Centum posts 100-day high on coal ruling

The company gained 5.3 per cent on Wednesday, following a dismissal of the petition challenging award of a tender for construction of a Sh164 billion coal power plant in Lamu. Centum closed the day at a three-and-a-half month high of Sh69 with 547,200 shares traded, making it one of the counters that recorded gains. This comes as market activity picks up after a slow fortnight [...]

Prices of coffee, tea rise at weekly auction

The Nairobi Coffee Exchange (NCE) this Wednesday reported a rise this week in the top price of Kenya's benchmark grade AA coffee from $355 to $402 per 50-kg bag at auction. Kenya, whose speciality beans produce is blended with beans from other countries by roasters, is expected to benefit from this price increase, with coffee and tea being one of its top income earners [...]

Shilling steady, tipped to stay under pressure in coming days

The shilling remained steady on Wednesday with speculation that it would stay under pressure because of importer dollar demand. Commercial banks quoted the shilling at 91.35/45 to the dollar, compared with 91.30/40 at Tuesday's close [...]

Central Bank of Kenya holds key lending rate at 8.5pc

The Central Bank of Kenya (CBK) yesterday maintained its key lending rate at 8.50 per cent so that inflation would continue dropping towards its 5 percent target. Inflation has reduced gradually between November and December 2014 thought it still remains above the government’s target. According to the bank's Monetary Policy Committee, the reference rate, which is set every 6 months, and used for calculating the base rate for commercial lending by banks, would be cut from 9.13 set 8.54 per cent in July this year [...]

Taxman automates property deals levy to boost efficiency

The Kenya Revenue Authority (KRA) is in the process of automating tax payment for property deals to boost efficiency. This will be done through the online iTax platform as from March this year, for stamp duty and capital gains tax-associated transactions. This process will connect KRA’s online system to land registries. This move is expected to make the property transfer process to become more efficient [...]

Energy Regulatory Commission reduces fuel prices in Kenya

The industry regulator has set the maximum price allowed for a liter of fuel, leading to a reduction in fuel prices after considering the weighted average cost of imported refined petroleum products. The price of Super Petrol is expected to drop by Sh 9.13, Diesel fuel by Sh7.50 while Kerosene will be Sh5.78 cheaper, according to the ERC [...]

Report pushes for levy on imports in regional blocs

Regional blocs, such as the East African Community (EAC), may have to introduce a levy on imports so that they can self-finance their organs. More clarity will be required on how the tax can be implemented since some of the countries may not co-operate. Previously, such regional entities have been relying only on contributions from its members, though some of the countries have not been doing so consistently. The regional entities have depended solely on contributions from members yet a number of countries, such as those facing an economic crisis, have not been meeting their obligations [...]