Treasury to cut 2015/16 local borrowing by a quarter, Rotich says Kenya will cut its planned domestic borrowing for the 2015/16 (July-June) fiscal year by about a quarter to Sh168 billion ($1.65 billion), on the back of expenditure cuts of 1 per cent of GDP,…

Fastjet stops Kilimanjaro flights a month after launch Low-cost carrier Fastjet has stopped its Kilimanjaro-Nairobi flights, just a month after launch, handing Kenya Airways and its associate Precision Air competition relief on the Tanzania route. The UK budget airline launched daily flights between Dar es Salaam…

India-based cement giant eyes Sh12.7bn majority ARM stake India’s largest cement manufacturer UltraTech Cement is in the race to acquire a controlling stake in Nairobi Securities Exchange-listed ARM Cement, in which it could buy convertible preference shares of up to $125 million (Sh12.7 billion). UltraTech is…

Fidelity Shield downgraded to negative outlook Fidelity Shield Insurance’s future outlook has been downgraded from stable to negative over weak liquidity and recently “subdued” cash flow. GCR assigned the negative grade to Fidelity Shield Insurance but retained BBB+ rate on its ability to settle claims. The…

Treasury scraps controversial 5pc capital gains tax after rejection Treasury secretary Henry Rotich has scrapped the controversial five per cent tax on the gains made from selling shares and instead introduced a 0.3 per cent withholding tax on sales value. Resistance by the Kenya Association…

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…

I'm spoiled for choice, but it means if I had an emergency that saw me fly the same day, I'd pay nearly the standard fee that other airlines charge, but if I'm booking for my Easter holiday at the coast, I'll pay quite little.