Business Daily africa

2023 - 1 - 9

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Absa to pay couple Sh234m for fraudulent shares sale (Business Daily)

Absa Bank Kenya has been ordered to compensate a couple more than Sh234 million over the fraudulent sale of their shares.

[By KEPHA MUIRURI](/bd/economy/president-ruto-reverts-ntsa-to-transport-ministry-4080666) [By KEPHA MUIRURI](/bd/economy/domestic-borrowing-hits-50pc-of-kenya-debt-on-foreign-loans--4080994) When the plaintiff came to court to seek justice for their shares, they did not only look at recovering the actual number of shares lost but those shares together with all the benefits that had been lost,” said the judge.

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Ruto puts Uhuru's most expensive road on hold (Business Daily)

President William Ruto has put the construction of the Sh160 billion Mau Summit highway on ice.

In September last year visiting French Minister of State for Development, Francophonie and International Partnerships, Ms Chrysoula Zacharopoulou, said it was up to Dr Ruto to decide when works on the Northern Corridor road would begin. The Kenya National Highways Authority (Kenha), which is the procuring agency, has since finalised the issue of lee ways. The new government can terminate it,” said the source, noting that the new administration might have decided to terminate it to open it to other contractors. “What remains is financial closure and that will depend on the current administration.” The International Development Association (IDA), another arm of the World Bank Group that helps poor countries, was expected to provide a partial risk guarantee for the four-lane highway, putting the World Bank in the driver’s seat of the Sh184 billion project. However, those moving from one county to the other will have to pay toll fees.

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Cytonn liquidation ordered to recover Sh14bn investor funds (Business Daily)

The High Court has ordered the liquidation of investment projects owned by Cytonn Real Estate.

CPN argued that the SPVs were being condemned without being heard. CPN was still engaging in conversions and advertising the sale of some of its assets. “It is not in dispute that Cytonn Real Estate Project Notes (CPN) is seriously ailing and the Creditors have suffered and continue to suffer as CPN is unable to pay what it owes them. CPN stated that it was owed more than Sh3 billion by the five SPVs. All of them are CYTONNS.” In opposing the application by the creditors, the Administrator argued that the only assets that CPN had were the loan notes and he had been unsuccessful in getting the repayment of the loan notes from the SPVs.

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Write your autobiography (Business Daily)

A few months ago I wrote a column about the benefits of writing a journal, including providing raw material for a possible future autobiography.

Who would want to publish your story and why? And how do we deal with negative episodes that risk us being sued for libel by the bad guys we have had to deal with? What do you believe in and why? To inspire and educate? Do we see ourselves as uninhibitedly frank, and relaxed about revealing a “tell-all” account of our life? To amuse and entertain?

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Safaricom to lose Sh2bn in call tariff cut (Business Daily)

Safaricom projects to lose Sh2 billion in the financial year ending March 2023 after the Communications Authority of Kenya (CA) cut mobile termination ...

[By KEPHA MUIRURI](/bd/economy/domestic-borrowing-hits-50pc-of-kenya-debt-on-foreign-loans--4080994) [By PATRICK ALUSHULA](/bd/economy/third-of-new-civil-servants-yet-to-declare-wealth--4080862) [By DOMINIC OMONDI](/bd/economy/ruto-puts-uhuru-s-most-expensive-road-on-hold-4081014) [By JOSEPH WANGUI & By CAROLINE WANJUGU](/bd/economy/cytonn-liquidation-ordered-to-recover-sh14bn-investor-funds--4081016) [Safaricom reveals tax fears in plan to hive off M-Pesa](https://www.businessdailyafrica.com/bd/economy/safaricom-reveals-tax-fears-in-plan-to-hive-off-m-pesa--4079976) Safaricom to lose Sh2bn in call tariff cut [Companies](/bd/corporate/companies)

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Global banks see Kenya's growth dropping below 5pc (Business Daily)

“GDP growth is seen easing in 2023 due to an ongoing drought, elevated inflation and higher interest rates,” analysts at Barcelona-based FocusEconomics, which ...

[By KEPHA MUIRURI](/bd/economy/domestic-borrowing-hits-50pc-of-kenya-debt-on-foreign-loans--4080994) [By PATRICK ALUSHULA](/bd/economy/third-of-new-civil-servants-yet-to-declare-wealth--4080862) Weather events are also a risk,” FocusEconomics’ analysts wrote in the report. [By DOMINIC OMONDI](/bd/economy/ruto-puts-uhuru-s-most-expensive-road-on-hold-4081014) [By JOSEPH WANGUI & By CAROLINE WANJUGU](/bd/economy/cytonn-liquidation-ordered-to-recover-sh14bn-investor-funds--4081016) [Why bulk of Kenyans did not feel the 7.5 percent GDP growth](https://www.businessdailyafrica.com/bd/economy/why-bulk-of-kenyans-did-not-feel-the-7-5-percent-gdp-growth-4073032)

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Stanchart stock gains big ahead of full-year results announcement (Business Daily)

Standard Chartered Bank Kenya's share price touched a new 52-week high of Sh160 on Monday.

[By KEPHA MUIRURI](/bd/economy/domestic-borrowing-hits-50pc-of-kenya-debt-on-foreign-loans--4080994) [By PATRICK ALUSHULA](/bd/economy/third-of-new-civil-servants-yet-to-declare-wealth--4080862) [By DOMINIC OMONDI](/bd/economy/ruto-puts-uhuru-s-most-expensive-road-on-hold-4081014) [By JOSEPH WANGUI & By CAROLINE WANJUGU](/bd/economy/cytonn-liquidation-ordered-to-recover-sh14bn-investor-funds--4081016) [Tycoon wins 30-year-old case against StanChart](https://www.businessdailyafrica.com/bd/corporate/companies/tycoon-wins-30-year-old-case-against-stanchart--4062834) [StanChart profit grows 10.9 pc in six months to June](https://www.businessdailyafrica.com/bd/corporate/companies/stanchart-profit-grows-10-9-pc-six-months-to-june-3916528)

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Space dilemma: Will 2023 be year of great repositioning? (Business Daily)

While real estate remains the investment option of choice, recent global and local socio-economic-politico developments have ushered in an era of ...

In addition, due to challenges with mobility, a housing complex that has basic amenities within a complex is a favourite of such as class.” In addition, cleaners, cooks and security agencies have to be employed. The residential subsector is also taking a hit and re-adjusting. “In the last couple of years, we have seen anchor tenants exit legacy buildings in Nairobi CBD. Evidence of low occupancy rates in many CBDs, including Nairobi, is quite telling. “Hilton Hotel, which was a key destination in Nairobi, has closed down.

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