BUSINESS NEWS

A company linked to billionaire Manu Chandaria has been placed under receivership over a Sh4.3 billion debt. Kaluworks Limited, which is part of Chandaria’s Comcraft Group was placed under receivership by the NCBA Group over non-payment of the huge debt. The lender has appointed Pongangipalli Rao…

The Capital Markets Authority (CMA) has opened a probe against Cytonn Investments following numerous complaints from investors. The regulator said it is looking into Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes (CPN), which have investments worth Sh13.5 billion. The two funds have…

Kenya Airways (KQ) is slated to resume flights to and from the UK on June 26th after a two-month hiatus. The restart of direct flights between London’s Heathrow Airport and Jomo Kenyatta International Airport (JKIA) follows the lifting of a travel ban imposed by the government of Kenya in April. “…

The World Bank has approved a loan of $750 million (Sh81 billion) to Kenya to support the country’s economic recovery from the COVID-19 pandemic. The international lender said the development policy operation (DPO) loan will help Kenya improve fiscal and debt sustainability through greater…

The Paradise Beach Resort in Kikambala, Kilifi County has been put up for sale. Owners of the popular hotel are looking to sell the establishment for a staggering price of Sh800 million, according to Nation. Paradise Beach Hotel, which is owned by Israeli nationals, sits on a 20-acre parcel of land…

KLM is set to launch direct flights to Mombasa in October targeting leisure travelers. The move is part of its plan to strengthen its presence in East Africa. The October 31st launch will come a month after the termination of its Africa-Europe joint venture partnership with Kenya Airways (KQ) on…

Billionaire Narendra Raval has revealed plans to invest Sh5 billion in reviving Mumias Sugar Company. The tycoon plans to spend Sh4 billion on upgrading the rundown milling plant while Sh1 billion will be used to woo farmers to return to sugarcane production.  Mumias was Kenya’s leading sugar…

The National Assembly on Wednesday passed a motion seeking to exempt Japanese companies, employees, and consultants from paying income tax. This came after the Parliamentary Committee on Delegated Legislation tabled a report recommending the exemption of Japanese workers and companies from income…

President Kenyatta has invited American Small and Medium Enterprises (SMEs) to invest in Kenya through partnerships with their Kenyan counterparts. Speaking during a virtual US Chamber of Commerce Global Leaders’ Forum on Economic Recovery on Tuesday, Kenyatta said more partnerships between Kenyan…

Uganda has inked a Sh5 billion deal with China Roads and Bridge Corporation (CRBC) to rehabilitate its old meter gauge railway.  Once revamped, the 260-kilometer century-old line will be linked to Kenya’s Standard Gauge Railway (SGR) through the Naivasha to Malaba old meter gauge track, which…