Eveready inks distribution deal with US-based manufacturer

Eveready East Africa Ltd has partnered with Clorox sub-Sahara Africa Ltd – a regional subsidiary of the global household products manufacturer Clorox - to supply and distribute household products such as bleaches under the brand name Clorox. According to the MD of Eveready, the companies diversification plans are on course [...]

Treasury, Helios talks over 10pc extra Telkom stake on Tuesday

The Treasury and Helios Investment Partners, a private equity fund, are set to meet this morning to discuss the government’s proposal to acquire an additional 10 per cent stake in Telkom Kenya, which if finalised will pave the way for signing of a deal for the sale of France Telecoms’ shares in the company. The two investors will also discuss rebalancing of Telkom Kenya’s books, agreeing on how the firm will settle amounts [...]

US Senators want BAT punished for bribing top officials

Nine US lawmakers have written to the Department of Justice asking for a criminal investigation into claims that BAT plc paid hefty bribes to top Kenyan tax officials. Kenya’s anti-graft agency EACC Monday said it had also opened an inquiry into BAT’s bribery allegations, opening a new battle-front against the cigarette maker [...]

KRA now gets powers to act against tax avoiding companies

Companies that use legal loopholes to reduce their tax burden now stand to pay hefty fines, following publication of new rules bringing into force the Tax Procedures Act 2015. The Tax Procedures Act 2015 gives KRA powers to go after taxpayers who have been using such gaps to avoid paying taxes without falling foul of the law [...]

Clients per bank worker up tenfold in just two decades

Kenya has surged ahead of its sub-Saharan Africa (SSA) peers in banking efficiency thanks largely to quick and widespread adoption of mobile phone technology, rating agency Moody’s said [...]

Weaker shilling, import duty hurt sale of small cars

The number of personal cars bought by Kenyans dropped for the first time in four years following the depreciation of the shilling, hikes in interest rates and import duty. Second-hand car dealers are dominant in Kenya, accounting for about 80 per cent of total vehicles sold, relying on demand from businesses and individuals unwilling or unable to pay showroom prices [...]

Foreign currency reserves rebound to $7bn after January slide

Foreign currency reserves last week rebound to the $7 billion level after declining in the last two weeks of January. The reserves had declined due to heightened end-month demand for dollars from the private sector looking to settle payments to suppliers [...]

Shelter Afrique invests in Kiambu residential units

Pan-African housing lender Shelter Afrique and real-estate developer Kingspride have broken ground for a 240-apartment residential development in Kiambu town. Shelter Afrique has been teaming up with developers to rollout large housing projects in a number of counties [...]

Court of Appeal suspends liquidation of Dubai Bank

The Court of Appeal has stopped liquidation of the collapsed Dubai Bank pending a High Court ruling on the matter. The Central Bank (CBK) is seeking to overturn a ruling. Mr Justice Ogola had directed CBK to consider a proposal by a British Virgin Islands company to inject $21.5 million [...]