Author: Khusoko

The need to support economic conditions remains paramount for both fiscal and monetary authorities.  In the second quarter of this year, the economy contracted by 5.70% compared to an expansion of 5.30% in a comparable period a year before. Though economic activity in the latter half of this year is expected to be comparably better than the first, that is following the lifting of domestic restrictions on movement and, perhaps, to a lesser extent better external demand, the recovery is likely to be uneven. Moreover, the recent resurgence of COVID-19 infections as well as the uncertainty around a re-introduction of…

The Kenya Revenue Authority (KRA)  tax collection for October was Ksh 108.7 billion, down 14.7 percent over the same period of the last fiscal year. This from Ksh 125.98 billion at the same time last year as the effects of the COVID-19 pandemic continues to affect revenue collection.  According to the National Treasury and Planning Statement f Actual  Revenues and Ne Exchequer issues as at 30 October 2020, ordinary revenues to include non-tax income reached Ksh 115.7 billion after Ksh 7 billion in grossed non-tax income compared to Ksh 129.6 billion collected last October. In terms of spending, recurrent and…

Studio Warner Bros. has released the official trailer for the new Tom & Jerry movie, a blend of live-action and animation. The film is scheduled for release on March 5, 2021. It stars Chloe Grace Moretz, Michael Pena, Rob Delaney, Colin Jost, and Ken Jeong. From the trailer, Jerry lands up in a hotel in New York which is going to host the “wedding of the century.”  The hotel’s new hire wants to get rid of the mouse problem and gets a cat, which happens to be Tom. The film is directed by Tim Story (director of 2005’s Fantastic Four, Think…

Standard Chartered Bank reported a 30.4 percent dip in profit to Ksh 4.3 billion for the nine months to September 2020 due to loan default losses in the wake of Covid-19 pandemic. The lender’s loan loss provision surged  3.7 times to KSh2.7 billion in response to gross defaults rising 10.2 percent to KSh21.9 billion. However, investment in government and other securities grew 6.9 percent y/y (1.1% q/q) with the bank maintaining a very liquid balance sheet (65.7%). “The NPL ratio still stands above the sector average of 13.1 percent and has remained elevated for the past 4 years. With the…

The Capital Markets Authority (CMA) confirmed Mr. Wycliffe Shamiah as its chief executive officer, replacing Mr. Paul Muthaura. He was serving as the acting chief executive since the year began. “I would congratulate Shamiah on his appointment, having served in the Authority for over the last 23 years and emerging as the successful candidate for the position,” said the chairman of the Board, James Ndegwa in a statement. Shamiah will be tasked with implementing the Strategic Plan 2018-2023, supporting regulations, and maintaining CMA’s reputation as a high performing public sector institution. Under his leadership, the authority has piloted the Securities…

  Absa Bank’s profit after tax for the first nine months of 2020 declined by 51 percent to KSh3 billion compared to the same time last year excluding KSh1.9 billion to the lenders’ transition from Barclays. Absa attributed the decline in performance to increased provision for bad debts which surged by 147 percent to KSh7.6 billion to cushion for defaults from the effects of the Covid-19 pandemic. “Performance was significantly impacted by 147 percent growth in impairment as customers struggled to keep up with loan repayments due to the economic effects of the Covid-19 pandemic, and a decisive action by…