Business News Archives

A Nairobi Labour Court has on Friday ordered family Bank of Kenya to pay its former MD Peter Munyiri Ksh 30 million in unpaid gratuity. Peter Munyiri who had filed a successful application before the court claimed unpaid gratuity for a five-year contract served under the institution. Family Bank of Kenya was further accused by its former MD for offering him less than what other company grouped in the same tier. The claim filed by the accuser claimed that the institution is ranked by the Central Bank of Kenya in the same tier as Housing Finance Company of Kenya (HFCK) and the National bank of Kenya (NBK) who pay gratuity at the rate of 31%. Passing the ruling was Judge Maureen Anyango who awarded Mr. Peter Munyiri Ksh 30.6 million instead of Ksh 57 Million he claimed. The 30 million was arrived at after Price Water Coopers auditors concluded that the average market rate for gratuity in the banking industry was at 18% of the gross annual basic salary. Banks such as the National Bank of Kenya are said to be paying out gratuity at the rate of 31% as they are under parastatals. Munyiri has however appealed the Ksh 30 million award as he seeks Ksh 57 million.

Family Bank ordered to pay its former MD Ksh 30 million

Companies Slavian Mwangecho - June 15, 2019

A Nairobi Labour Court has on Friday ordered family Bank of Kenya to pay its former MD Peter Munyiri Ksh 30 million in...

Petrol and diesel prices go up in latest EPRA review

Economy Slavian Mwangecho - June 14, 2019

Energy and Petroleum Regulatory Authority of Kenya, EPRA has reviewed pump prices of petroleum products which will take effect from Saturday 15th June.

Bank of Uganda advises the public to be vigilant of the Kenyan currency

Economy Slavian Mwangecho - June 12, 2019

Bank of Uganda has warned the general public from transacting in the Kenyan currency following the issuance of the new series bank notes.

Bank of Tanzania freezes exchange of new notes

Economy Slavian Mwangecho - June 10, 2019

Kenyan neighboring Bank of Tanzania has frozen the exchange of the new notes with immediate effect. The new regulations follow...

DP William Ruto receives the historic serial number 2 currency

Economy Berryl Achieng - June 7, 2019

Deputy President, DP William Ruto has received the historic serial number two from the Central Bank of Kenya (CBK) Governor Patrick Njoroge.

Treasury Cabinet Secretary (CS) Henry Rotich has announced the appointment of James Githii Mburu as the new Kenya Revenue Authority (KRA) commissioner. In a gazette notice on Thursday James Githii Mburu will serve for a period of five years effective July 2019. The incoming KRA commissioner will be taking over from John Njiraini who has been at the helm of Kenya’s revenue body since March 2012. 30 Kenyans had applied for the position when it was advertised back in April and the list saw a final shortlist of five candidates. The five candidates included; Julius Waita Mwatu, Richard Buru Ndung’u, Andrew Kazora Okello, Duncan Otieno Onduru and James Mburu himself.

James Mburu takes over from John Njiraini as KRA commissioner

Companies News Moto - June 6, 2019

Treasury Cabinet Secretary (CS) Henry Rotich has announced the appointment of James Githii Mburu as the new Kenya Revenue Authority (KRA) commissioner.

CBK Governor Patrick Njoroge re-appointed by President Uhuru

Economy News Moto - June 6, 2019

CBK Governor Patrick Njoroge has been re-appointed for the second term by President Uhuru Kenyatta. The Central Bank of Kenya...

Kenya Airways suspends flights to and from Khartoum

Companies News Moto - June 5, 2019

Kenya’s leading airline Kenya Airways has suspended its flights to and from Sudan following the uncertain situation at Khartoum International Airport.

MP Simon Mbugua moves to court to challenge the new currency

Economy News Moto - June 3, 2019

East Africa Legislative Assembly (EALA) MP Simon Mbugua has moved to court to challenge the roll out of the new generation currencies.

EABL new mothers to get up to six months of maternity leave

Companies News Moto - May 29, 2019

East African Breweries (EABL) is set to reward its female employees with up to 6-months of maternity leave. The new...

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