Business Archives - Page 18 of 19

Equity to be named biggest lender in Kenya

6Apr

By Nasra HusseinNo Comments

Business

Equity to be named biggest lender in Kenya

Equity Bank h ranked as the most stable lender in Kenya both in terms of revenue and asset growth by the prestigious Africa Business Magazine. The ranking based on the 2020 end year financial results acknowledged the lender's asset growth which hit over Sh1 trillion, becoming the first bank to reach such margins in East and Central Africa. Equity's total assets are valued at Sh1.015 trillion, followed by KCB Group at Sh987.8 billion. NCBA Bank is third with total assets as of December 31, 2020, standing at Sh527.6 billion followed by Co-op Bank at Sh464.5 billion. Even so, KBC has the highest primary funding strength, with Tier 1 capital at 18 per cent. Under Basel III, a bank's tier 1 and tier 2 assets must be at least 10.5 per cent of its risk-weig...

5Apr

By Nasra HusseinNo Comments

Business

Yatani defends new Sh255bn IMF loan.

Treasury Cabinet Secretary Ukur Yatani has defended the Sh255 billion the country from the International Monetary Fund. Kenya seeks to use the cash, which the first batch of Sh34.5 billion is expected this week, to support the next phase of Covid-19 response. Yatani said the new loan facility expected from IMF is was part of his fiscal strategy to abandon commercial loans. “Equitable and affordable access to the vaccine is critical and help from the international community are urgently required,” the CS told the Star. The IMF board approved the country's request on Friday. The cash is expected to stabilize debt levels. The CS said the monies would help mitigate ‘the devastating effects of Covid-19 and set the stage for economic recovery. The Treasury boss sa...

KRA collects sh6.6 billion surpassing March target.

3Apr

By Nasra HusseinNo Comments

Business

KRA collects sh6.6 billion surpassing March target.

The Kenya Revenue Authority (KRA) has surpassed its monthly collection target, for the fourth time in a row. In a statement released early Saturday, the revenue agency said it collected Sh144.6 billion in March, highest revenue performance rate since the beginning of the Financial despite a challenging economic environment brought about by Covid-19. ''This is an outstanding performance compared to the month of February when KRA collected Sh127.7 billion registering a performance rate of 105.1 per cent to surpass its February revenue collection target,'' KRA said in a statement. Despite the slow economic progression, it registered 11.2 per cent revenue growth collecting a surplus of Sh6.6 billion in March 2021. This was the four...

3Apr

By Nasra HusseinNo Comments

Business, Politics

IMF approves sh255bn loan.

The International Monetary Fund has approved a Sh255 billion loan for Kenya which the Treasury says would be used to support the next phase of the Covid-19 response and address the urgent need to reduce debt vulnerabilities. The financing is under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF). An initial disbursement of Sh79 billion is expected, of which Sh34 billion will be released immediately and Sh44.2 billion by June 30. Treasury says the 38-month programme will help scale up Covid19 response; reduce debt vulnerabilities; address weaknesses in state-owned enterprises; and support financial stability. Yatani said the country pursued the loan as the early measures announced by the government to the effect of tax reliefs, expanded health sp...

KQ increases domestic flights ahead of deadline.

27Mar

By Nasra HusseinNo Comments

Business

KQ increases domestic flights ahead of deadline.

Kenya Airways has added more flight capacity ahead of Monday deadline when domestic flights will be suspended in five counties. This comes after president Uhuru Kenyatta announced a cessation of all movement by road, train or air in and out of Nairobi,Kajiado,Machakos,Kiambu and Nakuru counties until further notice. This is a move the government has chosen to curb the spread of Covid-19 in the country. The national carrier have four flights-two flights from Nairobi to Mombasa and Mombasa to Nairobi. KQ said passengers affected by the suspension of domestic flight can reschedule or request a refund.

23Mar

By Nasra HusseinNo Comments

Business

Kenya Airways reports 36.2 bn loss.

Kenya Airways has sunk deeper after he reported a sh 36.2 billion loss for the ended year December 2020, the biggest loss in the airline’s history. Its revenue shrunk by nearly 60 percent to sh52.8 billion as the covid -19 pandemic took toll on the national carrier. Its passenger number numbers dropped by 65.7 percent to 1.8 million in the year under review. This saw its customer revenue shrink from 103.6 billion to 33.7 billion. Its comprehensive losses worsened by a further sh 5.1 billion loss on hedged exchange differences on borrowings and another sh4.8 billion was lost on fuel related hedges. This pushes the total comprehensive loss for the airline which made a loss of sh12.9 billion in a similar period last year to sh46.2 billion which is five time the 8.8 billion. T...

Uhuru’s government borrowed 3.37 billion daily.

22Mar

By Nasra HusseinNo Comments

Business

Uhuru’s government borrowed 3.37 billion daily.

President Uhuru Kenyatta Jubilee administration borrowed an average of 3.37 billion every day in 2020. This is according the 2020-21 half year budget implementation review by the controller of Budget Margaret Nyakango shows the government borrowed 1.23 trillion between December 30,2019 And 30,2020 December. This pushed the country’s debt to 7.28 trillion from 6.05 trillion an increase of 20.5 per cent in a span of just one year. The CoB warning adds to the growing criticism and concerns by financial expert’s politicians and the general public about the Jubilee administration. Economists have warned that Kenyans should brace for higher taxes to avert a situation in which the country will not be able to meet its debt obligations. According to the report released by t...

Businessman in Goldenscape greenhouse scam charged.

18Mar

By Nasra HusseinNo Comments

Business

Businessman in Goldenscape greenhouse scam charged.

The director of Goldenscape Group who is alledged to have duped Kenyans millions in fake greenhouse investment deals has been charged. Peter Wangai was arraigned on Thursday before Chief Magistrate Martha Mutuku and pleaded not guilty to the offence. He has denied 21 counts of fraud related to the said scam. Lawyers representing the victims who lost money told the court he should submit his passport in court as he is a flight risk. They further told the court that the other two directors have since fled to South Africa. Wangai’s lawyer has dismissed the allegations and told the court his client was the only director of Goldenscape.

Youth fund spends Sh. 1 billion on Staff.

17Mar

By Nasra HusseinNo Comments

Business

Youth fund spends Sh. 1 billion on Staff.

Kenya youth looking to start or expand businesses will have to seek other ways to finance their trade as the enterprise fund channels sh. 1 billion elsewhere. A report in parliament by the Auditor general Nancy Gathungu stated that the youth Development Fund instead use the money to travel and salaries. Gathungu said such expenditure jeopardizes the expandability of the fund and that it should stick to its intended purpose which is extending loans to the youth. The Auditor general added that in the last four years the YEDF has incurred deficits which has affected the performance as a revolving fund. The Youth Development Fund is one of the Government’s strategies to address unemployment through Entrepreneurship has supported 2 million Youth with loans worth 13.5 billion.

Robin Njogu, veteran Royal Media Services journalist, succumbs to COVID-19

16Mar

By Nasra HusseinNo Comments

Business

Robin Njogu, veteran Royal Media Services journalist, succumbs to COVID-19

Robin Njogu, the Managing Editor of the Radio News section at Royal Media Services, is dead. The veteran radio news journalist succumbed to COVID-19 at the Aga Khan Hospital in Nairobi, his family has said. The decorated scribe had an illustrious career spanning decades, with his latest stint being at Royal Media Services where he was in charge of news, overseeing thirteen radio stations. He previously served at Capital FM and Nation Media Group. A trained fact checker, Robin was the go-to person and led the flock when it came to debunking fake news. He mastered the art of news and current affairs. He was also part of a 15-member Task Force on the Improvement of Government Information and Public Communications appointed by ICT Cabinet Secretary Joe Mucheru in January 2019.