BUSINESS NEWS

Kenya’s public debt has hit Sh5 trillion mark for the first time, raising questions over the country’s ability to sustain the load in long term. As at February this year, Kenya's total outstanding external debt stood at Sh2.563 trillion, while Sh2.448 trillion is owed to local lenders, making a…

Treasury Cabinet Secretary Henry Rotich has announced the state will revise the interest rates capping law that took effect in September 2016, a move that will put to an end access of cheap loans by Kenyans. In what could see local lenders return to high profits again,  Rotich said the move is…

The government is set to impose increased taxes in mobile money service in the coming financial year in a proposal by Treasury Cabinet Secretary Henry Rotich in the Sh3.074 Trillion 2018/2019 budget. While reading the budget statement in Parliament on Thursday, Rotich proposed to increase excise…

Treasury Cabinet Secretary Henry Rotich has indicated that Kenya will spend approximately Ksh2.55 trillion in the 2018/2019 financial year. Reading the Sh3.07 billion total budget for the fiscal year at the National Assembly on Thursday afternoon, Rotich noted that the government projects the…

Kenya is set to unveil an all-time high budget of Sh3.07 trillion for the 2018/19 financial year to be tabled before Parliament. In the 2017/2018 budget, Kenya spent Sh2.6 trillion. The government will be forced to borrow an additional Sh562.74 billion to the new budget due to deficit in revenue…

The National Treasury has set aside Sh1 billion to cater for wages and other allowances for the 100 Cuban doctors who arrived in the country last week. A breakdown of Treasury report tabled to the National Assembly’s Budget and Appropriations Committee shows the medical specialists will pocket a…

The government says millions of Kenyans are consuming poisonous sugar which is being sold in outlets across the country disguised as local brands. This comes after Deputy Head of Public Service Wanyama Musiambo, Inspector-General of Police Joseph Boinnet and Directorate of Criminal Investigations (…

About 1.3 million Kenyans have filed their tax returns three weeks to the June 30th deadline, setting a new record. Kenya Revenue Authority (KRA) said the compliance represented an improvement by 400,000 compared to tax returns filed between January and April in 2017. The taxman said some 2.4…

Citizens from the six East African countries are soon set to transact their businesses using a single currency as per the Monetary Union Protocol signed in 2013. Kenya's East African Community Cabinet Secretary Peter Munya said the signing and the passing of the East African Monetary Institute in…

Equity Group founder and Chairman Peter Munga is set to leave the bank after more than 30 years of service, the company has announced. Equity said Munga, who has been its Founder Chairman since 1984, will proceed on retirement, with Ansell David Ansell taking over from him as Chairman designate.…