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Kenya Power cracks down on illegal connections in Tassia Estate

Kenya Power has disconnected electricity supply to more than 20 flats in Nairobi’s Tassia Estate in an operation aimed at stamping out illegal electricity connections. The crackdown was carried out by a team comprising of the Company’s security personnel, revenue protection unit staff, and the police. It is one of …

NSE turns corner as foreign investors slow down share sale

Foreign investors continued to sell off shares in the capital markets in March although at a slower pace. According to Standard Investment Bank’s monthly report, by March 18 an average of Sh1 billion moved out of the market. The exit was led by Safaricom where $44.3 million was carted abroad …

Here is a list of court orders disobeyed by the Kenyan government

In Kenya, it is only the government that can disobey court orders and get away with it. Even as Interior secretary Fred Matiang’i today defended government over the lawlessness that it exhibited last week while handling the Miguna deportation saga, here is a list of the court orders the Kenyan …

How Equity Bank beat all lenders to post double digit profit growth

Banks had warned that 2018 would be bad for them due to the much awaited IFRS9 which would require that they take their profits and put them as insurance for expected losses on failed debts over the year. But at the beginning of the year, the Central Bank of Kenya …

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 said the additional lending was part of a combined effort to lend the airline Sh17.65 billion ($175 million) to rescue it last year. “The money …

Facebook’s boss finally speaks on the data harvesting scandal

In a lengthy Facebook post on Wednesday, the Facebook CEO Mark Zuckerberg has apologised and says he’s ready to testify before Congress. Zuckerberg said the company had a responsibility to protect  data, and if it can’t then it doesn’t deserve to serve you. “The good news is that the most important actions …

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 be as high as 90 percent which would be astronomical as compared to the 13.5 percent currently recommended by the Central bank of Kenya. The …

The making of a betrayal, Raila Odinga Vs NASA principals

Part 1: Stoni Athi resort If you want to see the face of a politician cheated, betrayed or beaten at their own game today, find Musalia Mudavadi. Mudavadi recently read a terse statement and declined to take questions from journalists saying the meeting with Raila Odinga, Kalonzo Musyoka, and Moses …

Kenyatta linked Bank starts operations in Rwanda after buying out Crane Bank

The Commercial Bank of Africa (CBA), which is linked to the Kenyatta family, has officially started its banking operations in Rwanda following the successful acquisition of Crane Bank Rwanda Ltd, now re-launched as CBA Rwanda Limited. The move into Rwanda, increases CBA’s footprint in the continent, to five countries, which …