BUSINESS NEWS
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The concept of taxation has a long history dating back to ancient civilizations.
In Kenya, a more formal tax structure emerged during the colonial era with the Income Tax Act of 1973 establishing the current framework. Recent years have seen a focus on modernization with initiatives like the iTax…
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Heavy rains have caused water levels at Masinga Dam, Kenya's largest hydropower reservoir, to surge past capacity.
This presents both an opportunity and a challenge for the country. On the positive side, the increased water volume has led to a significant, 14% decrease in electricity generation…
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The Kenya Defence Forces (KDF) established the Defence Forces Canteen Organization (DEFCO) in 1973, initially known as the Armed Forces Canteen Organization (AFCO).
Over the past five decades, DEFCO has grown into a critical resource for KDF personnel and their families stationed across the country…
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A recent report by the McKinsey Global Institute sheds light on the landscape of large companies in Africa.
Kenya emerges as a front-runner in East Africa, boasting six companies generating over Sh130.5 billion (USD1 billion) annually. This positions Kenya well within the continent where Kenya's…
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Kenyan cleantech startup SunCulture has secured significant funding with a portion coming from two former CEOs of global tech giants.
This investment reflects the growing importance of innovation in tackling food security challenges in Africa. SunCulture's core mission is to empower small-scale…
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The Kenyan horticulture industry has secured a positive development with the UK's temporary removal of the Global Tariff (UKGT) on cut flowers.
This two-year suspension, announced by the British High Commission, aims to streamline and reduce the cost of trade for flower growers across East Africa.…
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The Kenyan shilling displayed remarkable resilience against the US dollar on Tuesday, trading at a favourable rate of 127 shillings to the dollar.
This positive development marks a significant improvement from its weaker position earlier this year. Commercial banks had quoted the shilling at a less…
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The Bank of Kigali (BoK), Rwanda's leading commercial bank, has effectively concluded its operations in Kenya as of April 2, 2024.
This decision follows a strategic shift by the bank's parent company Bank of Kigali Group Plc (BK Group) to prioritize digital service delivery channels. The closure…
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Kenya's plan to divide the giant telecommunications provider Safaricom and its mobile money arm M-Pesa has encountered a hurdle due to a substantial tax implication.
The Central Bank of Kenya (CBK) has revealed that the separation would incur a tax liability of Sh75 billion, stalling the process.…
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The Special Economic Zones Authority (Seza), led by CEO Dr Kenneth Chelule, is gearing up for the highly anticipated launch of an auction for Japanese used cars in Naivasha, Nakuru County.
This initiative, scheduled to begin on April 24, 2024, promises to revolutionize the African automotive…