BUSINESS NEWS

President Kenyatta is on Monday slated to flag off the shipment of Kenya’s maiden consignment of crude oil at the port of Mombasa. The 200,000 barrels of crude oil will be exported by Chinese company ChemChina UK Limited, which won the tender to purchase the first Kenyan oil early this month. Last…

US technology company, Google has warned that Kenya’s plan to impose tax on digital transactions could spark trade wars with other countries. Google told Members of Parliament that the State’s bid to introduce amendments to the Finance Bill 2019 to slap online businesses with an income tax…

Keroche Breweries Limited CEO Tabitha Karanja was on Thursday evening arrested over allegations of tax evasion. Detectives from Directorate of Criminal Investigations (DCI) picked Mrs. Karanja and her husband Joseph from their company in Naivasha, Nakuru County. The two were apprehended a day after…

Kenyans returned at least Sh25 billion to banks following Central Bank of Kenya’s move to phase out the old Sh1,000 notes by October 1st. Latest data from Central Bank of Kenya (CBK) showed that the total amount of cash outside of banks reduced from Sh222 billion to Sh196 billion in the month of…

National carrier Kenya Airways (KQ) has contracted a British aviation company to investigate an incident where two planes collided at Jomo Kenyatta International Airport (JKIA) earlier this year. KQ will reportedly pay Aviation and Aeroscope Consulting Services (ICF) Sh25 million to probe the…

The government is working on a policy that will be used to tax online streaming services such as YouTube and Netflix. Communications Authority (CA) director-general Francis Wangusi said the ICT ministry is in the final stages of developing the framework that will target foreign online streaming…

Two weeks after President Kenyatta announced that Kenya had joined the league of oil-exporting countries after selling its first 200,000 barrels of crude oil, details of the sale deal have emerged. At the time, Kenyatta said the country earned $12 million (about Sh1.2 billion) from its maiden sale…

Embattled Kenyan tycoon Humphrey Kariuki on Tuesday stepped down as the Chairman of his group of companies over allegations of evading taxes amounting to billions of shillings. Kariuki, who has been serving as Chairman of Janus Continental Group (JCG), vowed to fight the tax evasion allegations,…

Reports have emerged that building of the planned multi-billion-shilling Nairobi-Mombasa expressway by American engineering company, Bechtel was delayed after it was established that the cost of the project was highly inflated. The United States reportedly stopped funding for the state of the art…

A United States marijuana company is seeking to be listed on the Nairobi Securities Exchange (NSE). Bangi Inc., which deals with the cultivation and processing of Cannabis Sativa, announced that its board had approved its cross-listing on NSE. “A dual listing in Africa would be a natural step for…