BUSINESS NEWS

The number of wealthy Kenyans investing outside the country has increased, with most of them putting their cash in foreign-backed mutual funds. Paul Njoki, the head of Standard Chartered Bank's wealth management in Kenya and East Africa says rich Kenyans now prefer investing abroad due to the risks…

The Chinese government has reportedly declined to finance the construction of Standard Gauge Railway (SGR) line from Naivasha to Kisumu until Kenya proves its viability. China is reported to have faulted the project after the Kenyan delegation presented a blueprint of the project during the just-…

United States billionaire Bill Gates is seeking to link all Kenyan banks and mobile cash platforms through a single software platform. Through the Bill and Melinda Gates Foundation, Gates is seeking Central Bank of Kenya's (CBK) approval to launch a free software that will connect the banks thus…

President Uhuru Kenyatta has urged China to fund 50 percent of the cost of extending the Standard Gauge Railway (SGR) from Naivasha to Kisumu. During bilateral talks with Chinese President Xi Jinping on Tuesday, Kenyatta sought to have the cost of the 270-kilometre line between Naivasha and Kisumu…

The government says Ekeza Sacco will remain shut until it is convinced that there is a proper management structure in place. Speaking to Business Daily, acting Principal Secretary for Co-operatives Chris Kiptoo said liquidators are still auditing its books while supervising the separation of the…

Equity Bank Chief Executive Officer (CEO) James Mwangi has urged Kenyans to stop complaining about increased taxes. Reacting to the 16 percent Value Added Tax (VAT) imposed on fuel products by the government in order to close revenue deficit, Mwangi said Kenyan must embrace taxation if they aspire…

Foreign currency deposits held in local banks increased by Sh60 billion in the month of June, data from the Kenyan government shows. Analysts attributed the huge growth of the foreign currency deposits to increased remittances by Kenyans in the diaspora as well as wealthy Kenyans taking advantage…

The Kenyan shilling strengthened against the US dollar on Friday, supported by remittances by Kenyans in the diaspora and foreign investors in government securities. The shilling traded at 100.55 on average in the interbank market compared to average of 100.70 in the previous day. Traders said the…

Nakumatt has shut down its Likoni Branch, the last remaining outlet of the region's once largest retailer in the city of Mombasa and the coast. The struggling supermarket exited Likoni outlet following an order by the court in June to vacate the premises within 60 days. The retailer chain was…

The Kenya Revenue Authority (KRA) has announced 16 percent tax on all petroleum products effective September 1st. This means motorists will now have to dig deeper into their pockets for fuel and other products whose prices will be affected by the increased taxes. Already Matatu operators have…