Top Stories in the Business Daily!

Drop in fuel, and beer usage to deny State Sh133 billion

The Treasury has raised fears of losing Sh133.5 billion in projected revenue in the current financial year following a drop in motor vehicle and fuel imports as well as lower sales of beer, spirits, and cosmetics than earlier projected. — Read More

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KRA to lose Sh2.45bn on Safaricom call tariff cut

The Kenya Revenue Authority (KRA) said it stands to lose up to Sh2.45 billion in taxes from Safaricom annually if Parliament approves a proposal to cut the mobile termination rates (MTR) further from Sh0.58 to Sh0.12 per minute. MTRs are the charges levied by a mobile service provider on other operators for terminating their voice calls on its grid. — Read More

Kenya shilling’s free fall inflating foreign debt by Sh3bn daily

Kenya’s stock of external debts and the cost of repayment is increasing by Sh3.16 billion every day as the shilling sheds its value against the dollar, giving a fresh perspective to the country’s exposure to foreign exchange volatility. — Read More

What is causing Kenya’s frequent power blackouts

Blackouts in Kenya have been caused by vandalism, and breakdowns in transmission lines, and generation points, with recent instances attributed to a broken jumper at major generation stations and, in the past, interference from wild animals, while an aging transmission line and neglect by Kenya Power have also been identified as contributors to prolonged outages. — Read More

Eastleigh traders feel the pinch of high import tax

Traders in the expansive Eastleigh business district have decried the negative impact of increased taxes on key imported items such as electronics, textiles, shoes, and cosmetics.

Eastleigh Business Traders Association chairperson Hajj Hassan claimed that tax on a container of imports has hit Sh3 million, up from Sh1.7 million in 2017. — Read More

Puzzle of the Sh1.9 billion Kenya paid for undisbursed loans

Kenyan taxpayers paid Sh1.89 billion as commitment fees for loans between July 2022 and September 2023 that have never been disbursed, Controller of Budget Margaret Nyakang’o has revealed. — More

Bamburi sells Sh12bn stake in Uganda

Bamburi Cement is set to sell its 70 percent stake in its Ugandan subsidiary Hima Cement for $84 million (Sh12.7 billion), a move that will boost its cash flows. — Read More

M-Pesa not for sale yet, says Vodacom Group

Vodacom Group of South Africa has deferred selling a portion of its stake in mobile money platform M-Pesa, in contrast to competitors like Airtel Africa and MTN Group who have already pursued such transactions to capitalize on their financial services. — Read More

State cuts cheap alcohol to the military by 40% to fight abuse

The military has turned to importing more liquor after the local supply of duty-free drinks to the Kenya Defence Forces’ shops and canteens was cut by 40 percent due to abuse of the programme. More

Fund managers fight for assets in tough race for lucrative fees

The growing demand from retail investors for actively managed investments has led to the expansion of the fund management sector, with five new players, including Lofty Carbon Investments Limited, CPF Asset Managers, Spearhead Africa Asset Management Limited, ALA Capital Limited, and MKM Capital Limited, entering the market in the 12 months ending September, as reported by the Capital Markets Authority. Read More

Kenya races to meet World Bank's tax reforms target

Kenya is poised to surpass the World Bank's minimum recommendation by achieving a tax revenue-to-GDP ratio of 15.8% in the 2023/24 fiscal year, outperforming regional counterparts Uganda and Tanzania. — Read More

Technology in the coffee value chain

The transformative intersection of technology and agriculture in the global coffee industry, as highlighted by coffee experts engaged in developing AI-driven traceability plans, underscores the crucial role of quality and consistency in navigating market dynamics, with AI algorithms not only tracking but analyzing diverse factors to optimize farming practices, reduce waste, and ensure high-quality beans, signaling a shift towards precision roasting and brewing technologies, necessitating a change in traditional processing methods and the embrace of science for heightened output and sustainability. — Bitange Ndemo