Ecobank picks Nairobi as eastern, central, southern regional hub
Ecobank picks Nairobi as eastern, central, southern regional hub Ecobank Kenya is set to be upgraded to be the regional hub of operations for 18 countries in a move that boosts Nairobi’s ambitions of being an international financial centre. The pan-African lender is restructuring its regional…
Kenya’s balance of payments slips into deficit position
Kenya’s balance of payments slips into deficit position Kenya’s balance of payments has slipped into a deficit position following a drop in financial inflows, in the absence of the Eurobond and amidst low tourist numbers, wiping out gains of a lower import bill. This means there…
KQ’s bankers ease loan terms as carrier eyes Sh60bn bailout
KQ’s bankers ease loan terms as carrier eyes Sh60bn bailout National carrier Kenya Airways’ local bankers have agreed to extend the tenure of their existing short-term loans, giving the airline breathing space to secure a Sh60 billion bailout which the CEO expects to source in six…
Treasury behind borrowing targets on high finance costs
Treasury behind borrowing targets on high finance costs As the current financial year started it emerged the government was experiencing unprecedented difficulties in raising cash, partly because the Sh2.2 trillion Budget was an increase of 25 per cent while domestic borrowing and tax revenues were short…
Express Kenya CEO Hector Diniz edges closer to owning 71 per cent of its shares
Express Kenya CEO Hector Diniz edges closer to owning 71 per cent of its shares Hector Diniz is set to control 70.9 per cent of listed firm Express Kenya, where he is CEO, if a plan to convert a Sh60 million debt owed to his companies…
Ex-workers sue Uchumi for Uganda exit
Ex-workers sue Uchumi for Uganda exit Former employees of Uchumi Supermarket have sued the retail chain for not informing them prior to closure of its Ugandan branches and exiting the country without remitting their salaries. Former employees say Uchumi Supermarket duped them and closed shop without…
BAT and anti-tobacco lobby oppose new cigarette tax
BAT and anti-tobacco lobby oppose new cigarette tax Kenya’s largest cigarette manufacturer and an anti-tobacco lobby have closed ranks to oppose new excise tax rates they say will only reduce government revenues. The parties, who are normally on opposing sides, say Parliament’s amendment of the Excise…
KRA gives manufacturers two months to comply with excise tax rule
KRA gives manufacturers two months to comply with excise tax rules Kenya Revenue Authority (KRA) has given manufacturers and importers of excisable goods who have not acquired licenses two months to comply with the requirements. KRA says the manufacturers who have faced difficulties in getting county…
CAK warns Safaricom on M-Pesa fees
CAK warns Safaricom on M-Pesa fees The Competition Authority of Kenya (CAK) has ordered telecoms operator Safaricom to make public its Lipa na M-Pesa charges for businesses that levy a commission on the value of payments made through the system. Francis Wang’ombe, the CAK director-general,…
Agency set to watch more bank clients in terror cash hunt
Agency set to watch more bank clients in terror cash hunt The Treasury has moved to boost the fight against terrorism financing by widening the scope of investigation to include most of the bank transactions. Treasury secretary, Henry Rotich has empowered the Financial Reporting Centre (FRC)…
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