Afternoon business highlights – December 13, 2017

Afternoon business highlights – December 13, 2017

Fares double as Christmas nears

It was a busy time at major bus stations in the city as residents keen to celebrate festivities with families upcountry struggled to secure vehicles. Long queues were seen at Easy Coach and Guardian booking offices. Fares were also expected to double up as Christmas approaches as the transport companies tried to make the most out of the festive season. Residents seeking to travel to up country are already paying dearly as all major bus companies travelling to Mombasa, Kisumu and Busia have increased fares. It now costs Sh2,000 to travel from Nairobi to Busia and other parts of Western Kenya, up from between Sh800 and Sh1,000 few weeks ago.

World Bank to stop financing oil, gas projects from 2019

The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to clean energy. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from Earth-warming fossil fuels.

In tax shift, Facebook to declare ad revenues locally

Facebook, in a bow to transparency, has announced it plans to declare certain ad revenues in the country where they are made and not in Ireland, where it has a greater tax advantage. The social networking giant said the move was in response to pressure from governments and policy makers for greater visibility into sales made in their countries.

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