KRA stopped from closing Keroche as excise tax licence renewal dispute rages

Keroche Breweries has obtained court orders temporarily stopping the Kenya Revenue Authority (KRA) from shutting down its business following its refusal to renew it excise tax licence for the current financial year.The taxman had written to the brewer ordering it to cease manufacturing as it was unlicensed, a move that would have stalled its operations.
KRA accuses Keroche of stating incorrect duty rates while filing returns, which it claims has denied it huge sums of money…[...]

Ngumi finally calls it a day at CfCStanbic

Investment banker John Ngumi is leaving CfC Stanbic after years of service that saw him rise to head the lender’s investment banking division for East Africa. Mr Ngumi, who has handled some of the largest equity and debt financing deals in the region, will leave the bank at the end of the month for another stab at entrepreneurship.He plans to help attract global capital to Africa while remaining as a special advisor to CfC Stanbic…[...]

Kenya signs Sh220bn solar power deal with US company

The Ministry of Energy has signed a Sh220 billion ($2.2 billion) deal with an American firm for the development of solar power in Kenya.The agreement with SkyPower was signed during the sixth Global Entrepreneurship Summit that ended Sunday at Gigiri, Nairobi. SkyPower is one of the largest developers and operators of utility-scale solar photovoltaic (PV) energy projects…[...]

Balala to publish mining deadline rules for licensees

Mining firms will be required to commit to carry out a certain amount of work or have their licences revoked by the government under proposed new regulations.The ministry of Mining plans to issue the new guidelines by the end of the year that will commit licence holders to spend a certain amount of money and carry out specific activities on their fields within a given period. This could open a new battle ground between Kenya and the miners…[...]

 BAT gets profit boost from weak shilling

The weakening of the shilling helped Kenyan cigarette manufacturer British American Tobacco (BAT) to grow its net profit 8.2 per cent in the half year ended June.The company’s net profit in the period stood at Sh1.9 billion compared to Sh1.7 billion a year earlier.BAT, which earns about 45 per cent of its revenue from exports, profited from the weakening of the shilling from 87 units to the dollar in July last year to 98 units at the end of last month…[...]

Dubai Kebs inspection agent sues Kenya firm for fraud

A Dubai-based company, Geo Chem Middle East, has accused a Kenyan firm with a similar name of trying to defraud it of Sh296 million by filing a court case claiming the amount from the Kenya Bureau of Standards (Kebs).The UAE firm, a Kebs inspection agent, says a suit filed by Nairobi-registered Geo Chem Middle East Limited against the regulator is an attempt to defraud it of the colossal sum, as it neither has a Kenyan agent nor has it instructed anyone to move to court…[...]

Faida hires Mbaru firm bond traders as rivalry hots up

Faida Investment Bank (FIB) has poached bond traders from Dyer & Blair to boost its earnings as competition intensifies in the lucrative brokerage segment.The trading duo of Norris Kibe and Gibson Gichaga – who joined Dyer & Blair fixed income trading desk four years ago – have moved on to Faida in a move that is likely to spark another round of poaching among stockbrokers…[...]

Europe money transfer firms in M-Pesa link-up

Two European money remittance firms have entered into a partnership that will allow Kenyans abroad to instantly send cash through M-Pesa.This form of money transfer (mobile) has gained particular popularity due to its convenience, security, competitive pricing and near-instant delivery times…[...]