has announced the access of Ksh.16.08 billion ($145 million) in additional startup funding. The new disbursements bring’s the fintech’s total funding to more than Ksh.38.82 billion ($350 million) from partners including new investors Kindred Ventures and J. Safra Group. Tala’s…
  • 15 Oct 2021 - The United States government has affirmed it will continue strengthening commercial ties with Kenya against silence on the fate of proposed free trade agreement (FTA). Trade as a subject however took a backseat when President Uhuru Kenyatta met his US counterpart Joe Biden at the White House on…
  • 14 Oct 2021 - The Alcohol Beverages Association of Kenya (ABAK) is pushing to have bars open until 9pm. According to the liquor traders’ representative, a further two hours of operations by bars and other entertainment joints will serve to cushion the hit on the industry. The Association is backing its push on…
  • 14 Oct 2021 - Kenyans have earned a slight relief at the pump as the cost of all three petrol products falls in the latest review by the Energy and Petroleum Regulatory Authority (EPRA). The price of petrol and diesel is set to go down by Ksh.5 beginning midnight on Friday while kerosene costs will fall by the…
  • 14 Oct 2021 - Kenya now lies outside the top ten places in the latest 2021 Absa Africa Financial Markets Index published on Wednesday in 11th spot. This to mark a drop of four places in the index featuring 23 continental financial markets from 7th place in 2020. Kenya’s overall score of 47 points is meanwhile…
  • 14 Oct 2021 - Manufacturer East African Cables Plc is banking on Ksh.2.1 billion liquidity boost to pull itself further from a potential cash crunch. The firm whose financial health is presently in intensive care support is betting on Ksh.1.9 billion ($17 million) inflows forming part of a rights issue by…
  • 14 Oct 2021 - Proposed fuel tax cuts are expected to blow a Ksh.39.3 billion hole to revenues collected by the National Treasury. This is according to an analysis of the implication of the proposed tax cuts by the National Assembly Committee on Finance and National Planning. According to the scenario analysis,…
  • 12 Oct 2021 - Kenya seeks to hand over the first commercial licenses for 5G to mobile network operators in December of 2022. This is according to a new draft policy document mapping out the 5G road map in the country by the Communications Authority of Kenya (CA) which was published on Tuesday. The road-map…
  • 12 Oct 2021 - Only three out every 10 Kenyans (29%) are paying their Pay As You Earn (PAYE) taxes on income according to a new survey. The survey by the East African Tax and Governance Network (EATGN) co-authored by Tifa Research paints a worrying picture to tax compliance and revenue mobilization efforts in…
  • 12 Oct 2021 - President Uhuru Kenyatta on Monday witnessed the signing of a detailed private sector agreement that seeks to expand trade and investments betweeen Kenya and the United States of America. The agreement, signed between Kenya Private Sector Alliance (KEPSA) and Corporate Council on Africa (CCA),…
  • 11 Oct 2021 - The Kenya National Highways Authority (KeNHA) has announced further measures to ease traffic congestion along the Nairobi Expressway course. In a public notice issued on Monday, the highways regulator says it has opened up sections of the Expressway to traffic to pave way for restoration works…
  • 11 Oct 2021 - Kenya has the fourth highest interest in cryptocurrency according to new research by crypto brokerage BrokerChooser. The new research is based on an analysis of top global searches over the last 12 months for cryptocurrency-related searches. The survey also tackled the number of crypto owners and…
  • 11 Oct 2021 - The Unclaimed Financial Assets Authority (UFAA) today holds more than Ksh.20 billion in unclaimed assets — mostly idle cash owed to Kenyans. This currently comprises of Ksh.20 billion in cash and Ksh.1.2 billion share units. In spite of the prevailing economic conditions that have left many…
  • 11 Oct 2021 - Manufacturer East African Cables is now staring down at the bottom of the cliff as a new audit renders it virtually insolvent. According to the latest audit of the firm’s books by KPMG, the company’s current liabilities exceed current assets by Ksh.426 million. “A material uncertainty exists that…
  • 8 Oct 2021 - The management of Cytonn Investments has moved to cover itself from the wrath of investors by voluntarily placing two of its insolvent real estate funds under administration. The company’s Chief Executive Officer Edwin Dande initiated the process which will see the controversial Cytonn High Yield…
  • 8 Oct 2021 - The National Treasury has finally moved to breathe life back to the Privatization Commission after serving Parliament with a list of nominees to fill gaps in its board. Subsequently, Treasury has forwarded the names of Dr. Edward Kobuthi, Irene Wanyoike, Celine Orata, Salah Abdi, CPA David Nyakang…
  • 7 Oct 2021 - The World Bank Group now sees the Kenyan economy expanding by a higher five per cent this year. This in contrast to a lower projection of 4.5 per cent, an outlook posted at the end of June. The new projection is contained in the multi-lateral lender’s October projections for economies in Sub-…
  • 23 Aug 2021 - The value of Kenya’s external trade rose by 24.3 per cent across six months to June to stand at Ksh.1.36 trillion from a lower Ksh.1.094 trillion last year. The growth in the country’s international trade from last year is largely attributable to rebounding global and macroeconomic economic…
  • 23 Aug 2021 - Standard Chartered Bank Kenya has posted a 53 per cent jump in half year earnings after booking a Ksh.4.9 billion net profit from Ksh.3.2 billion last year. The notable improvement in profitability for the tier one lender is greatly attributable to a recovery in operating income and lesser costs.…
  • 21 Aug 2021 - The Kenya Bureau of Standards (KEBS) has put out a list of maize meal and composite flour brands have not complied with the requirements and therefore should not be sold to the public until further notice and the necessary corrective actions have been undertaken by the concerned parties. Some for…
  • 21 Aug 2021 - National carrier Kenya Airways (KQ) is set to roll out contactless transactions from September 1. This in view of enhancing customer and staff health and safety priorities in the wake of the COVID-19 pandemic. The airline is encouraging its customers to use mobile money, credit or debit cards to…
  • 21 Aug 2021 - The National Treasury is seeking to tap Ksh.75 billion from local borrowing through its issued September infrastructure bond (IFB). The new IFB is timed at a tenure of 21 years and will be open to investor bids until September 7. The issue is expected to attract heavy investor interests given the…
  • 21 Aug 2021 - Kenyans in the diaspora sent home Ksh.36.9 billion ($336.7 million), a new monthly record for the remittances. This to represent a 21.6 per cent in the dollar inflows from a lower Ksh.30.4 billion ($277 million) on the same month last year and breaking the previous monthly high in the inflows set…
  • 20 Aug 2021 - Global technology giant Huawei has launched a new home energy storage solution in Kenya. With a growing number of homeowners jumping on the solar bandwagon and turning their houses into power plants, the LUNA 2000 unveiled by Huawei FusionSolar is expected to play an even greater role in this…
  • 20 Aug 2021 - In the last one week most Kenyans have been surprised by astronomical earnings by banks as the industry sees an unprecedented turnaround to profitability. As many suffer the backlash of the COVID-19 pandemic, local banks are posting up incredulous numbers with net profits jumping by the billions.…
  • 20 Aug 2021 - Digital services provider Impax Business Solutions has launched the Microsoft Dynamics Business Central available on cloud in the Kenyan market as it marks its 18th anniversary. Speaking during the launch on Thursday, Microsoft Country Manager Kendi Ntwiga Nderitu lauded the companies efforts in…
  • 19 Aug 2021 - The KCB Group is now the second local bank to reach the Ksh.1 trillion mark in total assets after the Equity Group. The lender crossed the threshold in the quarter ending in June 2021 where its total assets peaked on the right side of the mark at Ksh.1.022 trillion. This to keep up pace with ……
  • 19 Aug 2021 - The National Bank of Kenya (NBK) has maintained its recent profitable run booking positive earnings for the third straight quarter to June 2020. NBK has returned a Ksh.717.6 million net profit in the six months period from a loss of Ksh.381.3 million at the same stage last year, signalling the end…
  • 19 Aug 2021 - The stock of government debt owed to the private sector has swollen again with pending bills reaching Ksh.359.5 billion at the end of June. This to represent a significant jump in the arrears from a lower Ksh.307.8 billion at the close of March 2021. The jump in pending bills is however against…
  • 19 Aug 2021 - KCB Group has doubled its earnings through the first six months of 2021, posting a 101 per cent growth in net profit for the period to Ksh.15.3 billion. The astronomical surge in profitability from Ksh.7.6 billion at the same stage in 2020 is largely attributable to higher operating income and a…
  • 18 Aug 2021 - Insurer Sanlam Kenya Plc has seen its half-year loss stretch to Ksh.291.9 million from a narrower loss of Ksh.99.1 million in June 2020. The near tripling of losses for the underwriter is highly attributable to swollen claims and payouts to policyholders across the six months. Sanlam’s net claims…
  • 18 Aug 2021 - The Democratic Republic of Congo (DRC) now holds the most profitable regional business for the Equity Group. Data from the lender shows the Equity BCDC subsidiary in the DRC overtook Equity Bank Uganda Limited (EBUL) as the most profitable regional unit for the Group in six months closing June 30…
  • 18 Aug 2021 - The government through the Policyholders Compensation Fund (PCF) has paid out the first ever claims from collapsed insurers. The fund paid out Ksh.390 million to the claimants of Concord Insurance Company on Wednesday with the maximum pay out per claimant set out at Ksh.250,000. This is the…
  • 18 Aug 2021 - The legal battle pitting Kenya Airways against aviation firms African Express Airways (AFEX) and 748 Air Services could intensify following failure by KQ Chief Executive Officer Allan Kilavuka and Board Chairman Michael Joseph to obey court orders. Justice S. Okongo on August 5, 2021, ordered KQ…
  • 18 Aug 2021 - The Co-operative Bank has registered a marginal 2.8 per cent growth in earnings through the first six months of the year having returned a profit of Ksh.7.4 billion. The growth in profitability from Ksh.7.2 billion is largely anchored on rebounding operating income having seen both interest and…
  • 17 Aug 2021 - Sidian Bank has bounced back to profitability booking earnings of Ksh.274.8 million in six months to June to reverse a previous Ksh.85.8 million loss. The return to growth for Centum affiliated lender is largely attributable to improving operating income which rose by 50 per cent to Ksh.1.5…
  • 17 Aug 2021 - Manufacturers and importers of goods recently classified as excisable are expected to comply with the payments as the first remission of duty dawns this Friday. Manufacturers and importers of the goods are expected to have applied for an excise or import certificate for each product categories.…
  • 17 Aug 2021 - TotalEnergies Marketing Kenya Plc picked Eric Fanchini as a director and the company’s new Managing Director. Fanchini is an insider at the oil marketing company which he has served for 18 years in various managerial positions including a stint as the IT Manager for the company’s aviation business…
  • 17 Aug 2021 - Lender Equity Group has nearly doubled its half-year earnings after posting a 94 per cent surge in net profit to Ksh.17.5 billion for six months ending in June. The meteoric rise in earnings from a flat Ksh.9 billion at the same time last year is greatly attributable to improved income for the…
  • 16 Aug 2021 - The Kenya Revenue Authority (KRA) is expected to lose its grip on tax appeals as the stewardship of the Tax Appeals Tribunal (TAT) is handed back to the Judiciary. The National Assembly Finance and National Planning Committee has approved changes to the Tax Appeals Tribunal Act ahead of the…
  • 23 Jul 2021 - A sizable number of hotels and other hospitality establishments have begun returning back of life as the tourism sector reaches its traditional peak season. In contrast to last year, most of these establishments can now re-open their doors to visitors as tours and travel rebounds albeit with…
  • 22 Jul 2021 - The owner of the iconic InterContinental hotel is weighing options for the continuity of the business after the closure of the facility last year. Kenya Hotel Properties Plc which holds a controlling stake in the establishment now seeks a consultant to steer the business into its next phase of…
  • 22 Jul 2021 - Manufacturer British American Tobacco Kenya (BAT) has posted Ksh.2.7 billion as its half year profit through six months to June 2021. This to equal earnings posted at the same stage last year from increased sale revenues amidst rising operating costs including taxes. BAT’s net revenues were up 19…
  • 22 Jul 2021 - Students housing based developer Acorn Holdings has raised a further Ksh.2.1 billion from the final tranche of its 2019 green bond issue. The issue which closed at the end of last week surpassed its target of raising Ksh.1.4 billion by 46 per cent as investors marked high appetites for the note.…
  • 21 Jul 2021 - Kenya is expected to spend less in meeting upcoming repayments for its outstanding Eurobond debt. This is after marking gains from both a strengthened local currency/shilling and a deceleration in yields on the most immediate maturities. For instance, the Kenyan shilling has marked gains of 1.2…
  • 21 Jul 2021 - The East African Cities of Dar es Salaam and Kampala have emerged as the top travel destinations across a three year period according to data shared by rides-hailing company Uber. The twin regional cities appear consistently as top destinations for Kenyans in both its 2019 and 2021 data sets.…
  • 21 Jul 2021 - Upfield, a plant-based consumer products company and manufacturer of Blue Band has introduced yet another innovation in the Kenyan market in the form of Altis Extra Virgin Olive Oil. Altis Extra virgin Olive Oil is produced in Greece and has previously been launched by Upfield in several other…
  • 20 Jul 2021 - The National Treasury is set on fast-tracking the budget making process as the 2022 General Election dawns. For instance, Kenyans will have a view of the next proposed taxes (the Finance Bill) by the end of January. In a notice, the exchequer confirmed the budget making process for the 2021/22…
  • 20 Jul 2021 - More than half the consignment of green leaf supplied at the Mombasa tea auction remained unsold last week following the setting of a reserve price by KTDA. Termed as a bold step to assure a consistent and better returns to farmers by the new management at the Kenya Tea Development Agency (KTDA),…
  • 19 Jul 2021 - The National Treasury is looking at reforms on land and building plans as a means to spur the government’s affordable housing plan. In a notice published in local dailies on Monday, the planning Ministry indicated that it is seeking consultants to advice on potential reforms. The consultant(s) are…
  • 17 Jul 2021 - Kenyans in the diaspora sent home Ksh.33 billion ($305.9 million) in the month of June according to new statistics from the Central Bank of Kenya (CBK). This to represent a six per cent jump in the remittances from Ksh.31.2 billion ($288.5 million) sent on the same month a year prior. The growth…