1. MPs demand to know where fuel levy is
The government was on Wednesday morning put to task over fluctuations in fuel levy collections despite a steady rise in the cost of living. The matter came up in Parliament when Roads Assistant Minister Wilfred Machage told Parliament that the amount of money allocated to constituencies for the construction of roads had declined because the Kenya Revenue Authority’s (KRA) collections in fuel levy had also declined. – Capital Business
2. Now yuMobile denies sale bid claims, says parent firm not quitting Kenya
Telecom firm yuMobile on Wednesday denied reports that its Indian parent company is in the process of selling the Kenya business. On Tuesday, an Indian online paper quoted an unmanned top Essar official as saying that the Essar group has appointed French bank BNP Paribas to help it “encash the best value from the sale of its controlling stake in Essar Telecom Kenya.”- Daily Nation
3. Ethiopia airline becomes first in Africa to use Dreamliner
Ethiopian Airlines will become the first African carrier to use Boeing 787 Dreamliner set to be delivered next week. The aeroplane gives the airline a competitive edge over its African peers like Kenya Airways (KQ) in attracting passengers seeking new experiences while saving on fuel costs. – Business Daily
4. KRA sets up special unit to track down rich tax cheats
Rich Kenyans, who have been flaunting their wealth with multi-million-shilling purchases of big cars, helicopters and palatial homes, have caught the attention of the taxman and will henceforth have to make full disclosure of their incomes to a special team of tax collectors. The Kenya Revenue Authority (KRA) says a sharp increase in imports of the luxury items and multi-million-shilling investments in real estate has opened its eyes to the massive tax leakage, which if tapped could yield billions of shillings in additional revenues to the Exchequer. – Business Daily
5. StanChart extends banking services to customers’ offices
Standard Chartered has opened its system to corporate clients, giving them room to transact, settle credit obligations and reconcile accounts from the comfort of their offices. The bank’s clients operating Enterprise Resource Planning (ERP) or treasury systems can now connect directly to the banking system through a solution dubbed ‘Host-2-Host’. The system negates the need to write out cheques in settlement for goods and services delivered.Business Daily
6. Firms will be forced to routinely change auditors
Listed companies may soon be required to rotate the audit firms they hire for services to ensure transparency. The Capital Markets Authority (CMA) is considering proposing such a measure following the corporate governance concerns that surfaced at CMC Holdings.- Capital Business
7. IFC eyes more investment in Kenyan market
The International Finance Corporation (IFC) intends to increase its investment in Kenya. IFC director for Eastern and Southern Africa Jean Prosper said Wednesday investment will go up during the 2013 financial year from $360 million spent in 2012 to $400 million.- Daily Nation
8. Nation Media Businesses Post Financial Growth
The majority of Nation Media Group’s business divisions have posted financial growth in the six months to June this year as noted in the media conglomerate’s half-year financial results announced during an investor briefing held yesterday.- Pesatalk