FINANCE EA DAILY BUSINESS NEW SUMMARY
M-Pesa monthly users cross 30 million mark
Safaricom’s M-Pesa users have crossed the 30 million mark as traders accepting payments through Lipa na M-Pesa double, cementing the firm’s dominance in digital transactions in the country. The telco’s chief executive Peter Ndegwa announced Thursday that Kenya accounted for more than 30 million of the platform’s 51 million customers across the region…Nation
Breakthrough for Keroche? KRA 'invites' brewer for talks
The Kenya Revenue Authority (KRA) has blinked first in the tax dispute with Keroche Breweries, agreeing to meet company officials to address the standoff. Speaking on Citizen TV on Wednesday evening, Keroche boss Tabitha Karanja said KRA Commissioner-General Githii Mburu had contacted the firm to propose a meeting, which is expected to help resolve a tax dispute that has been brewing for months…Nation
Exports fuel fast increase raises fears of dumping
The Kenya Revenue Authority (KRA) has flagged a suspicious spike in the shipment of fuel meant for exports amid fears that marketers are dumping the cargo in the local market to evade taxes. KRA Commissioner for Customs and Border Joseph Kaguru raised the red flag after oil marketers increased the share of fuel targeted for sale in neigbouring countries while cutting the portion for local consumption.
Fuel labelled for exports accounted for 56 percent of cargo in three ships that docked at the port of Mombasa last month, raising the alarm bells at KRA…Business Daily
Animal feeds to get costlier as war locks out Ukraine’s yellow maize
Traders are stuck with permits for the importation of yellow maize, even as the price of animal feeds hit an all-time high. Imports have been hindered by high prices of non-GMO maize in the market and war in Ukraine, where the animal feed manufacturers were targeting as the only source market. The government had issued permits to selected processors and traders in November last year on the condition that they import yellow maize that is 100 percent non-GMO…Business Daily
Tea auction prices fall to 14-month low
Tea prices at the weekly Mombasa auction have dropped to a 14-month low, pushed by reduced demand from key global markets. This includes Russia, which takes up five per cent of the total teas sold through the auction. This week, a kilo fetched $2.30 (Sh262.50) down from $2.46 (Sh280.76) last week…The Star
It is a charcoal and gas balance as fuel costs rise
Just two days after her three children came home for school break, Mary, a Nairobi resident says she has to buy a charcoal jiko for her cooking needs. She has been using a 13 kilogram gas cylinder to cook for years, but with the price increase, has shifted to charcoal hoping it will provide an affordable alternative. This is the plight facing millions off Kenyans currently struggling to make ends meet, amid a rising cost of living…The Star