BUSINESS NEWS
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According to a recent report, the impact of high inflation has been most severe on low-income individuals in Kenya.
Rose Ngugi, the director of the Kenya Institute for Public Policy Research and Analysis (KIPPRA), says that low-income households faced significant challenges in 2022 due to the…
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A Kenyan budget airline has been instructed to pay a sum of Sh400,000 to a woman with a disability for their failure to aid her in boarding their aircraft six years ago.
According to High Court Judge Hedwig Ong'udi, the failure of Fly 540 airline to provide adequate assistance equipment to Dr Agnes…
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The depreciation of the Kenyan shilling against major world currencies has resulted in increased salaries for expatriates and a more affordable cost of living in Nairobi.
The currency has experienced a decline in strength, resulting in a record low of Sh147.36 per dollar, a decrease of 19.4% in…
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Safaricom has been unsuccessful in its attempt to halt the progress of a case regarding alleged intellectual property infringement.
This comes after Safaricom planned to release a product that resembled an innovator's idea which he shared with the company's officials in 2021. Safaricom's request to…
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In August, Kenyans living and working abroad sent home $354.3 million, a decrease of 6.4% from the previous month.
This decrease did little to support the country's forex reserves which have been weakening. As of September 14, the reserves stood at a low of $7.1 billion, equivalent to 3.8 months of…
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The Central Bank of Kenya has placed a restriction on the sale of dollars to individuals through money transfer companies.
Reuters reports that recent directives have limited money remittance companies from selling sums that exceed $100,000 daily to an individual. Any amounts above this capping…
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Kenyan banks are currently charging retail dollar buyers up to Sh154 per unit due to the high demand for the currency.
The margin between the official exchange rate quoted by the Central Bank of Kenya for the US dollar and the rate offered by banks and money changers is also increasing. This is in…
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Tuskys Supermarket is facing the risk of losing around Sh6 billion worth of assets after the High Court appointed a liquidator.
Barely three months ago, the court ordered the liquidation of Tusker Mattresses Limited, the official name of the retailer, due to unpaid debts of Sh19.7 billion owed to…
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The Cabinet had proposed to increase the threshold for cash transactions in Kenya to over Sh2 million, but commercial banks have rejected the idea.
Banks are concerned that this will create more opportunities for money laundering and financing terrorism. The Kenya Bankers Association has…
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United States Ambassador to Kenya Meg Whitman on Monday, June 3, lauded the Finance Act 2023 during a celebration to commemorate the 247th anniversary of the United States' independence at her residence along Kyuna Road.
She noted that the Act contains numerous elements which assure potential…