Category: East Africa
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Kenya:World Bank deal paves way for work on Nairobi’s first elevated highway
The construction of Nairobi’s first double-decker highway linking Jomo Kenyatta International Airport (JKIA) to Nairobi-Nakuru highway is set to begin later this year following the recent signing of a financing agreement with the World Bank. The Sh38 billion elevated highway, meant to decongest central Nairobi, has been on the cards for nearly a decade. The…
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Delta Air Lines grounds flights
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Delta Air Lines said early Monday that all of its departing flights have been grounded by a global computer system outage. “Our systems are down everywhere,” it tweeted in response to disgruntled customers. Delta (DAL), the world’s second largest airline, said the problem is a power outage at its Atlanta hub, starting at about 2:30 a.m.…
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Three banks fined Sh3 million for NYS cash transfers
The Central Bank of Kenya (CBK) slapped three commercial banks with a fine totalling Sh3 million for failing to report suspicious transactions relating to the Sh791 million National Youth Service (NYS) scandal, Governor Patrick Njoroge revealed in Parliament Thursday. Dr Njoroge said the banking industry regulator also forced the sacking of nine top managers of…
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Kenya:State officials knew about Anglo Leasing deal, says ex-envoy
The embattled former Swiss ambassador to Kenya, Jacques Pitteloud, has claimed that top State officials knew about an alleged Sh5 billion settlement with one of the chief suspects of the Anglo Leasing scandal, businessman Deepak Kamani. Mr Pitteloud is facing a police investigation in Switzerland over accusations that he solicited a Sh5 billion bribe from…
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Tanzania: Exim Bank Sued Over Illegal Account Freeze
International Tribunal for Rwanda’s (ICTR) former in Charge of Defence and Detention Centre Alessandro Caldarone has sued Exim Bank Tanzania, demanding over 1bn/- compensation for alleged unlawful operation, freezing and blocking of his accounts. S.K. Law Chambers lawyers filed the suit at Dar es Salaam based High Court and was set for hearing before Lady…
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Tanzania: Why Banking Charges Were Targeted for Value Added Tax
The government found the hundreds of billions of shillings earned by banks annually in charges and fees too good to resist, prompting it to impose 18 per cent value added tax (VAT) on the levies, The Citizen has learnt. An analysis conducted by The Citizen earlier this week established that the ten largest corporate and…
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Rwanda to Increase Exports to the U.S
The US ambassador to Rwanda and Minicom officials yesterday held a press conference to address travel goods and luggage products that will receive duty-free treatment under generalized system of preferences (GSP). Reacting to the review, Gilbert Kubwimana, the country director of Songa designers – a company which deals in handicrafts – said they will improve…
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Rwanda: Bank of Kigali Profit Hits Rwf8.1 Billion in Second Quarter
Bank of Kigali (BK) has posted a total profit of Rwf8.1 billion in the second quarter of the year, representing a 4.5 per cent growth compared to Rwf7.7 billion the previous period. This represents an increase of 17.4 per cent from Rwf6.9 billion year-on-year. The bank’s net income increased marginally year-on-year to Rwf10.9 billion during…
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Kenya:Interest income lifts KCB net profit by 14pc amid rising dud loans
Kenya Commercial Bank (KCB) Group has reported a 14 per cent rise in half year 2016 net profit to Sh10.5 billion on the back of higher interest income from customer loans. The bank’s net interest income rose by 16 per cent to Sh22.5 billion in the six month period on higher interest rates in the market…
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Kenya’s Uber drivers strike in the hundreds after price cuts
Hundreds of drivers signed up with ride-hailing service Uber in Kenya went on strike on Tuesday to protest against fare cuts. The U.S.-based company, which started operations in the East African country in January 2015, is cutting total fares by up to 35 percent to boost demand for the service, amid growing competition from local…