BUSINESS NEWS Archives - Page 3 of 8

Kenya Receives Additional Ksh.15.5 Billion Financing From IMF

9Nov

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Business

Kenya Receives Additional Ksh.15.5 Billion Financing From IMF

Kenya has unlocked Ksh.15.5 billion ($127.4 million) in additional financing from the International Monetary Fund (IMF). This follows successful discussions to amend the country’s ongoing program with the multi-lateral lender to provide additional financing. In a statement Tuesday night, the IMF says the extra financing which is equivalent to $162.84 million worth of special drawing rights (SDRs) covers external financing needs resulting from drought and challenging global financing needs. $1=Ksh.121.67 The additional financing is expected to trickle in as part of the ksh 52.4 billion fourth tranche loan from Kenya’s 38-month program which currently awaits the approval of the IMF Executive Board. Kenya had access to up to Ksh.27.2 billion in beyond its Ksh.284.6 billi...

The California Winemaker Who Created Two Buck Chuck Has Died

14Sep

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International news

The California Winemaker Who Created Two Buck Chuck Has Died

Fred Franzia, the California winemaker who created the Trader Joe's wine popularly known as Two Buck Chuck, died on Tuesday. He was 79. Franzia's death was announced by the Bronco Wine Company, the vintner he founded with his brother, Joseph, and cousin John in 1973. The company said Franzia believed in creating high-quality wines at an affordable cost to consumers. The company's Charles Shaw wines famously sell for just $1.99 a bottle. Franzia died at his home in Denair, California. A cause of death was not provided. "His entrepreneurial spirit, tireless dedication, and his commitment to both his family and to the Bronco family will forever be remembered," the company said. Though Bronco produces more than 100 brands of wines, according to its website, the company is best...

Sh200 million set aside for Ruto’s swearing-in

6Sep

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Politics

Sh200 million set aside for Ruto’s swearing-in

It will cost the treasury Sh200 million for the swearing-in ceremony of President-elect William Ruto. This is according to the Treasury’s Pre-Election economic update report. “Sh200 million has been provided in the FY 2022-2023 budget to undertake Assumption of Office activities to ensure smooth transition to the next administration after the general election,” reads the report. The funds are allocated to the Assumption of Office Committee that is currently preparing for the transition of power from outgoing President Uhuru Kenyatta to William Ruto. The event, which is set to take place next week, September 13 (Tuesday), will see Ruto and his deputy president-elect Rigathi Gachagua being sworn to the presidency. According to Chapter 141 of the Kenyan Constitution, the e...

Elon Musk Sells Nearly $7 Billion Worth Of Tesla Shares

10Aug

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Business

Elon Musk Sells Nearly $7 Billion Worth Of Tesla Shares

Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings published Tuesday, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal. The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission's website. "In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock," Musk, the world's richest man wrote on Twitter late Tuesday. Twitter is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from the April agreement to buy the company, and a judge has ordered that a trial will begin in October. Musk has...

Farmers earn Sh221 million in four days after Uhuru’s intervention

1Aug

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Business

Farmers earn Sh221 million in four days after Uhuru’s intervention

The resumption of miraa exports to Somalia has earned farmers and traders Sh221 million in just four days. Head of Miraa Pyrethrum and other Industrial Crops Felix Mutwiri announced that Kenya had exported 81.4 tonnes of miraa to Mogadishu four days after the market was opened. This represented products from 19 traders from the 22 who had applied to be cleared to access the lucrative Somalia market. We have so far exported 81.4 tonnes in the last four days and we expect the volumes to grow in the coming days as more people are cleared to ship out the commodity,” she said. The traders are selling the stimulant at Sh2,734 per kilo, approximately Sh238 less than the price before Somalia shut down its market. “We have a lot of miraa right now in the farmers an...

23Jul

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Business

CBK Set For Further Interest Rate Hike

The Central Bank of Kenya (CBK) is widely expected to lift its benchmark lending rate again when it holds its Monetary Policy Committee (MPC) meeting on Wednesday. The expectations on the reserve bank’s monetary stance are largely anchored on prevailing high inflation which in June breached the targeted upper limit of 7.5 per cent to stand at 7.9 per cent in June. In a pre-emptive move at the end of May, the Central Bank of Kenya (CBK) lifting its benchmark lending rate known as the Central Bank Rate (CBR) for the first time in seven years to 7.5 per cent from a flat seven per cent to curb rising inflation. A further 50 basis points rate hike, the same as in May would move the base lending rate to above the prevailing inflation rate pointing to the efforts by the reserve bank...

Twitter Shares Sink 11.3% After Musk Withdraws Takeover Bid

12Jul

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Business

Twitter Shares Sink 11.3% After Musk Withdraws Takeover Bid

Twitter shares plunged Monday after Elon Musk announced the withdrawal of his $44 billion takeover bid, setting the stage for a potential legal brawl. Shares in the social media giant ended down 11.3 percent at $32.65 in the first session after Musk revealed late Friday he was dropping the takeover plan. Musk followed up on Sunday night with a pair of mocking tweets after the company said it would sue the billionaire entrepreneur to force the deal to go through.

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...

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

28Apr

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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...