Category: East Africa
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Kenya:Kabura took out sacks of cash without security
Embattled businesswoman Josephine Kabura was on Tuesday at pains to explain her dealings with the National Youth Service (NYS), including the withdrawal of more than Sh100 million in cash from a bank without security arrangements. The withdrawals were made in March 2015 from an account held by Roof and All Trading — one of Ms…
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Kenya:Safaricom underlines role in economy with 845,000 jobs
Telecoms operator Safaricom’s voice, data and M-Pesa business sustained more than 845,846 jobs in the year to March 2016, a newly released study shows. The report by consulting firm KPMG — ordered and paid for by Safaricom — says the telecoms operator sustained the jobs through its own workers and the linkages created by products…
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World Bank cautions Kenya to tame borrowing spree
Kenya is building a potentially dangerous mountain of debt that could in the long run expose the economy to systemic risks, the World Bank has warned in a newly-released report. The World Bank warns in the report that while Kenya’s public debt remains sustainable, the margin for further debt accumulation is narrowing at an uncomfortably…
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Kenya:Bad loans put Shelter Afrique boss in eye of a raging storm
Top managers at pan-African housing financier Shelter Afrique have been thrown into the eye of a storm after documents emerged showing massive looting of funds through creative accounting and subprime lending that is now under investigation. Documents seen by the Business Daily show that the company’s managing director, James Mugerwa, has been dishing out subprime mortgages…
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World Bank: Kenya’s 2016 GDP to see growth as agriculture contributes
Kenya’s economy is expected to grow by 5.9 percent in 2016, the World Bank said on Monday, unchanged from an earlier forecast and up from actual growth of 5.6 percent last year. The bank said growth will be driven by improved performance in the agriculture sector and tourism, and increased foreign direct investments. “This is…
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Agriculture shares lose steam as ‘Rea Vipingo’ effect wears off
Agriculture stocks have this year lost the momentum that saw the sector buck a bearish trend at the Nairobi Securities Exchange (NSE) in 2015, with three of the six listed firms losing half their value as the “Rea Vipingo” effect wears off. Shares of Kakuzi, Kapchorua Tea, Williamson Tea, Limuru Tea and Sasini were the…
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Kenya:Mumias Sugar losses up as firm blames woes on shortage of cane
Mumias Sugar Company has registered a two per cent increase in losses in the year ending June 2016 as a severe cane shortage took a toll on the firm’s earnings. The miller’s after tax loss grew to Sh4.7 billion in the year under review from Sh4.6 billion in 2015 as the once vibrant miller struggles…
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KRA sacks 35 officers for fraud, opens senior staff to graft probe
Kenya Revenue Authority has in the past three years sacked 35 employees involved in tax fraud, in a fresh corruption purge meant to plug leakages that cost the country billions of shillings in tax revenues. The taxman has also revealed that it handled a total of 148 cases involving “unethical conduct” between July 2013 and…
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Kenya:KenGen eyes non-power revenue to boost earnings
Power producer Kenya Electricity Generating Company (KenGen) is looking to further diversify its non-electricity revenue by offering consultancy services, increasing steam sales and leasing out drilling equipment. KenGen finance director John Mudany on Wednesday said the firm was looking to have non-electricity revenue build up over time from the current 23 per cent of total…
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Home Money Markets Money Markets IMF forecasts Kenya savings to hit 16.1pc of national output
Kenya’s national savings will rise to 16.1 per cent of GDP by the end of this year, surpassing the average for middle-income countries in Africa after years of lagging behind, according to the International Monetary Fund (IMF). In a newly released regional economic outlook for sub-Saharan Africa, the IMF says that Kenya will be one…