Business Snapshot: Key Highlights

Good morning! Let’s dive into today's top stories from Business Daily. || October 8, 2024

Absa Bank fined Sh5m for spying on Mombasa branch manager Thomas Mwangi

• Absa Bank faces a penalty of Sh5 million for unlawfully spying on its branch manager, Thomas Mwangi, through unauthorized surveillance. This highlights the need for stronger corporate compliance with privacy regulations to protect employee rights.

• The case underscores the growing importance of upholding employee privacy in corporate settings, as increasing technological capabilities present new challenges for maintaining ethical workplace practices. — Read more

Kenya-linked US firm bosses caught in Sh12bn carbon fraud

A US court has charged two executives of an American firm with fraudulently securing carbon credits worth millions through cookstove projects in three African countries, including Kenya. — Read More

• Fraudulent Carbon Trading: Executives of a US firm tied to Kenya were accused of fabricating carbon offset projects, leading to major financial losses and undermining climate efforts.
• Global and Local Impact: The fraud exposed weaknesses in the carbon credit system, calling for stricter regulations to prevent such scams and protect economies and environmental goals.

StanChart, KCB top in Sh78bn banks’exposure in State firms

Standard Chartered Bank of Kenya (StanChart) and KCB Bank Kenya top the list of banks’ Sh78.2 billion loan exposure in government entities as of the end of June 2024. — Read More

• Bank Exposure to State Firms: Standard Chartered and KCB have the highest exposure to government entities, highlighting their key role in financing state-backed projects and infrastructure.
• Continued Loan Growth: Despite economic challenges, both banks continue to expand their loan books, driven by ongoing demand for capital from state firms for large-scale projects.

Kenya jet fuel re-exports to UAE hit Sh27bn

Kenya’s re-exports of jet fuel to the UAE surged over sixtyfold in three months through June 2024, highlighting increased trade with the Middle East's largest petroleum importer. — Read More

• Jet Fuel Export Surge: Kenya’s jet fuel re-exports to the UAE skyrocketed to KSh 27 billion in just three months by June 2024, highlighting strengthened trade ties.
• Improved Trade Balance: The rise in jet fuel re-exports boosts Kenya’s trade position with the Middle East, positioning it as a growing regional petroleum hub.

SIB multi-asset fund MansaX grows Sh5.6bn in three months

Standard Investment Bank (SIB) multi-asset fund MansaX grew by Sh5.6 billion or 17 percent in the third quarter to the end of September. — Read More

• Strong Asset Growth: The SIB Mansa-X fund increased by KSh 5.6 billion, a 17% rise in three months, reaching KSh 38.4 billion by September 2024, fueled by new and existing investor inflows.
• Portfolio Diversification: The dollar-denominated segment grew fastest at 22.5%, while the Kenya shilling fund achieved 5.14% returns, with holdings in fixed-income, derivatives, and stocks across local and global markets.

Network International launches new payment solutions in Kenya

Digital payments provider Network International (Network), has launched a series of in-person payment solutions in Kenya, targeting to boost commerce. — Read More

• Broader Payment Access: Network International's new POS systems with QR code capabilities allow businesses to accept mobile wallet and card payments, making digital transactions accessible to all customers.
• SME Support: The POS solutions, provided free of charge, help SMEs track and reconcile payments efficiently, offering an all-in-one platform for managing both mobile money and card transactions.

"Kenya has the potential to become a leader in carbon trading, but unlocking this requires strategic regulatory support and enhanced market penetration efforts." — Read More

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Five More Top Stories

1. Treasury boss declines US envoy job amid Adani deals.
2. Mining ministry says Uhuru-regime mineral wealth report not secret.
3. Kenya mulls full test on avocado for export on quality concerns.
4. “Wooing tourists in the age of personalisation”
5. Gated communities denied approval rights in Tatu City row.

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