Business News Highlights

Kenya seeks possible MoU with Greece as state moves to bolster tourism sector

Kenya may soon sign a Memorandum of Understanding with Greece as the government moves to bolster the country’s tourism sector. Ministry of Tourism Principal Secretary, Fatuma Hirsi met with Greek Delegates yesterday on the backdrop of the ongoing United Nations Conference on Trade and Development (UNCTAD) meeting. She discussed possible a Tourism MoU between Kenya and Greece.

Greece and Kenya already have a number of pre-existing bilateral treaties. Greece has an embassy in Nairobi and an Honorary Consulate in Mombasa. Kenya is represented in Greece through its embassy in Rome, Italy.

KAM urges Transport Ministry to use road maintenance taxes effectively

Kenya Association of Manufactures Chief Executive Phyllis Wakiaga has urged the Transport Ministry to effectively channel the maintenance levy recently added on fuel products on road maintenance so as to improve infrastructure in the country. Wakiaga says manufacturers are in support of investment in infrastructure as it reduces the cost of doing business but emphasised that the money needs to be used for the intended purpose.

Wakiaga says the recent surge in fuel prices will increase transport costs for manufacturers but if used properly, it could lead to better infrastructure which is good for business. Last week the Energy Regulatory Commission (ERC) effected the additional road maintenance levy rates of Sh6 per litre in the latest fuel prices review.

Equity Bank launches campus prepaid card to boost security, promote e-payments

Equity Bank has launched a MasterCard branded prepaid card for use by Maseno University students as it deepens its foray in cashlite agenda through the University’s e-payment systems. The campus prepaid card will help students receive their HELB loans, reduce the risks involved in handling cash and embrace e-payment platforms during transactions.

Deputy Vice-Chancellor for Student Affairs & Academics at Maseno University, Prof. Mary Kipsat said the smart card will go a long way in making operations of the university more efficient. The Bank has leveraged on technology to offer improved cash management services, payment security, and increased accountability, aimed at improving efficiency and reducing operational risks in higher learning institutions.

Kenya losing billions to invoice fraud

Kenya, along with a number of other developing countries, is losing as much as 67 per cent of its exports worth “billions of dollars” to invoice fraud, a report from the UN Conference on Trade and Development (UNCTAD) has revealed.

Invoice fraud or “trade misinvoicing” is the deliberate misreporting of the value of a commercial transaction on an invoice submitted to customs. These commodity-dependent countries lose valuable foreign exchange earnings, taxes and income that might otherwise be spent on development, the agency says. United Nations research analyst Jocelyne Sambira reports that trade misinvoicing is thought to be one of the largest drivers of illicit financial flows from developing countries.

KAM urges Transport Ministry to use road maintenance taxes effectively

Kenya Association of Manufactures Chief Executive Phyllis Wakiaga has urged the Transport Ministry to effectively channel the maintenance levy recently added on fuel products on road maintenance so as to improve infrastructure in the country. Wakiaga says manufacturers are in support of investment in infrastructure as it reduces the cost of doing business but emphasised that the money needs to be used for the intended purpose.

Wakiaga says the recent surge in fuel prices will increase transport costs for manufacturers but if used properly, it could lead to better infrastructure which is good for business. Last week the Energy Regulatory Commission (ERC) effected the additional road maintenance levy rates of Sh6 per litre in the latest fuel prices review.

Capital Markets Authority publishes new rules to safeguard online foreign exchange trading

The Capital Markets Authority (CMA) has published draft Capital Markets Licensing Requirements for Online Forex (foreign exchange) Brokers and Conduct of Online Forex Business Regulations 2016, to provide the requisite regulatory framework to safeguard effective and secure online forex trading in Kenya. In the new draft regulations, online forex brokers will be required to have a minimum capital of Sh50 million.

Brokers will also be expected to maintain the minimum capital at all times and to ensure that Sh40million or 80 percent of its capital is in form of cash and cash equivalents in financial instruments at all times. The new measures are intended to foster investor protection, integrity, fairness, market confidence and proper conduct by forex brokers. According to Standard Investment Bank Research, over 50,000 Kenyan investors are participating in online forex trading through foreign registered brokers who link through the Internet to access the highly liquid currency clearing centres in the USA, Europe, Japan and other countries.

 

 

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