KenolKobil insider probe pushes CMA illicit recoveries to Ksh.726 million

By Kepha Muiruri,

The Capital Markets Authority (CMA) has recovered Ksh.725.8 million from illicit capital markets dealings in the year to date, with the lump of the su...

CMA , KenolKobil

‘CRB should stop listing individuals over Ksh.100 debt ’- Olaka

By Kepha Muiruri,

Commercial banks have welcomed the ongoing conversation to review the law governing Credit Referencing Bureaus (CRBs), highlighting on gross inconsist...

CBK , CRBs , Habil Olaka , Kenya Bankers Association , Metropol , patrick njoroge

UAP Holdings cuts off high-risk accounts in de-risking strategy

By Kepha Muiruri,

UAP Holdings has began cutting off high risk accounts from its business portfolio, after the cost of compensation weighed hard on the group’s profit...

Peter Mwangi , UAP Holdings

KCB to finalize Imperial Bank deal in September, posts Ksh12bn HY profit

By Reuters,

KCB Group expects to finalize a takeover of smaller rival Imperial Bank by the end of September, Kenya’s biggest bank by assets said on Thursday aft...

Acquisition , Central Bank of Kenya , imperial bank , Joshua Oigara , KCB , Kenya Bankers Association , receivership , robin hood tax

KRA warns traders of fictitious invoicing

By Kepha Muiruri,

The Kenya Revenue Authority (KRA) has warned business owners and operators against presenting fraudulent invoices as part of their income tax reportin...

Benson Korongo , fraud , invoicing , KRA

Uber to pay $10M in gender discrimination case

By Reuters,

Uber Technologies Inc has agreed to pay $10 million to settle a class-action lawsuit brought by two female engineers who accused the ride-services com...

Uber driver admits to the attempted rape and murder of a British embassy worker coming home from a night out in Beirut , Uber Drivers , Uber gender discrimination , Uber taxis

Internal fraud poses risk to business growth, PwC report

By Sophie Kinoti,

Middle level managers have been cited as the biggest perpetrators of fraud and economic crime in the private sector. In a report released Tuesday, ...

companies , customer driven fraud , economic crimes , fraud , Muniu Thoithi , procurement , PwC

National Australia Bank axes 6,000 jobs as annual profit jumps

By AFP,

Up to 6,000 jobs will be axed in a major restructuring at National Australia Bank, the lender said Thursday after posting Aus$5.28 billion (US$4.1 bil...

Andrew Thorburn , annual profit , ANZ , automation , banking , Clydesdale , digitizing processes , job loss , National Australia Bank , redundancies , restructuring

Flower farmers face east as uncertainty looms over EU

By Dennis Otieno,

Players in Kenya’s flower industry are looking to uncharted markets in Asia specifically China in a move to diversify export markets. According t...

china , economic partnership agreement , export , farming , flowers , Horticulture , Kenya Flower Council

Financial Reporting Centre advertises DG post

By Ephraim Mugo,

The National Treasury has begun the search for director general to head the financial reporting center five years after it was established. The mov...

business , corruption , financial crimes , financial reporting centre , government , mega scams , money laundering , reporting , utilise technology

UK banks ‘handled’ $740mn in laundered Russian money: reports

By AFP,

Several British banks allegedly processed nearly $740 million in a multi-billion dollar Russian money-laundering scam, The Guardian newspaper reported...

Bank of America , banks , barclays , British banks , CitiBank , Coutts , criminal operations , HSBC , KGB , money laundering , Organized Crime and Corruption Reporting Project , private sector , Royal Bank of Scotland , russia , spy agency , suspicious activity , The Global Laundromat , US Banks

Anti money laundering law passed by President Kenyatta

By PSCU,

President Uhuru Kenyatta today signed into law the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill 2017, a tough legislation aimed at com...

anti money laundering , asset recovery agency , kenya , National Treasury , President Uhuru Kenyatta , proceeds of crime

Sports stars, Rihanna help Puma sprint ahead in 2016

By AFP,

Rihanna-designed shoes and French football stars helped boost German sports brand Puma's results in 2016, the firm said Thursday, reporting a leap in ...

Antoine Griezmann , athletics , football , Olivier Giroud , Puma , Revenues , rihana , Rio Olympics , shoes , sponsored athletes , sports , sports ware , UEFA Euro 2016 , Usain Bolt

NCPB introduces measure to curb fertilizer theft

By George Aoko,

The Government has suspended the packaging of subsidized fertilizers at the port of Mombasa following increasing cases of division of the commodity by...

agriculture , Agriculture Cabinet Secreatry Willy Bett , farming , fertilizer , government , kenya , National Cereals and Produce Board , NCPB , packaging , smallholder farmers , subsidy program , tracking devices , warehouse , Willy Bett

NCPB to sell grain after two years in bid to eliminate post harvest losses

By Sophie Kinoti,

The government has announced plans to overhaul grain management in the country to minimize post-harvest losses. This as concerns continue to rise o...

Agriculture Cabinet Secretary Willy Bett , animal feed , cereal storage , fit for human consumption , food storage , millers , National Cereals and Produce Board , NCPB , NCPB to hold grains for two years , post harvet loss , Strategic Reserve Oversight Board

DPP orders prosecution of Fmr Family Bank CEO, senior managers

By Citizen,

The Director of Public Prosecution (DPP) has ordered for the prosecution of former family bank Chief Executive Officer Peter Munyiri and three senior ...

Central Bank of Kenya , Charles Kamau Thiongo , DCI , director of public prosecution , DPP , Dr. Patrick Njoroge , Family bank , Josphine Kabura , Keriako Tobiko , money laundering , NYS , NYS scandal , Peter Munyiri , prosecution of former Family Bank officials , Raphael Mutinda Ndunda , Robert Oscar Nyaga

Family Bank, Prime Bank fight off financial strain concerns

By Citizen,

Two local commercial banks have come out to assure customers of sound operations in the wake of rising speculation over their affairs. Mid tier len...

assure customers , bank supervision , CBK , Cyber Crime , Dr. Patrick Njoroge , Family bank , mid tier lenders , National Youth Service , NYS , Prime Bank , Rasik Kantaria , social media speculation , statutory liquidity requirements

South Africa’s rand firms ahead of budget speech, stocks fall

By Reuters,

South Africa's rand was firmer against the dollar in early trade on Wednesday ahead of Finance Minister Pravin Gordhan's unveiling of the medium-term ...

budget speech , markets , south africa , stocks

Agriculture Finance Corporation rules out waiver of interest on farmers’ loans

By Mary Lolchoki,

The Agriculture Finance Corporation (AFC) has raised concern over the high default rate by farmers taking loans from the state agency. According to...

access to credit , AFC , Agriculture Finance Corporation , barley , credit , farmers , Franklin Bett , high default rate , loans , narok , wheat

The skill employers really want from new recruits

By CNN,

Employers have a problem with new recruits. Managers are reporting a rising number of cases of newly hired grads and young workers becoming easily ...