Author: David Indeje

KCB Group on Tuesday said it will uphold the relevant legal and regulatory requirements at every stage of its bid to acquire state-owned National Bank of Kenya. In response to Kenya’s Parliamentary Committee on Finance and National Planning recommendation for its bid to be rejected, it said “The offer was made in the best interest of KCB and NBK shareholders,” adding that they have up to August 31, 2019, to make a decision on the offer. KCB received its shareholders’ approval to proceed with the proposed acquisition of NBK during its AGM held on May 30, 2019. Similarly, during its…

The Kenya Journalism Review, a quarterly publication, was unveiled on Thursday by the Kenya Editors Guild (KEG) borne out of the need to offer an opportunity for industry practitioners and stakeholders to interrogate and analyse issues. Introducing the issue in a first page editorial, Tim Wanyonyi, the editor writes, ‘Birth of a new era in Kenyan journalism’, “We hope that the Kenyan Journalism Review will not only enhance the factors informing the performance of the media, but also the environment in which they operate and their relationships with other actors.” Launching the publication at the sidelines of the 2019 Annual…

French hospitality group AccorHotels has announced its newest MGallary, a 4- star premium boutique Hotel in Gigiri, Nairobi. MGallary Hotel, which is expected to open in early 2021 in partnership with Jit Group, will be the fifth under the hospitality group in Nairobi. The hotel will feature 105 rooms and suites; four restaurants, including an all-day dining venue, a signature dining experience, a pool bar, and a rooftop restaurant and bar; meeting rooms and a business centre; and wellness facilities spanning a gym, pool and spa. Hotels currently operating under the Fairmont, ibis Styles and Mövenpick brands and the city’s…

Kenya introduced a tax on mobile phone-based transactions in 2013 via an excise tax rate of 10 per cent through the Finance Act of 2018.

The African Export-Import Bank (Afreximbank) has said the impact that trade, finance, and expansion of value chains will have on Africa’s development agenda over the next 20-30 years must be underscored. Kanayo Awani, Managing Director, Intra-African Trade Initiative, emphasises that improving market integration in Africa should be accompanied by industrialisation and capacity building initiatives. “To help African countries produce value-added goods and services that can be traded within the continent and globally in a competitive manner,” said Kanayo at the 2nd edition of the Trade with Africa Business Summit held in Chicago on ‘Afreximbank contribution to Africa’s quest for accelerated…

Cybercrime is the biggest challenge to financial markets whose potential economic costs can be immense and damaging to public trust according to the Capital Markets Soundness second quarter 2019 report released Monday.  “Confidence is significant as cyber incidents could potentially undermine the integrity of the global financial markets,” said Mr. Luke E. Ombara, Director, Regulatory Policy and Strategy, CMA. The report says with a prevalence of Cyber Incidents from financial data breaches at large multinational public companies to high profile incidents on Central Banks and Government systems have risen due to increased use of Financial Technology (FinTech). “Cyber threats in…