Weekly Business Snapshot: Key Highlights
Good morning! Let’s dive into today's top stories from Business Daily. || Sep 10th, 2024
The untold story of Kenya’s fake, substandard cement
Three in five samples of cement products the Kenya Bureau of Standards (Kebs) collected in a market surveillance operation failed the standards test, a leaked report shows.
The report indicates that only 38.1 percent of the cement tested in February 2022 met the required standards, including the capacity to withstand the slightest pressure without crumbling. — Read More
Old Mutual disowns Sh3.9bn buildings in shareholder row
The shareholder fight at Old Mutual Holdings has turned the spotlight on the ownership of three properties worth a total of Sh3.9 billion after the insurer distanced itself from the assets. — Read More
KRA unlocks Sh3.87bn after netting 10,425 new landlords
The Kenya Revenue Authority (KRA) added over 10,000 landlords to its database in the year ended June 2024 using mapping technology and data from third-party sources like Kenya Power and banks. KRA recruited 10,425 rental income taxpayers, though the previous year’s figures were not disclosed. — Read More
Treasury CS John Mbadi sets conditions for lower VAT, corporate tax
Treasury Cabinet Secretary nominee John Mbadi has set conditions for the possible lowering of Value Added Tax (VAT) and corporate tax rates. He emphasized that such a move would depend on expanding the tax base and improving compliance, aiming to balance fiscal needs with business growth. — Read More
How Pascal Kisongoa reaps millions from his citrus mega-farm
Pascal Kisongoa, a Kenyan citrus farmer, has transformed his passion into a successful business, earning millions from his farm. He grows oranges, lemons, and tangerines using sustainable practices, focusing on quality to serve both local and export markets.
"I believe in farming not just as a business but as a way to improve lives. With the right techniques and commitment, agriculture can be a goldmine for those willing to put in the work." – Pascal Kisongoa, citrus farmer. — Read More
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Over half of Hustler Fund borrowers default, bad loans hit Sh11bn
Over half of the borrowers under the Financial Inclusion Fund or Hustler Fund have defaulted on repayments totaling Sh11 billion, while the non-performing loans (NPLs) ratio hits 21 percent. — Read More
Investors in EABL Uganda unit eye major windfall in buyout
Minority shareholders of EABL’s Ugandan subsidiary Uganda Breweries Limited (UBL) are set for a windfall of up to 34 times their historical investment in the company when they sell their 1.81 percent equity to EABL through a tender that opened a week ago. — Read More
Power prices dip 22pc in nine months on low forex, fuel costs
Electricity prices have declined by 22.3 percent in the nine months to September, data shows, driven by lower foreign exchange and fuel costs. For instance, a domestic ordinary customer who paid Sh1,841 for 50 units in January is now paying Sh1,429 for the same quantity in September, data by Kenya Power shows. — Read More
Why Kenya needs a national policy on competition, and how to get one
“Kenya needs a comprehensive national competition policy to ensure fair market practices and foster innovation, investment, and consumer protection in an increasingly complex economic environment." — Read More
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