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Thursday, November 26, 2020
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Safaricom takes profit hit on free M-PESA transactions

Safaricom has posted Kes 33.1 billion net profit after tax for the half year, a six per cent decline from Kes.35.6 billion last year on zero rating of M-Pesa transactions since March this year. Read also: KCB on the brink to become the first Kes 1 trillion local bank Mpesa revenue declined 14.5 per cent to Kes35.9 billion from kes42 billion...
cigarettes

Philip Morris: World can eradicate cigarettes in 10 years

What does a world without cigarettes look like? This question is currently at the heart of debate by scientists, public health experts and sociologists from across the world in tandem with changing public attitudes towards smoking. Part of the answer is coming from cigarette companies that have over years invested billions of dollars into research and development for alternative products reducing the risk to...
KQ

KQ replaced from NSE benchmark index

Stanbic Holdings has replaced Kenya Airways (KQ) as part of the elite club companies that make up the benchmark Nairobi Securities Exchange 20 share index. KQ which is being nationalized has also been replaced by Jubilee Holdings as part of the NSE 25 index The two indices are made up of top-performing companies selected based on a weighted market performance during...
COVID-19 pandemic

Kenyan companies used the pandemic to reorganize payroll

Kenyans are working more hours for lesser pay after firms used the coronavirus pandemic to cut workers’ pay and have not readjusted them as the country re-opens. The Covid19 tracker, a survey by Financial Sector Deepening shows that Kenyan are currently working a 40 hour week and making Kes 3,200. Read also Kenyans turn to casual labour amid...
KCB Group CEO Mr. Joshua Oigara

KCB on the brink to become the first Kes 1 trillion local bank

If all 29 tier two and tier three banks met outside Kencom house and were let into KCB's iconic building, they will fit right into the bank with all their assets in tow. Kenya’s smaller 29 banks have an average asset size of Kes1 trillion combined, yet KCB Bank alone has an asset size of Kes953 billion. The biggest lender in...
COVID-19 trade offs

Kenyans turn to casual labour amid COVID-19 pandemic

Have you noticed an increase in wash women around your neighbourhood or an extra hand of a porter offering to carry your goods after shopping? That may be a former teacher, barber or welder or she might have been working in bars or the hotels sector. Data from Financial Sector Deepening (FSD) shows that casual jobs jumped to 20 per cent...

INSIGHTS

MARKETS

Barclays Bank Kenya counter stable amid announcement of new name

Local investors reacted to Barclays change of name to potentially ABSA Kenya limited by moving 4.48 million shares worth 49.8 million inching the lenders...

Good profits will not necessarily inspire a buy on stocks

Banking counters are about to release their results led by Equity Bank which posted an 8 percent rise in net profits to September from...

BUSINESS AND MONEY

COVID-19

Economy and jobs recovery jittery as fears of a second COVID-19 wave looms

Economic rebound in October has brought to an end to seven months of job shedding as lockdown restrictions, associated with the coronavirus...
Small Businesses (SME)

Government is sucking the life out of small businesses in extended borrowing

Nearly one year to the day, businesses breathed a sigh of relief as resident Uhuru Kenyatta rejected the 2019 Finance Bill asking...

JOBS

Kenya Red Cross is hiring two Regional Grants Officers

Kenya Red Cross is hiring two Regional Grants Officers Reporting to the Regional Programs Coordinator, the Grants Officer will be responsible for coordination and management of...

Why Kenyan Banks are less profitable

Despite top-tier banks reporting impressive results at the first quarter, the sector saw a decrease in return on assets from 2.67 percent to 2.62...

AfDB to double funding for Kenya’s electricity access

Kenya Power will see its funding for the Last Mile Connectivity Project doubled as African Development Bank (AfDB) extends its support towards the Government...

Courts spares CBA Mshwari refunds as case by Cofek falters

Customers will not get refunds from Commercial Bank of Africa’s Mshwari for charging up to 7.5 percent on loans. When calculated annually, the rate would...

OTHER NEWS

How big bad borrowers like Kenya Airways continue to bleed lenders

Asset financing bank NIC Bank lent Kenya Airways an additional Sh1.6 billion to increase its exposure to the struggling airline. NIC Bank boss John Gachora...

Boost to the economy as the shilling makes imports cheaper and...

The shilling gains against the dollar have masked its decline against other currencies which have a positive impact on Kenya’s agriculture exports to the...

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