By Linet Owoko Business and Lifestyle Reporter Nation Media Group Kenyans looking to obtain passports will have to wait longer after a system failure at Nyayo House, Nairobi, affected normal application, receipt, and collection services, marking another painful moment for those seeking to travel. The Immigration Department on Tuesday acknowledged the disruption, which would affect...
By Constant Munda Business Reporter Nation Media Group The cost of running the national government has risen faster than tax receipts in the current financial year, going against President William Ruto’s pledge to lessen the burden on taxpayers by presiding over a cost-efficient administration. The Ruto government spent Sh905.78 billion on administration, operation, and maintenance of...
By Dominic Omondi Business Reporter Nation Media Group Kenya has cancelled the contract for the construction of the Nairobi-Nakuru-Mau Summit toll road, citing among other things, high toll fees proposed by the French contractors. A source at the Kenya National Highways Authority (KeNHA), the procuring agency for the construction of the 233-kilometre highway, told the Business Daily the...
By Charles Mwaniki Business Reporter Nation Media Group Bondholders realised a profit of Sh4.6 billion from selling the 6.5 and 8.5-year infrastructure bonds in the secondary market in March, taking advantage of a rush to acquire the high-return securities ahead of an expected decline in rates in the market. New disclosures by the Capital Markets Authority show that the 8.5-year...
By Albert Mwazighe Business Reporter Nation Media Group As the push towards online delivery of government services to curb corruption and boost efficiency intensifies, the rate at which cybercriminals are targeting the country’s digital infrastructure is increasing. According to the Communications Authority (CA) data, Kenya had 860 million cyberattacks in 2023, with the most pronounced...
The government has moved to enforce a deadline on passage of Finance Bills by the counties in a bid to plug a loophole that has seen the 47 devolved units miss out on revenues.This is through a State-backed amendment to the Public Finance Management Act that if adopted by Parliament will insert a new clause into the law, compelling the 47 county assemblies to pass Finance Bills by June 30 every year. The...
By Kabui Mwangi Business and Tech Reporter Nation Media Group National carrier Kenya Airways has suspended its flights to Kinshasa, citing the continued detention of its crew by the Democratic Republic of Congo (DRC)’s military over a controversial consignment of banknotes. In an update on Monday, the airline said the suspension will take effect from Tuesday, April 30, pointing out...
TotalEnergies Marketing Kenya has raised its dividend payout by 46.5 percent to Sh1.92 per share totalling Sh336.1 million on increased profit for the financial year ended December 2023. The proposed dividend is a rise from Sh1.31 per share or Sh229.3 million the oil marketer paid in the previous year. The increased dividend is on the back of net profit rising 23.6 percent to Sh4.62 billion from Sh3.8...
By Albert Mwazighe Business Reporter Nation Media Group Mid-last year, a tea plantation owner in Limuru’s Tigoni decided to convert a three-bedroom cottage inside the farm into a hospitality facility. The facility, dubbed Siri Nairobi, would grant guests in need of a break from the city's noise a space to unwind, enjoy some fresh air and connect with nature. Shortly after its opening...
By Kepha Muiruri Business Reporter Nation Media Group Some 20 foreign institutional investors exited the Nairobi Securities Exchange (NSE) in the first three months of 2024, new data shows, mirroring continued bearish sentiment by foreigners on local stocks. According to fresh data from the Capital Markets Authority (CMA), the number of foreign corporate investors at the NSE fell to 412...