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Markets, companies, trade and the money behind the news.
Standard Chartered Bank Uganda has officially commenced the migration of its retail and wealth management portfolio to Absa Bank Uganda, signaling a major consolidation in the country's financial sector.
The government has introduced stricter verification processes for businesses applying for VAT registration. This move is part of a broader strategy to enhance tax administration and ensure that only legitimate enterprises access the tax system, addressing concerns over revenue leakage and illicit trade activities.
East African Breweries (EABL) has officially launched its 'Home Is Where We Are' campaign, targeting the upcoming festive season. The initiative acknowledges the cultural significance of travel and homecoming for Kenyans during the holidays, aiming to connect with consumers as they prepare for end-of-year celebrations and family reunions across the country.
Parliament has officially waded into the financial struggles of Kenya Airways, demanding government intervention to unlock billions of shillings trapped in foreign markets, a move deemed critical for the airline's survival.
The Central Bank of Kenya has officially announced its November bond sale, outlining the minimum investment amounts for interested participants. This move is part of the government's ongoing strategy to manage domestic debt and fund national development projects, providing a regulated avenue for both individual and institutional investors to grow their capital through government securities.
The Kenya Revenue Authority has issued a formal warning to multinational corporations operating in Kenya, demanding strict adherence to the upcoming deadline for the Minimum Top-up Tax. This move is part of the government's broader strategy to bolster domestic revenue collection and ensure that large entities contribute their fair share to the national exchequer.
Kajiado Governor Joseph ole Lenku has intensified pressure on Tata Chemicals Magadi, claiming the company owes the county government Sh13 billion in unpaid land rates. This demand follows President William Ruto’s recent directive for the firm to cease operations over allegations of unlawful mining and failure to provide adequate benefits to the local community.
Norway has launched a risk-sharing partnership with Equity Bank to help Kenyan blue economy businesses access credit, with 1,500 loans already issued to support local fish farmers and seafood processors.
Emirates has officially introduced its modern Airbus A350 aircraft on the Nairobi route, responding to a significant surge in demand for premium travel services. This upgrade is expected to enhance the passenger experience for business and leisure travelers flying between Kenya and the airline's global hub in Dubai.
South Africa’s Vodacom Group has announced its intention to challenge a Kenyan High Court order requiring the return of a 15% stake in Safaricom to the state. Despite the legal uncertainty surrounding the $1.6 billion deal, the company reported strong financial growth, bolstered by its Kenyan operations and expanding financial services revenue.
The Kenyan government has extended a temporary reprieve on sulphur content limits in imported petroleum products, allowing for a higher threshold for another six months.
Absa Bank Kenya has upgraded its digital banking platform to allow customers to invest in various funds with a minimum entry point of Sh1,000. The move is designed to democratize access to investment opportunities and encourage a savings culture among retail customers by leveraging the bank's existing digital infrastructure.
Airtel Money has announced an expansion of its direct transfer services, allowing users to send money to 30 different banks and SACCOs. This move is aimed at increasing financial inclusion and simplifying digital transactions for customers across Kenya, providing a more competitive alternative in the mobile money market.