BUSINESS NEWS

Fairmont Hotel has shut down two of its establishments in Kenya and fired all employees. Country General Manager Mehdi Morad in a memo said Fairmont The Norfolk and Fairmont Mara Safari Club have been shut due to the effects of the Covid-19 pandemic on the hotel business. “Due to the uncertainty of…

Kenya Airways (KQ) has posted a loss of Sh12.9 billion for the financial year ended in December 2019. This represents a 71 percent growth in losses compared to the Sh7.6 billion loss recorded in the previous fiscal year. KQ, through a statement on Tuesday said the company’s total revenue grew 12.4…

Kenya’s giant mobile operator, Safaricom has been ranked among the 10 most valuable companies in Africa in 2020. A report by South African-based business magazine, African Business indicates that Safaricom value presently stands at $9.96 billion (Sh1.06 trillion), making it the 10th most valuable…

The National Treasury has introduced new regulations that will have banks, microfinance institutions, and Saccos fined Sh2 million for every borrower they deny a loan for being listed with credit reference bureau (CRB). The Business Daily on Monday reports that the new guidelines are aimed at…

President Kenyatta has given Rwanda a parcel of land in Naivasha to build a dry port for its cargo, according to reports. The move is aimed at easing transportation of goods from the Mombasa seaport to Kigali as well as reduce the cost of ferrying cargo between Kenya and Rwanda, a landlocked…

Kenya Revenue Authority (KRA) has launched a fresh bid to recover nearly Sh3 million in unpaid taxes from controversial Kenyan economist David Ndii. Business Daily reported on Friday, May 15th that KRA has notified the High Court of its intention to appeal a decision by the Tax Appeals Tribunal…

The government’s response to the Covid-19 pandemic has received a boost after International Monetary Fund (IMF) Executive Board on Wednesday, May 6th, approved the disbursement of $739 million (Sh78.3 billion) to Kenya. The amount, which was channeled through IMF’s Rapid Credit Facility (RCF), will…

American companies operating under the International Intellectual Property Alliance (IIPA) are ready to back the proposed free trade agreement (FTA) between Kenya and the US but on certain conditions. The alliance, in a letter to Trump’s administration, said Kenya must first enact strong…

Kenya Airways raked in Sh214 million from its cargo business in the month of April 2020. This comes after the government banned all international passenger flights on March 22nd as part of the measures to contain the spread of Covid-19 in the country. In April alone, the national carrier made 53…

Kenya’s giant mobile network operator, Safaricom has recorded a net profit of Sh74.7 billion for the financial year ended March 31st, 2020. This represents a 19.5 percent growth compared to the company’s earnings in the previous year thanks to growth in M-Pesa and data revenues. Earnings from M-…