KQ eyes rebound with McKinsey turn-around plan
KQ eyes rebound with McKinsey turn-around plan Kenya Airways (KQ) will be hoping to calm headwinds that pummelled its business as it seeks to rebound from record losses and turn around a negative equity position that saw the Senate call for the sacking of its top…
Safaricom war with Bitcoin dealer sparks CBK warning
Safaricom war with Bitcoin dealer sparks CBK warning BitPesa is locked in an acrimonious court battle with Safaricom over the telecom operator’s decision to terminate M-Pesa payments to the platform’s gateway dubbed Lipisha Consortium. Through the BitPesa platform, users can convert bitcoin into Kenya shillings and…
Uchumi gets Sh500m KCB loan to stock up ahead of Christmas
Uchumi gets Sh500m KCB loan to stock up ahead of Christmas The new loan will raise the total amount that Uchumi Supermarkets owes the KCB Group to Sh1 billion. The retailer is relying on borrowings as a temporary measure before completing the sale of non-core assets…
Tuskys signs finance deal with DTB for upfront payment of suppliers
Tuskys signs finance deal with DTB for upfront payment of suppliers Tuskys Supermarkets has signed a financing facility that will see its suppliers get payments from the Diamond Trust Bank even before their invoices are due. The deal will also enable small and medium sized companies (SMEs) that supply the…
Former Uchumi top managers on the spot over Sh1bn cover-up
Former Uchumi top managers on the spot over Sh1bn cover-up The revelation that Uchumi Supermarkets manipulated financial statements to the tune of Sh1.04 billion has put former senior managers including ex-chief executive Jonathan Ciano on the spot. Uchumi has announced that the former management had…
Safaricom eyes SMEs in cash transfer deal for Lipa na M-Pesa with 8 banks
Safaricom eyes SMEs in cash transfer deal for Lipa na M-Pesa with 8 banks Safaricom has signed a deal with eight more banks to offer retailers real-time money transfer from the Lipa na M-Pesa tills to their banks accounts, a move aimed at recruiting more merchants…
M-Pesa airtime top-ups hit scratch card dealers
M-Pesa airtime top-ups hit scratch card dealers Safaricom’s airtime dealers are seeing their commissions squeezed as the volume of top-ups made directly from the telecom operator’s M-Pesa platform outpaces the growth of scratch cards. The volume of M-Pesa airtime top-ups peaked at 38 per cent in…
Stanlib to buy Greenspan Mall with first Sh12bn Reit offering
Stanlib to buy Greenspan Mall with first Sh12bn Reit offering Stanlib Investments is set to buy Greenspan Mall in Donholm, Nairobi, with proceeds from Kenya’s first ever Real Estate Investment Trust (Reit) sales. Stanlib Investments plans to raise as much as Sh12.5 billion through the initial…
KRA sues Airtel for Sh531 million fifteen-year claim
KRA sues Airtel for Sh531 million fifteen-year claim The Kenya Revenue Authority (KRA) is pursuing Airtel Kenya for Sh531 million taxes it claims the telco owes from its first two years of operation in Kenya. KRA says the amount arose from Airtel’s $55 million (Sh5.6 billion)…
KenGen ups dividend payout as profit jumps threefold to Sh11.5bn
KenGen ups dividend payout as profit jumps threefold to Sh11.5bn Kenya Electricity Generating Company (KenGen) has raised its dividend payout by 62.5 per cent after recording a threefold jump in net profit in the year ended June, powered by increased sales and a tax credit. KenGen’s…
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