The High court has extended orders suspending the government plan to impose a 1.5% housing levy on salaries of all employees as a contribution to the National Housing and Development Fund. The court on Monday extended the order to May 27, 2019. The order was issued on March 18 following a petition filed by the Central Organisation of Trade Unions (COTU). READ 1.5pct Affordable Housing Levy to Take Effect in May According to the Ministry of Transport, Infrastructure, Housing, Urban Development and Public Works in Kenya employers need to deduct 1.5% of their staff salaries as housing levy and submit…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
East Africa’s Got Talent Show (EAGT) by Safaricom kicked off its pre-auditions, at Nyali School, Mombasa County on Monday. The gates were opened to the public as from 6.00am which saw hundreds of participants turn up from diverse cultures, social background, and age set showcasing their talents with the hope of been selected and proceed to the next stage to be held in Nairobi. The Nairobi auditions will be held next month at the KICC on June 1st and 2nd 2019. “We believe East Africa has a lot of talent and look forward to showing the world what amazing skills…
Social enterprise firm Sistema.bio, the largest biogas company in Africa, has announced plans to impact 100,000 farmers in Kenya with biodigester technology over the next three years. The move comes following the closure of Serie A Investment round worth KShs 1.2 billion to drive Kenya growth. The round was led by international investors ENGIE RDE, EU Electrifi Fund, AlphaMundi, Triodos-Hivos Fund, Dila Capital, EcoEnterprises and other impact and commercial investors. Sistema.bio Co-Founder and CEO, Alex Eaton noted that Kenya’s focus on food security within the Big Four Agenda creates great opportunities for agricultural investments and clean energy. “Sistema.bio is assembling…
Kenol-Kobil has been dropped from the two main indices of the Nairobi Securities Exchange and replaced with Kenya Airways and Total Kenya. This follows the approval by KenolKobil board and Capital Markets Authority for the French firm Rubis Energie to take over the oil marketer. A statement from the NSE said the company has been replaced in the 20 and 25 share indices by Kenya Airways and Total Kenya respectively. “The market index is reviewed periodically to ensure that it reflects an accurate picture of market performance,” a statement by NSE said. Total Kenya is the only oil marketer whose…
Michael Joseph and Dr. Kamau Thugge will next month seek the approval from shareholders of Kenya Airways PLC (KQ) to continue serving as board chairman and Non-Executive Director respectively. “Mr Joseph, aged over 70 years, retires in accordance with Article 69 of the company’s Articles of Association, and being eligible, offers himself for re-election,” said the airline in the notice. In a public notice Friday, KQ called upon its shareholders to its 43rd Annual General Meeting on June 10, in which part of the business will include the election of directors and the approval and adoption of its Company’s audited…
Maisha Microfinance Bank, licensed by the Central Bank of Kenya as a nationwide microfinance bank, is seeking KSh 1 billion as a capital injection to cushion it against potential effects of IFRS9 loan provision requirements. According to a statement from the lender, the new capital will be set aside for “anticipating risky loans” as well as investing in technology and funding growth in the business. “The Bank requires adequate capital to roll out an expansive portfolio of innovative and customer-led products and services. To this end, the Bank initiated a standard regulatory procedure with the intent to recapitalize the bank,”…