- NEW DELHI, May 24 (Xinhua) — Zee Entertainment Enterprises Ltd. (ZEEL), an Indian media and entertainment company, has demanded a termination fee of 90 million U.S. dollars from the Sony Group for calling off a 10-billion-dollar merger deal in January this year, company officials said Friday. In a…
- NAIROBI, Kenya, May 2National Bank of Kenya’s (NBK’s) pre-tax profit grew 217 percent to Sh535 million in the three months to March 2024 compared to a similar period last year, boosted by an increase in operating income. The lender’s profit before tax stood at Sh169 million between January and…
- WINDHOEK, May 24 (Xinhua) — Namibia has secured over 100 million U.S. dollars in financing to support the construction of a 40-MW biomass power station. The southern African nation on Friday signed a loan agreement, an engineering, procurement and construction (EPC) contract, and other key…
- NAIROBI, May 24 (Xinhua) — Kenya’s foreign exchange reserves shrank by a record 191 million U.S. dollars this week, falling below the 7 billion-dollar mark to stand at 6.98 billion dollars on Friday, the central bank said in its update on financial markets. The Central Bank of Kenya (CBK), which…
- TOKYO, May 24 (Xinhua) — Japan’s transport ministry carried out an inspection at a Japan Airlines (JAL) office at Haneda airport in Tokyo on Friday following a recent string of incidents involving the company’s aircraft while taxiing, local media reported. Four officials of the Ministry of Land,…
- NAIROBI, Kenya, May 24 – Carrefour’s parent company, Majid Al Futtaim, has agreed to uphold supplier agreements to adhere to a court decision that upheld the Competition Authority of Kenya’s (CAK’s) abuse of buyer power accusation against suppliers. High Court Judge Anne Ong’injo yesterday issued a…
- By Okoth Agonda MAY 24 – As Kenya’s fiscal year draws to a close, the Kenya Revenue Authority (KRA) faces scrutiny, having being projected to miss an ambitious revenue target. Initially set at a 29% increase from last financial year’s collection, the revenue target has proven to be overly…
- NAIROBI, Kenya, May 24 – The Competition Authority of Kenya (CAK) has welcomed the High Court’s ruling in a case against Majid Al Futtaim hypermarkets operating under the brand name Carrefour, where the supermarket chain was found guilty of abusing its buyer power against one of its former…
- LUSAKA, May 24 (Xinhua) — Zambia has extended its planned blackout hours to better balance power supply and demand, a government official said on Friday. Minister of Energy Peter Kapala said that the national utility, Zesco, has increased the hours of “load shedding” from eight to 12 hours,…
- NAIROBI, Kenya, May 24 – The State Department of Irrigation has appealed to Parliament for urgent budgetary support, highlighting severe constraints that have stalled the completion of several critical dam projects across the country. The agency, in a report presented to parliament’s Committee on…
- NAIROBI, Kenya, May 24 – 22 Kenyans have won Sh980 million ($7.5 million) in scholarships this year to attend prestigious universities in the USA. Under the Kenya Scholar Access Program (KenSAP), the students have been admitted to universities such as Harvard, Princeton, Yale, Amherst, and Brown.…
- NAIROBI, Kenya, May 24 – Jubilee Life Insurance has appointed Asman Mugambi Ibrahim as its new CEO. Its Board of Directors Chairman, Nizar Juma, exuded confidence in Mugambi’s leadership prowess and his ability to steer the insurer’s growth. “Asman is a self-motivated, results-driven leader with…
- NAIROBI, Kenya, May 24 – Eastern Produce Kenya (EPK) plans to spend Sh260 million to sustain quality tea production as well as work on projects that protect the environment. The Nandi-based firm announced that the three-year initiative will focus on energy efficiency, carbon footprint reductions,…
- MAY 24 – A firm backed by David Beckham that converts classic cars to run on electricity has started operating again. Lunaz, based at Silverstone Park in Northamptonshire, stopped production in March. It blamed the stoppage on delays in banning the sale of petrol and diesel vehicles. The firm said…
- MAY 24 – Tesla boss Elon Musk says he opposes US tariffs on Chinese electric vehicles (EVs), just days after President Joe Biden quadrupled levies on EVs imported from China. “Neither Tesla nor I asked for these tariffs”, the multi-billionaire told a technology conference in Paris via video link.…
- WASHINGTON D.C., USA, May 24 – Student hostel developer Acorn Holdings has secured Sh23.6 billion from the U.S. Development Finance Corporation for affordable student housing. The fund will be used to develop 35 less costly student housing units in the country, adding an additional 48,000 student…
- MAY 24 – The increased use of nuclear science and technology around the world means nations must improve their nuclear security to safeguard radioactive material against theft and sabotage, the co-presidents of the planet’s largest nuclear security conference have warned. Tim Watts, Australia’s…
- NAIROBI, Kenya, May 24 – Traders of musical instruments have signed a Memorandum of Understanding (MoU) with the Anti-Counterfeit Authority (ACA) to curb the sale of counterfeit goods and the unethical professional conduct facing the industry. In their Memoranda, the Musical Instruments traders…
- MOSCOW, May 23 (Xinhua) — Russian President Vladimir Putin signed a decree Thursday on the seizure of U.S. properties in response to the potential confiscation of Russian assets by the United States. According to the decree, the Russian Central Bank and Russian entities will have the right to seek…
- NAIROBI, Kenya, May 24 – Wilfred Kiboro, who has been Chairman of the Family Bank for the last 12 years, is set to leave the bank. Kiboro joined the lender in 2012 and has been serving in the position since then. The current chair is credited with expanding the bank’s network from 68 branches to […]
- NAIROBI, Kenya May 23 – President William Ruto has secured $3.6 billion (Sh 477 billion) in funding from the United States to construct the 440-kilometer Nairobi-Mombasa Expressway, marking a major milestone for Kenya. This significant infrastructure project will connect the capital city of Nairobi…
- NAIROBI, Kenya, May 24 – The Kenya Revenue Authority (KRA) is now pushing for its budget allocations to be capped at a minimum of 2 percent of total targeted revenue collection in every financial year. KRA Commissioner General Humphrey Wattanga told the National Assembly Finance Committee that…
- DAR ES SALAAM, May 23 (Xinhua) — Three foreigners from Brazil, Kenya and India and eight Tanzanian technicians were killed, and two others were seriously injured early Thursday in an explosion at a sugar factory in Morogoro Region of eastern Tanzania, a local official said. Morogoro Regional Fire…
- NAIROBI, Kenya, May 24 – The Energy and Petroleum Regulatory Authority (EPRA) has announced plans to tighten regulations on the opening of new LPG brands to enhance consumer safety. EPRA’s Petroleum and Gas Director, Edward Kinyua, emphasized that stringent regulations are the surest way to protect…
- NAIROBI, Kenya, May 23 – Kenya Airways (KQ) network is gradually returning to normal after the unscheduled grounding of two of its 787 Dreamliners, which disrupted various passengers flight schedules. In a statement, KQ confirmed that it has already received the necessary engine components for one…
- NAIROBI, Kenya, May 23 – I&M Group profit after tax grew by 33.3 percent to Sh3.6 billion in the three months to March this year compared to a similar period on improved interest and operating revenues. In a similar period in January and March 2023, the lender’s profit stood at Sh2.7 billion.…
- NAIROBI, Kenya, MAy 23 – Japanese pain manufacturer Kansai Coatings Kenya has entered into Members’ Voluntary Liquidation, a less costly process of terminating a firm that is about to wind up operation. Kansai says the decision was formalized during an Extraordinary General Meeting (EGM), where…
- KIGALI, May 23 (Xinhua) — The International Monetary Fund (IMF) on Wednesday announced the approval of 164.6 million U.S. dollars in funding for Rwanda to strengthen its economic resilience against future climate shocks. The package includes 76.2 million dollars from the Resilience and…
- MAY 23 – I have never before heard of pegging an election launch to a set of economic statistics, but Prime Minister Rishi Sunak has clearly decided to go for an election on the back of Wednesday’s inflation figures, and the stronger than expected exit from recession. Inflation figures showed that…
- NAIROBI, Kenya, May 23 – Huawei Kenya plans to recruit 30 Kenyan university students through job and internship offers under its graduate trainee program. The Huawei Management Trainee Program (HMTP), an annual Huawei global flagship program that identifies and develops fresh talent in the STEM…
- NAIROBI, Kenya, May 23 – Energy and Petroleum Cabinet Secretary Davis Chirchir and the European Commissioner for Energy Kadri Simson launched the Kenya Green Resilient Electricity System Programme during the International Energy Agency’s (IEA) 9th Annual Global Conference on Energy Efficiency. The…
- NAIROBI, Kenya, May 23 – Kenya Power is calling for a total ban on copper exports to curb rampant vandalism of power infrastructure. The utility company is also advocating for stringent action against rogue scrap metal traders. Its CEO and MD, Joseph Siror, cited a connection between local trade in…
- HANOI, May 23 (Xinhua) — Intra-region travel remains a dominant trend among Vietnamese travelers, with 64.4 percent of Vietnamese tourists opting for nearby destinations within Asia for their next journeys, according to a report of Outbox Company, a leading market research and data analytics firm…
- TOKYO, May 23 (Xinhua) — The wingtips of two Japan Airlines (JAL) passenger planes collided at Tokyo’s Haneda Airport on Thursday morning, local media reported. JAL said the incident occurred at around 7:30 a.m. local time. Both aircraft sustained damage, but no injuries were reported, public…
- NAIROBI, Kenya, May 23 – The Retirement Benefits Authority (RBA) has urged corporate trustees to register with the authority as the deadline approaches. Charles Machira, the retirement authority Chief Executive Officer (CEO), said as part of its transformative agenda, the authority has set new…
- By Gituku Kirika NAIROBI, Kenya, May 23 – Digitisation will deliver a big chunk of Kenya’s economic and social gains over the next decade. But, for the transformation to happen more affordably and quickly, we need robust and open digital infrastructure. The good news is that this infrastructure…
- NAIROBI, Kenya, May 23 – Low-cost carrier Jambojet will launch its first flight connecting Mombasa and Zanzibar on July 1, 2024. The subsidiary of Kenya Airways will operate four non-stop flights per week, with plans to increase the number to six. Jambojet says that direct flights between the two…
- NAIROBI, Kenya, May 23 – KPMG is set to hold its 2024 Private Enterprise Africa Venture Summit in June 2024 in Nairobi. The two-day event, which will happened between June 10 and 11, will bring together investors, entrepreneurs, policymakers, and industry leaders with a focus on collaboration,…
- MAY 23 – The use of artificial intelligence (AI) at easyJet’s new control centre has allowed its operations teams to better manage flights, the airline said. Personnel based at the integrated control centre near Luton Airport, Bedfordshire, have access to Jetstream, a generative AI tool. It helps…
- NAIROBI, Kenya, May 23 – KCB Group net profit in the three months to March this year expanded by nearly 70 percent to Sh16.5 billion compared to a similar period in 2023, buoyed by improved incomes from regional subsidiaries. Between January and March last year, the lender’s profit after tax stood…
- NAIROBI, Kenya, May 22 – NCBA Group profit after tax grew to Sh5.3 billion in the three months to March this year compared to a similar period last year, boosted by improved operating income, among other revenue streams. In its latest financial statement, the lender’s net profit grew from Sh5.1…
- NAIROBI, Kenya, May 22 – Microsoft Corporation, in partnership with G42, a technology group, has announced a $1 billion deal for digital investments in Kenya. The comprehensive digital ecosystem initiative for Kenya will be the largest single private-sector digital investment in the country’s…
- NAIROBI, Kenya, May 22 – A total of 78 transformers have already been vandalized in 2024, Kenya Power has announced, with a value of Sh78 million. Speaking during a dialogue forum with scrap metal dealers today, KPLC managing director (MD) Joseph Siror said in 2023, 365 transformers were lost worth…
- JUBA, May 22 (Xinhua) — The greater part of the Horn of Africa is expected to receive heavy rains between June and September, according to a statement on the region’s climate outlook. The rain pattern between June and September will be above normal in Djibouti, Eritrea, central and northern…
- NAIROBI, Kenya, May 22 – Stanbic Bank has upgraded its core banking system, called ‘Temenos 24’ into latest version. The T24 upgrade will, however, be done in phases, the bank said, to minimize service disruption, and will be completed by the end of the year. After the upgrade, the lender expects…
- NAIROBI, Kenya, May 22 – AfriLabs, a network of technology and innovation hubs across Africa, has said that it will champion innovation and technology at the upcoming GITEX Africa event. The biggest tech and startup show in Africa is scheduled to take place from May 29th to 31st in Marrakech,…
- May 22 – Kenya’s government has defended the cost of President William Ruto’s trip to the US. Reports indicate that the price of hiring the luxury private jet in which he and his delegation travelled is estimated to be $1.5m (£1.2m). “The benefits from this visit far outweigh such a million times…
- NAIROBI, Kenya, May 22 – Coca-Cola has announced plans to increase its investment in Kenya by up to Sh23 billion ($175 million) over the next five years, assuming the corporation meets its expected growth targets in the nation. Sunil Gupta, CEO of Coca-Cola Beverages Africa, welcomed President…
- LONDON, May 22 (Xinhua) — The Consumer Prices Index (CPI) of the United Kingdom rose by 2.3 percent in the 12 months to April 2024, down from 3.2 percent in March, showed official data released on Wednesday. “The annual rate in April 2024 was the lowest since July 2021, when it was two percent,”…
- NAIROBI, Kenya, May 22 – Kenyan clothing brand Vivo has opened its first store in the United States of America (USA) as it seeks to grow its market share beyond Africa. Founded by Wandia Wachira and Anne Marie Burugu in 2011, Vivo specializes in ladies fashion brands that are manufactured locally.…
