Barclays win over KRA saves banks hefty tax demand

Barclays Kenya has won a protracted legal battle with the Kenya Revenue Authority, which was demanding tax payments on fees remitted to Visa, Mastercard and American Express for electronic money transfer services [...]

NSE Index hits 10-month low as market loses Sh39bn

The NSE slipped to a 10-month low of 4879 points on Friday as stocks continued shedding value with both local and foreign investors selling off. Slower earnings and currency depreciation are the main factors in the current slide but analysts say the market should rebound in the medium term. The market headed lower during the session with foreign investors accounting for 66.1 per cent of selling activity with local investors appeared generally bearish [...]

EABL launches herbal-flavoured spirit in Kenya after Nigeria trial

Beer maker EABL has introduced a herbal-flavoured ready-to-drink spirit in the market, hoping to replicate the success that the brand has enjoyed in Nigeria since its introduction about one-and-a-half years ago. Orijin, which is retailing at between Sh80 and Sh100 for a 300ml glass bottle, targets low-income consumers who EABL is keen on courting to boost its sales volumes. [...]

Kenya punching below its weight in battle for FDI

The International Monetary Fund indicates has stated that Kenya is attracting foreign direct investments (FDI) well below that of its East African Community neighbours, if its economy’s size is taken into account. Kenya attracted equivalent to 1.1 per cent of its gross domestic product (GDP) as investment last year and is forecast to increase to 1.7 per cent this year [...]

Milk prices unlikely to fall as long-rains supply remains low

Milk prices are unlikely to fall soon, the Kenya Dairy Board (KDB) has said, warning that the situation could worsen if the long rains stop next month. The Kenya Dairy Board says although milk volumes have gone up compared to last month, this is not sufficient to cause a drop in the price of processed milk [...]

Safaricom’s security system goes live in Nairobi, Mombasa

The first phase of Safaricom’s national surveillance system has gone live, making it easier for the police to pick out suspected criminals in Nairobi and Mombasa streets. The Sh14.9 billion National Surveillance, Communication and Control System links all security agencies. Some 195 police stations in Nairobi and Mombasa have been connected to high-speed (4G) Internet to ease communication [...]

State misses tax target, higher rates eyed

Interest rates are likely to come under pressure in the short term, after the government raised its borrowing target for the current fiscal year and failed to raise enough revenue. The tightening liquidity in the money market as the Central Bank of Kenya (CBK) mop ups up cash in an effort to support the shilling, is also seen as likely to leave investors demanding higher yields for both primary and secondary debt issues [...]

Kenya, AfDB ink Sh10.4bn deal for dual carriageway

Treasury Secretary Henry Rotich on Friday signed a Sh10.4 billion concessionary loan with the Africa Development Bank (AfDB) to finance the expansion of 41km Mombasa-Mariakani road to dual carriageway. The project is part of measures being implemented to ease traffic flow from the port of Mombasa to landlocked states in the region [...]