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Central Bank of Kenya Accused of Overvaluing Kenya Shilling by 30 Percent
Business

Central Bank of Kenya Accused of Overvaluing Kenya Shilling by 30 Percent

Central Bank of Kenya (CBK) has been accused of manipulating the shilling and overvaluing it by up to 30 percent. The claims have been made by Amana Capital in its latest report dubbed ‘Kenya’s Economic Puzzle - Putti…

May 8, 2019
Safaricom Posts a Record Sh63.4 Billion Profit Buoyed by Mpesa Earnings
Business

Safaricom Posts a Record Sh63.4 Billion Profit Buoyed by Mpesa Earnings

Kenya's giant telecommunications company Safaricom has announced a record profit of Sh63.4 billion in the financial year ending March 31st, 2019. This represents a 14.7 percent increase from the Sh45.1 billion recorde…

May 3, 2019
Safaricom Speaks Out on CEO Bob Collymore's Departure
Business

Safaricom Speaks Out on CEO Bob Collymore's Departure

Safaricom has appeared to confirm reports of CEO Bob Collymore's departure from the company. On Monday, a section of local and international media reported that Collymore would step down from his position in August th…

Apr 30, 2019
Kenya Airways Announces Sh7.6 Billion Loss
Business

Kenya Airways Announces Sh7.6 Billion Loss

National airline Kenya Airways has announced a net loss of Sh7.6 billion for the year ending December 31st, 2018. This is an increase from the Sh6.4 billion loss posted in the nine-month period between April 1st and D…

Apr 30, 2019
Safaricom CEO Bob Collymore to Exit the Company After 9-Year Reign
Business

Safaricom CEO Bob Collymore to Exit the Company After 9-Year Reign

Safaricom CEO Bob Collymore is reportedly set to leave the telecommunications company before the end of this year. Reuters reports that Collymore, 61, plans to step down in August over health reasons but the company h…

Apr 29, 2019
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Former Kenya Airways CEO Titus Naikuni Lands Plum Job in South Africa
Business

Former Kenya Airways CEO Titus Naikuni Lands Plum Job in South Africa

Former Kenya Airways Chief Executive Officer Titus Naikuni has been appointed as Tata Chemicals' Director in South Africa. Naikuni, who currently serves as the technical advisor to Tata Chemicals Magadi Ltd. CEO will…

Apr 28, 2019
Cabinet Approves Construction of Sh60 Billion Flyover Linking JKIA to Nairobi CBD
Business

Cabinet Approves Construction of Sh60 Billion Flyover Linking JKIA to Nairobi CBD

The cabinet has approved a plan to construct an expressway linking Jomo Kenyatta International Airport (JKIA) to Nairobi central business district and Westlands.  The 28-kilometer highway bridge is expected to tackle…

Apr 23, 2019
Kenya Airways Activates Codeshare with Delta Airlines
Business

Kenya Airways Activates Codeshare with Delta Airlines

Kenya Airways has activated its codeshare agreement with Delta Airlines, paving the way for seamless travel in the US and Canada. The codeshare gives KQ's business and leisure travelers an opportunity to enjoy greater…

Apr 16, 2019
Peter Munga to Receive Sh50 Million Thank You Token from Equity Bank
Business

Peter Munga to Receive Sh50 Million Thank You Token from Equity Bank

Outgoing Equity bank Chairman Peter Munga,76, is set to pocket Sh50 million as a thank you token from the lender. The package is in appreciation of his long service to the bank, which has become one of the most profit…

Apr 11, 2019
US IT Company Cisco Launches Incubation Hub in Nairobi
Business

US IT Company Cisco Launches Incubation Hub in Nairobi

United States IT firm, Cisco has launched a Sh69 million incubation hub in Nairobi. In a statement, the California-based company says the incubation center targets Small, Medium and Micro Enterprises (SMME’s) in the K…

Apr 10, 2019
Foreign Currency Deposits in Kenyan Banks Hit Sh581 Billion Driven by Diaspora Remittances
Business

Foreign Currency Deposits in Kenyan Banks Hit Sh581 Billion Driven by Diaspora Remittances

Foreign currency deposits in Kenyan banks hit Sh581.9 billion in 2018, the latest data from the Central Bank of Kenya (CBK) shows. This represents a 21.6 percent growth compared to Sh478.8 billion at the end of 2017…

Apr 6, 2019
Kenya Targets US Investors in New Sh250 Billion Eurobond Issue
Business

Kenya Targets US Investors in New Sh250 Billion Eurobond Issue

The Kenyan government has revealed plans to acquire a third Eurobond worth Sh250 billion. National Treasury Principal Secretary Kamau Thugge says the funds will aid in paying off previous loans. Kamau also says the bo…

Apr 4, 2019
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US Think Tanks Sounds Warning to Kenya over Chinese Loans
Business

US Think Tanks Sounds Warning to Kenya over Chinese Loans

A US Defence Department think tank has sounded a warning to Kenya and other African countries over Chinese funded projects. Washington-based Africa Centre for Strategic Studies (ACSS) says African countries must adopt…

Mar 30, 2019
Bank Moves to Auction Several Uber Chap Chaps over Defaulted Loans
Business

Bank Moves to Auction Several Uber Chap Chaps over Defaulted Loans

Kenya's Stanbic Bank has moved to auction several vehicles contracted by global mobile taxi hailing firm Uber. This comes after the owners failed to service bank loans taken to purchase the vehicles. In a notice publi…

Mar 30, 2019
James Mwangi to Pocket Sh416 Million in Dividend from Equity Bank
Business

James Mwangi to Pocket Sh416 Million in Dividend from Equity Bank

Equity Bank CEO James Mwangi is set to pocket Sh416 million in dividend after the institution recorded a net profit of Sh19.8 billion in the year ended December 2018. The lender's net profit grew five percent last yea…

Mar 29, 2019
Equity Bank Announces Sh19.8 Billion Profit
Business

Equity Bank Announces Sh19.8 Billion Profit

Equity Bank has announced a profit of Sh19.8 billion for the year ending December, 2018. The lender's net profit increased by five percent from the previous year, maintaining its position as Kenya’s second most profit…

Mar 27, 2019
Kenyan Billionaire Businessman Chris Kirubi Pockets Sh700 Million in BIC Sale Deal
Business

Kenyan Billionaire Businessman Chris Kirubi Pockets Sh700 Million in BIC Sale Deal

Kenyan business mogul Chris Kirubi pocketed €6.3 million (Sh714 million) from the recent sale of one of his companies, Forbes reports. The US business magazine reports that the billionaire businessman earned the amoun…

Mar 15, 2019
Kenya Signs Deal for Construction of Nairobi CBD-JKIA Railway Line with France
Business

Kenya Signs Deal for Construction of Nairobi CBD-JKIA Railway Line with France

President Kenyatta and his French counterpart Emmanuel Macron have announced several public-private infrastructure deals worth 3 billion euros (about Sh340 billion). The railway line is expected to ease the movement o…

Mar 14, 2019
Kenya Airways Suffers Sh300 Million Loss After Wednesday Workers Strike
Business

Kenya Airways Suffers Sh300 Million Loss After Wednesday Workers Strike

Kenya Airways (KQ) says it suffered losses amounting to Sh300 million following aviation workers' strike on Wednesday. The strike called by the Kenya Aviation Workers Union (KAWU) entirely paralyzed operations at the…

Mar 7, 2019
US TV Star Kylie Jenner, 21, Named World's Youngest Self-Made Billionaire of All Time
Business

US TV Star Kylie Jenner, 21, Named World's Youngest Self-Made Billionaire of All Time

American television star and makeup guru Kylie Jenner has been named world's youngest billionaire. The 21-year-old socialite and entrepreneur made it to the Forbes Magazine's 2019 billionaire list released on Tuesday…

Mar 6, 2019
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