Trade and Financial Services Round Up

Trade and Financial Services Round-Up.

KENYA UK and Kenya in fierce tax fight The United Kingdom has made an official complaint over the higher import duty Kenya charged on some of its products, a senior government official has revealed. In line with the East Africa Community (EAC) Customs Union, Kenya

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TRADE ROUND-UP

KENYA Kenya in tight spot as EAC, European trade deals clash Kenya’s recently completed trade deals have run into stormy waters after Nairobi applied higher import duties on whiskies and wines from the United Kingdom and the European Union (EU), respectively, two jurisdictions with which

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Trade and Financial Services Round-Up

KENYA Shilling falls to a new low of Sh160 to the dollar The shilling’s official exchange rate has hit Sh160.23 to the dollar, extending its record decline against the US currency on the back of pressure from importer demand and efforts by the Central Bank

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Trade Round-Up

Kenya State assures coffee farmers of Ksh.80 per kilo in new sector reforms Co-operatives and MSMEs Cabinet Secretary Simon Chelugui on Tuesday launched the Coffee Cherry Advance Fund, which could see coffee farmers reap big from the state’s new reforms in the sector. Chelugui said

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TRADE AND FINANCIAL SERVICES ROUND-UP

Kenya Sugar factories roar to life again on December 1 Sugar millers are set to be re-opened on December 1 more than four months after they were ordered shut after most were accused of harvesting immature cane. It is good news for sugar cane farmers

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Trade and Financial Services Round-Up

KENYA   Kenya declines Uganda’s request to use oil pipeline An application by Uganda to use Kenya’s pipeline to transport its fuel was in September turned down by Kenya on concerns that the move would displace local oil marketing companies (OMCs) from using the pipeline.

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Trade and Financial Services Round-Up

    Kenya Treasury cuts development, inflates budget by Sh187bn President William Ruto’s administration has cut development expenditure but increased its maiden budget by Sh187.3 billion in an effort to confront economic headwinds related to missed tax targets, huge debt repayment obligations and spending pressures

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Trade and Financial Services Round-Up

KENYA Foreign investors lower risk of Kenya defaulting on debt Overseas investors have lowered risk assessment on Kenya’s ability to repay its fast-rising external debts after the Central Bank of Kenya outlined a plan to borrow up to $1 billion (about Sh149.27 billion) to partly

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Trade and Financial Services Round-Up

  KENYA   CBK, investor standoff drives interest rates to 16-year high A standoff between investors and the Kenyan government over interest rates escalated this week after the sale of the October Treasury bond raised less than 20 percent of the Sh35 billion on offer.

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Trade and Financial Services Round-Up

Kenya Emirati company gets majority stake in Telkom on Helios exit A United Arab Emirates (UAE)-based firm will take up a majority stake in Telkom Kenya from London’s Helios Investment Partners, marking the latest twist in the deal room of the loss-making telco. The Treasury

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Trade and Financial Services Round-Up

KENYA Sugar Production Down 31% in Seven Months on Cane Shortage   Output of sugar from local millers has dropped by nearly a third in seven months due to a shortage of cane, with the scarcity sharply pushing prices to a record high. Analysis of

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Trade and Financial Services Round-Up

KENYA Shilling tipped to weaken further on low forex inflows Lower foreign exchange inflows and higher global interest rates are the key factors that will see the Kenyan shilling continue to lose ground against the US dollar, according to data analytics and intelligence firm Stears.

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TRADE AND FINANCIAL SERVICES ROUND-UP

Kenya Loss-making companies to pay as State renews push for minimum tax The William Ruto administration has set sights on a share of revenue from loss-making companies after signalling a revival of minimum tax that was declared unconstitutional under the predecessor regime of Uhuru Kenyatta.

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Trade and Financial Services Round-Up

Kenya Inside the multi-million dollar deals at the Nairobi climate summit Kenya and other African countries struck climate-related financing deals worth $23 billion (Sh3.36 trillion) at the just-ended inaugural climate summit held in Nairobi, giving the continent’s green investments plans a shot in the arm.

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Trade and Financial Services Round-Up

KENYA   State to legalise phone, email tapping in dirty cash fight   Telephone calls and emails of Kenyans suspected to be dealing in money laundering and terrorism financing will be tapped if lawmakers approve changes to a Bill seeking to escalate the fight against

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Trade and Financial Services Round-Up

KENYA   Miraa farmers pay the price of a slump in exports, cartels Alexander Mwenda, a Miraa farmer in Gaciongo, Igembe North chopped down his earlier treasured trees three weeks ago sparking uproar, shock and disbelief among other growers and dealers in Meru county. Mr

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Trade and Financial Services Round-Up

KENYA Banks to access secret State database in dirty cash fight Financial institutions will soon be granted access to a State database on secret owners of companies to enable them to swiftly flag and report suspicious transactions involving people using proxies, friends and relatives to

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Trade and Financial Services Round-Up

Kenya US guarded on Kenya trade deal past Agoa expiry The US is non-committal about when negotiations for a free trade deal with Kenya will be concluded despite Nairobi earlier saying the talks would be finalised by December. The United States Trade Representative Katherine Tai,

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Trade and Financial Services Round-Up

KENYA Desperate for loans, Kenya offers highest returns in 7 years The Kenyan government is increasingly borrowing more expensive loans from the domestic market in a trend that has set up households and businesses for a new season of costly loans. The interest rate on

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Trade and Financial Services Round-Up

KENYA Kenya’s Q1 food import bill rises 58.4pc to Sh80 billion Kenya’s food import bill in the first quarter of the year rose 58.4 percent to hit Sh80.2 billion, nearly matching what was fetched from exporting food. The latest data from the Kenya National Bureau

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TRADE AND FINANCIAL SERVICES ROUND-UP

Kenya Kenyans default on Sh83bn bank loans in 4 months Borrowers have defaulted on an extra Sh82.9 billion in bank loans in just four months, signalling the economic struggles that have seen the share of non-performing loans hit a 16-year high. Latest Central Bank of

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Trade and Financial Services Round-Up

KENYA Kenya sees the shilling falling to the 150 mark against the dollar next June The government is projecting the shilling could weaken further to 150.76 by the time it repays its debut Eurobond in June next year, signalling unabated pressure on the country’s exchange

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Trade and Financial Services Round-Up

KENYA Kenyans abroad to buy bonds via mobile in a month Kenya will roll out an electronic over–the–counter trading platform for government securities, enabling investors to start buying and selling Treasury bills and bonds online in the coming days, the Central Bank of Kenya (CBK)

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Trade and Financial Services Round-Up

Kenya Kenyans abroad avoid banks on sending money home Kenyans living and working abroad increasingly avoided banks when wiring cash home in favour of less costly traditional money transfer methods such as “hawala” amid money laundering threats. The World Bank says the cash transfer fees

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Trade and Financial Services Round-Up

KENYA CBK clears 33 banks for risk-based loans The Central Bank of Kenya (CBK) has given the nod to 33 out of 39 commercial banks to implement lending to customers based on their risk profile. Riskier borrowers are charged higher interest rates compared to those

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Trade and Financial Services Round-Up

KENYA Economists cut Kenya’s growth outlook Global economists have marginally downgraded Kenya’s growth outlook for 2023, citing below-average rainfall, and a weakening shilling amid lingering threats of return of anti-government protests. The panellists polled from 14 world-leading banks, consultancies and think tanks projected expansion in

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TRADE AND FINANCIAL SERVICES ROUND-UP

Kenya Railway levy cuts save taxpayers Sh3.6 billion Taxpayers will save about Sh3.6 billion every year following the proposal to reduce Railway Development levies contained in the new Finance Bill. The Treasury projects that collections from the Railway Development Levy (RDL), which is the kitty

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TRADE ROUNDUP

KENYA M-Pesa deepens share in Safaricom revenue as voice stutters The share of M-Pesa in Safaricom mobile service revenue has deepened to 41.5 percent as earnings from voice and text messaging came under pressure from applications such as WhatsApp. Safaricom’s mobile service revenue in the

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SRC raises President Ruto’s CASs pay to Sh780,000 in new review

Kenya SRC raises President Ruto’s CASs pay to Sh780,000 in new review The new chief administrative secretaries (CASs) will be earning more than principal secretaries after the Salaries and Remuneration Commission (SRC) raised their monthly pay to Sh780,000, putting them in the league of Kenya’s

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Taxpayers’ burden of keeping Kenya Kwanza CASs in office

Kenya Taxpayers’ burden of keeping Kenya Kwanza CASs in office Kenyan taxpayers will spend more than half a billion shillings annually on salaries and benefits for the 50 Chief Administrative Secretaries (CAS) whose names were forwarded to Parliament for approval on Thursday, putting more strain

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City Hall turns to Safaricom for revenue collection

Kenya City Hall turns to Safaricom for revenue collection Safaricom has inked a two-year deal with City Hall to offer a payment platform for Nairobi County services in a move set to lower pilferages in collecting taxes and levies. The telco says it will develop

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President Ruto clips CS Mutua wings in foreign policy shift

Kenya President Ruto clips CS Mutua wings in foreign policy shift President William Ruto’s government has announced a major shift in the country’s foreign policy by allowing other countries and their missions in Kenya to engage directly with ministries and state agencies, without going through

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3rd February Trade and Financial Services Round Up

Kenya EPRA reveals second plan to increase cost of power The Water Resources and Management Authority (WARMA) is the latest State entity to seek a bigger pie of the electricity bills in what looks set to further increase the cost of power. WARMA has applied

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27th January 2023 Trade and Financial Services Round Up

Kenya Banks’ Sh224bn record profits signal bonus, dividends boom Banks’ pre-tax profits for 11 months to November last year hit a record Sh223.7 billion on increased lending, setting the stage for a dividend windfall for owners when full-year results are announced in March. Central Bank

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20th January 2023 Trade and Financial Services Round Up

  Kenya   Users allowed to sue Safaricom over clients’ bank details access  The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm

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13th January Trade and Financial Services Round Up

Kenya State bursts recurrent budget forecast by Sh81.7bn President William Ruto’s administration projects expenditure for the day-to-day running of the government is Sh81.7 billion more than what the previous regime budgeted, pointing to piling spending pressures, including salaries and wages. The Treasury has forecast recurrent

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9th December 2022 Trade and Financial Services Round Up

Kenya KRA starts crackdown on hidden employee perks The Kenya Revenue Authority (KRA) has started a crackdown on firms under-declaring their payrolls in what will see thousands of employees pay taxes on items like overtime, leave pay and per diems. The taxman is targeting a

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2nd December 2022 Trade and Financial Services Round Up

Kenya Equity’s takeover of Spire the best way out, says CBK Equity Bank’s plan to buy struggling Spire Bank is the best deal available in the market, the Central Bank of Kenya told Parliament yesterday. CBK governor Patrick Njoroge told MPs that the deal is

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25th Trade and Financial Services Round Up

Kenya Court stops law allowing workers to withdraw pension for home purchase A High Court has stopped the implementation of the Retirement Benefits (Mortgage Loans) (Amendment) Regulations, 2020 which allows workers to withdraw part of their pension to buy a home.  Justice Anthony Ndung’u said

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