BUSINESS NEWS

The start of talks on a free trade agreement between Kenya and the United States is inching closer after President Trump sent a notification to the Congress regarding the matter. Trump revealed the intention to open negotiations with Kenya in a letter sent to Speaker Nancy Pelosi, House Minority…

Following the coronavirus outbreak, commercial banks operating in Kenya have agreed to prolong repayment of personal loans by up to 12 months. Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge on Wednesday said the move is aimed at cushioning the economy from feeling the full effect of the…

Safaricom has waived all M-Pesa transaction charges for amounts below Sh1,000 in the wake of coronavirus outbreak. In a statement on Monday, Safaricom acting CEO Michael Joseph said all person-to-person transactions below Sh1,000 will be free for a period of 90 days. “…it was agreed that all person…

The tax dispute pitting Kenya Revenue Authority (KRA) against Keroche Breweries Limited has taken a new twist. This comes after KRA reportedly froze the brewer’s bank accounts in an attempt to recover unpaid taxes totaling Sh9 billion. Keroche Breweries CEO Tabitha Karanja on Thursday said KRA…

Kenyans who invested with Goldenscape Greenhouses fear they have lost their money after the agribusiness company failed to pay them and went silent. Investors were initially set to receive payments in November last year but that was pushed to February 29th, 2020, with the company blaming the delay…

Optiven Foundation has today partnered with private equity firm Fusion Capital to empower over 8, 000 needy students from twenty counties across Kenya. Under this new partnership, Fusion Capital has injected Kshs2 million into Optiven Foundation’s Soaring Eagles Scholarship Programme (SESP) which…

Central Bank of Kenya (CBK) has revealed plans to buy $400 million US dollar currency in a bid to grow the country’s foreign currency reserves above normal levels. CBK wrote to the CEOs of local commercial banks expressing its intention to buy US dollars and urged those (lenders) interested in the…

There are 42 Kenyans with a net worth of over $30 million (Sh3 billion), according to the 2020 Knight Frank's global wealth report. The report released on Wednesday shows that Kenya has the fourth-largest number of individuals who are worth over $30 million in Africa. Such persons are known as…

Kenya has inked a deal for the acquisition of 15 second-hand commuter trains from Spain for about Sh1.5 billion. The agreement was signed on Monday in Mallorca, Spain by Kenya Railways Managing Director Philip Mainga and officials from Regional Ministry of Energy and Mobility in Mallorca, according…

Barely five months after entering into the Kenyan market, US company Corteva Agriscience has closed its shop in Nairobi and shifted base to Zambia. Corteva, a New York Stock Exchange-listed agricultural chemical and seed company, said it had identified Zambia as the most suitable site for its…