Latest from Nation Business

business11mo ago

Strong shilling, sales push Kenya Power back into profit

Kenya Power has reported a net profit of Sh30.08 billion, marking a significant turnaround from a net loss of Sh3.19 billion in the previous year, driven by increased sales and a strong shilling.

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business11mo ago

Concern as Treasury fails to fund key departments

The National Treasury of Kenya has failed to fund 16 key State departments, which threatens essential services like passport and national identity card issuance. This funding shortfall comes as the total development budget was cut from Sh459 billion to Sh351 billion.

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business11mo ago

Making of a kitchen on wheels

Mlo Kitchen, Nakuru's first food truck, was launched by Rosemary Wacuka as a response to the challenges posed by the Covid-19 pandemic. The food truck offers a variety of affordable and sustainable dining options in the Central Business District.

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business11mo ago

SHIF deductions: Six banks selected for remittances

The Social Health Authority (SHA) has selected six banks for remittances related to the new Social Health Insurance Fund (SHIF) deductions, as the government initiates the collection process from payslips starting October 2024.

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business11mo ago

Mobile money deals up by Sh750bn in eight months

The value of mobile money transactions in Kenya increased by Sh750.3 billion in the eight months leading to August 2024, reaching a total of Sh5.84 trillion.

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business11mo ago

AGRA boss pins hope on green revolution as she exits after 10 years

Dr Agnes Kalibata is stepping down as the President of the Alliance for a Green Revolution in Africa (AGRA) after a decade of leadership, where she pushed for a green revolution to enhance African food security.

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business11mo ago

Court allows bank to auction propertyover Sh394 million debt

The High Court has permitted Gulf African Bank to auction a prime property in Nairobi to recover a debt of Sh394 million owed by Elite Intelligent Traffic Systems Limited.

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business11mo ago

Gun drama claims, title deeds row in Cytonn liquidation saga

The liquidation saga of Cytonn Investments heats up as founder Edwin Dande faces allegations of hiring armed individuals to seize a disputed 3.99-acre property in Kilimani.

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business11mo ago

Mombasa auction shifts focus to orthodox tea amid dwindling fortunes

The Mombasa auction is shifting its focus to orthodox tea due to declining fortunes in traditional black tea sales, with plans to launch specialty sales by the end of this year.

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business11mo ago

Safaricom Lipa mdogo mdogo device sales hit 1.2 million

Safaricom has successfully sold over 1.2 million of its Lipa mdogo mdogo financing plan devices, indicating a strong demand for internet connectivity among low-income customers.

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business11mo ago

Eyes on retailers as average cost of factory inputs drops

The average cost of factory inputs in Kenya has dropped, leading to expectations on how retailers will respond to this change. This decrease coincides with a year-on-year decline in the national Producer Price Index (PPI), which affects the pricing strategies of manufacturers.

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business11mo ago

KRA to track mobile phones in new tax-compliance push

The Kenya Revenue Authority (KRA) will start tracking mobile phones to ensure tax compliance starting January 1, 2025. All retailers and wholesalers must only offer tax-compliant devices.

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business11mo ago

Malawi, Zambia now eye Kenya fuel import model

Malawi and Zambia are exploring a new fuel import model used by Kenya to address ongoing fuel shortages in their nations.

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business11mo ago

How to transform your chama from ‘Merry-go-Round’ to an investment

This article explores how Kenyan savings groups, known as chamas, can evolve from informal savings circles to formal investment entities, enabling better investment opportunities.

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business11mo ago

End of the road for oil and gas tycoon as auctioneers target Sh3.6 billion assets

The future looks grim for Mombasa-based oil and gas tycoon Ibrahim Hussein Mahadi as Premier Bank targets his assets valued at Sh3.6 billion following unpaid debts.

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business11mo ago

IMF cuts Kenya’s 2025 GDP growth outlook to 5 per cent

The International Monetary Fund (IMF) has reduced its forecast for Kenya's GDP growth in 2025 to 5 per cent due to anticipated financial challenges following recent anti-tax riots and the rejection of the Finance Bill, 2024.

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business11mo ago

Telcos demand special power tariffs

The Global System for Mobile Communications Association (GSMA) is advocating for special electricity tariffs for the telecommunications sector in Kenya to reduce operational costs and improve service quality. This proposal could greatly benefit major telcos like Safaricom, Airtel, and Telkom Kenya.

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business11mo ago

Banks' exposure to large debtors more than doubles to Sh240bn

The exposure of Kenyan banks to large debtors has more than doubled to Sh240 billion, raising concerns over concentration risk in the banking sector.

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business11mo ago

Firm eyes new Sh17bn gold mining projects in Kenya

Shanta Gold Kenya Limited plans to invest Sh17.71 billion ($137 million) in new gold mining projects in Siaya and Vihiga counties.

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business11mo ago

Firm eyes new Sh17b gold mining projects in Kenya

Shanta Gold Kenya Limited is set to launch new gold mining projects worth Sh17.71 billion ($137 million) in Siaya and Vihiga counties, aiming to utilize open-pit mining techniques.

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business11mo ago

MPs strike deal on contested sugar reforms

Members of Parliament in Kenya have reached an agreement to advance a long-awaited law aimed at reforming the ailing sugar industry, benefiting over 400,000 small-scale farmers.

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business11mo ago

Kenya sugar prices erratic as regional markets stabilise

Kenya is facing erratic wholesale sugar prices, with significant increases noted in Nairobi and Mombasa as regional markets stabilize.

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business11mo ago

Heineken loses bid to stop Sh1.7bn award to tycoon

The Supreme Court of Kenya has dismissed an application by Heineken seeking to suspend a judgment awarding businessman Ngugi Kiuna over Sh1.7 billion following the termination of a distributorship agreement.

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business11mo ago

Interventions needed to curb real estate fraud

Real estate fraud in Kenya is escalating due to the rise of rogue land brokers and surveyors, leading to significant financial losses for individuals. Effective human and systemic interventions are required to combat this issue.

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business11mo ago

Ministry scales up travel insurance plan for visitors

The Ministry of Health in Kenya has announced a plan to implement mandatory travel insurance for all non-Kenyan visitors staying less than 12 months, enhancing insurance uptake as part of the Universal Health Coverage initiative.

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business11mo ago

Opposition parties, activists head to court over Adani JKIA deal

The controversy over the proposed takeover of Jomo Kenyatta International Airport (JKIA) by the Adani Group has intensified as opposition parties and activists, including Tony Gachoka, challenge the government's intentions in court.

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business11mo ago

Telco blow as EAC sets caps for data roaming

The East African Community has proposed new caps for data roaming charges within its One Network Area, significantly affecting mobile network operators' revenues. If approved, the cap will limit charges to $0.005 (Sh0.65) per megabyte (MB).

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business11mo ago

High performing dairy goats: What you need to know

The rising popularity of goat farming in Kenya, driven by shrinking land sizes, prompts a focus on high-performing dairy goat breeds suitable for small-scale farmers.

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business11mo ago

Digital payment firms shed 1.5 million users on higher taxes, controls

Digital payment firms in Kenya experienced a significant loss of at least 1.5 million mobile money users due to increased taxes and stricter controls by the Central Bank of Kenya, aimed at combating money laundering.

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business11mo ago

Digital payment firms shed 1.5mllion users on higher taxes, controls

Digital payment firms in Kenya lost at least 1.5 million mobile money users in 2023 due to increased taxes and tighter controls from the Central Bank of Kenya (CBK) aimed at combating money laundering.

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