Uchumi sends Ciano packing as it launches forensic audit Uchumi Supermarkets’ board has let go of chief executive Jonathan Ciano even as it opened a forensic audit into the cash flow problems that have in recent weeks left the retail chain with empty shelves. Owino Ayodo, the general manager, operations,…

Closing Bell: Standard Chartered Bank Top Gainer at the NSE Standard Chartered Bank Kenya (SCBK) was the top gainer at the NSE. It gained 4.21% to close the day at KES 297.00 which was a KES 12.00 gain in share price. Mumias Sugar Company (MSC) was the top loser with…

Banks demand retrenchment insurance for borrowers Commercial banks are increasingly demanding insurance cover against retrenchment for customers seeking personal loans, signaling increased concerns over the rising load of bad debts. Commercial Bank of Kenya (CBA) last week announced a requirement for salaried borrowers seeking secured and…

Scangroup Limited (SCAN) was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a gain of 6% to close the day at KES 39.75. This was a KES 2.25 gain in share price. British American Tobacco Kenya was the worst performing share registering a drop of 8.28%…

Equity runs ahead of rivals with takeover of DRC bank Equity Group has announced plans to acquire a 79 per cent stake in a Democratic Republic of Congo bank, ProCredit Bank, for $60 million (Sh5.8 billion), marking the Kenyan lender’s entry into central Africa. The acquisition is partly being financed…

James Ndegwa to stay at NIC Bank amid conflict of interest fears Newly appointed Capital Markets Authority (CMA) chairman James Ndegwa Thursday said he will not resign as chairman of listed NIC Bank to avert conflict of interest as demanded by critics. NIC Bank owns stock market intermediaries, including…

Exchange rate slide pushes shilling past 95 units mark The shilling on Tuesday crossed the 95 units to the US dollar level, continuing a losing streak with forex traders predicting a further drop to 98 units to the dollar by end of year. A weaker currency and its effect…

Mastermind wins Kenya Power deal to build substations Advertising firm Magnate Ventures and Mastermind Tobacco, through its subsidiary NGM Ltd, have signed lucrative tenders for construction of 36 Kenya Power substations in bids, which were dominated by Asian and Gulf-based companies. According to Kenya Power, the new substations will improve…

KRA releases guidelines on withholding tax The Kenya Revenue Authority has released guidelines for the collection of withholding VAT on payments made to government suppliers, which will be charged at 6% of the cost of supplied goods or services. Withholding VAT was reintroduced in the Finance Act 2014 […

Good morning, read on for  important business news in Kenya. Kenya’s Imports From the U.S. Triple Data from the Kenya National Bureau of Statistics show Kenya has bought goods worth KES 120.41 billion from the US over the period, compared to KES 42.85 billion last year, a 181% growth. India sold goods worth…