Transportation of Crude Oil From Lokichar to Begin on June 3
On June 3, 2018, President Uhuru will flag off the first trucks transporting 2,000 barrels of crude oil from the Lokichar oil field to the Kenya Petroleum Refinery Limited (KPRL) [...]
Unga Group Gets CMA Approval to Release Shareholders' and Independent Adviser Circulars
Unga Group Plc has announced that it has obtained approval from the Capital Markets Authority (CMA), in accordance to Regulation nine and ten of the Capital Markets (take overs and [...]Govt Cuts Down Power Tariffs to Boost Manufacturing Sector
Charles Keter, Cabinet Secretary Energy has announced the drop in power tariffs to nine US cents per kilowatt-hour in support of the manufacturing sector. Speaking during a private sector and [...]ICT Ministry to Handle All Government ICT Procurements From July
The ministry of ICT will from July 2018 be handling ICT procurements for all government ministries and state corporations. The ministry of ICT has already completed plans to obtain ICT [...]Kenya Govt Allocates Sh500m to Test the BRT System
The Kenyan government has allocated Sh500 million to facilitate the pilot phase of the bus rapid transit system (BRT) as it looks for private investors. The Ministry of Transport is [...]Court stops CFC Stanbic from selling Karuturi assets
CFC Stanbic bid to sell Karuturi’s assets has been halted by the High Court. High Court Justice Francis Tuiyott (on Tuesday 22nd May 2018) allowed CFC Stanbic receivers to continue [...]
ERC Set to Impose $10,000 Fine Over Non-Compliance of Solar Water Heating Regulation
The Energy Regulatory Commission (ERC) has introduced a solar water heating regulation that could see property owners face a one-year jail term or a fine of $10,000 if they fail [...]Financial Institutions Seek CBK Approval to Use Blockchain as Regulator Maintains Cryptocurrencies are Risky
The Central Bank of Kenya (CBK) has received applications from financial institutions that want approval and licensing of blockchain-based products and services according to governor Dr Patrick Njoroge. Speaking during [...]Eaagads Limited Warns of 25pc Drop in Earnings for Current Financial Year
Eaagads Limited, a Kenyan coffee company listed on the Nairobi Securities Exchange (NSE), has announced that its earnings for the current financial year will be lower by at least 25 percent [...]Africinvest's Purchase of 14.3pc Equity Stake in Britam is Finalised
Britam Holdings, a diversified financial services firm listed on the Nairobi Securities Exchange, has announced the completion of a subscription for a 14.3 percent equity stake by Africinvest III SPV-1. [...]Private Sector Credit Growth Suffers Under Rate Capping Law Amid Rising NPLs
The recent survey carried out by the Kenya Bankers Association (KBA) looking into the implications of the Banking (Amendment Act) 2016 indicates that private sector growth has slowed down. The [...]Treasury Proposes 20pc Withholding Tax on Demurrage Charges Paid to Non-Resident Shipping Firms
In the Draft Income Tax Bill 2018, the Treasury has proposed withholding tax on demurrage charges paid to non-resident companies at 20 percent. That means non-resident companies will be paying [...]
