BUSINESS NEWS
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The High Court has given a nod to banks, Saccos and other lenders to blacklist guarantors with Credit Reference Bureaus (CRB) in case of defaulted loans.
The court has allowed financial institutions to blacklist guarantors if principal borrowers fail to repay in a case where a Kenyan, Obadiah…
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A newly released report on wealth has ranked Kenya the fifth wealthiest country in Africa.
The AfrAsia Bank Wealth Report 2018 shows that the country's assets including cash, property, equities and business interests are estimated at Sh10.4 trillion.
South Africa is the continent's richest nation…
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Kenya has been ranked second globally in the amount of cash stashed in tax havens relative to the Gross Domestic Product (GDP).
A study carried out by United States' National Bureau of Economic Research shows that the amount of wealth hidden in offshore accounts by Kenyans is close to 70 percent of…
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Renowned United States tax consultancy firm Andersen Global has officially entered Kenyan market following the opening of its offices in Nairobi.
The move by the American tax advisory company was informed by the increasing number of multinationals with local subsidiaries and direct investment in…
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Kenya is set to purchase 12 new military helicopters from the United States in a move that will cost taxpayers billions of shillings.
This comes at a time when the country is grappling with hard economic times as a result of huge budget deficit and increasing public debt.
A global defense magazine…
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Amazon has announced it will increase the minimum wage for its United States employees to $15 an hour.
In a statement on Tuesday, the giant electronic commerce company said the new changes will take effect on November 1st and will benefit over 350,000 workers holding full-time, part-time, temporary…
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The three leading telecommunications companies in Kenya - Safaricom, Airtel and Telkom - have announced a new deal that allows customers to easily transact cash through mobile money platforms across networks.
In an advertisement placed in local newspapers on Tuesday, the three mobile service…
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US hotel chain Hyatt has announced it will be opening its first branded hotels in Nairobi after entering into a partnership agreement with Kanha limited.
The American multinational hospitality company will launch Hyatt Place Westlands and Hyatt House Westlands in Nairobi. The two…
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Kenyan banks have began implementing the increased taxes imposed on cash transactions through the Finance Act 2018.
Some lenders have informed their customers that the changes took effect on Tuesday, days after President Kenyatta signed the Finance Bill into law.
“Dear Customer, effective today 25/…
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Kenya's public debt will hit Sh7 trillion by the time President Kenyatta leaves office in 2022, National Treasury projections indicate.
As of June 2018, the country's public debt stood at Sh5.04 trillion and the National Treasury expects the debt to increase further by Sh2.13 trillion by 2022.
In…
