Australia sues Facebook owner Meta over scam adverts for cryptocurrency schemes

Posted on Mar 18, 2022

Australia announced Friday it is suing Facebook owner Meta over scam adverts for cryptocurrency schemes that falsely claimed to be endorsed by prominent figures.

Australia's consumer protection commission said it had started Federal Court proceedings against Meta Platforms for "false, misleading or deceptive conduct" in breach of consumer or securities laws.

Nairobi Court Releases Businessman Wanted In Rwanda On Ksh.1M Bond

Posted on Feb 08, 2022

Businessman Nathan Lyod Ndung'u who is wanted in Rwanda has been granted a bond of Ksh.1 million.

The State had filed an application seeking to have him detained for a period of 21 days pending the filing of formal extradition. 

According to police officer Walter Marunga attached to the Transnational Organised Crime Unit of the DCI DCI, Ndung'u was arrested by Interpol on a Red Notice Alert issued last year  February.

The court was told that the republic of Rwanda tried him in absentia and he was convicted in absentia for selling property belonging to another person and was sentenced to five y...

KQ set for another restructuring

Feb 03, 2022

Kenya Airways is set for another round of restructuring as the government seeks to reduce the national carrier’s operational costs. National Treasury Cabinet Secretary Ukur Yatani says as part of the bailout plan for Kenya Airways, the government is reviewing the aircraft leases by Kenya Airways and assessing the carrier’s management.

Treasury To Borrow Ksh.60.5 Billion More For Mini-Budget

Posted on Feb 03, 2022

The National Treasury is expected to borrow Ksh.60.5 billion more in the year to June to fund the just announced 2021-2022 supplementary budget.

According to new estimates from the planning Ministry, net foreign financing is expected to rise from 2.2 per cent of GDP to 2.9 per cent of GDP while net domestic financing will ease by 100 basis points to 5.2 per cent of GDP.

Using figures in the 2021 Budget Policy Statement implies net foreign financing will move to Ksh.352.4 billion from Ksh.267.3 billion while net domestic borrowing eases to Ksh.638.5 billion from Ksh.663.1 billion.

Uganda, Rwanda agree to reopen border after 3 years

Posted on Jan 31, 2022

Ugandan traders welcomed Rwanda's announcement Friday that it will reopen its border after being closed for three years. The Rwanda Ministry of Foreign Affairs said that following last week's visit by Ugandan Lt. Gen. Muhoozi Kainerugaba — who is also President Yoweri Museveni's son — the Gatuna border post will be reopened Monday.

In February 2019, Rwanda closed the border crossing after accusing Uganda of supporting rebel groups in order to destabilize Rwanda. Uganda, meanwhile, accused the Rwanda government of spying.

The Rwandan statement says the government has taken note there is a proce...

KRA acquires new technology to crack down on landlords who are evading taxes

Posted on Jan 12, 2022

The Kenya Revenue Authority (KRA) now says it has brought on board geo-mapping technology in a bid to monitor city landlords’ tax payments.

According to the taxman, a block management system which uses a geographic information system (GIS) is on the way, which will outline buildings across the metropolises.

“We are investing in block management and geo-mapping systems to map out all these urban areas like Nairobi and Mombasa and get to know where these landlords are and who is paying what tax and who is not paying what tax,” Paul Matuku, KRA’s Commissioner for Legal Services and Board Co-ordin...

KFC runs out of imported potatoes for chips, snubs local farmers

Posted on Jan 04, 2022

Fast food chain KFC has suffered a shortage of potatoes at its outlets in Kenya following delays in delivery from its overseas suppliers, forcing it to offer customers alternative food items in place of French fries.

The firm’s Chief Executive for East Africa Jacques Theunissen told the Business Daily Monday that the shortage of chips, as they are commonly known, was due to a hitch in global supply of potatoes.

“It has to do with delays in shipping lines due to the Covid situation. Ships have been delayed for more than a month now, but we are working hard to restore as the first containers are...

Uganda’s Sarrai Group wins bid to run Mumias Sugar Company

Dec 22, 2021

Sarrai Group has secured the lease for assets of Mumias Sugar Company and the mandate to revive the collapsed sugar miller.

Mumias Sugar Company receiver-manager Ponangipalli Rao announced Wednesday that the Ugandan company emerged as the winner of the bidding process that has lasted over 4 months.

“I hereby confirm awarding the Leasing of the assets belonging to Mumias Sugar Company Limited (in Receivership & under Administration) [MSCL] to Sarrai Group, Uganda.” He said in a statement

“The Lease is in the interest of all stakeholders and in conformity with the recent Court ruling dated 19th ...

12 killed, three injured in fresh attacks in two Marsabit villages

Dec 19, 2021

12 people have been confirmed dead following a Saturday morning attack in the Qulbiqallo area of Marsabit County.

Residents say they were woken up by the sounds of gunfire in the 5am invasion, which began in the Dogoicha and Laaqi villages, and later spread to Qulbiqallo.

It is reported that the armed bandits are from the Gabra community and they made away with more than 1,000 livestock, but residents from the Borana community retaliated, leading to a battle.

“The attackers managed to steal 1000 cattle and 300 sheep and goats. After police were notified of the theft, they trailed the tracks of...

Safaricom's H1 profit up by 12.1% mainly due to high Fuliza loan borrowing

Nov 10, 2021

Kenya’s leading telco Safaricom Plc rebounded strongly from Covid-19 pressures, posting 12.1 per cent growth in net earnings in the first six months of the year.

The firm whose earnings dropped for the first time in 12 years last year saw net profit grow to Sh37.1 billion in a period between April and September this year compared to Sh33 billion same period last year.

Safaricom CEO Peter Ndegwa has attributed the growth to increased revenue from M-Pesa, accelerated by the high uptake of overdraft facility, Fuliza.

Internet revenue which grew 16 per cent and a rebound in voice services and text...