Business & Economy
Featured News Stories
Kenya and China Sign Industrial Pact Amid Import Concerns and Tax Fraud Scrutiny
Kenya and China have signed a Memorandum of Understanding (MOU) to boost trade and industrial cooperation, coinciding with the 8th Kenya International Industrial Expo (KIIE) in Nairobi. This agreement aims to expand Kenya's manufacturing base and create jobs. The expo was also where Kenyan manufacturers expressed significant concern over increasing competition from foreign imports, primarily from Asia, which they warn could undermine local industries. In a separate development concerning imports, the Kenya Revenue Authority (KRA) successfully thwarted a Sh123 million tax fraud attempt. The fraud involved 161 containers of rice at a Mombasa Container Freight Station and occurred between August 1 and 23, 2025. The KRA detected the attempt during routine audit checks, leading to the full recovery of the at-risk amount.
Kenyan Supreme Court, CBK, and Kenya Re Board Announce Major Corporate Decisions
The Supreme Court of Kenya dismissed an application by Standard Chartered Bank Kenya Limited (StanChart) that attempted to halt a Court of Appeal ruling. The ruling directs StanChart to pay millions of shillings in pension dues to former employees. In another corporate leadership change, the board of Kenya Reinsurance Corporation Ltd has suspended its Managing Director, Dr. Hillary Maina Wachinga, for 21 days to review "internal matters." This decision followed a preliminary review by the state-backed reinsurer's board. Separately, the Central Bank of Kenya (CBK) licensed an additional 27 Digital Credit Providers (DCPs). This action brings the total number of approved digital lenders to 153 as of September 2025, as part of the regulator's efforts to formalize the sector.
