banks

New vehicle sales decline 17pc on high taxes, interest rates

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New vehicle sales decline 17pc on high taxes, interest rates

Sales of new vehicles in Kenya fell 17.66 percent in the first quarter of 2024, the sharpest drop in seven years. This decline was attributed to increased taxation, rising interest rates, and a weakened shilling. Dealers such as Isuzu, CFAO, and Simba Corporation have been struggling in a tough operating environment, with climbing interest rates and pending bills affecting demand. The Kenya Revenue Authority also increased duty on shipping cars into the country, further impacting sales. Isuzu East Africa and CFAO Motors Kenya, which control a significant portion of new vehicle sales, experienced declines in sales, while Simba Corp saw a modest increase. The falling demand for vehicles has also affected government revenues.

Putting order to the common expenses saga

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Putting order to the common expenses saga

The text discusses the issue of common expenses in buildings and the need for a common expenses association to address the problems caused by non-payment of these expenses. The association would have thousands of members and would aim to collect common expenses debts through legal means. The proposal includes the requirement for a certificate from the management committee before any property can be rented, sold, or mortgaged, and the possibility of assigning disputes to a special arbitrator.

US election will have big impact on global economy

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US election will have big impact on global economy

The US presidential elections are scheduled for November 2024 and are considered instrumental for the global economy due to the size of the US economy, the central role of the US dollar, and the country’s vast energy reserves and geopolitical importance.

UAE corporate tax: Maximise benefits by enjoying exemptions and opting reliefs

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UAE corporate tax: Maximise benefits by enjoying exemptions and opting reliefs

Certain resident juridical persons, such as government entities, government-controlled entities, businesses engaged in natural resource extraction, those involved in non-extractive natural resource businesses, and natural persons with business revenue below Dh1 million in a Gregorian calendar year, are exempt from corporate tax.

Clampdown on foreign property buyers in the north

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Clampdown on foreign property buyers in the north

Fact: The Turkish Cypriot administration is working on legal amendments to limit the number of properties that foreigners can purchase in the northern part of Cyprus.

South African election: the fall of the ANC

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South African election: the fall of the ANC

– The African National Congress (ANC) in South Africa is facing a decline in support and is expected to receive less than 50% of the vote in the upcoming election.
– The decline of the ANC has not led to the emergence of new parties with new ideas, but rather the same old parties with the same old ideas.
– South Africa remains a country with high levels of poverty and inequality, with official unemployment at 32%.
– Former president Jacob Zuma has founded a new party that is expected to attract Zulu votes and further decrease the ANC’s support.
– The Economic Freedom Fighters (EFF) party, led by Julius Malema, is polling at 11.5% and has a radical platform that includes nationalizing banks and mines.
– Malema’s best chance of gaining power may be through a coalition with the ANC.
– Despite challenges, South Africa still has resources and potential for change.

AI, ’s use in finance may need new rules, ECB says

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AI, ’s use in finance may need new rules, ECB says

The European Central Bank stated that the use of artificial intelligence in finance is still in its early stages and needs to be monitored and possibly regulated to prevent harm to consumers and ensure market functioning.

Row over Vasiliko terminal deepens

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Row over Vasiliko terminal deepens

The consortium constructing the natural gas terminal at Vasiliko accused Etyfa of not taking delivery of the vessel “Prometheas” despite it being ready since mid-January 2024.

Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

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Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

The government plans to reduce corporate tax rates in the productive sector by 2.5 percent in the upcoming fiscal year 2024-25 to encourage setting up of industries and increase tax payments.

After soft U.S. CPI, is Fed rate cut wishful thinking?

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After soft U.S. CPI, is Fed rate cut wishful thinking?

Fact: Federal Reserve chair Jay Powell indicated that officials are in no rush to cut borrowing costs.