Category: Business

1,116 total views, 145 views today

1,116 total views, 145 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 treasury…

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1,389 total views, 145 views today

1,389 total views, 145 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 ambitions…

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2,029 total views, 145 views today

2,029 total views, 145 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 is…

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826 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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2,428 total views, 6 views today

2,428 total views, 6 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 retail…

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2,718 total views, no views today

2,718 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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2,097 total views, 1 views today

2,097 total views, 1 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 quarter…

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1,302 total views, no 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…

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623 total views, no 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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1,027 total views, 6 views today

1,027 total views, 6 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 report…

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1,061 total views, 2 views today

1,061 total views, 2 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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930 total views, no 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…

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849 total views, no 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…

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1,297 total views, no views today

1,297 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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1,858 total views, no views today

1,858 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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1,918 total views, 1 views today

1,918 total views, 1 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 from…

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2,293 total views, no views today

2,293 total views, no 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…

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2,067 total views, no views today

2,067 total views, no views today BY CORRESPONDENT,NAIROBI,12TH JULY 2019-Local cement manufacturer Savannah Cement has confirmed plans to expand its market reach beyond Kenya to the neighbouring regional countries. The market reach expansion programme at Savannah Cement, will also involve a local market enhancement programme to satisfy a growing demand for high quality cement products as the government’s efforts to rollout affordable housing under the Big 4 agenda continue to gain steam. According to Savannah Cement Managing Director Ronald Ndegwa, as part of the market expansion plans, the firm, is currently…

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1,806 total views, 4 views today

1,806 total views, 4 views today BY CORRESPONDENT,NAIROBI,11TH JULY 2019-Leading local retailer, Tusker Mattresses, will this weekend host an exclusive foodstuff mega sale, across its branch network. The mid-month sale (Friday 12th July to Sunday 14th July) with discounts valued at more than Kshs 100million, has been designed to celebrate Tuskys customers for their continued support and will precede the firm’s annual mega sale that is scheduled for launch next week. Speaking when he announced the TUSKYS BIG FIVE foodstuff sale, Tusker Mattresses Group CEO Dan Githua said the customer reward programme this weekend- organized in…

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736 total views, no views today BY ANN MUNENE,NAIROBI,5TH JULY 2019-Jambojet  was on Friday  awarded the IATA Operational Safety Audit (IOSA) registration.The IOSA program is an internationally recognised and accepted evaluation system designed to assess the safety, operational management and control systems of an airline. Jambojet is the only operator after Kenya Airways to get IOSA registration in Kenya, reinforcing its commitment to maintain global safety standards in its operations. “Safety is a principal requisite in our industry. Our customers need the assurance that they can travel comfortably, affordably and securely…

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1,918 total views, no views today

1,918 total views, no views today BY CORRESPONDENT,NAIROBI,24TH JUNE 2019-Tala announced today the appointment of Mr. Ivan Mbowa to lead its Kenya business effective 1st June 2019. Mr. Mbowa is an innovative and courageous professional with over 14 years of experience delivering business results and building high performing teams across Africa. He has built a career around expanding access to finance in Africa, with roles in international banking and venture capital-backed Fintech entrepreneurship. He has held the role of CEO at Umati Capital as well as senior management roles at Citigroup across…

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1,759 total views, no views today

1,759 total views, no views today BY CORRESPONDENT,NAIROBI,24TH JUNE 2019-On 18 April 2019 KCB Group PLC (KCB) gave notice of its intention to acquire 100% of the ordinary shares of National Bank of Kenya Limited (NBK), pursuant to regulation 4(1) of the of The Capital Markets (Take-overs and Mergers) Regulations, 2002. KCB proposes to make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB. The offer to acquire 100% of the ordinary shares of NBK is subject to regulatory approvals.  KCB received…

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1,741 total views, no views today

1,741 total views, no views today BY JOAN WANJIKU,NAIROBI,31ST MAY 2019-Spire Bank Limited on Friday  announced a  profit  after tax  of Sh106.2 million during the first quarter ended 31st March 2019. The Bank’s after tax profit rose by more than 100% from a loss of Sh265.1 million over the same period last year. Bank’s Managing Director Dr. Norman Ambunya  while announcing the results said the results were encouraging, as the Bank has opted to focus on loan collections before expanding its balance sheet. He added “the year looks promising and with…

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1,202 total views, no views today

1,202 total views, no views today BY CORRESPONDENT,NAIROBI,31ST MAY 2019-Uchumi Supermarkets Plc has begun piloting a new payment platform that will make it possible for suppliers to be paid in real time once their goods are sold. The new system is one of the strategies to be adopted for the anticipated turnaround strategies by the listed retailer. “The new system will offer a complete traceability through smart logistics and warehouse management, better liquidity by guaranteeing real-time settlement or payment each time goods are sold. Those suppliers who join in will be…

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792 total views, no views today

792 total views, no views today BY CORRESPONDENT,NAIROBI,30TH MAY 2019-KCB Group shareholders have  approved a proposal to acquire 100% of the issued ordinary shares of National Bank of Kenya Limited (NBK) via share swap. This approval followed the offer made by KCB Group on April 18 2019 to acquire 100% of the Shares of NBK by way of a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB. The transaction is subject to regulatory and NBK shareholders approvals. The acquisition is part of KCB’s ongoing…

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1,561 total views, no views today

1,561 total views, no views today BY CORRESPONDENT,NAIROBI,22ND MAY,2019-KCB Group PLC after tax profit grew 11% to KShs. 5.8 billion in the first quarter of 2019. Stronger non-funded income lines, robust loan book growth and reduction in interest expense drove performance from KShs. 5.2 billion reported the same period last year. KCB Group CEO and MD Joshua Oigara said while the regulatory and operating business environment remained in flux, the Group’s corporate and retail franchises continued to post impressive returns, helping the lender to grow its market share. “The performance is…

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446 total views, no views today

446 total views, no views today BY CORRESPONDENT,MOMBASA,21ST  MAY 2019-The Kenya Revenue Authority on Tuesday signed a Transshipment Standard Operating Procedures charter with the Kenya Ports Authority and Kenya Shipping Agents Association at the Port of Mombasa to enhance cargo clearance efficiency and boost regional trade. The various stakeholders described the formulation of the Transshipment SOPs as a key milestone for shipping. The adoption of a bidding SOPs, they explained, will play a key role in raising efficiency levels at the Port of Mombasa. The SOPs have been developed to international…

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959 total views, no views today BY CORRESPONDENT,NAIROBI,16TH MAY 2019-The Retirement Benefits Authority has announced an 8 percent year-on-year increase in the total assets under management by fund managers and approved issuers in Kenya. According to the recently released RBA Retirement Benefits Industry report for December 2018, 16 fund managers and 15 approved issuers, submitted 1,236 scheme reports with a total fund value of Ksh. 980 billion representing an 8 percent increase compared to the December 2017 values. The report further confirms that the total assets managed by fund managers amounted to Ksh.…

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1,233 total views, 1 views today

1,233 total views, 1 views today BY JOAN WANJIKU,NAIROBI,14TH MAY 2019-Motorist across the country will now have to dig deeper into their pockets  to buy petrol after the Energy and Petroleum Regulatory Authority reviewed the  cost of fuels upwards.In the just released prices , super petrol has gone up further this month and will now retail Sh112.03 in Nairobi, a price that will be in place until the 14th June 2019. Energy and Petroleum Regulatory Authority (EPRA) says  the price of Super Petrol has jumped up Sh5.43 while Diesel and Kerosene have…

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1,702 total views, no views today

1,702 total views, no views today BY JOAN WANJIKU,NAIROBI,10TH MAY 2019-Customers   visiting the Two rivers Mall in the outskirts of Nairobi city to buy mattresses ,pillows and other related goods have every reason to smile  after   Vitafoam Products Limited, which is a leading manufacturer of foam-based products mattresses and pillows opened its  retail shop at the mall. Chief Executive Officer of Vitafoam, Rakesh Shah said, “The main benefit of a mall is we will have an enclosed and controlled environment that is comfortable for shoppers all year round. It is also an…

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1,273 total views, 1 views today

1,273 total views, 1 views today BY JOAN WNAJIKU,NAIROBI,9TH MAY 2019-Equity Bank Group Q1 2019 net profit incrased by  5 %  to Sh6.2 billion from Sh5.9 billion in the corresponding quarter last year on increased customer deposits and improved loan book. According to the results released on Thursday,the bank’s gross profits rose by six per cent to Sh8.8 billion compared to Sh8.3 billion in the quarter ended March 2018. The bank’s total income grew to Sh17.6 billion from Sh16.6 billion while its interest income rose marginally to Sh13.5 billion from Sh12.7 billion…

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982 total views, no views today CALIFORNIA, United States of America, May 8, 2019/ — Global premier mobile phone brand TECNO Mobile (www.TECNO-Mobile.com) announced plans at Google IO 2019 which will see its SPARK 3 Pro running on Android™ P™ operating system upgrade to join Q Beta on May 7th. Stephen HA, Vice President of TRANSSION and GM of TECNO Mobile, said: “We are delighted to announce our further expansion of cooperation with Google. This year, with upcoming Android™ Q system, TECNO SPARK 3 Pro will upgrade and provide the users…

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1,242 total views, no views today

1,242 total views, no views today BY ANN MUNENE,NAIROBI,3RD MAY 2019-Telkom is upgrading its network’s capacity in 5 towns to cater to growing demand across the country. The ongoing upgrade is part of Telkom’s 1 billion shillings network expansion and optimization program and will see a significant boost to its quality of service in Nairobi, Kisumu, Mombasa, Nakuru, and Eldoret. This network expansion will also include the IP Core expansion from 30Gigabit to 100Gigabit that will offer a better experience to Internet users. According to Telkom’s Chief Technical and Information Officer,…

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