Business Snapshot: Key Highlights

Good morning! Let’s dive into today's top stories from Business Daily. || October 17, 2024

Treasury targets milk, bread tycoons in new tax plan

The Treasury is targeting producers of products like milk, bread, and maize flour in a tax review that would deny the firms billions of shillings in refunds and keep the retail prices of the commodities unchanged. — Read more

• Broadened Tax Base: Treasury's new tax plan targets staples like milk and bread, aiming to increase revenue by taxing high-earning sectors.
• Consumer Price Impact: The plan could raise milk and bread prices, with industry leaders warning that higher costs may be passed to consumers.

CBK summons bank bosses for not cutting lending rates

• CBK Summons Banks: The Central Bank has called out bank bosses for not lowering lending rates, despite directives to ease credit access.
• Pressure on Borrowers: High lending rates continue to strain borrowers, raising concerns over banks’ support for affordable credit. — Read More

Win for retirees as Treasury mulls tax exemption on pension benefits

Kenyans who have attained the retirement age of 50 could soon access their pension benefits without incurring taxes as the National Treasury mulls exempting the savings from income taxes. — Read More

• Pension Tax Exemption: Treasury plans to exempt pension benefits from taxes, offering retirees more financial relief.
• Encouraging Retirement Savings: The tax exemption is expected to boost pension investments by making retirement savings more appealing.

From lab to market: Firm turns Mathenge weed into hot-selling bread, signature wine

Duke Gekonge never imagined that his PhD research on guavas would lead to the creation of Pera Foods, a company transforming underutilised crops into nutritious products. — Read More

• Innovative Use of Mathenge Weed: A local firm is turning the invasive Mathenge weed into unique products like bread and wine, showcasing innovation in converting a problem plant into profitable goods.
• Market Success: These Mathenge-based products have gained popularity, turning an environmental challenge into a business opportunity with strong consumer demand for the bread and signature wine.

Jumia bets on Kenya success to recover from lost markets

• Jumia's Focus on Kenya: Jumia is doubling down on its Kenyan operations as a key market to drive its recovery strategy after exiting unprofitable markets in other regions.
• E-commerce Growth in Kenya: With Kenya's rapidly growing e-commerce sector, Jumia aims to capitalize on increased online shopping trends to regain profitability and strengthen its market presence. — Read More

Prime Nairobi warehouses rent jump 5pc on demand

Kenya gets relief on borrowing costs on IMF policy review

KRA to plug new system into crypto exchanges in revenue drive

Supporting Kenya’s creative economy for sustainable growth and employability

"Kenya's creative economy holds immense potential to drive sustainable development, create jobs, and enhance the country’s global competitiveness, but it requires structured support, investment, and policies that nurture talent and innovation." — Read More

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Five More Top Stories

1. The University of Nairobi council finally fires Prof Kiama.
2. Refugees part with bribes to do business in Nairobi.
3. Mystery buyer grabs Raphael Tuju’s Karen restaurant.
4. “Water security in the Horn of Africa”
5. Global banks cut Kenya’s growth outlook on political instability fears.

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