Business

Active social media users in Kenya grew by 15.9 per cent in 2024, a sharp drop from the 38.2 per cent recorded in the previous year.

According to KRA, over 1.9 million taxpayers have benefited from the initiative after settling their principal taxes for liabilities incurred up to December 2023.

At 0744 GMT, commercial banks quoted the shilling at 129.00/40 per dollar, the same as Monday's closing rate.

The Commodities Fund recorded the highest loan defaults, writing off Sh12.36 billion in loans extended to sugar companies.

The increase has been attributed to a weakened shilling in the first quarter of the year and continued demand for foreign goods.

The Finance and Budget Committee is expected to present its findings and recommendations to the Senate in the coming weeks.

The tax agency has also listed the procurement of 20 external cameras, 60 data collection devices, and a dedicated system for hosting and live-streaming footage captured by the body-worn cameras.

The taxman has automated the registration process, streamlining compliance and making it easier for businesses to adopt the system.

The ministerial branding agency, KEPROBA, in a statement, said that the inaugural graduates of the Diploma in International Trade will equip Kenya's export community with the skills and knowledge needed to engage in international trade with ease.

The government had set new prices after negotiations, with Grade 1 miraa expected to sell at Sh1,300 per kilogram, Grade 2 at Sh700 and Allele at Sh1,000.

Shutting down Skype will help Microsoft focus on its homegrown Teams service by simplifying its communication offerings, the software giant said on Friday.

A spot check across the business district revealed a contrasting perspective, with business owners sharing a different outlook than the reports suggesting a promising future for businesses in the coming year.

Spanning approximately 8,292 acres, the facility will serve as a key driver for industrial investment, clean energy manufacturing and export-oriented production.

Notably, core inflation, which measures the cost of living excluding volatile components like food and energy prices from the overall Consumer Price Index, stood at 2.0 per cent.

Mbadi provided a breakdown of the repayment obligations, attributing the looming financial pressure to Eurobond and syndicated loans.

CS Mbadi said the proceeds from this bond will be used to refinance existing external debt, including a planned buyback of a US$900 million (Sh116.3 billion) Eurobond set to mature in 2027.

The audit revealed that Sh13.3 billion had been lost, leaving KUSCCO insolvent by Sh12.5 billion

The fraud, which occurred between January 2016 and June 2021, was uncovered by Reuben Gitahi & Associates Forensic Services, a firm hired by Energy Sacco to investigate the irregularities at a cost of Sh400,000.

Data from the Central Bank of Kenya (CBK) shows that domestic debt increased from Sh4.342 trillion as of September 16, 2022, to Sh6.021 trillion by February 14, 2024.

KAM warns that Kenya stands to lose a great deal on textile and apparel export trade if the policies promoting mitumba trade aren't re-looked and the market keeps expanding.

Findings indicate that thousands of borrowers were either below the legal age of 18 or had not yet been born when the funds were disbursed.

The Somalia-Kenya Trade Week seeks to enhance business cooperation, attract investment, and explore new opportunities between the two neighbouring countries.

In an attempt to resolve the dispute, the Nairobi County Assembly has proposed a debt swap, suggesting that Kenya Power offset its Sh4.8 billion wayleave fees against the Sh1.5 billion electricity bill owed by City Hall.

The feature is expected to identify and remove harmful software, including malicious extensions, phishing scripts, and background processes that may slow down a user's system or steal sensitive information.

This marks the second time the Treasury has undertaken a Eurobond buyback. The first occurred in February 2024, when the government repurchased a $1.48 billion (Sh191.9 billion) portion of the $2 billion (Sh259.3 billion) 2014 Eurobond, just four months before its maturity.

Prior research has pointed to the fundamental economic challenges of entrepreneurship in the context of poverty.

Despite multiple directives to prioritise settling electricity bills, counties have continued to default, hampering Kenya Power’s efforts to recover its money.

Public institutions are responsible for Sh54.4 billion of the unremitted funds, while Sh2.4 billion is owed by private sector entities.

Some requisitions submitted for her approval lack specifics and are presented in lump sums, making it impossible to establish a clear breakdown of the expenditures.

Along with Joubert's exit, Sidney Wafula, who has served as an Alternate Director since June 24, 2020, will also step down from the Board.

The Central Bank of Kenya (CBK) early this month scaled down its base lending rate by 0.5 per cent to 10.75 per cent.

By January 31, 353,586 pensioners comprising 268,236 principal pensioners and 85,350 dependents were already part of the system.

The main aim of the Hustler Fund is to help those in the informal sector transition to the formal financial system, a crucial step for long-term economic empowerment.

Initially set at Sh174.6 billion, the expected revenue for the Financial Year 2024-2025 has now been revised downward to Sh70 billion.

The Treasury’s projection of 5.3 per cent growth in 2025 is slightly lower than the CBK’s December 2024 forecast of 5.5 per cent.

It projects that electrification growth will accelerate even further in the coming years, driven by increasing power demand, which is forecast to grow by 6.5 per cent annually between 2025 and 2027.

The internal alignment will further focus on enhancing workflow processes to reduce redundancies, optimise internal resources and leverage advanced analytics and automation for effective delivery of its mandate.

In 2024 alone, data by KAA shows the airport handled 112,000 tons of cargo in the first quarter alone, reflecting its critical role in supporting regional and international trade.

One document puts the total budget at Sh4.263 trillion, while another states it as Sh4.336 trillion, creating a Sh73 billion gap that officials failed to explain.

The move is expected to encourage more young people to engage with science, tech, and innovation-related topics interactively.

Instagram head Adam Mosseri said in a post on Threads that the company will not show a dislike count, and no one will know you disliked a comment.

If passed, the Bill will regulate the collection, purification, smelting, and value addition of gold, aiming to boost revenue, formalise small-scale mining, and combat illegal gold trade.

Stakeholders further emphasised that adopting such policies could help unlock substantial growth potential for the freight business.

For the best balance, it is advised that you use low power mode when necessary, and keep your phone charged to avoid your phone slowing down.

The report highlighted the rise of new travel trends, including cultural tourism, adventure tourism, and sports tourism, as one of the prime reasons that attracted a broader range of travellers to the country.

The directive is expected to impact Kenya significantly, as it currently applies a 16 per cent VAT on goods entering its market.

The first sign of getting hacked could be an unusual activity, that is, if you notice any messages or replies to messages you have not sent, contacts you do not recognise, frequent logouts, or updates you do not recognise.

If your battery health is low, your phone might feel sluggish, apps may take longer to load, and overall responsiveness is minimal.