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Safaricom’s  founding chief executive, Michael Joseph, has revealed that he sold off his entire shareholding in the company to fund the construction of his retirement home. Earlier regulatory filings showed that Mr Joseph — who currently serves at the interim CEO of Safaricom following the death of Bob Collymore last yearContinue Reading

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The Immigration department will start issuing passports on the same day of application starting July 1, 2020, officials have said. Interior Cabinet Secretary Fred Matiang’i said applicants of identity cards, birth and death certificates will also have their documents processed in a day. The new changes, however, apply only toContinue Reading

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Kenya risks liquidity problems due to the falling capacity of commercial banks to continue financing the large budget deficit with the removal of the rate cap also likely raising borrowing costs for the Treasury. Moody’s said in its 2020 outlook on Africa Treasuries that the borrowing cost will go upContinue Reading

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The Safaricom   stock hit a historic peak last Friday, closing at a high of Sh32.80 per share on Friday, thereby swelling investor wealth eightfold since its listing on June 9, 2008, inclusive of dividends. Shareholder wealth as measured by market capitalisation has now touched Sh1.314 trillion, representing an increase of aContinue Reading

A High Court judge has suspended a directive by the Capital Markets Authority (CMA) barring Cytonn Asset Managers from bringing in new clients. Justice Grace Nzioka on the eve of the New Year also directed the parties to appear before her on January 17 to argue the matter. In aContinue Reading

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The government has published fresh rules restricting advertisement hours by betting firms in a signal of yet another tough ride for sector players this year after a tumultuous 2019. The Betting Licensing and Control Board (BLCB) has pushed all TV betting adverts to the hours between 8pm and 6am duringContinue Reading