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,…

M-Pesa now enters Uganda in Safaricom, MTN pact M-Pesa users will now send and receive money from one of Kenya’s biggest trade partners Uganda after Safaricom partnered with MTN, a mobile phone service provider in the neighbouring country. Uganda is one of Kenya’s top trading partners…

Electricity leakages and theft cost Kenya Power Sh17bn in sales Kenya Power is losing Sh17.5 billion annually through electricity thefts and leakages from an ageing transmission network, translating to lost earnings to shareholders of the listed utility. Kenya Power managing director Ben Chumo on Thursday said the firm had channeled…

Uchumi reveals Sh2.4bn drain by closed outlets Uchumi Supermarkets’ regional subsidiaries cost the retailer Sh2.4 billion in cash injection every year but returned losses for the past five years leading to their closure this week. Uchumi says it has consistently pumped Sh200 million a month into…

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…

Foreigners pull out cash from NSE for second time A quarter two report by Standard Investment Bank shows the NSE had lost Sh3.2 billion in the first three months of the year.Foreigners were exiting the large caps in favour of the smaller players whose market price…

Why Britam restated its profit after declaration Investment firm Britam has said the recent downward revision of its 2014 profit by Sh342.3 million came out of an erroneous accounting of its ownership of a 21.4-acre piece of land in Ngong’.Bramer Properties Limited, a fully owned Britam…

Flame Tree Group Holdings Limited was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 9.66% to end the day at KES 7.95. This was a KES 0.70 gain in share price. Flame Tree Group’s improvement in share price comes shortly after they delved…

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…

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,…