Investors Becoming Victims of Their Own Greed?
The recent revelation that some investors had lost millions of shillings of their investment to a product linked to CIC Insurance raised eyebrows. The product in question had characteristics similar to a pyramid scheme, handling huge sums of money and promising high returns in short periods.
Banking Sector Grows Through Turbulent Times
The Kenyan banking sector has been growing despite the turbulent economic times the country has experienced in the recent past. The sector posted good results for the year ended December 2011. This is evidenced by the impressive profit before tax of Ksh.89.3 billion (USD1.08 billion) for the year ended December…
Airtel to Maintain Tariffs After CCK Slashes Rates
Mobile operater Airtel Kenya will not be lowering the price after the Communications Commission of Kenya (CCK) cuts down the mobile termination rates (MTR) in July. Mobile termination rates is the amount of money an operator pays rivals if its subscribers call another network. The rates…
Drama at NHIF Over New Tariff Scheme
There was drama at National Hospital Insurance Fund (NHIF) headquarters today as board chairman Dr. Richard Muga asked NHIF chief executive Richard Kerich and four other managers to step aside. Hours later, the chairman of NHIF board announced that Dr. Kerich and the four had been sacked…
CFK to Petition Parliament Over Interest Rate Capping Bill
Consumer Federation of Kenya (CFK) secretary general Steven Mutoro has said that the federation will lobby for 150,000 signatures from all counties to petition parliament over failure to pass the Banking Amendment Act. This was an amendment in the Financial Bill 2011/2012 that sought to cap interest and…
Electricity Cost To Go Up
Electricity costs are bound to go up this July based on a new tariff that Kenya Power has adopted. The upward review was to be effected last year but the government shelved the plans in a move to shield consumers from the hard times in June…
NHIF Stopped from Effecting New Tariffs
The National Hospital Insurance Fund (NHIF) has been directed to hold for sometime its plans to start deducting from workers contributions based on the new tariffs. (Read: New NHIF Tariff Takes Effect in June) Vice President Kalonzo Musyoka directed Labour minister John…
Hopes for Cheap Loans Dimming
Hopes for Kenyans to get cheaper loans are dimming further after parliament declined to pass the amendments to cap interest rates on loans in April. Borrowers are likely to be subjects of expensive loans for a long while as experts predict that The Central Bank of Kenya is likely…
Minimum Wage Increased
Lowest earning workers in the country could start earning a minimum wage of Shs 8,579 after the government proposed a 13.1% increase in the minimum wage. The announcement made at this years’ International Labour Day celebrations on May 1st was met with mixed reactions from the public. The cost of living…
COTU Calls Strike Over NHIF Rates
Central Organization of Trade Unions (COTU) chairman Francis Atwoli has called on all workers to go on strike beginning 14th of May. The strike is in protest over the new payment rates proposed by National Hospital Insurance Fund (NHIF). Atwoli was speaking at the…
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