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Business

Peter Munga to Receive Sh50 Million Thank You Token from Equity Bank
Business

Peter Munga to Receive Sh50 Million Thank You Token from Equity Bank

Outgoing Equity bank Chairman Peter Munga,76, is set to pocket Sh50 million as a thank you token from the lender. The package is in appreciation of his long service to the bank, which has become one of the most profit…

Apr 11, 2019
US IT Company Cisco Launches Incubation Hub in Nairobi
Business

US IT Company Cisco Launches Incubation Hub in Nairobi

United States IT firm, Cisco has launched a Sh69 million incubation hub in Nairobi. In a statement, the California-based company says the incubation center targets Small, Medium and Micro Enterprises (SMME’s) in the K…

Apr 10, 2019
Foreign Currency Deposits in Kenyan Banks Hit Sh581 Billion Driven by Diaspora Remittances
Business

Foreign Currency Deposits in Kenyan Banks Hit Sh581 Billion Driven by Diaspora Remittances

Foreign currency deposits in Kenyan banks hit Sh581.9 billion in 2018, the latest data from the Central Bank of Kenya (CBK) shows. This represents a 21.6 percent growth compared to Sh478.8 billion at the end of 2017…

Apr 6, 2019
Kenya Targets US Investors in New Sh250 Billion Eurobond Issue
Business

Kenya Targets US Investors in New Sh250 Billion Eurobond Issue

The Kenyan government has revealed plans to acquire a third Eurobond worth Sh250 billion. National Treasury Principal Secretary Kamau Thugge says the funds will aid in paying off previous loans. Kamau also says the bo…

Apr 4, 2019
US Think Tanks Sounds Warning to Kenya over Chinese Loans
Business

US Think Tanks Sounds Warning to Kenya over Chinese Loans

A US Defence Department think tank has sounded a warning to Kenya and other African countries over Chinese funded projects. Washington-based Africa Centre for Strategic Studies (ACSS) says African countries must adopt…

Mar 30, 2019
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Bank Moves to Auction Several Uber Chap Chaps over Defaulted Loans
Business

Bank Moves to Auction Several Uber Chap Chaps over Defaulted Loans

Kenya's Stanbic Bank has moved to auction several vehicles contracted by global mobile taxi hailing firm Uber. This comes after the owners failed to service bank loans taken to purchase the vehicles. In a notice publi…

Mar 30, 2019
James Mwangi to Pocket Sh416 Million in Dividend from Equity Bank
Business

James Mwangi to Pocket Sh416 Million in Dividend from Equity Bank

Equity Bank CEO James Mwangi is set to pocket Sh416 million in dividend after the institution recorded a net profit of Sh19.8 billion in the year ended December 2018. The lender's net profit grew five percent last yea…

Mar 29, 2019
Equity Bank Announces Sh19.8 Billion Profit
Business

Equity Bank Announces Sh19.8 Billion Profit

Equity Bank has announced a profit of Sh19.8 billion for the year ending December, 2018. The lender's net profit increased by five percent from the previous year, maintaining its position as Kenya’s second most profit…

Mar 27, 2019
Kenyan Billionaire Businessman Chris Kirubi Pockets Sh700 Million in BIC Sale Deal
Business

Kenyan Billionaire Businessman Chris Kirubi Pockets Sh700 Million in BIC Sale Deal

Kenyan business mogul Chris Kirubi pocketed €6.3 million (Sh714 million) from the recent sale of one of his companies, Forbes reports. The US business magazine reports that the billionaire businessman earned the amoun…

Mar 15, 2019
Kenya Signs Deal for Construction of Nairobi CBD-JKIA Railway Line with France
Business

Kenya Signs Deal for Construction of Nairobi CBD-JKIA Railway Line with France

President Kenyatta and his French counterpart Emmanuel Macron have announced several public-private infrastructure deals worth 3 billion euros (about Sh340 billion). The railway line is expected to ease the movement o…

Mar 14, 2019
Kenya Airways Suffers Sh300 Million Loss After Wednesday Workers Strike
Business

Kenya Airways Suffers Sh300 Million Loss After Wednesday Workers Strike

Kenya Airways (KQ) says it suffered losses amounting to Sh300 million following aviation workers' strike on Wednesday. The strike called by the Kenya Aviation Workers Union (KAWU) entirely paralyzed operations at the…

Mar 7, 2019
US TV Star Kylie Jenner, 21, Named World's Youngest Self-Made Billionaire of All Time
Business

US TV Star Kylie Jenner, 21, Named World's Youngest Self-Made Billionaire of All Time

American television star and makeup guru Kylie Jenner has been named world's youngest billionaire. The 21-year-old socialite and entrepreneur made it to the Forbes Magazine's 2019 billionaire list released on Tuesday…

Mar 6, 2019
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Kirinyaga Governor Anne Waiguri Signs Deal to Set Up a Coffee Shop in New York
Business

Kirinyaga Governor Anne Waiguri Signs Deal to Set Up a Coffee Shop in New York

Kirinyaga Governor Anne Waiguru has signed a deal with an American firm to set up of a coffee shop in New York City. Governor Waiguru says that the agreement will allow Kirinyaga coffee farmers to sell their produce d…

Mar 6, 2019
Amazon's New PayCode Service Allows Kenyan Shoppers to Pay for Goods in Cash
Business

Amazon's New PayCode Service Allows Kenyan Shoppers to Pay for Goods in Cash

Amazon has launched a service that allows Kenyan shoppers to pay for goods in cash. Under the new service, Kenyan e-commerce customers will pay for items in cash at any Western Union outlet near them. The service dubb…

Feb 27, 2019
MPs Threaten to Block CBK Governor Patrick Njoroge's Reappointment over Tough Rules on Bulk Transactions
Business

MPs Threaten to Block CBK Governor Patrick Njoroge's Reappointment over Tough Rules on Bulk Transactions

Members of Parliament have threatened to block Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge's reappointment to the position. The MPs accuse Njoroge of enacting stringent banking regulations, especially on…

Feb 25, 2019
Posta Inks Deal with US Company to Offer Doorstep Delivery Services to Kenyans
Business

Posta Inks Deal with US Company to Offer Doorstep Delivery Services to Kenyans

The Postal Corporation of Kenya (PCK) has struck a partnership deal with US-based logistics company Seagate to offer doorstep delivery services to Kenyans. The partnership allows Kenyans to buy items from internationa…

Feb 21, 2019
Kenya Gov't Makes U-turn, Lifts Ban on Imported Chinese Fish
Business

Kenya Gov't Makes U-turn, Lifts Ban on Imported Chinese Fish

The government has lifted a ban imposed on fish imported from China. A ban on fish imports from the Asian country took effect in November last year after President Kenyatta's directive. This came after local traders c…

Feb 19, 2019
Nairobi's InterContinental Hotel Stares at Auction over Sh700 Million Debt
Business

Nairobi's InterContinental Hotel Stares at Auction over Sh700 Million Debt

Nairobi's InterContinental Hotel is reportedly on the verge of being auctioned over a debt amounting to hundreds of millions. The Daily Nation reports that the luxury hotel located in Nairobi central business district…

Feb 18, 2019
Hassan Joho's Company Lands SGR Cargo Transportation Deal Worth Billions
Business

Hassan Joho's Company Lands SGR Cargo Transportation Deal Worth Billions

A company linked to Mombasa County Governor Ali Hassan Joho has landed a lucrative Standard Gauge Railway (SGR) deal that could see it rake in billions of shillings. The Daily Nation reports that the company, which is…

Feb 11, 2019
Telkom Kenya, Airtel Merge to Form New Telco Company
Business

Telkom Kenya, Airtel Merge to Form New Telco Company

Airtel Kenya and Telkom Kenya have announced they have struck an agreement to merge the two telecommunications companies. In a statement, the two mobile service providers say the deal will see them merge their mobile…

Feb 10, 2019
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