Kenya Airways (KQ) is eyeing a fresh bailout from the government to steady its operations despite narrowing its half-year loss by a fifth.
KQ chief executive Allan Kilavuka said Thursday the national carrier was in a precarious financial position and that the recovery of revenues to pre-co…
Treasury drops shoe import tax after uproar
The Treasury has revoked a controversial new tax on imported shoes, bringing relief for traders who had reported a drastic jump in the cost of shipments.
Treasury Cabinet Secretary Ukur Yatani, in a letter to the Kenya Revenue Authority (KRA), suspended the new tax of up to $1.5 (Sh164.4) …
Water user charges up 10 times in World Bank deal
Water bills are set to increase sharply after the government raised the regulatory charges on water companies tenfold to cover ballooning operation and maintenance costs.
The World Bank-driven regulations published by Water, Sanitation and Irrigation Cabinet Secretary Sicily Kariuki last F…
Kebs now probes suspect olive oil
The Kenya Bureau of Standards (Kebs) is investigating the safety of a popular brand of Spanish olive oil after the product was withdrawn from supermarket shelves in some markets, including the United Arabs Emirates (UAE), for allegedly containing cancer-causing chemicals.
Spanish authoriti…
IRA to pay lawyer Sh263m in Lakestar Insurance case
A judge has ordered the Insurance Regulatory Authority (IRA) to pay Nairobi-based lawyer Waweru Gatonye Sh263 million for legal services offered eight years ago in a dispute involving the collapsed Lakestar Insurance company.
Justice David Majanja ordered IRA to pay Waweru Gatonye and Comp…
Pilot graduates at four-year low on cash woes
The number of freshly trained and licensed pilots in Kenya has dropped by a drastic 64 percent to a four-year low due to disruptions of Covid-19 and prohibitive teaching costs in a shaky economy.
Data by the sector regulator, the Kenya Civil Aviation Authority(KCAA), shows that 167 pilots …
Equity doubles profit on loan repayments
Increased loan repayments helped propel Equity Bank Group to a Sh17.9 billion net profit for the first half of the year, signalling a rebound from the pandemic-induced downturn.
The lender almost doubled its profits from Sh9 billion during a similar period last year after cutting back loan…
Safaricom share hits highest price since NSE listing
Safaricom’s share price hit a new record Thursday, earning investors Sh78.13 billion in a week and lifting the Nairobi Securities Exchange (NSE) to a 39-month high.
The stock closed at a volume-weighted average of Sh43 on the Nairobi bourse Thursday compared to Sh41.05 on Tuesday last week…
Cash-strapped KU sinks into Sh1.3 billion debt
Kenyatta University (KU) has dipped into Sh1.3 billion debt in the year to June, forcing the university to rely on short term loans to finance its operations.
Auditor-General Nancy Gathungu said the university deficit stood at Sh677 million in the year to June 2019.
She sai…