Business News

Kenya is expected to raise its debt ceiling of kes 9 trillion to accommodate growing expenditure needs amid underperforming tax collections. The National Treasury said the discussion was in the background as...

Kenya's treasury aims to raise Kes 123.8 billion from sovereign bonds sold to foreigners in the next four months and an additional Kes 124.3 billion during the fiscal year starting in July...

The International Monetary Fund (IMF) on Monday said it will soon disburse Kes 262.69 billion (USD 2.4 billion) to the Government of Kenya after it's staff virtual visit and the Kenya treasury...

The prices for Super Petrol, Diesel, and Kerosene have increased by Kes 8.19 per litre, Kes 5.51 per litre, and Kes 5.32 per litre, respectively. This means that between 15th February and...

Kenya’s real estate market is projected to record positive growth this year with younger millennials and Gen-Z expected to play a key role in growing uptake of affordable housing units. Mizizi Africa...

The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) on Wednesday kept the benchmark rate unchanged at 7% in its sixth consecutive sitting amid concerns of slight rise in the cost...

Kenya’s economy is projected to recover and grow by 6.4% in 2021. In a draft of the 2021 budget policy Statement by the treasury, they noted that the economy had been adversely affected by...

Entrepreneurs have been advised to take advantage of the government’s move to automate most of its services and come up with appropriate innovations.

Kenya's total debt jumped to 65.6% of gross domestic product in June 2020 from 62.4% a year earlier, the World Bank said in November.

Kenya has  recorded a 10.7 % rise in remittances from US$2,796 million in 2019 to a record high of US$3,094 million in 2020.

Overall, the global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.

The Global Forum Secretariat provided technical assistance in 2020 to 59 developing country members, including training to thousands of officials, as part of efforts to strengthen tax collection capacity worldwide.

The facility will also have a Liquefied Petroleum Gas (LPG) line which is anticipated to stabilize the nation’s supply of gas.

Octagon Afya Plus also provides members with an avenue to invest and save or transfer up to 10% of their retirement benefits into the post-retirement medical scheme. The investment earns an annual investment...

Beginning  1st  January 2021, the Corporate Tax rate will revert to 30% from the current 25%, same as Individual Income tax which will also shoot to 30% from 25%.

During the 10 month period, Uganda was the leading source market with 60,399 arrivals, USA 53,444, Tanzania 43,649, the UK 42,341, and India 25,251.

The transport index decreased by 0.15%, as the government relaxed travel and curfew restrictions which saw transport activities improve in the sector.

The service will allow customers to send money to bank accounts and mobile wallets in 15 countries, including neighboring Uganda, the United Kingdom, India, China and Germany.

Manufacturing sector recorded a 7.8% growth in loan uptake, transport and communications at 21.1%, real estate 7.6%, and consumer durables at 15.7%.

Under the Inuka SME Program, over 4,000 MSMEs have interacted with the training. The partnership will provide a hybrid targeted approach to advance the green finance agenda in Kenya.

The government is doing a financial evaluation of as many as nine state companies, including Kenya Airways Plc, Kenya Power and Kenya Electricity Generating Co.

Kenyans abroad sent home a record Kes. 28.4 billion ($263.1 million) in October this year, a 17.3% increase compared to the same period last year when inflows for the month stood at...

The lobby group also proposes that millers and marketing agents shall be appointed by members of a coffee factory during an annual general meeting held before the start of the coffee crop...

Budget deficit in the three months that ended in September grew to Kes. 131.7 billion compared to Kes. 123.5 billion during the same period in 2019, a 6.7% year-on-year increase.

The drop in fuel costs is expected to ease rising consumer costs which surged last month owing largely to previous fuel cost increases.

KTDA-managed factories continue to work on improving operational efficiencies to reduce production costs through a number of initiatives.

It reported a Sh8.56 billion half-year loss for the period ended June 30,2019, double the Sh4.03 billion posted in a similar period previous year.

The current provisional trade data up to August 2020 shows Kenya’s exports were valued at 34.9 billion shillings while imports are valued at kes 18.9 billion with a trade balance of kes...

During the AGM shareholder approved a final dividend payout of Kes 0.25 for every ordinary share of Kes 2.50 translating to Kes 1.65 billion.

KNBS through a statement said that Obudho has vast experience in conducting population and housing censuses including the first ever Kenyan digital census that was conducted in 2019.

However, the reductions were not big enough to offset price increases of other sampled items.

The firm is also scheduled to meet Electronics suppliers, Clothing, labour union representatives and labour outsourcing firms the following week.

The project bond is intended to give a flexible funding option to projects that are already under construction and at various stages of completion.

The Bank was recognized amongst 14 African banks in the list that consisted of banks from 112 countries globally. KCB was the only Kenyan Bank on the roll.

Despite the growth in contributions, it is important to note that  the retirement benefits industry has fallen short in providing enough benefits and sustaining their members especially for companies holding segregated funds.

Tea exports fell by 14,000 tons in the first eight months of this year due to a drop in demand from traditional markets. Data from the Tea Directorate shows export volumes for...

The tea industry has been thrown into confusion due to a series push and pull between the ministry of agriculture and the tea agency over plans to streamline the industry by reforming...

CBK collaborated with commercial banks through the Kenya Bankers Association to establish the currency center.

The mapping has similarly helped the government keep inventory of all schools, hospitals, public utilities and infrastructure.

Ordinary revenues are now projected to decline by Kes 28 billion to Kes 1.60 trillion in the current financial year.

For instance during the year ended 30th June 2019, KenGen received kes 391 million refund after claiming Railway Development Levy (RDL) on equipment imported and used to build the 280-megawatt Olkaria geothermal...

KenGen has been focusing on the production of green energy and 86 percent of the energy produced by the company is from clean sources namely wind, hydro and geothermal.

The partnership will see Britam and Carepay explore new mobile channels for Britam’s fast-growing microinsurance portfolio and the future management of retail and SME health insurance clients. 

The fourth edition of Absa Africa Financial Markets Index 2020 show Kenya has dropped four places. The  index that  measures the capacity of countries to attract both  local and foreign investments, shows...

This is however good news to households especially during this hard economic times when many people lost their jobs as a result of the world-wide pandemic COVID-19.

According to this agreement, KCB will mobilize commercial financing into the SME and climate finance sector in Kenya and also impart knowledge, drive innovation, and build capacity. On other hand, IFC will...

Kakuzi which  supplies avocados to several UK supermarkets, including Sainsbury's and Tesco will face major losses as the supply accounts for almost 40% of the avocados exported by the frim.

“The direct flights will be an integral part of boosting the economy and tourism sector in our county,” said Dorothy Nyong’o, First Lady, Kisumu County.

New orders grew for the third month running, helped by a further increase in foreign orders, particularly from Europe and the Middle East.

According to EPRA, consumers in Nairobi will now pay a maximum of Kes 106.55 for a litre of super petrol, Kes 95.09 for a litre of diesel and 83.73 for a litre...

However, according to CBK, the amount of loans acquired during this period has  increased steadily  with banks having restructured loans worth kes 1.12 trillion which is 38 % of the total banking...

The value of transaction has been tipped to rise on account of COVID-19 pandemic.

“NPL increases were noted in the real estate, personal, transport and communication sectors due to subdued business environment,” Dr. Njoroge said.

The National Treasury has also been directed to expedite the roll-out of the credit guarantee scheme for MSMEs in partnership with participating banks and development partners.

Mr Muthomi adds the effort earned Kenya avocados the highest foreign exchange for the period ever and has opened new markets and demand even in countries where Kenya doesn’t have phytosanitary protocols.

The revenue increased to  to Kes 79 billion from Kes 69 billion in the same period last year.

This improved performance is expected to impact the entire value chain positively, with renewed economic activities

To reduce post-harvest losses, the government is refurbishing 11 warehouses in targeted counties.

Shelter Afrique expects fresh equity injection from Member Countries via country IDA allocation, direct lines of credit from the World Bank, as well as credit guarantee schemes to enable it to return...

The National Treasury expects the Kenyan economy to grow by just 2.5 percent due to COVID-19 induced economic slowdowns.

Tuskys has lost significant clout to rivals Naivas and newcomer Quickmart which has been on an expansion spree countrywide.

Kenya was ranked 115 out of 152 countries in the industrial index

“We are pleased to be joining the Kenya Bankers Association, an organization that has championed industry development since 1962,” said Caritas Chief Executive Officer Mr. Titus Muchiri

Telkom Kenya last month launched loon, 4G enabling balloons in partnership with American tech giant, Alphabet, which it hopes will expand its internet subscription by 4.8 million users.

The idea was boosted by passage of The Public Procurement and Disposal (Amendment) Bill, 2013 which provided that women, youth and persons with disabilities get 30% of all the government tenders.

The future of Kenya’s largest mining company Base Titanium hangs in the balance due to depleting minerals and delays in approving new mines. The company says resources at the Kwale South dune...

Eligibility of the financing plan will be based on customer credit score. The subscriber will need a history with Safaricom network going back at least one year and be between 18-75 years...

During 2Q2020, bond market turnover decreased by 13.50% with 137 billion worth of bonds traded compared to 158 billion traded in 1Q2020.

The Central Bank of Kenya in June revealed that the ratio of non-performing loans stood at 13.1 percent, the highest since August 2007 when it stood at 14.41 percent.

IFC remains committed to scaling investment and advisory support in Kenya, especially within the context of Kenya’s Big Four Agenda of manufacturing, affordable housing, affordable healthcare, and food security.

CBK is using some of its reserves to help ease some of that pressure, which we think is partially seasonal

The new changes at the electricity distributor comes after Kenya Power in June issued a profit warning saying that it has witnessed reduced electricity consumption.

In addition, some of the small businesses will be offered a market of their products by the government.

The 54 tea factory companies, which own the 69 factories that are managed by KTDA, will proceed to close their financial books for the year and also declare the final payment to...

The ratings on Kenya are nevertheless supported by its diversified economic base, including its large and diversified agricultural and services sectors, relative to peers, which should help cushion its economy.

The airline will continuously review the protocols in place and update these where necessary to continue being ahead of the curve when it comes to safety

The National Aviation Management Bill, 2020 seeks to establish the National Civil Aviation Council that will oversee the creation of a new outfit, Kenya Aviation Corporation (KAC), to run the national carrier. 

This follows a unanimous approval of the transaction by shareholders of Jamii Bora Bank during the extra ordinary general meeting held Wednesday.

KDIC says the new limit will cover 99 per cent of depositors with funds in banks and deposit-taking microfinance institutions. 

A market maker might place a bid for 100 shares near the last sale price and a bid for 1,000 at 10% below that price. If someone naively attempts to sell 1,000...

CBK said it saw a significant increase in the use of mobile money channels by individuals in both value and number of transactions, since the elimination of charges for transactions of Sh1,000...

The revision of the Outlook on Kenya's IDRs reflects Fitch's view that the coronavirus shock will drive a sharp economic slowdown and deterioration in the budget deficit and government debt/GDP ratio in...

Since the Regulatory Sandbox became operational in March 2019, six companies have been admitted to test their innovations and one company has successfully exited the Regulatory Sandbox and is preparing to roll...

Many companies that pay dividends are strong performers, and they are able to make distributions to investors because they have a great deal of cash.

While an industrial revolution was already in progress, the pandemic has accelerated the process and created even more complications for which the economic institutions and policymakers are not yet prepared

The Acting MD said they remain totally focused on managing the company's cost base, affirming that the restructuring will not have any negative impact on the services and products they provide.

The hold in the Central Bank Rate was supported by inflation stability with inflation rate at 5.6% in April. Going forward, the CBK expects the rate to remain within the set target...

Equity Group will also work with its customers to expand their opportunities in the health sector by financing them to manufacture health equipment such as face masks and Personal Protective Equipment (PPEs)...

One of the most successful formulas in investing in the past three decades has been `buy the dips.’ Investment advisors could identify scores of rags to riches stories of investors who gained...

The negative outlook also captures the higher risks to the bank's asset quality and profitability due to a more fragile economic environment which will translate in reduced business activity, fewer fee-generating transactions...

In each of the next three years, Kenya will need to repay on average 1.7% of GDP in external principal amortizations in addition to any potential external financing of the fiscal deficit.

Our market does not expect the stimulus similar to the US and Europe with Trillions of dollars poured out to the economy but something promising from the government will definitely push the...

That brings the total easing since November to 200 basis points, with the rate now the lowest since September 2011

CDSC will test its its proposed screen-based Securities Lending and Borrowing (SLB) platform for a period of five months on CMA's regulatory sandbox.

Absa Bank Kenya will cease to transact as an authorized foreign exchange dealer in the Kenyan market from Thursday, April 9, 2020, to Wednesday, April 15, 2020

Fitch expects Kenya's general government debt to continue rising through FY22 to reach about 70% of GDP. This is higher than our pre-coronavirus forecasts, which saw debt peaking at 65% of GDP....

In making this decision, the CBK Board also noted the ongoing critical efforts to stem the spread of the Coronavirus (COVID-19), and the strain this has put on the Government’s resources.

For instance, in 2019, Kenya's petroleum product imports amounted to USD 3,310 million and the average price of our benchmark oil product was USD 66.5 per barrel. The benchmark price has now...

Qatar Airways on Wednesday announced that it is in talks to buy a 49% controlling stake in emerging East Africa's airliner, RwandAir. The Group also announced it's interest in doubling its holding...

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