Author: David Indeje

Britam Holdings PLC posted KSh2.3 billion loss before tax in its half-year earnings compared to a profit before tax of KSh2.4 billion recorded in a similar period last year, as the coronavirus pandemic manifests its impact on the businesses. Britam Holding, a diversified financial services company, said the significant adverse impact of coronavirus affected its investments in listed equities and property. The unaudited financial results translate to Ksh.1.6 billion loss from a Ksh.1.7 billion profit last year largely as a result of the underwriter’s exposure to the stock market and properties that saw it register a Ksh.3.2 billion as fair…

Standard Chartered Bank and Airtel Africa have partnered to enhance financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services. “Airtel Money’s customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products amongst other services,” Sunil Kaushal, Regional CEO, Africa and Middle East said. On the other hand, Standard Chartered’s corporate clients will be able to make fast and secure bulk disbursements, such as payroll payments, directly into the Airtel Money customers wallet. “This reduces…

Najin and her offspring Fatu, are the last two remaining female northern white rhinos in the race to keep their species from total extinction. On Tuesday, Kenyan Scientists, with experts from Germany and the Czech Republic were successful in harvesting eight eggs from Fatu and two eggs from Najin. “The ovum pick-up went smoothly and without any complications.” “The development of this project is creating hope for hundreds of other species who also lie on the brink of extinction. It simply must be done, but it’s going to cost a lot of money,” the conservancy wrote Wednesday. Fatu and Najin…

Agricultural firm Kakuzi PLC posted a decline in profit before tax for the period to June 2020 to KSh 204.1 million compared to a profit of Ksh 355.1 million for the same period last year. The firm’s net earnings for the period to 30 June 2020 was Ksh  272.8 million compared to Ksh 245.5 million for the same period last year due to the release of a deferred tax provision in view of the reduction of the Corporate tax rate to 25 percent from 30 percent by the Government. “During the first half of the year, avocado profits are on…

The Nairobi Securities Exchange (NSE) has reviewed its two benchmark share indices, NSE 20 and NSE 25, dropping Kenya Airways from both counters for Jubilee and Stanbic. In a statement, it said it has replaced Kenya Airways with Stanbic Holdings PLC on the NSE 20 share index and with Jubilee Holdings PLC in the NSE 25 share index to ensure they reflect an accurate representation of market dynamics. “In line with global best practices, the Nairobi Securities Exchange (NSE) has reviewed the constituent counters of its two benchmark indices, the NSE 20 and NSE 25 Share Index incorporating the inclusion…

The Nairobi Securities Exchange (NSE) on Wednesday announced the launch of the 2020 edition, of the Excellence in Financial Reporting FiRe Awards’, which are key in improving reporting and corporate governance practices in the sector. This year’s theme is “Financial Reporting Excellence in a Disruptive Environment”. Geoffrey Odundo, Chief Executive, NSE said, “Excellent financial reporting will be critical in supporting the country’s economic recovery strategy as well as build confidence on Kenya’s economic prospects.” The coveted FiRe Award is in its nineteenth year since it was launched in 2002. The awards seek to promote and recognise excellence in financial reporting,…