According to Business Daily Africa, the NCBA Group has put manufacturing company; Kaluworks Limited under receivership as a result of the non payment of a 40 million United States Dollars (4.31 Billion Kenyan Shillings) debt. The NCBA Group has subsequently appointed a receiver manager to help it turn around the company which was part of Comcraft Group owned by billionaire; Manu Chandaria, and also protect its assets in its bid to recover its multi billion Kenyan Shilling debt. Kaluworks which is one of the biggest manufacturers of roofing sheets and aluminum utensils in Kenya has reportedly been going through financial…
Author: Tobey
Billionaire investor; Warren Buffett and brain behind global conglomerate; Berkshire Hathaway announced another charity donation of 4.1 billion United States Dollars (442.18 billion Kenyan Shillings). He also made it known that he is stepping down as an inactive trustee of the Bill and Melinda Gates Foundation. In a statement released on Wednesday the 23rd of June 2021 the Billionaire stated that he will be giving away 4.1 billion United States Dollars (442.18 billion Kenyan Shillings) in Berkshire Hathaway stock to the total of five (5) foundations he has donated to every year since 2006. The five foundations are the Gates…
According to recent reports, the Kenya Revenue Authority (KRA) is gearing up to auction cargoes that have overstayed at the Mombasa port. Said cargoes include over 200 vehicles, along with numerous other assorted goods all belonging to owners who have either failed to pay their taxes or have been unable to. The Kenya Revenue Authority (KRA) has set the date for the auction for sometime this week. All interested bidders will be invited to take a look at the goods. A public notice including the total details of the auction was published on Monday the 21st of June 2021. The…
International financial institution; the World Bank Group has made it known that it will most likely remove the East African nation of Kenya from the list of countries that are a high risk in terms of defaulting on loans by 2028 if the country’s government is able to stick with a programme that will be channeled towards curbing any increase in government expenditure and increasing taxes. The World Bank which provides grants and loans to the governments of low- and middle-income countries for the purpose of pursuing capital projects, stated that it is expecting Kenya’s debt risk profile to improve…
According to Business Daily Africa the Kenya Revenue Authority (KRA) has made it known via information passed by the taxman to Members of Parliament (MPs), that it is “broke” and unable to pay police officers the 214.8 million Kenyan Shillings due for securing its premises. The Commissioner General; Githii Mburu revealed to the National Assembly’s Public Accounts Committee (PAC) that the Kenya Revenue Authority (KRA) has come to an agreement with the Ministry of Interior with regards to the stationing of Administration Police Officers at Kenya Revenue Authority (KRA) offices across the country. Contained in the 2004 agreement which was…
The flag carrier airline of Kenya; Kenya Airways is set to recommence operations on its Nairobi to London route from the 26th of June 2021. This is coming after the Kenyan government approved the restoration of flights in preparation for the incoming summer tourism period. The National flag carrier airline; Kenya Airways had initially suspended all flights on the route in April as a result of a directive by the Kenyan government which banned all flights to Kenya from the United Kingdom (UK) and to the same destination, from Kenya. According to Business Daily Africa Dennis Kashero who is the…
Barely hours after Cristiano Ronaldo who is arguably one of the most recognizable names on the face of the Earth removed bottles of Coca-Cola from his table during a press conference, the stock prices for one of the largest beverage companies in the world dropped by an astonishing 1.6 percent. The Portuguese football superstar had on Tuesday the 15th of June 2021 made an appearance at the press conference ahead of the highly anticipated Portugal versus Hungary Euro 2020 match. On getting there, he saw two bottles of Coca-Cola that were placed on the desk in front of him. Such…
Just seven (7) months after MultiChoice secured an initial 20 percent stake in BetKing, the South African company that operates DSTV; a major service in Sub Saharan Africa and GOTV; a minor service operating in numerous countries on the African continent, as well as the Showmax service, has revealed plans to increase its shareholding stake in BetKing to 49 percent in a new 281.5 million United States Dollar deal. Seven months after taking up an initial 20% stake in BetKing, South African pay TV operator MultiChoice plans to increase its shareholding in the online gambling company to 49% in a…
President Uhuru Kenyatta on Tuesday the 8th of June 2021 implored the Ethiopian government to consider opening up more opportunities for mobile money services as part of the telecommunications liberalisation process it is currently carrying out. According to Business Daily Africa the President of the East African nation of Kenya made it known that a move like that, which while making possible for Safaricom to its widely popular M-Pesa service into a market of more than 110 million people, could also lead to the Ethiopian economy getting a boost and enjoying the benefits of a widened access to financial services.…
An order has been issued to the State Bank of Mauritius (SBM) to pay 400 million Kenyan Shillings in taxes and penalties on a top secret 9.6 billion Kenyan Shilling interest free loan that it secured from the Central Bank of Kenya (CBK) during the acquisition of the assets of Chase Bank. The Tax Tribunal countermanded an appeal by the State Bank of Mauritius (SBM) to stop the Kenya Revenue Authority (KRA) from claiming the payment after the bank did not agree to reveal its agreements with the banking sector regulator; Central Bank of Kenya (CBK) and the Kenya Deposit…
Telecommunications giant; Safaricom’s mobile money service M-Pesa, has now surpassed its voice service to become the top revenue earner for Safaricom. This development is proof of the continued growth of M-Pesa, a financial service which was launched in 2007 on the 6th of March. The revenue for M-Pesa dropped by 2.1 percent to 82.64 billion Kenyan Shillings in the year which ended in March of 2021. This means it beat the sales from voice which experienced a revenue decline of 4.6 percent to 82.55 billion Kenyan Shillings. The net profit for Safaricom dropped by 6.8 percent to 68.6 billion Kenyan…
The Kenya Revenue Authority (KRA) has made it known that from tomorrow; Thursday the 10th of June 2021, it will be freezing a total of 66,269 pins, essentially making them dormant. The 66,269 pins are for tax payers who have consistently failed to file their tax returns with the Kenya Revenue Authority (KRA). The owners of the affected pins which include business entities as well as individuals will also have their Value Added Tax (VAT) cancelled and subsequently by de-registered All affected tax payers will at the same time not be allowed to charge Value Added Tax (VAT) on their…
Facebook and Apple battle over the data of users, continues to increase in intensity. Apple’s new tracking-optional update for its mobile operating system iOS will be introduced later this year (2021). The new privacy protecting feature will make it possible for users to essentially opt out of being monitored around the internet through trackers that have been put in place in their applications. As a result of this development Facebook which makes huge chunk of its income from the data it collects from users via said trackers, is reportedly not happy about the new features by Apple. It is reported…
Alphabet; the parent company of American multinational technology company; Google, achieved a net profit of 17.9 billion United States Dollars. This is an increase of 162 percent or 26.29 United States Dollars per share and is significantly higher than the previous estimates of 15.88 United States Dollars per share. It also beats it previous high of 15.2 billion United States Dollars that was achieved in the 4 Quarter of 2020. The advertising sales for Google increased by 32 percent during the Quarter 1 for 2021 when compared to the same period in 2020. It also accounted for 81 percent of…
