BD Highlights and Top Stories
Top banks set aside Sh62bn, anticipate record defaults
Eight tier-1 banks, including Equity, KCB, and Stanbic, have increased their loan-loss provisions by 45.8 percent to Sh62.5 billion in the third quarter of this year, anticipating massive defaults due to a challenging operating environment. In the third quarter of 2022, the eight large lenders set aside Sh42.9 billion as insurance against potential defaults, known as loan-loss provisions. — Read More
Treasury slaps online forex brokers with new levy
The Treasury has introduced a regulatory fee on online forex brokers, opening an extra revenue stream for the Capital Market Authority(CMA). According to the new regulations, both dealing and non-dealing online forex brokers will remit an annual three percent fee to the CMA, based on their gross revenue and including commissions and rebates.— Read More
President William Ruto’s administration is proposing to sell 11 parastatals with an asset value of more than Sh200 billion as part of the International Monetary Fund-backed reforms aimed at restructuring public entities and lessening reliance on taxpayers. — Read More
Kenyan schools tap immersive technology to improve learning
When we visit Brookhouse School's Runda campus, students are diving deep into the ocean to explore the marine ecosystem. Every time they come across a fish species they've only seen in textbooks and videos, their faces light up with excitement, and a "wow" is heard every now and then. On this tour made possible through the use of virtual reality (VR) headsets, the students can hear the sounds of the ocean and almost touch the fish, making the tour a stimulating experience. — Read More
领英推荐
MPs plot to impeach Njuguna Ndung’u, Kamau Thugge over shilling free fall
Parliament has directed the Treasury and the Central Bank of Kenya (CBK) to stabilize the depreciating shilling within the next one month or it will start the process of removing top officials from office. — Read More
Treasury seeks ban on imported fully built cars to secure jobs in leasing deal
A Treasury special audit has recommended banning fully-built imported vehicle units (FBUs) from the State car leasing program, citing concerns over job creation, as these vehicles, fully assembled by source manufacturers and shipped for sale into the country, are deemed to compromise local employment and investments envisioned by the government lease program launched in 2013. — Read More
US firm drops Kenya companies for the second time in three months
Kenya’s stock market faces more investment hurdles after Morgan Stanley Capital International (MSCI) dropped its listed firms from the latest MSCI Equity Index for frontier markets, signaling the increasing unattractiveness of the Kenyan economy to foreign investment. — Read More
Other Top Stories
Equity CEO James Mwangi: Why our DRC unit will soon overtake Kenya
On Monday, Equity Group released its nine-month financial results, revealing a 3.7 percent growth in net profit to Sh34.6 billion, despite a one-fifth dip in earnings in Kenya, marking a slower pace compared to the 26.62 percent growth in a similar period in 2022, as CEO James Mwangi provided perspective in his address to investors, analysts, and the press. — Read More