Monday, November 11News That Matters

Tag: BUSINESS NEWS

Kenya shilling soars against dollar to trade at Sh139
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Business

Kenya shilling soars against dollar to trade at Sh139

Kenya's shilling has continued to soar against the dollar trading at Sh139 on Tuesday, showing one of its strongest recovers in months. The official Central Bank figures quoted the shilling trading at Sh139.4919 again greenback on Tuesday morning, up from Sh140.4357 on Monday. At one point on February 15, the shilling was up almost 8 per cent, bidding as strong as 139.00 to the U.S. dollar, CBK data showed then. The shilling rally then was attributed to foreign inflows into Kenyan domestic debt and the resolution of a $2 billion Eurobond maturing in June. The continuous rally of the Kenya shilling has signalled a significant tide turn for the currency which was expected to shed more value this year after the shilling hit an all-time high of over 160 against the US dollar. ...
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Kenya Power to start charging certain customers in dollars
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Business

Kenya Power to start charging certain customers in dollars

Kenya Power has recently secured regulatory approvals to implement dollar billing for certain customer categories. The move aims to mitigate currency exchange risks and stabilise revenue streams for the utility company that announced a return to profitability with a Sh319 million profit in the first half of the financial year 2023/24. This approval follows a period of extensive deliberation and assessment by regulatory bodies to ensure compliance and fairness. “There was a lot of engagement on this right from the top, including the regulator and the government, and we got the necessary approvals,” Kenya Power Finance Manager Stephen Vikiru said on February 23. Kenya Power, in its bid to cushion itself against currency fluctuations, had sought permission to bill some custom...
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Madagascar Approves New Law To Castrate Child Rapists
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International news

Madagascar Approves New Law To Castrate Child Rapists

Persons convicted of paedophilia in Madagascar will now face surgical castration for their crimes after the country's Parliament, on February 2, passed legislation mandating the same.  The development comes just days after Kazakhstan introduced a similar law in response to local lawmakers who decried that chemical castration, a punishment imposed on child rapists, failed to deter individuals from committing such crimes.  Initially, in Madagascar, child rapists were handed forced labour sentences between five and 20 years but under the new law offenders found guilty of defiling minors under ten years will undergo surgical castration and receive life sentences in prison. For victims aged between ten and 13, chemical castration will be administered to the offenders, ac...
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Ukraine pledges to export grain, support Kenya to grow own food
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Business

Ukraine pledges to export grain, support Kenya to grow own food

Bilateral ties between Kenya and Ukraine is set to be bolstered as the Ukrainian delegation begins a five-day tour of Kenya. The delegation, which started its tour on Monday, seeks to increase agricultural trade between the two countries which could reduce the high cost of living. The delegation, representing Ukraine’s civil, academic, cultural and political communities is led by Ukrainian legislator Lesia Vasylenko One of our aims here in Kenya is to not only discuss how we can export grains to Kenya but to also partner with Kenya to ensure it has the technology required to feed its people and tackle the high cost of living," Vasylenko said at a press briefing at Radisson Blue Hotel in Nairobi. The delegation is scheduled to hold meetings with several stakeholders. Alr...
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New twist as State cancels licenses for 9 private security firms
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Africa, Business

New twist as State cancels licenses for 9 private security firms

Nine major security companies have had their operating licenses cancelled over allegations of violating various regulations. The Private Security Regulatory Authority (PSRA) gazetted the names of the companies highlighting their failures in a notice. This is likely to affect their operations at large given they have employed thousands of people and are in business. PSRA Director General Fazul Mahamed announced in the notice to appear in national newspapers. “Take notice: the Authority shall be conducting periodic reviews of the compliance status of Private Security Companies with the provisions of the Act, consequently, the lists of registered private security service providers and those whose registration certificates have been cancelled shall be regularly updated,” he sa...
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Equity Bank takes on Fuliza with a mobile overdraft facility
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Business

Equity Bank takes on Fuliza with a mobile overdraft facility

Equity Bank has unveiled a real-time overdraft facility that will see borrowers top up to Sh100,000 in a charm offensive against Safaricom's Fuliza and Faraja products. The product, according to the insider with detailed knowledge, says it is part of the lender's move to stir financial inclusivity and boost the conventional market due perceived high level of risk. Although details of the facility, including specific terms and conditions are yet to be made clear, an insider at the bank revealed to the Star that the plan comes with a flexible repayment plan of up to 30 days. "The solution allows customers to top up any amount between Sh100 to Sh100,000. Borrowers can opt to repay the borrowed amount before the 30-day term concludes,'' the source told the Star.  On the w...
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British Croc Expert Adam Britton Admits Sexually Abusing Dogs
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International news

British Croc Expert Adam Britton Admits Sexually Abusing Dogs

A well-known British crocodile expert and academic has pleaded guilty to bestiality charges involving the rape, torture, and killing of dogs. According to Australian media, Adam Britton tortured and exploited more than 42 dogs until his arrest in April 2022. An Australian court was shocked after hearing the accounts of Northern Territory British crocodile expert Adam Robert Corden Britton, 51, who admitted to animal cruelty against dogs as well as possessing child-abuse material. After filming himself in the heinous acts, the Charles Darwin University professor would post the footage on online forums under aliases. Chief Justice Michael Grant said the crime, which resulted in the deaths of 39 dogs, "could only be described as grotesque cruelty" and urged members of the pub...
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Fuel Prices Increase, Diesel And Kerosene Subsidies Removed
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Business

Fuel Prices Increase, Diesel And Kerosene Subsidies Removed

Kenyans will start paying higher prices for the three petroleum products effective Monday, May 15, in the latest review by the Energy & Petroleum Regulatory Authority (EPRA). In a statement on Sunday, EPRA's Director General Daniel Bargoria said that the increase is attributable to the average cost of imported refined petroleum products which has seen the landing cost of imports varying in prices. The landing cost of Super Petrol increased by 8.63% in March 2023, Diesel decreased by 2.51% while Kerosene also dropped to 1.13%. This will see Super Petrol, Diesel and Kerosene increase by Kshs.3.40 per litre, Kshs.6.40 per litre and Kshs.15.19 per litre respectively, a review which will be in force upto June 14, 2023. The upward revision in the cost of all three fuel produ...
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Sky News Australia Quits TikTok, Says Security Risks ‘Too Great’ For Media
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International news

Sky News Australia Quits TikTok, Says Security Risks ‘Too Great’ For Media

Australian broadcaster Sky News has left TikTok because of security concerns that have led several Western governments to ban the video app on devices used by officials. In an article published on the Sky News Australia website Monday, digital editor Jack Houghton said the security risks posed by the “Beijing-controlled platform” were “too great for any serious news publisher.” “TikTok is a spy network masquerading as a social media platform which has been proven to illegally pilfer the data of journalists, public citizens and politicians,” Houghton wrote. “We urge [media organizations] to consider this dilemma and stop trading security and integrity for a few worthless views,” he added. CNN has reached out to TikTok for a response. Experts say the security fears behind...
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NEMA Raids Kilimani, Closes Down Oyster Bay in New Crackdown
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Business

NEMA Raids Kilimani, Closes Down Oyster Bay in New Crackdown

The National Environmental Management Authority (NEMA) on Thursday, April 6, closed down Oyster Bay restaurant in Nairobi Kilimani estate following complaints from residents. In a notice, NEMA indicated that the facility had interfered with residents' comfort, health and safety by playing loud music contrary to the guidelines prescribed by the authority "There have been numerous complaints of noise pollution from the residents of Kilimani, where you are located, caused by extremely loud music from your facility that interferes with their comfort, repose health and safety. Further, the authority accused the facility's owner of commencing operations without submitting an Environmental Impact Assessment report project. It alleged that it operated without a required licence a...
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