Category: Business

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5,487 total views, 69 views today BY JOAN WANJIKU,NAIROBI,18TH DEC 2019-Kenya Airways says earnings for the current financial year is likely to dip at least 25 percent lower than what it reported in the same period last year. Through a statement, Chairman Michael Joseph says profitability was constrained by increased competition which affected ticket pricing. Joseph further lays blame on the adoption of the new International Financial Reporting Standard in 2016 which requires significant adjustments to both profit and loss statements and balance sheets for the current year. In the first half…

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6,388 total views, 69 views today BY JOAN WANJIKU,NAIROBI,13TH DEC 2019-The competition  authority of Kenya (CAK)on Friday  approved the planned merger of  two telecommunications companies Airtel Kenya and Telkom Kenya. The Authority gave its greenlight for the deal while setting out a raft of conditions including ensuring it retains a number of its employees. “The merged entity shall ensure that at least three hundred and forty nine (349) of the six hundred and seventy four (674) employees of the target are retained as follows — (a) 120 employees by the merged entity…

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587 total views, no views today BY CORRESPONDENT,NAIROBI,11TH DEC 2019-Sanlam General Insurance, a subsidiary of listed non-bank financial services provider Sanlam Kenya, has today launched Sanlam Road Assistance, a comprehensive private motor insurance service geared towards improving the experience of its motor insurance customers. The service which is in line with the firm’s commitment to offer solutions to customer needs will provide road assistance to all motor private – comprehensive customers. This includes, on spot accident assessment, free post-accident support, towing and an optional add on for courtesy car and taxi…

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1,823 total views, no views today BY CORRESPONDENT,NAIROBI,29TH NOV 2019-OPPO has officially introduced the Reno 2F series in the Kenyan market. Like its predecessor, Reno launched in July, the phone redefines the limits to users’ photo and video creativity. The phone comes with a slew of photography-enhancing features, including a 48MP quad camera setup and 5x hybrid zoom aided by 20x digital zoom. The phone’s ultra-dark mode allows users to enjoy ultra-clear night shots picking up details invisible to the human eye. The ultra-steady video bringing ‘action camera’ level exceptionally clear and…

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4,375 total views, 1 views today BY JOAN WANJIKU,NAIROBI,14TH NOV 2019-The Cooperative Bank Group has recorded  a Ksh.10.9 billion third quarter profit representing a 5.8 percent jump in earnings by the lender to the close of September. The growth in earnings by the bank is largely attributable to the increased issuance of digital loans which serve to raise income derived from fees and commissions. The lender’s non-funded income has considerably grown  by 33 percent to Ksh.14.1 billion with digital loan issuance on MCo-op Cash rising ahead of the bank’s traditional loan book…

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3,212 total views, no views today BY CORRESPONDENT,NAIROBI,13TH NOV 2019-KCB, Kenya’s largest lender by asset base has posted a 6.67 per cent increase in after tax profit for the third quarter ending September 2019 to Sh19.2 billion. According to the lender, growth was driven by a significant boost in the bank’s loan book and non-funded income. The bank’s net loans and advances, as well as customer deposits, grew at slightly above 11 per cent to Sh486.42 billion and Sh586.72 billion respectively. “The international businesses have continued to improve while our digital…

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478 total views, no views today BY JOAN WANJIKU,NAIROBI,22ND OCT 2019-Airtel Africa, a leading global telecommunications services provider with operations in 14 countries across Africa, and Ecobank Transnational Incorporated (“ETI”) (Ecobank.com), the parent company of Ecobank the leading pan-African banking group operating in 33 countries, have signed a partnership which will allows millions of Airtel Money and Ecobank customers across Africa to improve their access to mobile financial services and carry out a variety of mobile transactions. This partnership, which is subject to regulatory approval in each market, will enable Airtel…

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1,161 total views, no views today BY CORRESPONDENT,NAIROBI,17TH OCT 2019-KCB Group Plc has inaugurated a new board for National Bank of Kenya (NBK), the lender it acquired recently. This gives fresh impetus to the ongoing integration exercise that is anchored on building a bigger and stronger institution, focusing on people, systems, processes and institutional governance. The new Board will be expected to provide leadership and guidance to steer NBK through the transition and eventual integration within the KCB Group, said KCB Group Chairman Andrew Wambari Kairu adding that the Central Bank…

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2,620 total views, no views today BY JOAN WANJIKU,NAIROBI,4TH OCT 2019-KCB Group Plc has listed an additional 142,979,717shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank of Kenya (NBK). Effectively, NBK shareholders who swapped their shares for those of KCB will now be able to freely trade the new stocks at the bourse. KCB got consent to acquire NBK from shareholders holding 297,130,033 issued ordinary shares out of 338,781,200 issued ordinary shares, representing 87.7% by the offer closure date on August 30, 2019. This brings…

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742 total views, no views today BY NAMULONGO PETER,NAIROBI,30TH SEPT,2019-The High Court Commercial and Tax Division has granted Uchumi an additional 30 days to engage banks over the settlement of outstanding loans advanced to the cash-strapped retailer. The directive by the court dated September 27 sits as a pre-cursor to the full acceptance of the supermarket’s Company Voluntary Agreement (CVA) following its partial admittance in May this year. Uchumi made its receipt of the CVA in March after requisite approval by the Capital Markets Authority (CMA) as it sought a new…

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491 total views, no views today BY ANN MUNENE,NAIROBI,30TH SEPT 2019-Faulu Microfinance is set to open eight new branches around the country at an estimated cost of Ksh.113 million. The  micro-lender  will also  be  refurbishing 15 of its 60 branches in a move which is seen as the bank’s consolidation of its physical presence. While the move sits against recent trends by banks to cut fat by trimming their brick and mortar outlets, Faulu Managing Director Apollo says the investment sits within the lender’s quest of bettering customer experience. “By expanding…

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2,821 total views, 2 views today BY JOAN WANJIKU,NAIROBI,18TH SEPT 2019-Digital cash lending App Tala has announced the temporally end of its operations in Tanzania. In a statement, the company says that it has paused its operations after conducting a pilot of its credit service, adding that it is undertaking a review of its operations to determine the way forward. Customers with outstanding balances have however not been spared and will have to pay. “We appreciate the opportunity to serve you and wish our loyal customers continued success in your financial journeys,”…

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2,675 total views, no views today BY CORRESPONDENT,NAIROBI,10TH SEPT,2019-KCB Bank Kenya has signed a pact with Japan based giant lender Sumitomo Mitsui Banking Corporation (SMBC) to drive cross-border trade and deepen financial inclusion. The agreement between the two largest banks in their respective regions signed in Yokohama last week will see the two lenders expand their financial offerings provided to clients in both East Africa and Japan, effectively enabling more cross border trade flows. Under the deal, KCB will provide banking services—including banking accounts and cash management, trade finance, export credit agency finance and…

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1,890 total views, no views today BY CORRESPONDENT,NAIROBI,9TH SEPT,2019-Aspira, a product-financing service provider has partnered with Fairdeal to enable Kenyans in Nairobi and Mombasa to buy quality and value for money furniture via the Aspira app and pay for it in in up to 12 monthly installments. Aspira is a platform that enables Kenyans to buy products and pay for them in monthly installments of 6, 9 and 12 months. The partnership is in line with Aspira’s main objective, which is to help individuals and families achieve their lifestyle aspirations and…

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2,372 total views, no views today BY JOAN WANJIKU,NAIROBI,6TH SEPT,2019-Choppies Supermarket  which is facing difficult financial challenges  has announced plans to exit  the Kenyan market, four years after acquiring Ukwala stores for Ksh1 billion. In an extraordinary general meeting (EGM) with its shareholders on Wednesday, the troubled retailer revealed that it had listed its Kenyan assets for sale and has also classified its 12 stores as distressed. “Zambia has a steady performance in a volatile economy, Kenya’s distressed business has been identified for disposal. Tanzania and Mozambique are distressed while Namibia…

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909 total views, no views today BY CORRESPONDENT ,NAIROBI,6TH SEPT ,2019-KCB Group is seeking to deepen its new women proposition, committing billions of shillings towards funding women owned and women run enterprises. The Bank said the drive is meant to strengthen its diversity and inclusivity focus as part of its sustainability agenda by simplifying financial inclusion for women. The programme dubbed Women Value Proposition has seen the Bank disburse loans worth Kshs 7.1 billion to 1,400 women to date, KCB said in its current Sustainability Report for 2018. It is aimed…

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2,784 total views, no views today BY CORRESPONDENT,23RD AUG 2019-.Local retailer Tusker Mattresses, has extended its Coast regional footprint with the opening of its 58th local Tuskys Supermarket branch, in the coastal town of Malindi, today. Tusker Mattresses, the retail chain that operates Tuskys Supermarkets and Mavazi Lifestyle Clothing stores, in Kenya and Uganda has opened the doors to Tuskys Malindi, located at the Oasis Shopping Mall, further confirming the resilience of homegrown retail players in this market. The opening of Tuskys Malindi, extends the market leadership currently enjoyed by local…

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2,825 total views, no views today  BY CORRESPONDENT,NAIROBI,21ST AUG 2019- Local mobile money App Tala, has   announced  a USD 110 M series D investment to accelerate financial inclusion around the world. The new round of investment will support the launch of new products in the Tala ecosystem that promote financial health and create value for its loyal customer base. Speaking on this funding, Ivan Mbowa, Tala General Manager (East Africa) said that the new round  will enable Tala to reach more customers in Kenya and globally with services that put them in control of their financial lives.…

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2,211 total views, no views today BY CORRESPONDENT,NAIROBI,15TH AUG 2019- KCB Group PLC has posted a 5% growth in after tax profit to KShs. 12.7 billion for the first half of 2019 ending June. The improvement in earnings from KShs12.1 billion reported same Channel transactions done outside the branch increased to 96% of total transactions, up from 87% in 2018 driven by mobile channel. KCB. Channel transactions done outside the branch increased to 96% of total transactions, up from 87% in 2018 driven by mobile channel. “We had a strong second…

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1,369 total views, 2 views today BY CORRESPONDENT,NAIROBI,14TH AUG 2019-The Kenya Revenue Authority (KRA) has recorded an impressive performance  with its revenue collection hitting Ksh.1.580 Trillion in financial year 2018/19. The superb performance is mainly contributed by an in increase in  its recoveries from tax avoidance to Ksh.8.53 billion across the 2018/19 financial year. The improved recoveries which represent a 60 percent increase from the Ksh.5.3 billion recovered across the preceding financial year come on the back on increased scrutiny on compliance by the tax man. At the same time, the surge…

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744 total views, 1 views today BY CORRESPONDENT,NAIROBI,12TH AUG 2019-Tala, a leading digital lending app in Kenya   has begun customer tours across the country   as   part   of   the   company’s   five-year   anniversary celebrations. The customer tours, which have taken  place in Nairobi, Nakuru, Mombasa, and Kisumu, will provide a platform for Tala to thank their customers for choosing Tala as their partner and to educate the public on responsible borrowing practices.   Speaking on these engagements, Tala General Manager (East Africa)   Ivan   Mbowa,  …

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1,109 total views, no views today BY CORRESPONDENT,NAIROBI,9TH AUG 2019-KCB Group Plc has   expressed optimism that the ongoing process to acquire 100% of the ordinary shares of National Bank of Kenya Limited (NBK) will successfully pull through within the expected period. However according to a statement sent to news rooms KCB group Plc says parliament which is key in ensuring the process is complete must play its role  objectively especially in approving the report of the offer already tabled. ”  KCB Group Plc has  taken note of the contents of the…

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1,236 total views, 1 views today BY CORRESPONDENT,NAIROBI,8TH AUG 2019-Leading local retailer Tusker Mattresses, has moved to enhance its strategic human capital base with the appointment of two Chief Officers, to drive the firm’s Information Technology and Marketing portfolios. The C-suite appointments, following a round of competitive selection, are part of the retailer’s ongoing commitment to deepen its professional management pool geared at guaranteeing world-class corporate governance. Tusker Mattresses Group CEO Mr. Dan Githua, confirmed the sign-on of the immediate former Nairobi Bottlers Ltd (A subsidiary of Coca-Cola Beverages Africa) Sales and…

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990 total views, 1 views today BY UPESINEWS REPORTER,NAIROBI,6TH AUG 2019– Kenya Revenue Authority (KRA) major revenue generators registered  slowed growth in last financial year. According to the tax man 2018/2019 financial report, one of the leading tax sectors domestic tax revenue rose. “Domestic Excise the tax head, which grew by 12.3per cent is a volume driven tax and dependent on volume growth in cigarettes and beer. Thus, the growth was primarily explained by slow volume growth in cigarettes and composition in beer deliveries,” said KRA commissioner General Githii Mburu. The domestic…

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908 total views, 1 views today BY  KORIR JUMA,NAIROBI,5TH AUG 2019-Chinese smartphone manufacturer Huawei is testing a new smartphone which is to be powered by the company’s own Hongmeng operating system (OS).   The phone is expected to launch in 4th Quarter of 2019 for around 2,000 Yuan, news portal GizmoChina reported on Monday.   According to the report, the Hongmeng OS would be launched by Huawei at its Developer Conference on August 9 in Dongguan, South China’s Guangdong Province. The Hongmeng system has previously been widely reported in the media as…

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1,426 total views, no views today BY JOAN WANJIKU,NAIROBI,29TH JULY,2019-The catholic church owned Waumini Sacco society has embarked on vigorous steps aimed  at ensuring maximum growth and profitability in the face of changing environment in financial sector. The society has so far undertaken  among other steps to improve communication,products and services reviews,  Securing loans with 100% of  the client’s  investments in money markets to name just a few. In a statement sent to www.upesinews.co.ke  news desk, the Sacco through its secretary Margret Mwaniki says  the  steps are among many other measures…

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1,927 total views, no views today BY CORRESPONDENT,NAIROBI,24TH JULY,2019-Oil exploration  company Tullow Oil has announced results for  the first half of 2019  indicating  positive  strides have been made towards  the company’s activities in Northern part of Kenya. According to a statement sent to the press on Wednesday, the Joint Venture Partners and the Government of Kenya concluded negotiations around key fiscal and commercial principles for Project Oil Kenya with agreements between the parties documented in Heads of Terms which were signed by the Joint Venture Partners and the Government of Kenya…

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1,995 total views, no views today BY JOAN WANJIKU,NAIROBI,22ND JULY,2019-Foreign  handset maker r OPPO launched its new Reno 10x Zoom in the Kenyan market on Monday. During the launch, PR Manager of OPPO Kenya Muthoni Wachira said it will be a catalyst for the future of OPPO’s smartphone development “Reno will serve as the catalyst for the future of OPPO’s smartphone development, and also as an integral part of our global growth strategy for the OPPO brand in the era of intelligent connectivity,” said Muthoni. It will be available for pre-order…

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2,368 total views, 1 views today BY CORRESPONDENT,NAIROBI,16TH JULY 2019-KCB is a platinum sponsor in the ongoing Afro Asia Fintech Festival 2019 that officially began on Monday 15th July 2019 and will conclude on Tuesday 16th July 2019.    During the official opening ceremony, H.E President Uhuru Kenyatta visited  the KCB exhibition tent where the KCB Group Chief Operating Officer Mr Samuel Makome took him through the different technology innovations under KCB Group. As KCB Group, we have made “digital first and fast” an integral part of our strategy to help stimulate access…