Author: Khusoko

Bank of Uganda (BOU) says foreign-based banks do not need its license to lend funds originating abroad. “Bank of Uganda does not regulate extension of loans/credit or the financing of commercial transactions that are funded using funds obtained from foreign banks that do not take deposits from the public in Uganda,” Governor Emmanuel Tumusiime-Mutebile said in a statement Wednesday. This was in response to a court ruling that had declared a loan by Diamond Trust Bank Kenya Ltd. to Kampala-based companies using its Ugandan subsidiary as the agent was unlawful.  As a result, DTB and its subsidiary were ordered to…

Nairobi Business Ventures (NBV), a Kenya-based company shoe, and leather accessories retail chain operating under the brand name KShoe shares have been suspended from trading at the bourse. In a statement, the Nairobi Securities Exchange said the suspension is to “allow completion of the company’s restructuring’. The loss-making leather accessories retail chain has been in talks with strategic investors and creditors looking to invest in the company. “The talks are in advanced stages having met most conditions precedent for the purposes of the signed term sheet between the parties,” said NSE. “All shareholders, investors and the general public are asked…

Data centres are being overhauled, revamped and modernised to support digital transformation and the power-hungry cloud deployments they contain. Artificial intelligence is a key part of this overhaul as energy conservation – to address both cost and environmental concerns – becomes a top consideration for data centres. AI solutions are being deployed in the push to get data centres to become more energy efficient as well as safer and more reliable. The growth in data traffic volumes shows no sign of letting up, nor does the global demand for high-performance computing. This comes with an increase in high-density servers, the…

President Uhuru Kenyatta has nominated former Independent Electoral and Boundaries Commission (IEBC) director Immaculate Kassait as Kenya’s first Data Commissioner. Her nomination is  in accordance with the provisions of section 6(4) of the Data Protection Act, 2019, as read together with section 5 (1) of the Public Appointments (Parliamentary Approval) Act, 2011. Kassait served as Director of Voter Education Partnership and Communication at IEBC since 2019. Previously she was the Director Voter Registration and Electoral Operation for 9 years. She has worked at the Institute for Education in Democracy (IED) a leading NGO in the areas of elections in Kenya…

Kenya Orchards Plc says its net profit for the financial year 2020 will be lower by more than 25 percent compared to 2019. The company in its profit warning announcement said the  COVID-19 pandemic has adversely impacted its overall profitability, leading to the lower financial projection. “Most of our customers have been affected negatively by COVID19 and therefore overall business is down,” said the company. “This announcement is based on indicative financials of the company with regards to the year ending 31 Dec 2020.” Compared to its net profit of KSh8.43 million realized in 2019, it means the listed firm…

Society Supermarket a franchise network of retail supermarkets with branches in Limuru, Naivasha, Thika, and Meru has entered the Nyeri market with a bang by offering Equity cardholders rewards for making card payments for goods purchased at the news outlet. Equity cardholders with Visa, Mastercard, or American Express cards, who reside in or are traveling to Nyeri can now pay using their cards conveniently and securely for as low as Ksh 100 and at no extra cost. The offer kicked off on 9th October and ends on 18th October. For the period, every 10th shopper using their Equity Card during…