Former WPP Scangroup chief executive Bharat Thakrar says he feels both betrayed and vindicated after a probe commissioned by the marketing services firm against him and ex-chief financial officer Satyabrata Das found no incriminating evidence.
The two former executives were suspended on Fe…
Motorists to pay Sh100 hourly for Nairobi parking
Motorists will be charged between Sh75 and Sh100 every hour for parking within the Nairobi city centre, if a new policy proposal by City Hall is implemented.
Parking on off-street spaces, attractive for the relative safety of vehicles from theft and vandalism, will cost one Sh100 for every…
Sh13bn bad loan provision cuts lift bank profits
Kenya’s top nine listed banks slashed their provisions for loan defaults by a third in six months to June, defying Covid-19 hardships to raise their combined net earnings 72.5 percent to Sh66.5 billion.
KCB , Equity , Co-op Bank , I&M , Absa Bank Kenya , NCBA , Standard Chartered Bank …
Borrowing on Fuliza rises to Sh1.2bn daily
Borrowings from Safaricom’s overdraft service rose to Sh1.2 billion daily in the six months to June this year, signalling the income shortfalls that have pushed many Kenyans to rely on short-term expensive debts.
The amount of cash disbursed on Fuliza hit Sh220.38 billion over the six mont…
NCBA posts 77pc jump in half-year profit to Sh4.7bn
NCBA Group has posted a 76.9 percent jump in net profit in the six months to June, driven by growth in interest income and a drop in provisions for bad debt.
The bank recorded a profit after-tax of Sh4.66 billion compared to Sh2.63 billion in the same period last year.
NCBA…
Weaker shilling piles cost pressures on consumers
The shilling has weakened to a near five-month low against the US dollar, pressured by a faster growth in imports which has spurred a higher demand for the greenback than cash inflows from exports and Kenyans abroad.
Forex traders quoted the Kenyan currency at an average of 109.80 units ag…
Freshmen hit as UoN implements new fees structure
Freshmen joining the University of Nairobi (UoN) for postgraduate and self-sponsored degree courses from next month have been slapped with sharply increased fees despite the recent public pressure on the institution to reverse the decision.
The university’s deputy vice-chancellor in charge…
Winning the race to stay ahead in Kenya’s banking
KCB Group posted a 102 percent jump in net profit for the first six months of trading, putting the lender on a firm recovery path from Covid-19 disruptions.
Group CEO Joshua Oigara spoke to the Business Daily on the lessons picked in the pandemic environment, the opportunities, the pressur…
Gambling firms lose bid to stop new levies in Nairobi
The High Court has declined a request by gaming and betting operators in Nairobi to temporarily stop the implementation of a new law that allows the county government to charge higher fees for various licences.
In an application filed by the Association of Gaming Operators of Kenya, the in…
Senators back supplier pay delay fine law
A parliamentary committee has backed a proposed law that will see business owners, Principal Secretaries and accounting officers at the counties pay Sh1 million fine or serve a five-year jail term for delaying payment to suppliers.
The Senate committee on Finance and Budget a…