Ponzi scheme fells top Britam owner’s Mauritius bank
Ponzi scheme fells top Britam owner’s Mauritius bank A Mauritian bank, Bramer Banking Corporation (BBCL), associated with Britam’s director and top shareholder Dawood Rawat has lost its licence after it was found to have been running a Ponzi scheme. Mr Rawat is the single largest investor in Britam, which is…
Mumias slashes staff allowances, freezes pay increments
Mumias slashes staff allowances, freezes pay increments Troubled Mumias Sugar Company has halved senior staff allowances and frozen pay increments as it struggles to climb out of the deep pit of losses it fell into two years ago. Mumias managing director Coutts Otollo informed staff of the changes, part…
Safaricom retains dominance as Airtel subscriber base gets boost
Safaricom retains dominance as Airtel subscriber base gets boost Safaricom Ltd retained its pole position in Kenya’s mobile telephony industry with a subscription market share of 67.4 per cent. This is a slight increase of 0.7 per cent from 66.7 per cent recorded in the last quarter. A quarterly…
Total Kenya 2014 pre-tax profit rises 9.2 percent
Total Kenya 2014 pre-tax profit rises 9.2 percent Fuel marketer Total Kenya said on Wednesday its pre-tax profit rose 9.2 percent in 2014, helped by stronger sales and a stable macroeconomic environment in Kenya. The group, a unit of French oil major Total, said it expects Kenya’s macroeconomic conditions to…
Equity’s returns on shareholder funds seen falling
Equity’s returns on shareholder funds seen falling Regional lender Equity Bank could be headed for lower returns on shareholder funds as it doubles bad debt provisions and margins on interest income fall. As Equity grows its loan book, the analysts say, the return on equity (ROE) — used to measure…
Rea Vipingo plans diversification into power generation
Rea Vipingo plans diversification into power generation Agricultural firm Rea Vipingo will invest Sh1.3 billion in power generation and expansion of vegetables production after delisting from the Nairobi Securities Exchange. Rea Vipingo is expected to use the electricity generated to power its factory, potentially reducing its operating expenses. The surplus…
UAP Holdings says capital gains tax hit profit in 2014
UAP Holdings says capital gains tax hit profit in 2014 UAP Holdings said Monday that the introduction of the capital gains tax (CGT) caused the drop in its overall profitability in 2014. The insurance firm’s net profit for 2014 fell by eight per cent to stand at Sh1.67 billion…
Kenya Re profit hits Sh3bn on new business growth
Kenya Re profit hits Sh3bn on new business growth Kenya Reinsurance registered a 12.4 per cent growth in net profit on the back of an increase in net premiums and higher investment income. Kenya Re’s profit stood at Sh3.1 billion in the year ended December 31, 2014 while its net earned…
THINGS TO REMEMBER BEFORE YOU BUY YOUR FIRST INVESTMENT
THINGS TO REMEMBER BEFORE YOU BUY YOUR FIRST INVESTMENT #1. Your Money Can Do More For You Than Your Labor This means that there is more to be earned in investing one’s money than investing their time in someone else’s company. The process of investing is not easy, and it…
PSC shortlists five to battle out for Central Bank governor position
PSC shortlists five to battle out for Central Bank governor position Veterans with long experience in public finance management dominate the race to replace retired Central Bank of Kenya governor even as the Public Service Commission (PSC) targeted to fill the influential slot by May. The position of CBK…
Centum signs deal with UK brothers for Rea Vipingo
Centum signs deal with UK brothers for Rea Vipingo Investment firm Centum has reached a multi-billion shilling deal with two British brothers that will see it withdraw its hostile takeover bid for Rea Vipingo, an NSE-listed agricultural firm majority owned by the UK citizens. The deal will see Centum acquire 10,546…
Mumias seeks arbitration over Sh1bn Kenya Power bill
Mumias seeks arbitration over Sh1bn Kenya Power bill Troubled Mumias Sugar Company now wants the High Court to refer a Sh1.1 billion dispute with Kenya Power over an unpaid bill to arbitration. Kenya Power has sued the struggling miller for the unpaid Sh1.1 billion electricity bill and wants the court to freeze…
Family Bank earnings hit Sh1.8 billion
Family Bank earnings hit Sh1.8 billion Strong lending to SMEs helped boost Family Bank’s interest income leading to a 46 per cent growth in net profit for the year ended December 2014. The interest income growth was from SMEs. The bank expects to spend Sh1 billion to upgrade its IT…
Stockbrokers now take tax case to the Court of Appeal
Stockbrokers now take tax case to the Court of Appeal Stockbrokers are set to move their fight against the capital gains tax (CGT) to the Court of Appeal following a High Court ruling allowing the taxman to implement the new levy. Although the Treasury secretary Henry Rotich announced last month…
Super rich Kenyans hold 30pc of their property portfolio abroad, says report
Super rich Kenyans hold 30pc of their property portfolio abroad, says report Wealthy Kenyans are investing significant amounts of their wealth outside the country with Britain being their preferred destination for property purchases. Ultra-high net worth individuals in the country, each with wealth amounting to more than Sh2.8 billion or…
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