Causing physical damage, business interruption or loss of revenues, civil unrest incidents are becoming a more significant risk for companies in the current environment, as reflected in the findings of the Allianz Risk Barometer 2021. In the annual global risk survey, ‘political risks and violence’ returned to the top 10 risks for the first time since 2018.
The firm expects net earnings to be at least 25 per cent lower than that reported in the last full financial year. In November 2020, the listed firm had caused jitters after releasing its half year results for 2020/21 - posting a Ksh1.7 billion loss for the period ended September 30, 2020 down from a Ksh6.7 billion profit recorded in the same period last year.
As the zero-rated transaction period lapsed on January 1, Safaricom cut low value M-Pesa transaction fees by up to 45 per cent in line with a deal agreed with the Central Bank of Kenya (CBK). Withdrawal fees remained in place.
The move notably comes amid a global conversation on imposing higher taxes on the rich - with a growing movement piling pressure on their governments to do so as a way of taming inequality and channeling resources to neglected and impoverished communities.
The firm which has interests in events, audio-visual production, sports and youth marketing saw its event division, in particular, take a hit during the pandemic as the entertainment and events sector was affected by restrictions on gatherings and the curfew.
The second-hand clothes sector in Kenya, better known as Mitumba, paid Ksh12 billion in taxes in 2019, and employs over 2 million people. A new report from the Institute of Economic Affairs (IEA) commissioned by the Mitumba Consortium Association of Kenya, offered numerous insights into the lucrative sector which continues to face threats despite its contribution to the economy.
The bill seeks to amend Section 25 of the Kenya Information and Communications Act to require anyone operating a telecommunications service to “obtain the relevant licences from the respective regulators of any industry ventured into.”
The county governments and Kenya Climate Innovation Center (KCIC) signed a memorandum of understanding (MoU) aimed at accelerating the engagement of women and youth in agribusiness activities. Women and youth self help groups were called to apply after-which their portfolios are to be vetted.
The Capital Markets Authority (CMA) has previously flagged as a big risk the dominance of five companies at the bourse, including Safaricom, as a big risk due to their influence on key market indicators. The performance of a handful of firms essentially determines the performance of the market, creating a problem for investors looking to measure the true performance of the bourse.
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