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Kenya:Rising expenditure affirms economy is growing, Treasury says


Treasury officials have downplayed the perception that despite the much vaunted economic growth, the effects are not being felt by ordinary Kenyans. At a meeting with journalists ahead of the reading of the Budget statement on Thursday, Treasury Principal Secretary Kamau Thugge and Director of Budget, Fiscal and Economic Affairs Geoffrey Mwau also said Kenyans should not expect tax increases. Dr Mwau ...

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Rwanda’s airline to start flights to London


Rwanda’s airline will start three weekly flights to London’s Gatwick airport on May 26 and it expects to exceed one million passengers on all its routes in the next three to four years, Chief Executive John Mirenge said on Monday. The London route, which will be served by two newly acquired Airbus A330s, will be East African airline RwandAir’s 22nd ...

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Kenya:Top bank owners set for dividend windfall


Wealthy owners of public listed banks are set to earn billions in dividends this year, even as their customers continue to face difficulties accessing credit following the coming into force of a law capping interest rates last year. Nine out of the 11 listed banks that have announced 2016 financial results collectively posted a 13 per cent rise in total ...

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Kenyan firms freeze new hiring, suspend pay rise

Enwealth Managing Director  Simon Wafubwa  (centre)  Institute of Human  Resource Management (IHRM) CEO  Dorcas Wainaina (right) and Head of Compliance and Quality Assuarance at IHRM Wyclife Nyakina (left) when they signed an agreement at Nairobi Safari Club. The two agreed to collaborate to undertake periodic surveys on partinent topical issuesffecting one trillion retirement benefits industry in Kenya, social security financial services and employees benefits. February 23 2017 ANTHONY OMUYA (NAIROBI)

Flat or declining sales coupled with growing concern over the August 8 General Election have left dark clouds hanging over the labour market, forcing the majority of employers to freeze plans to hire or raise workers’ salaries, a newly-released report says. The job market survey, commissioned by the Institute of Human Resource Management (IHRM), found that 73 percent of employers across ...

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Treasury’s Sh20bn KQ loan terms alarm MPs


Kenyan taxpayers are facing the prospect of paying a Sh20 billion ($200 million) debt next year when a government-backed short-term loan advanced to national carrier Kenya Airways matures. Members of Parliament have flagged the loan as a big risk to the stability of public finances as it has to be fully repaid in one lump sum. The Treasury guaranteed the ...

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Govt planning law to guide counties on revenue collection


The government is developing a national legislation to guide counties on revenue collection. This follows complaints that some devolved units had come up with prohibitive taxes that have scared away investors. The guide is meant to check on the unnecessary levies that are way above what the business community can afford and remain in business. National Treasury Cabinet Secretary Henry ...

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Interest rate caps erode bank valuations in buyouts


The capping of interest rates has hurt bank deals, with more lenders now being acquired at prices lower than their book value to reflect relatively weaker earnings outlook. Habib Bank, which is set to be fully acquired by DTB Bank, is the latest lender to be taken over at a price equivalent to 0.77 times its net worth. Mauritius’ SBM ...

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Uganda says seeking $500 mn loan from China for roads


Uganda says it has asked China for a $500 million loan to help build almost 600 km (360 miles) of roads in the country’s oil-rich west, amid criticism over heavy borrowing that has ballooned the country’s debt. Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the Democratic Republic ...

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Kenya Power says 1m customers on prepaid meters are not paying


Electricity distributor Kenya Power says 940,668 customers connected to the national grid have not loaded their meters for months. This makes them “zero vend” customers, which refers to prepaid meters installed but have not yet purchased any tokens. Kenya Power acting managing director Ken Tarus on Monday attributed the idle prepaid meters to low consumption of power by some customers ...

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Treasury pushes Kenya into more debt with fresh Sh82 billion loan


The Treasury has taken yet another expensive short-term loan from a group of international banks, pushing Kenya further into debt. Reuters news agency reported that the $800 million (Sh82 billion) syndicated loan deal was signed last Thursday with a consortium of four banks including StanChart, Standard Bank, Citi and Rand Merchant Bank — and is due to be drawn any ...

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