Author: Khusoko

Fulvio Tonelli has joined Absa Kenya as a non-executive director with effect from 1  October 2020.   He also serves on the Absa Group’s board as a non- independent non-executive director since July 2020. Fulvio a member of the Group Credit Risk Committee (GCRC), Group Risk and Capital Management Committee  (GRCMC) and Information Technology Committee (ITC). Fulvio was, until the end of June 2019, the Chief Operating Officer at PwC Africa and a member of the firm’s leadership team. In this role, he assisted in the delivery of the firm’s strategic direction and was also responsible for the effective operation of…

Retailer, Tuskys Supermarket has been given a 45-day ultimatum to pay the outstanding balance of nearly Ksh 248 million owed to suppliers. High Court Judge, Justice Francis Tuiyott, gave the directive in response to creditor’s demands that the retailer has not been responsive to them. “You’ve heard the concern of the creditors, they need a quick closure of the matter and you need to share information with them. I will require you to report to the court within 45 days and if you’ll not disclose the information this court will frown upon it,” the judge said. Hotpoint electronics had moved…

Uganda on Thursday reopened its air borders following the lifting of restrictions on international travel. Passengers coming in and out of its Entebbe International Airport will be allowed provided they test negative 72 hours before arriving in Uganda. The airport was shut for over six months due to COVID-19 restriction measures, flights. According to the Uganda Civil Aviation Authority (UCAA), 13 flights have been scheduled for the first day, and a further 10 set to arrive the day after. As part of the new protocols, all entering passengers must present evidence of a negative COVID-19 polymerize chain reaction (PCR) test…

ICEA Lion Group has named Paul Muthaura as the CEO of its General Insurance Business. Muthaura, before the promotion, he served as the Chief Operating Officer (COO) from April 2020. He replaces Steven Oluoch, who has left the company upon attainment of the retirement age. The Insurance Regulatory Authority has already approved Muthaura’s appointment as the Company’s CEO. “I hand over this committed, technically astute and customer-oriented team to my worthy successor with the conviction that ICEA LION General will grow from strength to strength,” said Steven Oluoch. Muthaura was previously the former chief executive officer of the Capital Markets…

Tax increases are rarely popular, more so today, when the country is still reeling from the impact of Covid-19 pandemic. A survey conducted in May by the Kenya Association of Manufacturers and KPMG revealed that manufacturers of essential goods have seen demand fall by 74 percent, whilst 76 percent were experiencing severe cashflow problems. The numbers are much grimmer for MSMEs, with 86 percent experiencing cash flow constraints, affecting their ability to meet tax obligations (64 percent), pay employees (76 percent), and pay other operational costs (79 percent). The decision to increase excise rates, by Kenya Revenue Authority, on at…

The Central Bank of  Kenya (CBK) kept interest rates unchanged at 7.00 percent noting that leading economic indicators for the third quarter-point to a strong recovery in economic activity. The central bank said, “This improvement and resilience is supported by agricultural production, increased activity in key sectors particularly services with the easing of COVID-19 restrictions, normalisation of exports, and Government interventions to mitigate the impact of the pandemic.” CBK said inflation remains well anchored and is expected to remain within the target range in the near term. This will be supported by lower food prices, the impact of the reduction…