Summary Of The Business Daily Newspaper
Page 1: Report on a central bank disclosure states that hackers stole a record Sh1.59 billion from Kenyan banks last year, with mobile banking being the hardest hit as criminals siphoned off Sh810.68 million.
Page 2: Reports indicate that Kenya will issue a pioneering Sh1 billion debt-for-food swap deal with the World Food Programme in March 2026 to ease its debt burden by investing in food security programmes.
Page 4: Reports show that Nairobi’s collections from fire inspection fees, market rates, and parking dropped significantly in the year to June 2025 due to violent protests, though a rise in other areas led to a marginal overall revenue increase.
Page 5: Reports state that Kenya has signaled it is open to buying electricity from Ethiopia’s new Nile dam and has offered to mediate disputes over the river’s use.
Page 6: Reports indicate that the Court of Appeal has declined an application to stop the auction of an edible oil factory owned by Convex Commercial Logistics, upholding a ruling that allows Stanbic Bank to recover a Sh2 billion debt.
Page 8: Reports state that African leaders, at a climate summit in Ethiopia, aim to offer a global model for tackling the climate crisis through green investments, with development and commercial banks signing a deal to mobilise up to $100 billion for renewable energy projects.
Page 10: Reports explain that Kenya’s self-assessment tax system relies on voluntary compliance, but tax evasion by some individuals and companies severely diminishes government revenues, making a robust enforcement function by the KRA imperative.
Page 14: Reports indicate that Kenya is preparing to roll out Advance Pricing Agreements (APAs) on January 1, 2026, a new regime aimed at providing predictability for multinationals in cross-border transactions and taming transfer pricing disputes.
Page 24: Reports state that Kenya is preparing for a major shift in tax administration with the rollout of Advance Pricing Agreements (APAs) on January 1, 2026, aimed at preventing transfer pricing disputes and bringing predictability to cross-border transactions for multinationals.