Shilling remains in free fall as it crosses Ksh.111 mark against the dollar

By Kepha Muiruri,

The Kenyan shilling has remained in a free fall as it crosses a new confidence marker to trade past Ksh.111 mark against the US dollar. The local u...

Central Bank of Kenya (CBK) , Dr. Patrick Njoroge , shilling

Foreign investors turn net sellers in October as NSE struggles for lift

By Kepha Muiruri,

Foreign investors in the Nairobi Securities Exchange (NSE) turned net sellers in October ending a two-month cooldown which saw the investors buy into ...

bear market , Nairobi Securities Exchange (NSE)

COVID-19: Financial hardships overtake health as top concern among Kenyans

By Kepha Muiruri,

Financial constrains arising from the COVID-19 pandemic have now overtaken health as the greatest concern among Kenyans, a new survey shows. Accord...

coronavirus , COVID-19 , Infotrak poll , VAT

Non-performing loans cover from listed banks hits 59pc on rules change

By Kepha Muiruri,

Publicly listed banks non-performing loans cover hit 58.5 per cent in 2019 as the 24 months window to the implementation on new financial reporting ru...

IFRS 9 , KBA , loans

Kenyan businesses count losses from coronavirus disruptions

By Kepha Muiruri,

The majority of Kenyan businesses in the country have tabulated losses from the ongoing coronavirus outbreak at less than Ksh.1 million. This indic...

coronavirus , KEPSA

Kenyan firms lose Ksh.5.5B due to fraud, corruption – Report

By Faizal Ahmed,

Kenyan firms have lost a combined Ksh.5.5 billion from economic crimes including procurement fraud as well as bribery and corruption over the last 24 ...

Old notes worth Ksh7.4B now worthless, CBK says

By Kepha Muiruri,

Kenyans returned Ksh.209.7 billion worth of notes in the recently completed demonetization cycle. According to the Central Bank of Kenya (CBK), the...

CBK , patrick njoroge

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