Business Archives - Page 4 of 19

Amber Heard Asks for Verdict to be Tossed

4Jul

By Nasra HusseinNo Comments

Business

Amber Heard Asks for Verdict to be Tossed

The actress's lawyers filed new docs this week in VA, asking the judge to either set aside the verdict in favor of JD entirely, dismiss the complaint or order a new trial. Take your pick! The reasons they lay out are many, but essentially fall into 3 categories -- one, she argues there wasn't sufficient evidence presented on Johnny's side to convince a jury that her words had hurt his career/cost him roles . Amber's attorneys argue that Johnny's career was already on the ropes -- including within the 'Pirates' franchise -- before her op-ed in Dec. 2018, and yet ... she was found liable for that. Furthermore, AH's team claims JD and co. failed to prove she acted with actual malice in the sense that there was little to no evidence offered up showing she ever believed she hadn't be...

30Jun

By Nasra HusseinNo Comments

Business

Veteran Journalist Joe Kadhi Is Dead

Veteran Journalist Joe Kadhi is dead. According to his family, the former managing editor of the Daily Nation and lecturer died at a hospital in Nairobi. He will be buried on Thursday in accordance with the Muslim faith. Kadhi, who was hailed by many as the nation's "godfather of print media," had a distinguished media career and taught journalism at the Universities of Nairobi and Addis Ababa before heading to the United States International University- Africa where he retired after a 20-year stint. Meanwhile, the media fraternity has mourned the award-winning media don, with Citizen TV's Linus Kaikai Tweeting: 'SAD day; veteran journalist JOE KADHI has passed on. We have lost a mentor, professional guardian, legendary trainer and a pioneer of the golden...

Airbnb permanently bans parties and events around the world

29Jun

By Nasra HusseinNo Comments

Business

Airbnb permanently bans parties and events around the world

Airbnb has permanently banned parties and events at homes on its platform, after a temporary measure during the pandemic proved popular with hosts. The firm says the rule has become "much more than a public health measure" since it was introduced in August 2020. "It developed into a bedrock community policy to support our hosts and their neighbours," the San Francisco-headquartered firm said. However, it also removed a limit on how many people can stay at homes. Airbnb said in a statement that the number of complaints about parties dropped by 44% since the measure was first introduced. Exceptions to the global ban may be made for "specialty and traditional hospitality venues" in the future, it added. Airbnb also said it would remove a limit on the number of peop...

CS Munya announces directive to reduce cost of maize flour

29Jun

By Nasra HusseinNo Comments

Business

CS Munya announces directive to reduce cost of maize flour

The government has suspended all levies on imports for maize and animal feed products effective July 1, 2022. The announcement was made by Agriculture CS Peter Munya who said that the directive would help bring down the cost of maize flour “The government is looking into ways and means of addressing the cost of unga to bring it down so that consumers can afford it,” CS Munya said after inspecting the importation of maize from Tanzania at the Namanga Border Post. Some of the costs that have been waived include KEBS levy, Kenya Plant Health Inspectorate Service (KEPHIS) levy, AFRA levy, Port Health Service levy, KRA levy, Railway Development levy, and Importation Declaration Fund levy. Flour companies have also been granted permission to import maize without paying tax duty...

businesses given deadline to deploy new machine or face Sh1 million fine

28Jun

By Nasra HusseinNo Comments

Business

businesses given deadline to deploy new machine or face Sh1 million fine

The Kenya Revenue Authority has given businessmen and traders only one month to purchase and install the new upgraded electronic tax register machines on their premises. Businesses and traders who fail to comply by July 1, risk a Sh1 million fine or three years of jail time. “If a VAT registered taxpayer does not comply within the specified period then we invoke section 53 of the VAT Act which says that you will either be fined Sh1 million or three years imprisonment or both if you don’t comply within the specified timeline,” said Hakamba Wangwe the chief manager in charge of Tax Invoice Management System (TIMS) operations. KRA has given 16 suppliers to offer the new gadgets which will also require the installation of new software. According to one of the approved supplier...

Kenya Power Names New Interim Managing Director

18May

By Nasra HusseinNo Comments

Business

Kenya Power Names New Interim Managing Director

Utility company Kenya Power has named yet another Acting Managing Director ahead of the installation of a substantive Chief Executive. Engineer Geoffrey Wasua Muli has been named as the company’s new Acting Managing Director effective May 17 in place of Eng. Rosemary Oduor who was serving in an acting capacity. The latter proceeds on annual leave ahead of what is largely expected to be the naming of a full-term Managing Director. Geoffrey Muli has been the Acting General Manager in charge of Regional Coordination until his appointment to lead the utility firm temporarily on Tuesday. At the end of January this year, Kenya Power kicked off the search of a new Managing Director, employing the services of consultancy firm Deloitte in the recruitment process. The c...

Safaricom Annual Profit Drops To Ksh.67.5 Billion

12May

By Nasra HusseinNo Comments

Business

Safaricom Annual Profit Drops To Ksh.67.5 Billion

Telecommunications operator Safaricom has posted a marginal 1.7 per cent drop in its full-year profit to March 31 with net earnings at Ksh.67.5 billion from Ksh.68.7 billion previously. The dip in profitability is largely attributable to costs related to the operator’s expansion project in Ethiopia. Total spending by Safaricom in the year or CAPEX for instance hit Ksh.49.8 billion in the year against an earlier guidance of Ksh.39.3 billion. The Safaricom Ethiopia unit in the period made a net loss of Ksh.2.7 billion with Ksh.5.1 billion in operating costs within the period. Further, the Ethiopian operations used up Ksh.10.4 billion in capital with no revenues earned in the period as the unit is yet to commence commercial operations. Despite headwinds in the macroenviron...

KRA To Set Up Forensic Lab To Nab Tax Cheats

11May

By Nasra HusseinNo Comments

Business

KRA To Set Up Forensic Lab To Nab Tax Cheats

Kenya Revenue Authority (KRA) will soon be armed with cyber forensic lab facilities to nab tax cheats as it hopes to build a state-of-the-art forensic lab. The lab is expected to equip KRA to recover all deleted files, mine hidden data including hidden accounts from tax payers computers to uncover tax and financial frauds."The proposed Digital Forensic lab will be set up to perform the activities of forensic Acquisition, Extraction and e-discovery of evidential materials," says KRA. While investigating cases of tax evasion in the country, the tax man hopes to build water tight evidence against those that it will take to the courts. The move comes in response to the rising trend among individuals and businesses as they switch to electronic record keeping which has become probl...

Zimbabwe Government Under Fire For Halting Bank Lending

10May

By Nasra HusseinNo Comments

Business

Zimbabwe Government Under Fire For Halting Bank Lending

A move by Zimbabwe to suspend lending by banks will backfire, create a parallel banking system and usurp efforts to fix the moribund economy, the country's captains of commerce warned Monday. Emmerson Mnangagwa on Saturday ordered banks to stop lending as part of a raft of measures he said were aimed at stabilising the economy. Mnangagwa said the move would stop speculation against the Zimbabwe dollar and curb a burgeoning parallel market where the local dollar was trading at nearly 400 to the US dollar, more than double last week's official rate. "The government has suspended banking but banks remain intact," the Zimbabwe National Chamber of Commerce said in a statement. "This legitimises a parallel banking system with usurious interest rates and no investor would be attr...

Relief As Oil Marketers Agree To Sell All Stocks Locally To End Fuel Crisis

28Apr

By adminNo Comments

Business

Relief As Oil Marketers Agree To Sell All Stocks Locally To End Fuel Crisis

Oil Marketing Companies (OMCs) have agreed to offload all fuel stocks held for the export market locally in a new attempt to end the ongoing fuel shortage crisis in the country. This follows a meeting between the Ministry of Petroleum and Mining, the Energy and Petroleum Regulatory Authority (EPRA) and OMC CEOs held earlier on Wednesday. At the same time, the marketers have agreed to earmark imports from two vessels for the local market to meet the local demand including one carrying super petrol and another carrying diesel. Moreover, the oil marketing companies have agreed to set aside 20 million litres of fuel to non-franchised petroleum dealers who largely serve interior parts of the country. “We have agreed that in order to correct the fuel supply hitches that have aff...