Author: David Indeje

PricewaterhouseCoopers LLP is investing $12 billion across its global business over the next five years to support audit quality.  “The approach to building trust is designed to meet rising expectations of transparency and stakeholder engagement. It combines expertise in audit, tax, and compliance activity with an expansion of specialist capabilities including cybersecurity, data privacy, ESG and AI,” the group said in an emailed statement.  As a result, it aims to create over 100,000 new jobs. As well as continuing to develop the skills of partners and employees. At present, the firm employs about 284,000 people globally. “We will continue to…

Kenyan retailers will now be required to pay suppliers interest on delayed payments in new rules published by the Competition Authority of Kenya (CAK). The new rules are contained in the Retail Trade Code of Practice. “A retailer shall pay interest for delayed payments. The interest rate payable shall be agreed by the retailer and supplier in their Joint Business Plan or Supplier Agreement.” “A retailer shall pay any undisputed amount in the Statement of Account after the clarifications, in accordance to the terms stipulated in the Supply Agreement or Joint Business Plan as issues of any disputed amounts are…

The Ethiopian Government on Monday invited bids for a 40 per cent stake in State-owned carrier Ethio Telecom to private investors through a tender process. Through a statement issued by the ministry of finance, Ethiopia is now ready to release an Expression of Interest for the sale of 40 per cent of shares in the state-owned telecommunications company. “The government want(s) State-owned enterprises to be competitive and productive,” Zinabu Yirga, Deputy Director of Public Enterprises Holding and Administration Agency said during a press conference. Interested parties have 30 days to respond with an expression of interest in the company. The…

Petrol price in Kenya was hiked by KSh 0.77 per litre in the latest fuel prices review on Monday. The Energy and Petroleum Regulatory Authority (EPRA) said Kerosene and diesel prices remain unchanged. The changes take effect from midnight of 15th June 2021 to 14th July 2021 inclusive of the 8 per cent VAT in line with the provisions of the Finance Act 2018, the Tax Laws Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020. With the change, super petrol will now retail at Sh127.14 in Nairobi, Sh124.72…

TransCentury PLC  has received its shareholder’s approval to increase the share capital of the Company from KSh 600 Million into one billion two hundred million (1,200,000,000) ordinary shares of KSh 0.50 each. This will be through the creation of an additional two billion ordinary shares of a par value of KSh 0.50 each. The shareholders gave the approval in its Annual General Meeting held on 10th June 2021. The proposed rights issue will be on the basis of 5 new shares for every one ordinary share held, subject to provisions of the Company Act 2015, the firm’s Articles of Association…

Kenya’s hospitality sector has been one of the worst-affected sectors amid the Covid-19 pandemic due to reduced demand for hospitality facilities and services. The latest data from the Central Bank of Kenya shows that local guests continue to help the tourism sector rebound from the blow by the pandemic. The Monetary Policy Committee Hotel Survey-May 2021, a survey that was intended to assess the extent of the recovery of the hospitality industry as a result of the COVID-19 pandemic found out that local guests accounted for 84.0 per cent and 85.0 per cent of accommodation and restaurant services, respectively in…