Foreign currency deposits held by Kenyans in local banks eased by Sh2.6 billion in July, signalling rising usage by importers, who had raised their holdings in June.
The value of the hard currency deposits stood at Sh757.73 billion at the end of July, Kenya National Bureau of…
Family Bank opens Isiolo branch in expansion plan
Family Bank has opened a new branch in Isiolo County, expanding the number of its outlets nationwide to 93.
The move is part of the lender’s medium-term expansion strategy that saw it raise Sh4.4 billion by issuing a corporate bond in June.
“As a bank … we continue to reaff…
NSE suffers biggest daily loss since May
Investors on the Nairobi Securities Exchange (NSE) Wednesday lost about Sh54 billion in paper wealth, the biggest single-day decline in four months, hit by a slump in the share price of market driver Safaricom .
Data showed that the NSE’s market capitalisation fell by Sh53.8 billion to sta…
EABL to stop use of Kenya Power in Sh22bn plan
East Africa Breweries Limited (EABL) plans to stop using Kenya Power electricity to drive its Kenyan factories, intensifying the shift by firms to generate their own power from solar.
KBL managing director John Musunga said the brewer is targeting delinking from Kenya Power ahead of 2030 u…
Blow to KRA as court stops Sh21 billion minimum tax
The Kenya Revenue Authority (KRA) is escalating its fight with businesses to safeguard Sh21 billion in annual minimum tax, opting to appeal a High Court judgment that declared the collections unconstitutional.
Justice George Odunga Monday found that the government’s plan to impose a minimu…
Kenya seeks IMF aid to repay China loans
Kenya is considering using reserves from the International Monetary Fund (IMF) to compensate for Chinese loans it repaid after the Treasury dropped an earlier request to defer debt payments.
The Treasury says it could use its additional allocation of IMF reserves in Special Drawing Rights …
Netflix offers free mobile plan in Kenya to entice new subscribers
Subscription video-on-demand service Netflix has begun offering a free mobile plan with about one-quarter of its TV shows and movies in Kenya, a strategy aimed at sparking growth for the company.
The free plan is available on Android mobile phones and will not have ads. It features Netflix…
KBL lines up Sh22bn to go fully green
Kenya Breweries Limited (KBL) plans to pump Sh22 billion into modernising its Nairobi and Kisumu production lines on the way to fully going green.
Through the multibillion-shilling project, the brewer has unveiled an elaborate investment plan to keep up with current environme…
Tourism firms eye Nairobi-Nyeri direct flights in revival plan
Tourism players are banking on the introduction of direct flights from Nairobi’s Wilson Airport to Nyeri’s Nyaribo Airstrip to boost the sector’s dwindling fortunes.
At 3.45pm last Saturday, a Cessna Caravan landed at the airstrip in the outskirts of Nyeri town and onboard were 12 passenge…
KRA to appeal minimum tax ban order
The Kenya Revenue Authority (KRA) will appeal a court ruling that has barred it from collecting minimum tax from businesses.
Mr Paul Matuku, the Commissioner for Legal Services at KRA said Monday that the taxman disagrees with the findings of the High Court and will prefer an…