BAT and anti-tobacco lobby oppose new cigarette tax

Kenya’s largest cigarette manufacturer and an anti-tobacco lobby have closed ranks to oppose new excise tax rates they say will only reduce government revenues. The parties, who are normally on opposing sides, say Parliament’s amendment of the Excise Duty Bill, 2015, has in effect made it difficult to tax cigarettes. British American Tobacco (BAT) Kenya says the new proposals make tax computation difficult, less transparent and will end up reducing revenues for the Treasury…[...]

Electricity bills shock as prices jump highest since May 2014

Electricity bills have jumped by the highest margin since May last year, reflecting the impact of increased use of expensive thermal power on household budgets. Kenya National Bureau of Statistics (KNBS) data shows households that consumed 200 kilowatt hours (kWh) of electricity paid Sh3,684 up from Sh3,291 the previous month, or Sh393 more…[...]

Equity faces most complaints in class action suit

Equity Bank is facing the highest number of complaints in the ongoing class action suit against lenders, in which nearly 200 borrowers are seeking compensation for interest rates that were charged on loans without the Finance minister’s approval as required by the law. Forty two individuals and companies want compensation from the bank out of the total 187 claimants who have sued for alleged illegal interest charges slapped on them while they were repaying their loans…[...]

BAT Kenya sheds Sh63, Equity top mover

BAT Kenya shed Sh63 at the NSE on Tuesday, dragging the main index down after it had opened the week on a positive note on Monday. The counter ended the day 7.7 per cent lower at Sh753 and was the main mover of the NSE 20 share index on a day when most of the other large cap counters saw limited share price movement…[...]

Africa Oil closes Sh5bn equity sale to IFC for Kenya operations

Africa Oil, Tullow Oil partner in exploration, has closed a Sh5 billion equity sale to the International Finance Corporation (IFC). The deal, which was first announced mid last month, puts the oil company in a position to fund the oil and gas exploration, appraisal and development activities…[...]

Competition agency okays double buyout by drug companies

The Competition Authority of Kenya (CAK) has approved a multi-million shilling double acquisition by pharmaceutical firms, reflecting increased activity in the lucrative industry. The regulator’s nod paves the way for acquisition of retail pharmacy brand Mimosa by Goodlife, which has embarked on an aggressive regional expansion plan…[...]

Barclays raises ATM deposit to Sh120,000

Barclays Bank has upgraded its ATMs to allow both account holders and non-customers to make cash deposits in real-time. Those using the new system can deposit up to Sh120,000 per transaction in batches of Sh40,000 and can make as many transactions as they wish per day, making it ideal for small and medium-sized enterprises…[...]

Government to shake up KQ board, management, CS says

Top managers at Kenya Airways will likely lose their jobs before Government releases a proposed bailout package, Treasury Secretary Henry Rotich says. The CS told a Senate joint committee looking into the affairs of KQ that the Government had demanded major changes, including management restructuring…[...]

Kenya gets green-light to go on with nuclear electricity project

An 11-member team of experts from the International Atomic Energy Agency, who have been in Nairobi for a feasibility study on critical areas of the energy source, has given an initial green-light. IAEA team leader in charge of infrastructure development Josi Bastos said Kenya is on the right track as most of the required basics to begin the process have been addressed…[...]