Tech-savvy employees stole at least Ksh1.5bn ($17.64m) from Kenyan banks between April 2012 and April 2013. Investigators managed to recover only Ksh530m ($6.2m). FILE

The Big Story

Fraudsters steal Ksh1.5bn from banks in one year

Posted 1 day ago

In public, banking executives in Kenya exhibit optimism that white-collar crime rates will soon come down, but in private, they are a worried lot. Latest statistics on banking fraud explain why:...

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News

East Africa countries appear to have resorted to internal efficiency to increase revenues, while at the same time seeking innovative ways to raise funds. TEA/FILE

EA states make budgets for life on a shoestring

Posted 1 day ago

Austerity is the watchword as East Africa tries to balance massive public spending needs against low internal revenues, an aid...

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News

Absence of national policies on oil and gas, and failure to make proper scrutiny of exploration companies, are to blame for the losses countries are making. TEA/FILE

Africa has the minerals; where are the dollars?

Posted 1 day ago

Just how much do the East African Community governments stand to gain from oil and gas exploration and extraction deals with...

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News

President Yoweri Museveni addresses delegates at the 2007 CHOGM in Uganda, where it is claimed the UK paid Bunyoro Kingdom $1,062 for abuses during the colonial era. Photo/FILE

Bunyoro in fresh push for compensation

Posted 1 day ago

Uganda’s Bunyoro-Kitara Kingdom is making a fresh push for compensation for land stolen from it — and abuses against its people...

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Business

Mobile operators have opposed the introduction of the new tax, effective July, saying it will hurt their margins.

Uganda’s new tax will raise calling rates, hurt integration

Posted 1 day ago

The cost of calling across the East African region could rise from July following a new tax on calls terminating in Uganda, a...

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Business

A customer at an MPesa outlet. MPesa contributed about 17pc of Safaricom’s total revenue. FILE

Safaricom to invest more in its Internet, data segment

Posted 1 day ago

Safaricom, Kenya’s largest telecom firm, is betting on its data segment as it looks for new ways to increase its earnings amid...

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Business

The NSSF building in Kampala. It is not clear yet whether the government parastatal will be the majority shareholder in Uganda Re. Photo/FILE

Rift emerges over Uganda Re stake

Posted 1 day ago

A proposal requiring Uganda insurers to cede a mandatory 15 per cent of their reinsurance business to the newly formed Uganda...

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