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…
Britam posts 23pc jump in 2014 after-tax profit
Britam posts 23pc jump in 2014 after-tax profit Financial services group British-American Investments Company Limited (Britam) has announced an after tax profit of Sh2.8 billion for the year ended December 31 2014, up 23 per cent from Sh2.3 billion the previous year. Group Managing Director explained that the key…
Mumias starts search for new CEO in shake-up plan
Mumias starts search for new CEO in shake-up plan Mumias Sugar Company on Friday starts the search for a new CEO as well as other top positions as part of turnaround efforts that will see the board and management of the miller sent home. This comes soon after the government…
Gulf African Bank records 41 per cent profit growth
Gulf African Bank records 41 per cent profit growth Shariah-compliant lender Gulf African Bank (GAB) has recorded a 41 per cent growth in profits after tax, riding on improved operating efficiencies. Gulf African Bank reported an after-tax profit of Sh402 million up from Sh285 million a year earlier. The growth,…
Chase Bank plans to boost capital base as profit hits Sh2.3bn
Chase Bank plans to boost capital base as profit hits Sh2.3bn Chase Bank is set to undertake another capital raising venture following rapid growth, straining the ratios set by the regulator. Its total capital as a ratio to its loan book stood at 15.3 per cent in December compared to…
Capital gains tax to be paid after property transfer
Capital gains tax to be paid after property transfer The capital gains tax (CGT) applicable on real estate will be paid at the point of payment of stamp duty, the Kenya Revenue Authority has said. CGT will be applied effective on the date of transfer of the property should the…
Ministry proposes VAT waiver to spur tea earnings
Ministry proposes VAT waiver to spur tea earnings The Ministry of Agriculture has proposed to waive value added tax (VAT) and reduce ad valorem levy charged on Kenyan tea in order to make the beverage competitive in the wake of a slump in world prices. Agriculture PS Sicily Kariuki indicated…
The best platforms for e-commerce payment
The best platforms for e-commerce payment To have a successful platform, one needs to ensure that customers and users can easily get around the site to purchase items, pay for them and have them delivered conveniently. Running a local business that has clients from around the world can be…
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