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Capping Interest Rates would Hurt Borrowers, says KBA
The push by members of parliament to have interest rates capped could hurt borrowers in the long run. Kenya Bankers Association chairman Habil Olaka says that the move will result to banks devising methods to have secure lending only which will lock out…
Zuku to Expand Coverage To Other Parts of Nairobi
Zuku has announced plans to expand its coverage into Eastern and Northern parts of Nairobi. Announcing the new Zuku packages, Zuku Triple Play Managing Director Kamande Muiruri said, “Starting this August we are planning to roll-out our cable connection in Eastern part of Nairobi. This will…
Food Items to be Exempted From VAT
Food items have been exempted from the effects of VAT Bill 2012 that is currently in parliament for debate. Finance Minister Njeru Githae told Daily Nation on Tuesday 7th August 2012 that the cabinet resolved to this move owing to pressure from the public. The…
Should Jobless Graduates be Paid?
University student leaders in the country are appealing to the government to set up a fund that would see jobless graduates get a monthly allowance. According to The Star newspaper, Kenya University Students Union (KUSU) wants the government to pay jobless diploma and degree graduates KES…
Stocks Watch
In today’s trading at the Nairobi Securities Exchange, we will be closely observing the following share counters: ScanGroup – The advertising group has announced its 2012 half year results. Pre-tax profit has gained 11 percent to 578.4 million shillings from 520.9 million shillings in the same…
Jubilee Promises Cheaper Insurance Policies
Jubilee Insurance has pledged to serve its low income customers with more affordable insurance rates. According to a press release from the company, Jubilee intends to increase its customer base by 80%. The company, which is East Africa’s largest insurer, has branches in Kenya, Tanzania, Uganda, Burundi…
8 Things You Should Know This Morning
1. How De La Rue currency deal cost taxpayers Sh10bn The Central Bank of Kenya (CBK) used Sh10.2 billion (£75.3 million) to procure 2.6 million bank notes from De La Rue between March 2003 and December last year through expensive stop gap orders. The CBK placed six interim orders for…
Closing Bell – 7 August 2012
INDICES The NSE 20 Share Index today dropped 0.39 percent to 3,815.44 points from 3,830.24 points yesterday while the All Share Index gained 0.23 percent to 83.46 points from 83.27 points yesterday. HIGHEST VOLUMES Safaricom was the most traded…
Cargo Business Off the Road, onto the Track
Road freight and cargo hauliers are set for a big challenge from their rail counterpart. This follows RVR‘s launch of the KES 18 billion upgrade project of the Kenya-Uganda railway line dubbed Lunatic Express on Tuesday August 7th 2012. The upgrade is expected to bring onboard…
Zuku Doubles its Bandwidth Speeds
Zuku has introduced new packages, dubbed Basic/R1, Premium/R8 and Premium/R20. Basic/R1 offers: Basic TV – 70 Channels 39 Audio channels Residential 1 Mbps Internet Phone All of the above for KES 2,999 Premium/R8 offers: Basic TV – 87 39 audio channels…
CMA Report Reveals Allegations on CMC Directors
A report released by the Capital Markets Authority (CMA) yesterday has revealed the extent of the allegations by the regulator against former directors of CMC Holdings Ltd, the publicly listed motor dealer. In the report prepared by the Board of the CMA,…
Youth Fund to be turned into Microfinance
The government is hatching a plan to turn the Youth Enterprise Development Fund into a Microfinance Institution. Currently, the fund provides loans to existing micro-finance institutions (MFIs), registered non-governmental organizations (NGOs) involved in micro financing, and savings and credit co-operative organizations (SACCOs) for on-lending…
Beware of Conmen, KRA Tells Property Owners and Developers
The Kenyan Revenue Authority (KRA) has advised the public to be on the lookout for individuals and groups purporting to assist them to escape taxation of rental income. The groups, KRA says in a statement, are asking taxpayers to pay money for the service, and in the process…
80,000 Jobs Delayed by Lack of Foreign Investors
80,000 potential jobs have been put on hold pending a move by the government to secure investors for the Konza city project. The project, which is described as Africa’s Silicon Savannah, should have kicked off in April but experienced a few setbacks. Dr Bitange Ndemo, Permanent…
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