Charles Mwaniki

Kenya

Business Writer at Business Daily Africa

Business writer @BD_Africa NMG. Views are own though.

Articles

NSE stocks gain Sh121bn on easing of tariff wars

1 month ago | businessdailyafrica.com | Charles Mwaniki

The Nairobi bourse added Sh121.2 billion in investor wealth in the past one week to hit Sh2.115 trillion, as it joined a global equities rally that has followed a truce between the US and China in their tariff war, which had raised fears of recession. The gains were backed by improved demand for blue chip shares, favoured by foreign investors, who recorded net purchases worth Sh246.2 million last week, breaking a run of weekly net selling that stretched back to the beginning of April.
Fall in T-bill rates eases as bidders seek higher returns

1 month ago | businessdailyafrica.com | Charles Mwaniki

The steady decline in Treasury bill interest rates has eased off over the last four weeks, indicating that investors are reluctant to accept lower returns amid an upward revision of the government’s borrowing target and below par tax collection. Central Bank of Kenya (CBK) data on the weekly auctions shows that the rate on the 364-day T-bill has declined only marginally from 10.02 percent to 10 percent over the period, having fallen from 10.5 percent in the previous month.
Scangroup issues alert as ex-executives poach key client Airtel

1 month ago | businessdailyafrica.com | Charles Mwaniki

Listed marketing firm WPP ScanGroup was on Wednesday forced to issue a cautionary notice to investors after its former staff snatched its top client, Airtel Africa, in a shift that could derail the turnaround of the firm. The firm, in a public notice, said its subsidiary, Ogilvy Africa, had parted ways with Airtel Africa after 15 years of acting as the marketing and advertising agency of the telecoms operator across the continent.
Umeme hints at lifting of share trading suspension

1 month ago | businessdailyafrica.com | Charles Mwaniki

Cross-listed company Umeme has raised hopes of a return to trading at the Nairobi and Kampala bourses next month after holding negotiations with the Ugandan government over the disputed payout amount accruing from its power distribution concession that ended in March.
Fired Kuscco bosses took Sh192m insider loans

1 month ago | nation.africa | Charles Mwaniki

Dismissed executives and directors of the Kenya Union of Savings and Credit Co-operatives (Kuscco) held insider loans worth Sh192.8 million from the unregulated institution at the time of their exit, the Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises Wycliffe Oparanya has disclosed.
Scangroup issues alert as ex-executives poach Airtel

1 month ago | businessdailyafrica.com | Charles Mwaniki

Listed marketing firm WPP ScanGroup was on Wednesday forced to issue a cautionary notice to investors after its former staff snatched its top client, Airtel Africa, in a shift that could derail the turnaround of the firm. The firm, in a public notice, said its subsidiary, Ogilvy Africa, had parted ways with Airtel Africa after 15 years of acting as the marketing and advertising agency of the telecoms operator across the continent.
Aggressive pension schemes miss out on high bond prices

1 month ago | businessdailyafrica.com | Charles Mwaniki

Pension funds that carry a higher exposure to equities and offshore assets saw their returns in the first quarter of the year trail their fixed income-oriented peers by 2.4 percentage points after the sharp rise in bond prices rewarded those holding the securities. Analysis by fund administrator Zamara shows that in the period, the average return from fixed income assets stood at 7.9 percent, with equities at 4.8 percent and offshore assets at negative 5.3 percent.
Tax waivers in amnesty drive hits Sh165bn in four months

1 month ago | businessdailyafrica.com | Charles Mwaniki

The volume of tax debts waived under the Kenya Revenue Authority (KRA) amnesty plan hit Sh165 billion between last December and April as businesses and individuals rushed to take advantage of the window before it closes on June 30. The KRA says more than three million taxpayers with overdue obligations have taken up the amnesty offer initially rolled out between September 2023 and June 2024, before the second phase opened last December.
What’s keeping the shilling at 129 to the dollar for nine months

1 month ago | businessdailyafrica.com | Charles Mwaniki

The shilling has remained stable at about 129 against the US dollar for nearly nine months, underlining the central bank’s extended bid to keep the local currency at that level. The shilling was quoted at an average of 129.26 against the dollar on Monday, according to the official Central Bank of Kenya (CBK) rates, marking little change since August 17, 2024 when it exchanged for 128.91.
KRA revenue up 3.6pc to Sh1.9trn

1 month ago | nation.africa | Charles Mwaniki

The Kenya Revenue Authority (KRA) defied tough economic conditions facing businesses and households to grow tax collections by 3.6 percent to Sh1.91 trillion in the 10 months to April 2024. The tax revenue collected on behalf of the national government was equivalent to 95 percent of the target of Sh2.006 trillion for the 10-month period, reflecting the effects of the economic headwinds that slowed down private sector activity, imports and exports.