Keroche among big firms missing from KRA list

Keroche Breweries and Mastermind Tobacco are among big companies that are yet to secure an excise tax license, and could have their products pulled from the market. The two are among those missing from an updated list of licensed importers, producers or sellers of excisable goods that was released by the Kenya Revenue Authority (KRA) yesterday…[...]

Kenya Power to refund users for blackouts under new Bill

Families and business whose power is cut off for more than three hours within a day will receive compensation from Kenya Power if a proposed law is adopted. The amendment of the Energy Act will see the power utility compensate consumers for financial losses and physical injuries due to power outages…[...]

7,000 Dubai Bank customers face uncertain wait for deposits

More than 7,000 customers holding about Sh1.7 billion deposits in Dubai Bank face an uncertain wait before accessing their cash following collapse of the lender.The savers are waiting to see how fast the bank’s receiver manager, the Kenya Deposit Insurance Corporation (KDIC), can ascertain and pay their claims from the lender’s assets…[...]

Safaricom raises musicians’ pay under Skiza tunes

Musicians will get a larger share of sales generated by Safaricom’s Skiza tunes as the mobile telecommunication operator reviews the mode of payment. The artistes will earn 15 per cent of sales generated from the music downloads, up from the current 7.5 per cent…[...]

Kenya exempts US agency from taxes to increase investment

Kenya has granted tax exemptions to the development financing arm of the US government as it moved to unlock the potential of an investment deal signed with Washington 17 years ago. Treasury secretary Henry Rotich said the Overseas Private Investment Corporation (Opic), which is an agency of the US government, shall be exempt from paying tax on income accrued or derived from ventures in Kenya…[...]

CBK draws out Sh284b from market in six weeks, but Kenya shilling remains defiant

Central Bank Governor Patrick Njoroge has had a turbulent two months since he assumed his corner office on Nairobi’s Haile Selassie Avenue, with the local currency defying attempts to stop it losing ground against the dollar. Since the beginning of July, the Central Bank of Kenya (CBK) has mopped up Sh284 billion in excess liquidity from the markets, setting the stage for a major liquidity crunch…[...]

Despite turmoil, South Sudan remains lucrative for Co-op Bank

Co-operative Bank’s transformation agenda has seen the financial institution post improved profitability, despite challenges it faced in the war ravaged South Sudan. Chief Executive Gideon Muriuki attributed this to the optimisation of alternative banking channels, performance based on reward culture and robust customer relationship management…[...]

Sasini shares soar after asset sale, targets Sh288m dividend payout

Shares of listed tea and coffee grower Sasini rose by more than a tenth last week after the firm announced it had sold two of its estates that were consistently making losses. Investor appetite for the stock of agricultural company majority owned by business mogul Naushad Merali was sparked by news of a Sh1 dividend a share following the disposal…[...]