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NEWS & CURRENT AFFAIRS

Digital News

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Brian Ngugi

More pain for borrowers as CBK moves to rein in living cost crisis

CBK Governor Thugge has defended the move, saying it's meant to tame the shilling's free fall, which has had a negative ripple effect on the economy.

More pain for borrowers as CBK moves to rein in living cost crisis

US rates: Is there light at end of the tunnel for battered shilling?

US rates: Is there light at end of the tunnel for battered shilling?

CBK says five auto financing companies operating illegally

CBK says five auto financing companies operating illegally

Kenyan CEOs troop to postgraduate class to boost skills

Kenyan CEOs troop to postgraduate class to boost skills

Banks build Sh60 billion war chest for bad loans amid economic uncertainty

Kenya’s largest banks have allocated a total of Sh60 billion for loan losses so far in the past nine months due to concerns about a slowdown in the country’s economy.

Banks build Sh60 billion war chest for bad loans amid economic uncertainty

Regulators mull loosening up crypto laws in a major U-turn

Kenya is considering the possibility of easing regulations on cryptocurrencies, marking a notable change in the country's approach to digital assets.

Regulators mull loosening up crypto laws in a major U-turn

Lenders' regional expansion bears fruit as Kenya's contribution slows

As Kenya's economy grapples with challenges, banks are actively seeking out new avenues for growth.

Lenders' regional expansion bears fruit as Kenya's contribution slows

Inside Ruto's new plan to sell KICC, Nock, KPC, other state agencies

The National Treasury said the sale of the agencies will help it raise additional revenue. It said the disposal would also help reduce the demand for government resources.

Inside Ruto's new plan to sell KICC, Nock, KPC, other state agencies

More listed firms foresee profit drop as FKE warns of job losses

Employers say business costs are becoming unmanageable and could result in closures. Crown Paints and WPP Scangroup caution investors of a possible drop in full-year profit.

More listed firms foresee profit drop as FKE warns of job losses

Co-op Bank ICT boss feted for Sh7bn ICT plan

Charles Khacheso Washika, the Director of ICT and Innovation at the Cooperative Bank of Kenya, has been named the Chief Information Officer of the Year 2023.

Co-op Bank ICT boss feted for Sh7bn ICT plan

Traders risk jail terms and fines for failing to use e-tax registers

New rules require business entities to seek KRA assistance within 24 hours if the ETR systems malfunction. Move highlights State’s suspicion that some traders may attempt to evade taxes.

Traders risk jail terms and fines for failing to use e-tax registers

United Bank for Africa eyes Kenyan SMEs with trade deals

United Bank for Africa (UBA), Nigeria's pan-African bank, has announced its plans to expand its lending operations in Kenya, the largest economy in East Africa

United Bank for Africa eyes Kenyan SMEs with trade deals

US automaker eyes more Kenya sales after deal with Caetano Kenya

Caetano Kenya, an automobile dealership with Portuguese backing, has intensified its efforts to promote the sale of Ford Motor vehicles in Kenya.

US automaker eyes more Kenya sales after deal with Caetano Kenya

Tier one lenders NCBA, Absa, IM and StanChart grow third-quarter profits to show resilience

Tier one lenders NCBA Group, Absa Bank Kenya, I&M and StanChart grew their third-quarter profits even as concerns mounted on the outlook of the economy in the remainder of the year.

Tier one lenders NCBA, Absa, IM and StanChart grow third-quarter profits to show resilience

KRA set to destroy seized luxury cars and goods in tax crackdown

Agency says owners have 30 days to pay the requisite taxes or lose their cargo. Taxman has been aggressively pursuing tax evaders as it seeks to meet revenue targets.

KRA set to destroy seized luxury cars and goods in tax crackdown

Land experts warn unresolved land cases in Kenya could be 'ticking time bomb'

Land experts have raised concerns about the growing number of unresolved land cases in Kenya's courts.

Land experts warn unresolved land cases in Kenya could be 'ticking time bomb'

World Bank to give Kenya over Sh1.8tr in loans and investment

Money will be disbursed over the next three years, subject to approval by the bank’s directors. Funding could come with added taxes as global lenders target government fiscal discipline.

World Bank to give Kenya over Sh1.8tr in loans and investment

Mobile phone users to get lower call rates as CA slashes charges

The regulator declared a 30 per cent reduction in the rate from 0.59 per minute to 0.41 per minute. These new cuts will be implemented in March of next year for two years.

Mobile phone users to get lower call rates as CA slashes charges

Brace for IMF bitter medicine as Kenya inks another Sh103b loan

The IMF urged the government to cut down on public spending, ban fuel and food subsidies, and impose higher taxes, which could potentially impact public employment and cost of living.

Brace for IMF bitter medicine as Kenya inks another Sh103b loan

Co-op Bank rakes in Sh18.4b profit on interest income jump

Results offer investors some insight into the possible strength of commercial lenders in a challenging economic climate.

Co-op Bank rakes in Sh18.4b profit on interest income jump

Tanzanian direct tea sales set to rival Mombasa auction

Tanzania has introduced its inaugural online Tea Auction, which has opened up opportunities for regional farmers to access global tea markets

Tanzanian direct tea sales set to rival Mombasa auction

State eats up Sh74b emergency fund at CBK in under 6 months

Governor Thugge says the government only has Sh23 billion left to borrow. Fund’s objective is to compensate for seasonal shortfalls in revenues.

State eats up Sh74b emergency fund at CBK in under 6 months

Eurobond: Inside Ruto's 2024 roadmap to avoid Sh302b economic catastrophe

The repayment plan for Kenya’s Sh302 billion Eurobond ($2 billion), which is scheduled for next year, has sparked controversy and is being keenly watched by global investors.

Eurobond: Inside Ruto's 2024 roadmap to avoid Sh302b economic catastrophe

Kenya's quest to host Africa's payments system takes longer

Kenya faces an anxious wait for the outcome of its bid to become the regional headquarters for the newly established pan-African payments system in Nairobi.

Kenya's quest to host Africa's payments system takes longer

Inside Kenyan firms' pact with continental bank to unlock trade

Manufacturers are poised for a major boon from an agreement with Afreximbank that aims to create a single market of 1.2 billion people.

Inside Kenyan firms' pact with continental bank to unlock trade

Debt crisis deepens as public borrowing hits record Sh10.5t

It comprises Sh5.66 trillion external debt and Sh4.92 trillion domestic debt. Revelation comes at a time when it has acknowledged the headroom for public borrowing is narrowing.

Debt crisis deepens as public borrowing hits record Sh10.5t

Kenyan firms eye share of $43 billion trade deals at continental fair

Numerous Kenyan companies are expected to compete for fresh trade and investment agreements worth billions of shillings at the biggest trade exhibition on the continent.

Kenyan firms eye share of $43 billion trade deals at continental fair

Lights, camera, action!: New Afreximbank Sh150bn Film fund to support Kenyan films

The African Export-Import Bank (Afreximbank) plans to set up a $1 billion (Sh151 billion) film fund to help Kenyan and African filmmakers tell their stories better.

Lights, camera, action!: New Afreximbank Sh150bn Film fund to support Kenyan films

Economic crisis dampens Ruto's first state of the nation address

Most sectors of the economy are in a state of stagnation and Kenyans have been severely affected by the rising cost of living.

Economic crisis dampens Ruto's first state of the nation address

IMF bailouts key in Kenya honouring Sh302b Eurobond, says Ndii

Kenya could default on repaying the $2 billion (Sh302 billion) Eurobond, which is set to mature in June next year, in the absence of an International Monetary Fund (IMF) bailout.

IMF bailouts key in Kenya honouring Sh302b Eurobond, says Ndii

Economic advisers insist country on track

President’s advisers defend tax pains, say reforms will bear fruit. Insist that Kenyans must bear with unpopular reforms for country not to collapse.

Economic advisers insist country on track

Ndii accuses manufacturers of influencing tax policies, bribery

Ndii alleges a scheme where firms lobby for favourable taxes in return for financial favours to State officials, says some of the taxes levied against certain businesses do not make economic sense.

Ndii accuses manufacturers of influencing tax policies, bribery

KRA predicts blow to corporate taxes over lower bank earnings

Remittance from finance and insurance sector recorded suppressed growth in the July-September period. Sector has historically been a significant source of income for the government.

KRA predicts blow to corporate taxes over lower bank earnings

CBK turns guns on dollar black market as Shilling falls

The Central Bank of Kenya has intensified its efforts to combat illicit dollar trading, even as the shilling depreciated to a fresh all-time low against the US dollar.

CBK turns guns on dollar black market as Shilling falls

Relief as KRA eases tax evasion crackdown on luxury shoppers

Move comes after high-ranking State officials, including President Ruto and Treasury CS condemned new tax collection measures by the taxman.

Relief as KRA eases tax evasion crackdown on luxury shoppers

KRA: Collecting taxes from 'hustlers' is no mean feat

Taxman cites obscure nature of informal businesses and lack of transparency in financial dealings. Some traders have abandoned electronic payment to beat the system.

KRA: Collecting taxes from 'hustlers' is no mean feat

KRA targets luxury shoppers in tougher tax evasion crackdown

The move is seen as a further tightening of the noose on luxury shoppers by Kenya Revenue Authority (KRA) as it faces mounting pressure to generate additional tax revenue.

KRA targets luxury shoppers in tougher tax evasion crackdown

Profit warnings by firms cast a shadow on the Nairobi bourse

Car and General, a listed automotive dealer, recently joined the ranks of companies that have revised their annual profit forecasts downward.

Profit warnings by firms cast a shadow on the Nairobi bourse

KRA misses Sh12.9b fuel tax target as motorists dump cars over high prices

This reduction in fuel usage is viewed as an early indication of weakened industrial activity and decreased consumer spending, raising concerns among observers about a potential recession.

KRA misses Sh12.9b fuel tax target as motorists dump cars over high prices

UK's King Charles faces new Kenya in maiden visit today

Former British conglomerates are facing fierce rivalry from local and foreign firms. The two countries are firm trading and investment partners.

UK's King Charles faces new Kenya in maiden visit today

Banks face hefty penalties in CBK forex manipulation probe

CBK has written to 10 commercial banks, seeking clarification on the significant disparity in spreads despite the implementation of interbank market reforms.

Banks face hefty penalties in CBK forex manipulation probe

African Trade Bank urges deeper regional trade ties with the Caribbean

The African Export-Import Bank has emphasized the need for enhanced cross-border connectivity between Africa and the Caribbean, along with stronger mutual trade and investment cooperation.

African Trade Bank urges deeper regional trade ties with the Caribbean

Global deals offer a whiff of hope for embittered coffee farmers

DP Gachagua recently indicated that prominent global coffee companies, including Starbucks and Java Coffee Company, have expressed a strong interest in directly purchasing coffee from local farmers.

Global deals offer a whiff of hope for embittered coffee farmers

Kenya Power revives plan for dollar-based bills after Sh3.1b loss

Utility firm attributed loss from net profit of Sh3.2 billion last year to higher finance costs resulting from fluctuations in the exchange rate.

Kenya Power revives plan for dollar-based bills after Sh3.1b loss

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