Banks offered bond swap as KQ misses Sh19bn loans deadline.
Top commercial banks will convert Sh19.3 billion ($149.9 million) worth of loans advanced to Kenya Airways (KQ) into Treasury bonds after the deadline for settling the debt lapsed.
State loans diverted to salaries, utilities nearly double to Sh416bn.
The government spent Sh415.7 billion or more than half of the cash it borrowed in the financial year ended June 2024 on recurrent expenses such as payment of salaries and utilities in breach of the law, highlighting the impact of missed tax collections amid spending pressure.
NSE investor wealth rebounds, increases by Sh237 billion.
Investor wealth on the Nairobi Securities Exchange (NSE) rose by Sh237.2 billion in the nine months to September 2024, reversing the losses seen a year earlier as foreign investors cut down on their exits from the market.
Britam eyes investors with fixed-income dollar fund.
Britam Asset Managers, a subsidiary of Britam Holdings, have launched a US dollar- denominated fixed-income fund, widening investment options for its clients eyeing foreign currency-based facilities.
Bank lending rates up in August despite CBK rate cuts.
The average lending rate by commercial banks rose marginally in August despite a cut on the indicative rate by the Central Bank of Kenya (CBK), denying borrowers the much-anticipated relief.
Half of firms fail to pay corporate tax.
Nearly half of active companies that filed annual returns in the year to June did not pay taxes on corporate earnings, pointing to deepening losses and elevated prevalence of tax avoidance.
CRA opposes plan to cut counties' cash by Sh20bn.
The Commission on Revenue Allocation (CRA) has opposed plans to cut equitable share to counties by Sh20.12 billion, in the wake of the anticipated revenue shortfalls in the current financial year.
Kenya targets over Sh132bn on lifted mining ban.
Companies that have landed deals to explore and extract Kenya's minerals are projected to pump more than Sh100 billion into the economy during the life of their contracts, the Mining ministry has said.
CBK clears all banks for risk- based loan models.
The Central Bank of Kenya (CBK) has cleared all 38 banks' risk-based pricing models, allowing lenders to price loans differently based on a borrower's likelihood of default.
Development Bank eyes more State funding in rights issue.
The Development Bank of Kenya Limited (DBK) plans to raise new capital from existing shareholders, including Kenya Development Corporation (KDC), coming months after the government announced it was considering selling the lender.
Safaricom eyes deals with Starlink rivals in data fight.
Safaricom has opened a window for partnership with satellite Internet providers that rival Elon Musk's Starlink in a push to tap customers in areas not served by its networks.
Treasury calls for rates cut as inflation falls to 12- year low.
Kenya's inflation dropped to its lowest level in 12 years, signalling a further cut in the central bank rate and offering relief to households and firms plagued with costly bank loans.
NSE beats Africa peers in race to attract dollar investors on stronger shilling.
The Nairobi Securities Exchange(NSE) has beaten its African peers in returns to foreign investors in the nine months to September 2024, helped by a stronger shilling which has amplified the returns on dollar-linked portfolios.
Treasury rejects Sh200bn pending bill claims.
The Treasury has rejected Sh200 billion worth of pending bill claims against the national government, saying the amount was fictitious.
Kenya taps Sh36bn China loan for roads.
The Treasury tapped a Sh36 billion concessionary loan from China to pay arrears and allow works to resume on 16 roads under construction by the country's firms, underlining the mounting struggles to fund such projects.
How workers' take- home pay will shrink on SHIF deductions.
Thousands of workers will this month breach the legal requirement that demands they take home at least a third of their salary following a deduction of 2.75 percent of gross pay towards the universal health coverage (UHC) programme.
Treasury eyes statutory pay reports to tame pending bills.
State corporations wilpl file monthly statutory and sacco payment reports if Parliament approves proposed regulations by the National Treasury, aimed at taming the growing menace of pending bills.
Shilling holds steady despite globally weakening dollar.
The shilling hit a ceiling of Sh129.19 to the dollar while trading in a narrow range in September, defying expectations that it would gain against a globally weakening dollar after the US rate cut a fortnight ago.
4,000 retail investors retain Fahari Reit funds.
More than 4,000 retail investors have retained their investments in property fund ILAM Fahari Real Estate Investment Trust (Reit) despite a restructuring that sought to edge out the non-professional investors.
Centum Re hands over Shlbn luxury apartments to buyers.
Centum Real Estate (Centum Re) has completed the handover of 24 four- bedroom luxury apartments worth Shlbillion to buyers who snapped up the units before completion.