BUSINESS NEWS

US hotel chain Hyatt has announced it will be opening its first branded hotels in Nairobi after entering into a partnership agreement with Kanha limited.  The American multinational hospitality company will launch Hyatt Place Westlands and Hyatt House Westlands in Nairobi. The two…

Kenyan banks have began implementing the increased taxes imposed on cash transactions through the Finance Act 2018. Some lenders have informed their customers that the changes took effect on Tuesday, days after President Kenyatta signed the Finance Bill into law. “Dear Customer, effective today 25/…

Kenya's public debt will hit Sh7 trillion by the time President Kenyatta leaves office in 2022, National Treasury projections indicate. As of June 2018, the country's public debt stood at Sh5.04 trillion and the National Treasury expects the debt to increase further by Sh2.13 trillion by 2022. In…

Six Kenyans are among individuals from across the world who are set to receive millions of shillings from US social networking company Facebook. Recently, the California- headquartered tech giant announced over 100 groups from different countries have been selected for this year's Facebook…

Kenya Airways (KQ) has announced that more than 7,000 passengers have booked the airline's nonstop flights to the United States ahead of the launch scheduled for October 28th. The airline disclosed the news during a dinner hosted by KQ at Rockefeller Plaza in New York, United States on Sunday.…

Transport and Infrastructure Cabinet Secretary James Macharia has defended the cost of the 466-kilometre Nairobi-Mombasa Expressway to be constructed by Bechtel, a US-based engineering company. The mega infrastructure will cost 380 billion shillings, translating to about Sh900 million per…

Taxi hailing app Uber has unveiled uberPOA, a new feature that provides Tuk Tuk rides for customers in the coastal city of Mombasa. Speaking during the launch, Uber East Africa General Manager Loic Amado said the new service resonates with local citizens. “Tuk Tuks are a popular choice across Kenya…

The Kenyan shilling is expected to remain firm against the United States dollar amidst country's fallout with the International Monetary Fund (IMF). Experts say the shilling will mainly be supported by increased remittances from Kenyans in the diaspora, foreign direct investments and repatriation…

Equity Bank has named former Nairobi Deputy Governor Polycarp Igathe as its new Managing Director. Igathe has been appointed to the top position barely five months after joining the financial institution as its Chief Commercial Officer (CFO). In a statement, Equity which boasts of 12.6 million…

President Uhuru Kenyatta has proposed increased taxes on mobile cash transactions in his memorandum on the Finance Bill, 2018 sent to the National Assembly last week. If Members of Parliament approve his proposals, the cost of sending money through mobile money services such as  M-Pesa will…