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.

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.

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.

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

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

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

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,

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

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

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

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

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)

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

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

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

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

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

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

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

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

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

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

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

  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

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

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

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

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