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Kenya Misses the Mark in Top 20 Africa's Fastest Growing Economies 2024 Report
Business

Kenya Misses the Mark in Top 20 Africa's Fastest Growing Economies 2024 Report

Kenya did not make it into the top 20 fastest-growing economies in Africa Outlook 2024 ranking by Economic Intelligence (EIU), despite a projected GDP growth of 5.3%. In contrast, Tanzania and Uganda, along with Rwand…

Jan 15, 2024
Equity Launches its Version of Fuliza
Business

Equity Launches its Version of Fuliza

Equity Bank Kenya Limited has introduced a new feature called Boostika Which allows customers to exceed their account balance by up to Sh100,000 in order to carry out transactions like shopping and purchasing airtime…

Jan 15, 2024
KRA Targets Kenyans Working at Diplomatic Institutions
Business

KRA Targets Kenyans Working at Diplomatic Institutions

Local employees of organizations with diplomatic agreements with Kenya, such as the United Nations, who have previously been exempt from paying taxes will now have Pay as you earn (PAYE) deducted from their monthly sa…

Jan 13, 2024
Starbucks Faces Legal Woes Over Kenyan Coffee
Business

Starbucks Faces Legal Woes Over Kenyan Coffee

Starbucks, a well-known coffee chain in the United States, is facing legal action from the National Consumers League. According to the lawsuit, Starbucks engaged in unethical practices when sourcing coffee from Kenya…

Jan 12, 2024
Economic Concerns Mount as Shilling Depreciates Post-Interest Rate Hike
Business

Economic Concerns Mount as Shilling Depreciates Post-Interest Rate Hike

Despite the Central Bank of Kenya (CBK) raising interest rates to combat the weakening local currency, the Kenyan shilling has depreciated at a faster pace than expected. Following the implementation of more stringent…

Jan 9, 2024
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Kenya Airways Takes the Lead as Africa's Punctuality Champion, Surpassing Ethiopian Airlines
Business

Kenya Airways Takes the Lead as Africa's Punctuality Champion, Surpassing Ethiopian Airlines

In 2023, Kenya Airways (KQ) achieved the highest punctuality rate among East African flag carriers, surpassing Ethiopian Airlines, which had held the top spot for years. Cirium, an aviation analytics company, reports…

Jan 5, 2024
Commuters Face Increased Toll Rates on Nairobi Expressway
Business

Commuters Face Increased Toll Rates on Nairobi Expressway

The Nairobi Expressway toll rates have undergone revisions by the Government, increasing charges for motorists. Transport Cabinet Secretary Kipchumba Murkomen has officially approved an increase in the fare for travel…

Jan 2, 2024
Kenya Leads Sub-Saharan Africa in Economic Growth - World Bank
Business

Kenya Leads Sub-Saharan Africa in Economic Growth - World Bank

According to a recent World Bank report on Kenya's poverty and equity assessment for 2023, the country has experienced notable economic growth in the past decade, surpassing its Sub-Saharan African counterparts. Kenya…

Dec 29, 2023
Retail Giant Carrefour Slapped with Sh1.1 Billion Fine for Exploitative Buyer Practices
Business

Retail Giant Carrefour Slapped with Sh1.1 Billion Fine for Exploitative Buyer Practices

The Competition Authority of Kenya (CAK) has taken action against Carrefour, a French retail chain, for exploiting its influence as a buyer. After completion of an inquiry, Carrefour has received a fine of Sh1,108,327…

Dec 19, 2023
Kenyans Feel the Pinch as Banks Raise Interest Rates
Business

Kenyans Feel the Pinch as Banks Raise Interest Rates

Kenyan banks have begun increasing the rates on their shilling-denominated loans following the Central Bank of Kenya's decision to raise its benchmark lending rate to an 11-year high. In a recent development, NCBA Ban…

Dec 19, 2023
Nairobi Residents Divided Over Food Vendor's Dollar-Only Policy
Business

Nairobi Residents Divided Over Food Vendor's Dollar-Only Policy

The unveiling of a menu featuring meal prices in dollars at a popular restaurant in Gigiri, Nairobi County, sparked a fierce debate on Wednesday. The restaurant owner has introduced a new policy In light of the unpred…

Nov 29, 2023
Beyond Real Estate, Where Kenyan Investors Are Allocating Their Funds
Business

Beyond Real Estate, Where Kenyan Investors Are Allocating Their Funds

Investment options in Kenya have traditionally centred around land and rental properties. However, as the investment market continues to evolve, Kenyans are actively seeking alternative methods to broaden their invest…

Nov 24, 2023
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Ruto Slashes Subsidies to Zero on IMF Conditions
Business

Ruto Slashes Subsidies to Zero on IMF Conditions

President William Ruto adhered to the conditions set by the International Monetary Fund (IMF) and eliminated all subsidy spending in the first quarter of September. The government had Initially earmarked to allocate S…

Nov 20, 2023
Setback for KRA as Airtel Prevails in Sh791 Million Tax Battle
Business

Setback for KRA as Airtel Prevails in Sh791 Million Tax Battle

Airtel Networks Kenya Limited has emerged victorious in a legal dispute against the Kenya Revenue Authority (KRA), resulting in a loss of Sh791 million for the tax agency. Judge Alfred Mabeya of the Commercial Court h…

Nov 14, 2023
Sh17bn Diesel Mystery: Chief Justice Koome, DCI Chief Amin in Legal Crossfire Over Missing Businesswoman
Business

Sh17bn Diesel Mystery: Chief Justice Koome, DCI Chief Amin in Legal Crossfire Over Missing Businesswoman

Lawyer David Chumo has taken legal action against the Directorate of Criminal Investigations (DCI) regarding the location of Anne Njeri Njoroge, a businesswoman associated with the importation of diesel worth Sh17 bil…

Nov 13, 2023
IMF Sounds Alarm on Kenya's Economy Amidst Concerns Over China's Downturn
Business

IMF Sounds Alarm on Kenya's Economy Amidst Concerns Over China's Downturn

The IMF has issued a warning to Kenya and other Sub-Saharan countries regarding the potential impact of China's economic growth decline on their economies. Thursday's press release announced reduced levels of borrowin…

Nov 10, 2023
Korean Businesses Set Sights on Kenya for Investments
Business

Korean Businesses Set Sights on Kenya for Investments

Several Korean companies have shown interest in investing in Kenya by capitalizing on the ongoing advancements in technology. The Korea Trade Development Agency (KOTRA) reports that three Korean companies have signed…

Nov 10, 2023
KRA Launches New Tax Evasion Crackdown on Airbnb Hosts
Business

KRA Launches New Tax Evasion Crackdown on Airbnb Hosts

The Kenya Revenue Authority (KRA) has contacted Airbnb, the online platform for short and long-term homestays, in a bid to crack down on tax evasion among Kenyan hosts. Airbnb Ireland UC, acting as the data controller…

Nov 8, 2023
Quickmart Hit in Sh94 Million Robbery, Wells Fargo Crew Missing
Business

Quickmart Hit in Sh94 Million Robbery, Wells Fargo Crew Missing

Quickmart has suffered a loss of Sh94 million in what appears to be a robbery that took place on Monday while the money was being ferried to the Nairobi city centre for banking. As of now, there are concerns over the…

Nov 7, 2023
Kenyans Cut Spending on Travel, Dining as Costs Rise
Business

Kenyans Cut Spending on Travel, Dining as Costs Rise

Households have been cutting down on non-essential expenses due to rising costs. This is in line with a recent survey analyzing the behaviour of Kenyan consumers from April to June. The study by TransUnion revealed th…

Nov 4, 2023
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