BUSINESS NEWS Archives - Page 8 of 8

Lamu fishermen arraigned in court for using prohibited gear

12Apr

By Nasra HusseinNo Comments

Business

Lamu fishermen arraigned in court for using prohibited gear

Twenty fishermen were on Monday arraigned in court in Lamu after they were arrested for using illegal fishing gear in the Kenyan Ocean waters. The fisherfolks were arrested at Ziwayu and Mtangawanda areas of Lamu last week while fishing onboard motorized boats christened Nasubiri and Nazra, using prohibited fishing gear, including monofilament net. Twelve of the fishermen admitted the charges and were fined Sh20,000, or in default serve six months in prison.Eight of the fishermen, however, denied the charges and were released on a Sh50,000 bond or Sh20,000 cash bail. The case will be mentioned on April 19, 2021. The fishermen have been presented to court at a time when the government launched a crackdown for illegal fishing gear across the Indian Ocean, in Lamu count...

11Apr

By Nasra HusseinNo Comments

Business

KRA risks losing Sh2.2bn in row.

In July 2018, the Kenya Revenue Authority (KRA) contracted Keysian Auctioneers for an assignment. Diplomatic Duty Free Ltd, a company linked to Goldenberg architect Kamlesh Pattni, owed Sh2.2 billion in tax arrears and the auctioneer was to issue a notice of distress to recover the money or attach the company’s property. But when the auctioneers went to the premises of Diplomatic Duty Free Ltd at the Jomo Kenyatta International Airport (JKIA), there was a new company, Suzan General Trading Ltd (trading as Suzan Duty Free), whose staff denied knowledge of a company by the name Diplomatic Duty Free Ltd and they, therefore, refused to sign the papers. The notice of distress was giving Diplomatic Duty Free Ltd 10 days to pay the arrears or have its property attached. At the end of t...

9Apr

By Nasra HusseinNo Comments

Business

Treasury adds Sh81bn to debt.

Government had targeted Sh60 billion from the bond, but on getting Sh88.6 billion bids from investors, it took up Sh81.9 billion. The 18-year bond will earn investors 12.67 per cent. “The IFB was oversubscribed as predicted due to its tax-free status and capital flight by risk-averse investors from the Nairobi Securities Exchange (NSE), with the Central Bank of Kenya (CBK) accepting more than issued to bridge its growing fiscal deficit amid declining revenues,” said Sterling Capital in a note on the bond result. This was the third infrastructure bond sale in the 2020/21 fiscal year, with the 11-year paper sold in August 2020 and January 2021’s 16-year offer also raising huge subscriptions of Sh101.5 billion (Sh78.6 billion accepted) and Sh125.5 billion (Sh81 billion accepted), r...

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...

10Mar

By Nasra HusseinNo Comments

Business

BOLT INTRODUCES ECO FRIENDLY SERVICES.

Taxi services Bolt has introduced a new ride category on its platform called Bolt Green. This service will offer eco-friendly rides as the company moves towards reducing its ecological footprint. In a statement the platform said the category will have hybrid and electric cars. This will enable to reduce emissions during trips taken on the Bolt Platform hence offering greener transport options. This service will attract similar rates as the Bolt Category with a minimum fare of sh.300. Passengers will be able to choose the new ride type when they order a car in the Bolt app at no extra cost. According to the country manager Ola Akinnusi, they will continue to scale up their operations for the benefit of the customers and the communities in which they operate. The new...