SBM Bank Withdraws EA Cables Liquidation Petition
EA Cables reports that it has reached a debt settlement and restructuring agreement with SBM Bank Kenya resulting in the withdrawal of the liquidation petition. The agreement involves a restructuring [...]
Equity Group Q 1 Net Earnings drop 14% to KSh 5.3 Billion
During the first three months of 2020, Equity Group saw its net earnings drop by 14% to KSh 5.43 Billion against a similar reporting period last year when the lender [...]
Fairmont Closes its Hotels and Fires all Employees
Today, Fairmont announced that it has closed its Norfolk and Mara Safari Club hotels and fired all the employees due to the pandemic. The hotel cites the current impact of [...]
Public Debt Management Office Becomes Operational
The National Treasury on May 20 relinquished the public debt and borrowing mandate to the Public Debt Management Office. The Public Debt Management Office is now operational as an independent [...]Market Turnover at NSE Declines 17% to KSh 490.7 Million
Turnover at the Nairobi Securities Exchange(NSE) plunged 17% to KSh 490.7 Million when trading closed on Wednesday. Flame Tree Group Holdings led the gainers with 9.38% share price appreciation closing [...]Central Bank of Kenya Retains Key Policy Rate at 7%
The Monetary Policy Committee(MPC), the top think tank of the Central Bank of Kenya(CBK) retained the Central Bank Rate at 7% during the meeting held on Wednesday. The policy [...]Kenya Airways 2019 Losses Hit KSh12.99 Billion
Kenya Airways revenues in 2019 increased by 12.4 percent to KSh128.32 billion from KSh114.19 billion in 2018. KQ’s chairman Michael Joseph attributes the growth to the improved passenger, cargo, ancillaries, [...]TPS Serena 2019 Net Profit Jumps to KSh 181.7 Million
TPS Eastern Africa(Serena) recorded a 2% increase in Net profit in 2019 to KSh 181.7 Million. The audited financial statements of TPS Eastern Africa (Serena) for the year ended 31st [...]IMF Urges Banks Worldwide to Halt Dividend Payouts
The International Monetary Fund(IMF) is pushing banks around the globe to withhold payment of dividends to shareholders and instead use the cash to build their capital and liquidity positions. In [...]Casual Laborers Take the Biggest Hit in Job Cuts
The Kenyan workforce continues to suffer from the adverse effects of the Coronavirus. In the manufacturing sector, casual laborers are bearing the heaviest burden as companies have reduced the casual [...]Safaricom to Support SMEs During the Pandemic
Safaricom is looking to support SMEs during the pandemic by enabling timely payments to suppliers. The telco plans to partner with Banks and FMCGs to help supply chain financing using [...]High Noon for SACCO Loan Defaulters
It will soon be mandatory for all Savings and Credit Co-operative Society (SACCO) loan defaulters to be blacklisted by Credit Reference Bureaus (CRBs). This follows an approval by the Senate [...]
