The Kenya Revenue Authority (KRA) says it has begun processing tax waiver applications, following the June 30th deadline for filing tax returns. This is in line with the Tax Procedures Act of 2015, which allows taxpayers to apply for a wavier for penalty or interest. READ MORE..
The Kenya shilling depreciated 1.1 percent against the US dollar in July closing the month at Ksh107.7 compared to Ksh106.52 recorded on June 30. However, during the last week of July, the shilling recorded marginal appreciation to close at Ksh107.7 compared to record lows of Ksh108.13 recorded the previous week. READ MORE..
Despite the current economic slowdown, the value of mobile money transactions increased marginally in the first half of 2020 compared to the same period in 2019. READ MORE..
Reuters reports that Huawei’s big move was brought about by robust sales in its home market, China.
The company’s sales fell 5% from the same quarter a year earlier, while Samsung posted a 30% drop due to weak demand in key markets, including Brazil, the United States, and Europe.
The benchmark NSE 20 share index shed off 6.43 points to close at a multi-year low of 1797.67. According to data from the Finacial Times, the NSE 20 Share Index is at levels last seen in 2003. Over the last 12 months, the index has shed more than 30%.
Safaricom was trading at an average of Ksh 26.85 closing the day with a 4.62% share price depreciation. Safaricom saw a 93.7% foreign investor participation. Safaricom books closure was on 31st July with shareholders expecting to receive a dividend of Ksh 1.40 on 30th August.
According to the CEO, SMEs will have the opportunity to become distributors of American products, which are renown for high quality and innovativeness.
They will also benefit from Foreign Direct Investment and partnership opportunities with counterpart SMEs as well as larger U.S. companies.
“American companies wanting to do business in Kenya will be looking for partners with knowledge of the local market and supply chain systems; this is where SMEs come in,” he said.
The lender jumped 90 spots from last year’s position 844.
Equity was ranked position 62 on Capital Assets Ratio and Financial Soundness, which is an improvement of 13 spots, from last year.
The lender also ranked at position 20 overall on Return on Assets, and position 55 on Profit on Capital.
According to the publication, Return on Assets was at 3.35%; Profit on Capital was at 23% and Capital Assets Ratio was 14.56%.
Continentally, Equity was placed in position 22 of the best banks in Africa.
Kenya has made swift U-turn and added eight countries, including the US, the United Arab Emirates and the UK, to a list of those whose nationals are allowed unrestricted entry after international flights resumed Saturday.
A circular issued by Kenya Civil Aviation Authority (KCAA) on Friday said citizens of countries on the expanded list of 19 countries will be allowed entry without having to go into forced quarantine.
Academic institutions worldwide have been forced to adapt in the midst of the COVID -19 pandemic. The global pandemic has placed higher education institutions on an unfamiliar path to balance the continuity of learning and the safety of students and staff. Worldwide academic institutions remain closed. The story is the same for Kenya.
But there is a change of tack, presumably arising from the rising cases of coronavirus infections and the slow pace of preparedness on the part of the institutions.
The new development adds to the pain that coronavirus has inflicted on education and other sectors of the economy.
It is unprecedented in the history of education to have all learning institutions, right from kindergarten to university, shut for nearly a year. The only time universities were closed for long – nine months – was after the abortive 1982 coup.
