Power blackout costs Nairobi bourse millions in stock trade

Trading at the Nairobi Securities Exchange (NSE) was halted Tuesday for more than three hours after a power outage, resulting in low trade volumes. The number of shares traded fell to 3,249,900 compared with 13,723,900 in the previous session underlining the impact of the blackout [...]

Safaricom, BAT shares top NSE September trade

British American Tobacco (BAT) and Safaricom were the most heavily traded stocks on the Nairobi Securities Exchange (NSE) in September. Foreign investors accounted for 52 per cent of buyers and sellers of BAT shares and 80 per cent of Safaricom’s stock’s trading. Analysts say that foreign institutional investors are looking to add stocks that are heavily traded, and in large amounts to their portfolios [...]

Telkom Kenya cuts data tariffs by upto 33pc

Telkom Kenya has cut its mobile Internet tariffs by between 27 and 33 per cent, in a review that also saw it scrap some data bundle plans and introduce new ones. Subscribers of the 1GB Internet bundle plan will now pay Sh500 from the previous Sh750, while 5GB will cost Sh2,000 from the previous Sh2,750. The price cut comes on the backdrop of Telkom Kenya’s market share loss in the fixed Internet services [...]

I&M Bank suspends online card payments

I&M Bank has discontinued debit and credit card-backed e-commerce transactions, citing a massive increase in online fraud. I&M Bank has instructed its customers who wish to buy things online to issue a prior notice asking for an opening of the card for use and to notify the bank as soon as a transaction has been concluded so that the function can be disabled [...]

Taxman targets SMEs in push to raise revenue collection

The Kenya Revenue Authority (KRA) is projecting to more than double the number of taxpayers in the next three years by turning its focus on unregistered businesses. The authority will target businesses that make between Sh500,000 and Sh5 million per year for increased revenues [...]

Parastatal eyes Sh200m ICDC loan after Treasury bailout snub

A State-owned wholesaler has turned to the Industrial and Commercial Development Corporation (ICDC) for a Sh200 million loan after the Treasury snubbed its Sh500 million bailout plea. The Kenya National Trading Corporation (KNTC) is in talks with the State-owned development finance institution to help ease a biting cash flow crisis at the retailer [...]

China firm plans to build most expensive luxury apartments

Nairobi’s Kileleshwa estate will soon have the most expensive apartments in Kenya. Aviation Industry Corporation of China (Avic) has been given the green light to construct four-bedroom luxury apartments that will each cost Sh88 million. Within the same development, Avic will also construct two- and three-bedroom units each going for Sh27 million and Sh38 million respectively. The total cost of the housing project is Sh4 billion [...]