AAR Insurance Reports Ksh 517M FY Profit
AAR Insurance reported a net profit of Ksh517 million for FY2019 compared to Ksh253 loss recorded in 2018. The financial report also reveals that profit before tax rose to Ksh [...]
CDSC Admitted as Fourth Firm in CMA's Sandbox
Central Depository and Settlement Corporation (CDSC) has been admitted as the fourth firm in the Capital Markets Authority (CMA) regulatory sandbox. CDSC intends to test a screen-based Securities Lending and [...]UAP Old Mutual CEO Peter Mwangi Resigns
The Board of Directors of UAP Holdings has announced that Peter Mwangi, the CEO of its Nairobi-publicly trading Group has resigned to pursue new interests, with effect from 14th April [...]
KPA Begins Search for New Managing Director
The Kenya Ports Authority (KPA) has begun the search for a new Managing Director, following the resignation of Daniel Manduku on 27th March 2020, who is currently under investigation for [...]Sub Saharan Africa Faces Worst Recession in 25 Years
Sub Saharan Africa (SSA) is facing the worst recession in 25 years as the COVID19 pandemic continues to spread and halt operations. According to Africa Pulse, a bi-annual World Bank [...]Proposed tax to hit brokers in Stocks, Insurance, Tea Coffee Auctions
The Tax (Amendment) Bill 2020 proposal to introduce Value Added Tax (VAT) on brokerage services, continues to draw sharp reactions from dealers at the Nairobi Securities Exchange(NSE) as well as [...]
Kenya Imposes a 10% Import Levy on Dairy Products
Kenya has imposed a 10% import levy on dairy products, a move that seeks to cushion the local dairy farmers from unfair competition brought about by unregulated imports. Earlier this [...]Carrefour Sales Hit KSh18.7 Billion
Retail chain, Carrefour, sales hit KSh18.7 billion from its Kenyan outlets for the period ended December 2019, signifying a 28% increase from KSh14.6 billion recorded in 2018. In its annual [...]Kenya Legalizes Drone Operations
Kenya has legalized drone operations, also referred to as unmanned aircraft systems, for commercial and recreational purposes. Therefore, manufacture, assembly, modification, testing, and sale of drones can be done in [...]Kenya's debt levels to rise due to Coronavirus
The economic crisis triggered by the coronavirus will increase Kenya's debt levels owing to the huge financial needs that it will require, Fitch Ratings says. This is unless the Government [...]NHIF Appoints New Chief Executive Officer
The National Hospital Insurance Fund (NHIF) has appointed Dr. Peter Kamunyo Gathege as its Chief Executive Officer (CEO) with effect from 14th April 2020. Dr. Kamunyo is a healthcare executive [...]CBK Takes Action against Absa Bank
The Central Bank of Kenya has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange transactions conducted in March 2020. CBK says that [...]
