- NAIROBI, Oct. 19 (Xinhua) — Kenya has accumulated about one billion U.S. dollars in foreign exchange reserves over the past few weeks, raising the total to a record high of 8.49 billion dollars as of Thursday, the Central Bank of Kenya (CBK) said in an update released on Friday evening. According…
- HOUSTON, Oct. 19 (Xinhua) — SB Energy Global said on Friday that its major solar project in Texas has begun commercial operations, which will help power Google data centers as the tech giant’s largest solar energy investment worldwide. The Orion Solar Belt, one of the largest solar projects in the…
- NAIROBI, Kenya, Oct 19 – The Milimani High Court has granted a 120-day temporary injunction to TransCentury Plc in its case against Equity Bank. The injunction was issued on Friday by Justice Alfred Mabeya. During this period, Equity Bank will be restrained from exercising its rights under the…
- NAIROBI, Kenya, Oct 19 – Kenyan tour company Twiga Tours won three prestigious awards at the World Travel Awards yesterday evening. The company was recognized as Africa’s Responsible Tourism Award 2024 winner, Kenya’s Leading Safari Company 2024, and Tanzania’s Leading Safari Company 2024.…
- NAIROBI, Kenya, October 19 – Stanbic Bank has announced that its online banking platforms will be unavailable until Monday due to system maintenance. In a statement, the bank indicated that the upgrade, which began last night, will continue until Monday at 9:30 PM. “Our branches will operate as…
- OTTAWA, Oct. 18 (Xinhua) — The Canadian federal government said Friday that businesses can now request remission of surtaxes on electric vehicles (EVs), steel and aluminum imported from China. The finance ministry said in a news release that remission will provide relief from surtaxes or refunds of…
- NAIROBI, Kenya, Oct 18 – The Central Bank of Kenya (CBK) has revealed a net deficit of Sh24.34 million for the financial year ending June 30, 2024, according to a report released by the Auditor General Nancy Gathungu. This is a stark contrast to the net surplus of Sh150 million recorded in the…
- OCT 18 – Fraud cases have risen by 16% with con artists stealing more than £3m a day, according to figures from the banking industry. Criminals have particularly targeted victims by tricking them out of their one-time passcodes, trade body UK Finance said. Despite the increase in reported cases,…
- NAIROBI, Kenya, Oct 18 – SBM Bank Kenya is targeting investors with its Platinum Saver Account, offering an attractive 11% annual return on savings exceeding Sh100,000. For savers with investments below this threshold, the account offers a 4% interest rate. The Kenya-shilling denominated facility…
- OCT 18 – Workers at Meta have reportedly been sacked for abusing the tech firm’s meal voucher system, such as using it to buy toothpaste and washing powder. Other breaches of the policy included sharing the vouchers with others or going over budget, according to people who said they work at Meta.…
- NAIROBI, Kenya, Oct 18 – Kenya’s Small and Medium Enterprise (SME) sector is projected to recover slowly in the face of an increased tax regime. Speaking at The Big Baraza Annual Conference, SNDBX International CEO Joram Mwinamo noted that many SMEs are struggling to remain operational as the cost…
- OCT 18 – China’s economy expanded in the third quarter at the slowest pace since early last year, as the country struggles to boost flagging growth. On an annual basis, gross domestic product (GDP) rose by 4.6% in the three months to the end of September, according to China’s National Bureau of…
- OCT 18 – Netflix is starting to raise prices in some countries as growth spurred by its crackdown on password sharing starts to fade. The film and TV streaming giant said it had already lifted subscription fees in Japan and parts of Europe as well as the Middle East and Africa over the last month…
- NAIROBI, Kenya Oct 18 – The Central Bank of Kenya (CBK) has announced plans to roll out the financial sector-wide interoperable solution that will enable instant transfer of payments across the entire financial industry. This follows formation of a CBK-Industry Technical Working Group (TWG)…
- TOKYO, Oct. 18 (Xinhua) — Japan is projected to face a labor shortage equivalent to 3.84 million workers by 2035, translating to 17.75 million hours of unfilled labor daily, local media reported. Despite an expected increase in the overall workforce, the labor shortage is forecasted to expand by 1.…
- NAIROBI, Kenya, Oct 18 – Saccos have been urged to enhance their technological infrastructure and train staff to better defend against the rising number of cyberattacks in the country. Herbert Njoroge, Manager of PricewaterhouseCoopers Kenya Legal Business Solutions Unit, emphasized the importance…
- NAIROBI, Kenya Oct 15 – 50/50 Women on Boards (WOB), the global nonprofit advocating for gender balance and diversity on corporate boards, has officially launched its inaugural African chapter in Nairobi, Kenya. This significant expansion aims to promote gender equality in corporate governance and…
- OCT 17 – The State Department of Labour and Skills Development, part of the Ministry of Labour, has announced a partnership with Corporate Career Academy (CCA), the East African Business Council (EABC), and other stakeholders to co-create, convene, and co-host the 2nd Annual East African…
- By Herbert Njoroge OCT 17 – Savings and Credit Cooperatives (Saccos) in Kenya have been instrumental in empowering communities and fostering economic growth. They have a significant impact on national savings and contribute immensely to Kenya’s Gross Domestic Product. By pooling resources, Saccos …
- HELSINKI, Oct. 17 (Xinhua) — Finnish telecommunications company Nokia reported a comparable operating profit increase of 9 percent, rising to 454 million euros (491.5 U.S. dollars) in the third quarter of this year, while net sales dropped 8 percent year-over-year to 4.33 billion euros. “Three-…
- SINGAPORE, Oct. 17 (Xinhua) — The non-oil domestic exports (NODX) in Singapore grew 2.7 percent year-on-year last month, following the 10.7 percent expansion in August, the government agency Enterprise Singapore said Thursday. Both electronic NODX and non-electronic NODX continued growth in August…
- NAIROBI, Kenya, Oct 17 – The European Investment Bank (EIB Global) has committed Sh16 billion for onwards lending to small and medium enterprises (SMEs), youth, and women in Kenya. As part of the deal, KCB Bank Kenya will match a similar amount into the initiative. The ‘Investing in Young…
- NAIROBI, Kenya,Oct 17 – The government has so far constructed 124,000 affordable housing units, according to government spokesperson Isaac Mwaura. Mwaura emphasized that the housing program will soon expand to all 290 constituencies across Kenya, with the aim of providing decent housing for…
- NAIROBI, Kenya, Oct 17 – The SICPA has asserted that its Fuel Integrity Solution (FIS) technology has enabled governments from different parts of the world to mitigate fraudulent activities existing in fuel supply chains. FIS is an integrated fuel marking solution that provides traceability,…
- NAIROBI, Kenya, Oct 17 – Three Kenyan entrepreneurial teams are among the 10 teams across 30 countries that have advanced to the Semifinalist Round of the Milken-Motsepe Prize in FinTech. The Kenyan teams include AZA Finance, Chumz, and Pay Cloud by Lipa Later. Other teams from other countries…
- NAIROBI, Kenya, Oct 17 – Terre des Hommes Netherlands (TdH NL) has unveiled its new ListenUp! Global Strategy, which aims to prevent and stop the exploitation of children by 2030. The strategy, launched during the ‘Better Together’ Africa Region Strategy Launch event, focuses on empowering children…
- TOKYO, Oct. 17 (Xinhua) — Tokyo stocks continued to decline on Thursday as selling pressure on semiconductor-related stocks persisted due to concerns of sluggish demand. Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, fell 0.69 percent, or 269.11 points, to close at 38,911…
- NAIROBI, Kenya, Oct 17 – DStv’s subscriber base grew by 1.4 percent to 1.196 million in the second quarter (Q2) of 2024, compared to Q1, despite recent increases in subscription charges. According to data from the Communications Authority of Kenya (CA), pay customers stood at 1.179 million in the…
- NAIROBI, Kenya, Oct 17 – Companies producing bread, maize flour, and milk could soon stop receiving tax refunds from the National Government, following a new proposal by the Treasury to shift these goods from the VAT zero-rated list to the exempt category. Currently, firms enjoying zero-rating can…
- OCT 17 – The US Federal Trade Commission (FTC) has adopted a ‘click to cancel’ rule, which aims to make it easier for people to end subscriptions. It will force companies to make subscription sign-ups and cancellations equally straightforward. Businesses, including retailers and gyms, will also…
- OCT 17 – In the past 24 hours I’ve written more than 100 WhatsApp messages. None of them were very exciting. I made plans with my family, discussed work projects with colleagues, and exchanged news and gossip with some friends. Perhaps I need to up my game, but even my most boring messages were…
- PARIS, Oct. 16 (Xinhua) — Clean energy growth and shifts in the global economy are poised to slow energy demand growth, bringing the world to a pivotal point where demand for fossil fuels will peak by 2030, the International Energy Agency (IEA) said on Wednesday. In its World Energy Outlook 2024,…
- NAIROBI, Kenya Oct 16 – Junior Secondary School (JSS) teachers will be gradually employed from January 2025 as one of the Treasury’s measures to improve and support the education sector. According to National Treasury Cabinet Secretary John Mbadi, there is funding in the budget for employing the…
- NAIROBI, Kenya, Oct 16 – The National Cancer Institute has stressed the need for the increase and improvement of palliative care resources in the country. Palliative care is an approach that improves the quality of life of patients (adults and children) and their families who are facing problems…
- NAIROBI, Oct. 16 (Xinhua) — The Kenyan banking sector, under the umbrella of the Kenya Bankers Association (KBA), on Wednesday pledged 450 billion Kenyan shillings (about 3.48 billion U.S. dollars) to support micro-, small-, and medium-sized enterprises (MSMEs) over the next three years, starting…
- NAIROBI, Kenya, Oct 16 – More than half (52.79 percent) of Kenya’s total credit in the first quarter (Q1) of 2024 was issued through mobile loans, surpassing traditional loans from brick-and-mortar facilities, according to the TransUnion Kenya Q1 Market Analytics Report. The report highlights that…
- NEW DELHI, Oct. 16 (Xinhua) — Nearly 4.92 million employees of India’s government on Wednesday got a 3-percent salary hike in Dearness Allowance (DA) to compensate them against the price rise. Besides, 6.49 million pensioners received a 3-percent hike in Dearness Relief (DR). The increased DA and…
- LONDON, Oct. 16 (Xinhua) — Britain’s consumer prices index (CPI) rose by 1.7 percent in the 12 months to September 2024, down from 2.2 percent in August, official data showed on Wednesday. The CPI inflation rate was at its lowest level since April 2021, according to the Office for National…
- NAIROBI, Kenya, Oct 16 – Banks are facing increasing pressure to lower interest rates after the Central Bank of Kenya (CBK) recently slashed the benchmark rate by 75 basis points to 12 percent with an aim of boosting credit uptake, which has been hindered by high borrowing costs. Treasury and…
- NAIROBI, Kenya, Oct 16 – Beauty company L’Oréal, in collaboration with Kenyan beauty brand Lintons, has unveiled the Lintons Hair Academy by L’Oréal in Nairobi. The institution aims to revolutionize hairdressing education by offering a comprehensive curriculum, advanced facilities, and a strong…
- NAIROBI, Kenya, Oct 16 – Capital A Investment Bank, previously known as Securities Africa Kenya Limited, has rebranded after recently receiving an investment bank license from the Capital Markets Authority (CMA). Initially, the investment bank operated as a stockbroker and now provides tailored…
- NAIROBI, Kenya Oct 16 – Safaricom has unveiled a new application that will enable Saccos across Kenya to efficiently manage a growing and diverse membership base. The My Sacco App, an easy-to-use application, will now allow Sacco members access to a wider service offering, with the platform having…
- HELSINKI, Oct. 16 (Xinhua) — Finnish energy company Fortum has successfully produced biodegradable plastic from carbon dioxide (CO2) emissions from waste incineration, the company said Tuesday. This marks the first successful production of biodegradable plastic entirely from CO2 emissions, reducing…
- NAIROBI, Kenya, Oct 16 – Roam Air, an African-made electric motorcycle, has completed a 6,000-kilometer solar-powered journey from Nairobi, Kenya, to Stellenbosch, South Africa. The expedition highlights African ingenuity and sustainable innovation, with a focus on Kenya’s leadership in clean…
- NAIROBI, Kenya, Oct 16 – Stakeholders in the security industry have underscored the importance of innovation and technology in enhancing online safety for Kenyans. This comes on the back of the ongoing Securexpo East Africa held in Nairobi ,amid rising cybersecurity threats alongside a significant…
- NAIROBI, Kenya, Oct 18 – Speakers at Diamond Trust Bank’s Sustainability and Economic Forum have called for urgent action to finalise regulations governing Kenya’s carbon markets, emphasising that the country could potentially earn billions from global carbon credit sales. According to one of the…
- NEW YORK, Oct. 16 (Xinhua) — U.S. stocks ended lower on Tuesday, as traders sifted through the latest corporate earnings reports. The Dow Jones Industrial Average fell 324.80 points, or 0.75 percent, to 42,740.42. The S&P 500 sank 44.59 points, or 0.76 percent, to 5,815.26. The Nasdaq Composite…
- NAIROBI, Kenya, Oct 15 – Kenya is witnessing a significant transformation driven by the rapidly growing population of tech-savvy youth. Smartphones are at the heart of this shift, powering everything from content creation to music and gaming. In a country where the digital economy is quickly…
- BRUSSELS, Oct. 16 (Xinhua) — European Union (EU) Energy Commissioner Kadri Simson announced that the EU is ready for the possibility of no Russian gas flowing through Ukraine when the current transit contract expires at the end of the year. “Central and Southeastern Europe have diversified their…
- NAIROBI, Kenya, Oct 16 – The Kenya Electricity Transmission Company Limited (KETRACO) has assured that any person affected by the Adani Energy Solutions Limited (AESL) power project will be compensated. In a statement, KETRACO said that all the project-affected persons will be compensated for…
