KUSCCO urges debtors to pay their loans
The liquidator of the Kenya Union of Savings and Credit Co-operatives (KUSCCO) has directed borrowers to continue repaying their loans as scheduled, even as creditors are asked to submit claims against the troubled cooperative.In a separate notice,…
Exercise duty increase on imported sugar
The Kenya Association of Manufacturers (KAM) has moved to court to challenge a 433 percent increase in excise duty on imported industrial sugar, warning that the higher tax could raise production costs, threaten jobs and weaken the competitiveness of…
Affordable housing crisis
The government is struggling to generate enough cash from its affordable housing programme to finance the next phase of construction, despite strong demand for completed units.the Affordable Housing Board collected Ksh212.342 million from housing sales…
Private sector credit growth
Growth in commercial banks’ lending to Kenya’s private sector accelerated to 10.6 percent in September from 10.3 percent in August, supported by increased demand for credit across key sectors of the economy.The Central Bank of Kenya (CBK) said lending…
Shariah money market Fund
Safaricom customers can now invest in a Shariah-compliant money market fund through M-Pesa, following a partnership between the telco and GulfCap Investment Bank.The Ziidi Shariah Money Market Fund allows customers to start investing with as low as Sh100…
Unilever invests in solar power system
Unilever has invested Sh70 million in an 800kW solar power system at its Nairobi factory, which is expected to provide about 30 percent of the plant’s electricity and save the company roughly Sh30 million in annual energy costs.Unilever said the solar…
CBK to pay sh 1.7M compensation
The Court of Appeal has upheld a High Court decision ordering Co-operative Bank of Kenya to compensate a customer Sh1.7 million after unlawfully repossessing and selling his vehicle. A three-judge bench of the Court of Appeal dismissed the bank’s appeal…
IPO investment in Dangote refinery
Kenyan investors can now take in part in the initial public offering (IPO) of Dangote Petroleum Refinery & Petrochemicals in Nigeria after the Capital Markets Authority (CMA) approved the sale of the company’s shares through global depository…
366 metre vessel at Lamu port
The Port of Lamu has handled about 5,200 twenty-foot equivalent units (TEUs) from a single vessel for the first time, as the facility continues to build its container handling capacity.The port on Saturday received MV Hamouna, a 366-metre container…
Voco branded hotel in Kenya
IHG Hotels & Resorts has opened its first Voco-branded hotel in Kenya and East Africa, adding 112 suites to the hospitality market near Jomo Kenyatta International Airport (JKIA).The hotel targets business travellers, transit passengers and long-stay…