Members of parliament have threatened to shoot down the supplementary budget presented by the Ministry of Finance today. The Legislators claim that treasury in tabling supplementary estimates should be informed based on what should have accrued from taxes if parliament had passed Finance Bill 2011-2012. They now want the supplementary…

The speaker of the national assembly will give a ruling on the fate of the Finance Bill 2011-2012 tomorrow afternoon. The contentious bill which is long overdue has had legislators pointing accusing fingers at the executive for trying to handle budget matters without consulting relevant commissions. Garsen MP Danson Mungatana…

The Financial Reporting Centre has been established to lead the fight in the anti-money laundering war.

Parliament resumes sitting today where it is expected to discuss the troubled Finance Bill that is long overdue, among other crucial bills. The Finance Bill which contains the amended VAT bill has proposals by several members of the August house to cap interest rates on loans and remove the 12%…

why you pay more for gas

Upgrading of terminal (Photo: Transforming Kenya) There could soon be direct flights to the United States from Nairobi’s Jomo Kenyatta International Airport (JKIA). This majorly depends on whether the ongoing upgrade of JKIA would be approved as a ‘Category 1′ air field by the International Civil Aviation Organisation and Federal…

The Capital Markets Authority (CMA) will from May be giving internship opportunities to Master of Business Administration (MBA). The continental exclusive package is open for African students studying MBA in different Business School around the world. The leadership development programme is a partnership of CMA and The Tony Elumelu Foundation in…

According to the Capital Markets Authority (CMA), the Capital Market Fraud investigation Unit (CMFIU) reported having handled 460 cases of economic and cyber crimes compared to 390 cases the previous year. This is a 20% rise in fraud cases even as the anti-fraud unit continued to make recoveries of…

NIC Bank Limited has announced its financial results for the year ended 31st December 2011. The bank’s profit before tax has increased 39.078% from Kshs. 2,416,342,000 in the year 2010 to Kshs. 3,360,602,000 in 2011. The company’s total assets grew by Kshs. 18,805,389,000 to close the year at…

The commercial banks through the Kenya Bankers’ Association have tabled new proposals aimed at convincing legislators to drop their quest to control interest rates. One of the key proposals is to allow banks to transfer existing loans to cheaper rivals- mobility of collateral. This ability to transfer loans means the…