Business News

Debate on a motion that seeks to reduce the retirement age from 60 years to 50 years was yesterday postponed...

A Polish charter airline will be flying weekly to Mombasa as it moves to cash in on the festive...

Controller of Budget approved withdrawals of MES funds...

Kenya Power electricity unit sales for the first eight months of the year rose 3.2 percent to 5,910 Gigawatt hours (Gwh), despite the expected decade-low profits from the...

Karibu Homes Marketing Executive Kevin Ndungi (right) welcomes home buyers to the company's stand, during Home Expo at KICC in Nairobi on September 29, 2019 Karibu Homes has been voted the Best Affordable Housing development in Africa at the just concluded Africa Property Investment Summit and Expo in Johannesburg,...

A farmer inspects his crops affected by drought. FILE PHOTO | NMG  Nigerian-based firm Continental Reinsurance will now offer agricultural insurance cover in its latest product mix, entering a class that has experienced high loss ratios in markets such as Kenya. The Nigerian-based re-insurer, with operations in Kenya, said the continent...

Speaker of the National Assembly Justin Muturi at the mobile internet economy summit in Nairobi. Speaker of the National Assembly Justin Muturi graced the first mobile internet economy summit between Africa and China that took place from on October 15 to 16 in Nairobi. The Chinese mobile firm, Tecno,...

Outgoing Britam General Insurance Company Chief Executive Officer Margaret Kathanga. FILE PHOTO | NMG  Britam General Insurance chief executive and principal officer Margaret Kathanga has quit, bringing to an end her 13- year service at the company. The firm said she had exited to pursue “personal interests”. In her place, the...

A house is one of the largest investments anyone can make, it is important, therefore, to keep all your wits around you when doing so. Speaking at a recent property event, four real estate players gave tips on avoiding losing your money on a real estate deal.   Verify, verify,...

East African Cables plant in Nairobi. FILE PHOTO | NMG  East African Cables is considering raising new capital from shareholders to run its operations which have been constrained by high finance costs and inadequate funds to deliver contracts. The company is also seeking to sell assets worth Sh640 million to reduce...

Chinese smartphone brand Oppo is set to unveil their latest device in the A series line, the Oppo A9 2020. Oppo is targeting millennials with its latest device after a positive global reception of the A series. The company launched its first A series smartphone in February 2016 and since...

Parliament Wednesday rejected a Bill that had sought a tenfold increase in the maximum fines for graft to Sh10 million or jail terms not exceeding a decade. FILE PHOTO | NMG  Parliament Wednesday rejected a Bill that had sought a tenfold increase in the maximum fines for graft to Sh10...

UN Secretary-General António Guterres launched Global Investors for Sustainable Development, a group of top...

Kenya's President Uhuru Kenyatta has rejected the 2019/20 budget demanding that lawmakers remove a cap on commercial lending rates, a senior lawmaker and a local daily said on Thursday. In 2016, the government limited rates banks can charge customers to four percentage points above the central bank's benchmark -...

Balancing mortgage rate. Seven years ago, Home & Away carried an interview with Carol Kariuki, founder of The Mortgage Company, then described as the “first mortgage brokerage firm in East Africa with a passion to expand home ownership.” In the interview she said: “To many Kenyans, a mortgage is like...

Airtel Kenya is risking punishment from the telecoms regulator after an outage knocked out services for several hours. FILE PHOTO | NMG  Airtel Kenya is risking punishment from the telecoms regulator after an outage knocked out services for several hours. The operator, the second largest behind Safaricom, suffered the outage from...

Airtel Kenya services have been reportedly restored after an outage on Wednesday that affected calls and SMS services. The mobile telco had cited technical challenges as the reason behind the outage. “You can now make calls and send messages. We apologize for any inconvenience caused,” the company said in a statement. This...

The company said that the increased revenue is attributed by their increased investment on infrastructure and smartphone devices. Smartphone Company Huawei on Wednesday announced its business results for the third quarter of the year 2019. Huawei in a statement said that they generated CNY610.8 billion (Sh8.924 trillion) in revenue during...

President Uhuru Kenyatta. FILE PHOTO | NMG   President Uhuru Kenyatta has declined to approve the Finance Bill and has instead asked MPs to scrap commercial lending rate caps that critics say have led to a credit squeeze. Should MPs now agree with him and remove the cap, borrowers will be...

Toyota Kenya will now assemble its Toyota Hilux model locally, signifying an increase in the number of automobile firms now option for local production. The move comes a time when Kenya is working on a National Automotive Policy which is expected to discourage importation of used cars and shift...

Daniel Ojijo(Left) Managing Director and Founder of Homes Universal Limited with CAS Ministry of Transport, Infrastructure Housing and Urban Development Dr. Christopher Obure (in blue suit) at the official opening ceremony for the 29th Kenya Homes Expo at the KICC. Two hundred and twenty-eight units at the Park Road...

The International Monetary Fund (IMF) has cut Kenya's 2019/2020 financial year economic growth to 5.6 per cent from the 5.8 per cent figure issued in April, citing global trade wars. In its Global Economic Outlook released yesterday, IMF said trade wars between China and US and other uncertainties will...

There are various options for investing your money. Among them are savings accounts, unit trusts, forex, government bonds, land, real estate, and shares. But why should you choose stocks over the other options? There are a number of factors to consider in deciding on an investment option. Most important...

The Institute of Human Resource Management (IHRM) has expressed concern over increased job losses in the country, warning that this might lead to more crime and broken families.   Speaking at the start of the institute's 23rd annual conference at Sawela Lodge yesterday, IHRM Executive Director Dorcas Wainaina (pictured) noted...

Reuters 17th Oct 2019 00:00:00 GMT +0300 Tanzania has been ordered by a World Bank arbitration court to pay $185 million (Sh18.5 billion) to the Hong Kong subsidiary of Standard Chartered (StanChart) for breaching an energy contract. The court’s ruling, which was released on Tuesday, adds...

Rampant graft in Kenya is to blame for the low level of trade between the country and the US, an industry lobby has said. In a new development, the American Chamber of Commerce in Kenya (AmCham) has said the country’s lack of commitment to ethics is standing in the...

Standard Gauge Railway passenger train. FILE PHOTO | NMG  President Uhuru Kenyatta has launched the second phase of the Standard Gauge Railway with the promise to complete the project to Malaba as was originally envisioned. The president said despite the challenges expected in takin the project beyond Suswa where it...

Government is seeking Sh131 billion including through emergency cost-cutting measures to fund Big Four projects. Ministries are now required to review spending to save at least Sh53 billion, while State corporations have to surrender earnings amounting to Sh78 billion. The drastic measures are contained in a memo sent by National...

TSC chief executive Nancy Macharia. FILE PHOTO | NMG  The Teachers Service Commission (TSC) has hinted at including involvement of teachers in this year’s national examinations as part of performance appraisal. TSC chief executive Nancy Macharia said the idea was to reward teachers who contribute to delivery of credible examinations and...

A parliamentary committee has directed State agencies to conduct fresh tests on 60,000 bags of sugar at the Rai Paper mills warehouse in Webuye to determine if the commodity is fit for use. FILE PHOTO | NMG  A parliamentary committee has directed State agencies to conduct fresh tests on 60,000...