Category: East Africa
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Kenya:Afya House, doctors fraud schemes cost KNH Sh1.5bn
Kenya’s largest referral health facility, Kenyatta National Hospital (KNH), lost more than Sh1.5 billion in a series of fraudulent transactions that were dominated by illegal staff compensation and diversion of its funds at the parent ministry. A damning Ministry of Health internal audit report seen by the Business Daily shows the money was lost in…
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Kenya’s luxury car market contracts by 26.5 per cent
Kenya’s new luxury car market recorded a contraction of 26.5 per cent in the nine months ended September, with Jaguar Land Rover (JLR) being the only dealer to have recorded sales growth in the period. Data from the Kenya Motor Industry Association shows that sales of high-end cars dropped to 224 units in the period…
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Kenya shifts gears in drive to raise coffee exports into America
Kenya is pushing to increase its market share for coffee in the United States (US) as a means of improving the global visibility of the local commodity. The government through the Agriculture, Fisheries and Food Authority (AFA) Coffee Directorate on Tuesday said it is also targeting China, South Korea, Sweden, Norway, Denmark, Poland and Nigeria…
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Kenya:Top earners face more tax pain in Rotich budget plan
Highly paid Kenyans are headed for more tax pain in the coming year when the Treasury is expected to increase income tax bands “to reflect the inflationary impact of annual salary increments.” Treasury secretary Henry Rotich said on Tuesday that a review of the income tax law to reflect the new reality would come in…
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Kenya:SMEs shun banks, turn to family for start-up cash
Majority of small businesses in Kenya consider commercial banks as inappropriate sources of finance, choosing instead to use family resources as start-up or growth capital, a newly released report says. The Kenya National Bureau of Statistics (KNBS) says in a newly-released report that 80.6 per cent of establishments use family or own funds as the…
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Kenya:NSE-listed Atlas doubts return to London bourse after suspension
Nairobi Securities Exchange-listed Atlas African Industries says it is doubtful of a return to the London Stock Exchange where it was suspended on October 17 following the resignation of its nominated adviser (Nomad). The company also halted trading on the NSE’s Growth Enterprise Market Segment (GEMS) the next day, making the stock illiquid for existing…
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Kenya:Fund managers say rate cap to hit monetary policy
A majority of fund managers and fixed-income analysts polled by a research firm say the capping of bank rates will water down the effectiveness of monetary policy in controlling credit supply and inflation. The financial players polled by Nairobi-based financial research firm HTM Capital also faulted the use of the Central Bank Rate as the…
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Kenya:Sh743m stolen assets, cash seized in anti-corruption war
Some Sh743 million worth of stolen assets and cash were traced and frozen in the past 11 months as the newly established Asset Recovery Agency (ARA) flexed its muscles in the war against corruption. The agency says in a newly released report that most of the assets are proceeds of crime from the National Youth…
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Kenya:Relief for Uber as taxman shifts VAT headache to car owners
The Kenya Revenue Authority (KRA) has shifted the burden of paying value added tax for e-taxi hailing to car owners, handing Uber — the US tech giant — a major reprieve. The taxman made its position known in response to reports that it was targeting e-taxi operators such as Uber and Safaricom-backed Little Ride for…
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Githu seeks tough penalties for in-flight offences
Unruly passengers on board flights that land in Kenya’s airports will face prosecution and other tough sanctions if Parliament ratifies a new protocol amending the Convention on Offences and Certain Other Acts Committed on Board Aircraft. Airlines will have the right to, and may seek compensation from, unruly passengers for costs incurred as a result…