BUSINESS NEWS

Kenyans abroad sent home $385.9 million (Sh52.2 billion) in February. While this represents a decrease of 6.4% compared to the record-breaking January inflow, it still reflects a 24.8% increase year-on-year. This highlights the continued importance of diaspora remittances to the Kenyan economy. The…

Kenya Airways is strategically scaling up its operations to cater to the burgeoning travel industry. This expansion is twofold, with the airline adding new flights to its popular New York route and resuming service to previously suspended destinations. To accommodate the surge in travellers…

The Energy and Petroleum Regulatory Authority (Epra) has announced a decrease in fuel prices for the fifth consecutive month, bringing much-needed relief to Kenyan motorists. This reduction is attributed to a strengthening Kenyan shilling which has rebounded significantly from its all-time low of…

Through the National Treasury, the Kenyan government has announced its intention to review the taxation of rental income from residential properties in the recently released 2024 Budget Policy Statement. This decision follows public consultations where citizens actively voiced their concerns and…

A significant step has been taken towards economic integration in East Africa, with the official unveiling of the East African Sheafra (SHF). The planned common currency will be relevant for the East African Community (EAC) member states: Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic…

The Financial Action Task Force (FATF) has placed Kenya on its "grey list" of countries deemed at increased risk of money laundering, terrorism financing, and proliferation of weapons of mass destruction. While this designation raises concerns, it also highlights Kenya's ongoing efforts to address…

In just two weeks, Kenya will once again begin exporting avocados, putting an end to the three-month suspension implemented by the Agricultural Food Authority (AFA). In November 2023, the Horticultural Crops Directorate (HCD) enforced a suspension to ensure the quality of exported avocados was…

Yesterday, the Kenyan shilling experienced its most significant intra-day increase against the US dollar in 12 years. The local currency has experienced an unforeseen surge in value due to a sudden spike in investor confidence. This increase is a direct consequence of a substantial influx of funds…

Amidst the towering aisles of Naivas, Kenya's premier supermarket chain, a familial storm brews over the legacy of its late founder, Peter Mukuha Kago. The empire he founded now stands at the centre of a legal tussle as three of his children Newton Kagira Mukuha, Grace Wambui, and David Kimani…

Firms and individuals who have taken out loans in US dollars are now struggling to repay them, leading to a dysfunction in the foreign exchange market. Borrowers in various industries such as real estate, transportation, communication, and construction, as well as individuals, are facing challenges…