MaDaFu Newspaper

Today’s News Highlights

▪ Bank CEOs summoned over costly loans, cheap deposits
The Central Bank of Kenya (CBK) will this week step up pressure on commercial banks to cut lending rates at a crunch meeting with chief executives of top lenders who have started lowering interest on savings.

▪ Unclaimed cash, shares and dividends cross Sh75 billion
Unclaimed cash, shares and dividends surrendered to a State agency have crossed the Sh75 billion mark, reflecting the difficulty in reuniting the idle wealth as investors, including tycoons, show disinterest in reclaiming the assets.

▪ CBK to regulate buy-now-pay-later firms in Bill
The Central Bank of Kenya (CBK) will now determine the prices charged by buy-now- pay-later (BNPL) companies if proposed amendments to the law are passed by Parliament.

▪ Sanlam seeks Sh3.2 billion from shareholders to pay Stanbic loan
Sanlam Kenya plans to raise Sh3.25 billion from its shareholders to settle a Stanbic Bank Kenya loan and rescue the company from liquidity challenges.

▪KenGen gets Sh1.43 billion tax waiver
The Kenya Revenue Authority waived Sh1.43 billion in accumulated taxes by Kenya Electricity Generating Company (KenGen) following a review between the two State-run entities and a partial tax which ended June 2024, ending a decade-long dispute.

_Courtesy: Business Daily_

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Today’s News Highlights

▪ State firms default on Sh266 billion Treasury-backed loans
Public institutions have defaulted on loans worth Sh266.5 billion, meaning the Treasury will step in to settle their obligations.

▪ KenGen earns Sh4bn from carbon credit sales
Electricity producer KenGen is set to receive $32.05 million (Sh4.14 billion) by January from the sale of its certified emission reductions (CERs), offering a sneak peek into the lucrative market of climate change initiatives.

▪ Foreigners buy extra Sh663 million KCB Group stake from local investors
Foreign investors purchased an additional 16.87 million KCB Group shares currently valued at Sh663.96 million in the three months ended September 2024, chipping away at the stake of locals.

▪ Suspect in Sh1.5bn Equity heist arrested from China
A man linked to the Sh1.49 billion heist at Equity Bank has been seized by detectives after jetting back from China where he had reportedly gone into hiding after receiving part of the loot in hard cash.

▪KRA raids Chinese cigarette marketers in tax fraud probe
Kenya Revenue Authority (KRA) investigators have raided offices and warehouses belonging to the local agents of the world's largest cigarette producer from China, as part of a preliminary probe of suspected tax fraud.

_Courtesy: Business Daily_