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Experts poke holes in Amana Capital report

Financial experts have disputed a report by Amana Capital which states   the shilling is overvalued, arguing that a single parameter cannot be used to determine currency performance. The report has hinted that the Kenyan shilling is overvalued by 30 per cent hence not showing its true picture in the...

Corruption, payment delays hit manufacturers

Kenyan manufacturers are largely operating below capacity and say economic growth prospects are dim due to a cash crunch, drought and corruption, a survey by their umbrella association showed. The survey, called the Manufacturing Barometer, was carried out by the Kenya Association of Manufacturers in the first quarter of...

Second-hand car import age limit to remain at 8 years

The drive to push the second-hand car import age limit to five years will delay following lack of public participation in setting the rule. During a sitting with the National Assembly Trade committee on Tuesday, Trade CS Peter Munya said the policy would be put on hold for one...

Shilling overvalued by 30 per cent

Kenya is operating a managed shilling than a free float currency, running a risk of making its exports more expensive. Speaking while unveiling a report that unpacks what is ailing Kenya's economy, Amana Capital chief investment officer Reginald Kadzutu said the shilling is overvalued by 30 per cent. He explained...

Saccos spell out role of national and county governments in their operations

Audit of Savings and Credit cooperatives societies’ will now be done by the national government, a stakeholders forum agreed yesterday. It was agreed that the registration and delisting of Saccos also be handled by the national government even though the C0-operative sector is a devolved function. The national government will...

Kenya’s forex reserves dip on rising global oil prices

Kenya’s foreign exchange reserves dipped to 5.15 month of import cover in the first week of May,. This is the lowest in 22 months since August 14, 2017 when it dropped below the five-month index. The Central Bank of Kenya (CBK), in its latest statistical bulletin released last week, said...

Non-remittance of sacco dues could land employers in jail

Employers will face jail terms if they fail to remit members' deductions to Saccos. Co-operatives Alliance of Kenya CEO Daniel Marube said the co-operative societies have been facing financial strain as parastatals, university Saccos, businesses and individual-owned co-operatives fail to remit employees' deductions over time. The movement said there is...

Sarova MD to head tourism body for second term

Jimi Kariuki has been reappointed to chair the Kenya Tourism Board for another two year term that will end in May 2021. He was first appointed to the position in 2016 for the three year stint that has since been renewed.   He has previously served on KTB board of directors...

Oil prices slump after Trump’s tariff threats against China

Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies. U.S. West Texas Intermediate (WTI) crude futures were at $60.57 per barrel at 0646 GMT on...

Oigara to exit KCB Group in 2022

KCB Group chief executive Joshua Oigara is not planning to renew his tenure. Speaking to journalists on Friday, Oigara who has been at the helm of the largest bank in Kenya in terms of asset value since November 30, 2012 said he will exit in next three years. ‘’I have...

KCB Group looks to buy banks in Rwanda, DRC

Kenya’s biggest lender by assets, KCB Group, plans to buy a bank in Rwanda and one in the Democratic Republic of the Congo (DRC), its chief executive has said. CEO Joshua Oigara, who was speaking to reporters late on Friday, did not reveal the identity of the two banks...

Safaricom giving banks sleepless nights

While at that, the telco reported Sh240 billion in service revenue, with 31.2 per cent of it driven by mobile lending platform Mpesa. This explaining the existing partnership with KCB to produce the KCB-Mpesa product and the overdraft product FULIZA also with CBA bank that has so far lend...

Safaricom lose Sh300m in six months

Safaricom lost Sh300 million in mobile data revenue in the second half of the year ending March 31, 2019 due to an increase in taxes. The telco's financial results show revenue from mobile data dropped to Sh19.2 billion compared to Sh19.5 billion in the first half of the year.  Speaking...

Poor regulations stunt manufacturing growth

Investment in manufacturing has been on a declining trend over the past two years due to a poor regulatory environment.   The Manufacturing Barometer by the Kenya Association of Manufacturers for the January-March period shows while the sector is expected to contribute 15 per cent to the GDP by...

UK Foreign secretary welcomes Sh8.5bn funding for Kenya

UK Foreign secretary Jeremy Hunt on Friday welcomed over Sh8.5 billion of funding for Kenyan businesses on the final day of his week-long visit to Africa. This included a new agreement which will see British business De La Rue invest Sh1.4 billion to boost its production in Kenya of...

Fraudsters eye digital platforms due to easy user manipulation

Mobile and digital banking services are becoming targets for financial crime facilitated by easier manipulation of users. While theft has been focused on banks’ ATMs, Kenya Bankers Association chief executive Habil Olaka said fraud trends are also shifting to the digital platforms due to their increased popularity and social...

How an Idea Becomes Innovation

How do you know you have a great idea? How do you know that your idea is as good as you claim? Right now, you don’t; it’s still in your mind. At best, it’s a guess. There is an excitement that comes with the conception of an idea that...

Afya sacco to pay members Sh58 million dividend

Afya Cooperative Sacco Society has recommended a Sh857.4 million payout as interest and dividends on member deposits and shares at 7.5 and six per cent respectively. During the sacco’s 39th Annual Delegates Conference, chairman Vitalis Lukiri the dividends payable will amount to Sh58 million. “Members shares in the society have...

Schools where unique subjects are a big deal

What does your child they learn during their school hours? Most parents want their children to turn out well, both academically and in life skills. However, not as many school curricula include unique subjects such as leadership, or financial literacy, or incorporating new ideas in the market such as...

KQ losses accumulate to Sh89.3bn in six years

Kenya Airways cumulative loses over the past six years now stands at Sh 89.3 billion following the release of its latest results. On Tuesday, the airline announced yet another net loss Sh5.9 billion from Sh5.1 billion for the year ended December 2018 .  The loss before tax was Sh7.6...

Equity transforms branches into advisory centres

Increased digital banking has pushed Equity bank to transform its branches into advice-giving centres. The bank attributes the move to a massive shift of its customers from using brick-and-mortar concept to digital banking. “Currently, 96 per cent of our transactions are being done on digital platforms and this has informed...

Here are hacker groups looting banks in Kenya

OnNet Services, a Poland based cyber security firm which foretold theft of Sh11 million at four Barclays Bank Auto Teller Machines (ATM) over the Easter holiday, has linked three local hacker communities to bank heists in Kenya. The agency had on April 17 through a tweet warned that a...

Leveling Kenya – China trade imbalance

The recently concluded Second Belt and Road Forum for International Cooperation saw Kenya make a big step in its trade relations with China. President Kenyatta and President Xi Jinping singed a long awaited agreement that enables the export of avocados from Kenya to China, making Kenya the first...

Mustafa floors former boss in Mombasa chamber polls

Mombasa business man with interests in commodity exports is now the new chairman of the Kenya National Chamber of Commerce and Industry Mombasa chapter after knocking out his former boss in county chamber elections.  Mustafa Mohammed, former vice chair, floored his boss Rukia Rashid, to wrest control of the...

Equity Group expansion plans to shoot value to Sh694bn

Equity Group plans to acquire four banks operating in Rwanda, Tanzania, Mozambique and Zambia.  Speaking at the annual general meeting,  chief executive James Mwangi said they have held preliminary talks with Atlas Mara Limited, a London-listed financial service group to swap controlling equity stakes in four of its subsidiaries...

Britam launches new motor vehicle insurance service

Britam has launched a new service to manage car accidents hoping it will help cut down fraud. This comes just weeks after a  insurance sector report revelation showed widespread malpractice. The research, by insurance tech firm Bismart on the motor vehicle insurance sector, was released early April to reveal disturbing...

FKE opposes wage increment ahead of Labour Day

Kenyan employers say they will oppose any call during Labour Day celebrations to raise the general minimum wage.   The federation has further condemned reports that Cotu is requesting the government to increase the wage by 15 per cent in exchange for their support for the proposed Housing Levy. Speaking in...

No decision made on Collymore’s exit

Safaricom PLC Board has not made a decision on Bob Collymore's replacement, Chairman Nicholas Nganga has said. "This will be subject of deliberation by the Board and once a decision is made it will be communicated at the appropriate time," he said in a statement on Tuesday. Reuters had reported...

Kenya’s Equity in deal to buy African bank stakes

Kenya's Equity Group Holdings said on Tuesday it was in discussions with London-listed financial services firm Atlas Mara Limited about acquiring stakes in banks in Rwanda, Zambia, Mozambique and Tanzania. Equity's announcement marks the third major deal among lenders in Kenya since the government capped commercial lending rates in...

Less cars bought last year as times get tougher – Economic …

Less cars bought last year as times get tougher - Economic ...
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Experts poke holes in Amana Capital report

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Administrative Officer III Job. KMFRI 2019

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Uganda hit Kenya in T20 World Cup qualifiers

Kenya women’s cricket team on Wednesday lost to Uganda by four runs with three wickets in hand in the International Cricket...

Microbank seeks Sh1b new capital : The Standard

Maisha Microfinance Bank is seeking a Sh1 billion capital injection to cushion it from a new accounting...

Kwal starts local production of cider brands

KWAL managing director Lina Githuka. FILE PHOTO | NMG  The Kenya Wine Agencies Ltd (Kwal)...

Sonko’s Wife Set to Receive Award on Mother’s Day

Nairobi first lady, Primrose Mbuvi, is set to receive a Mother's Honour Award at Light International auditorium on May 12, 2019, in the humanitarian...

Huduma Namba firm sues House : The Standard

Huduma namba firm moves to court to salvage its stay in Kenya.

Hull City coaches in Kenya for training clinics with locals

Hull City coach Richard O’Donnell during a coaches training camp at the Kenya School of Monetary Studies yesterday. Photo/COURTESY...
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