- ROME, May 17 (Xinhua) — Prices in Italy rose last month less than any of the European Union’s (EU) large economies, data released Friday by Eurostat showed. Eurostat, the EU’s statistics agency, said prices rose in Italy by just 0.9 percent in April compared to a year prior. The equivalent rate for…
- NAIROBI, Kenya, May 18 – M-KOPA has been named Africa’s fastest growing company in 2024 for the third time in a row in the Financial Times (FT). The company appeared on the FT list for providing affordable financing for smartphones, electric motorbikes, and digital financial services such as…
- NAIROBI, Kenya, May 17 – Experts have said that technology and technical skills are vital in combating the pressing issue of climate change by mitigating greenhouse gas emissions and building a more sustainable future. Head of UNESCO-UNEVOC’s International Center for Technical and Vocational…
- MAY 17 – Chinese authorities have unveiled their most significant steps yet to address the crisis that has been dragging on the country’s property sector in recent years. The new measures include cutting the amount home buyers need for a deposit and encouraging local authorities to purchase unsold…
- NAIROBI, Kenya, May 17 – Tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector. The proposal aims to limit VAT exemptions to insurance and reinsurance premiums,…
- NAIROBI, Kenya, May 17 – Investment, Trade, and Industrialization Cabinet Secretary Rebecca Miano has termed the De-Risking, Inclusion, and Value Enhancement of Pastoral Economies (DRIVE) initiative by the Kenya Development Corporation (KDC) a boost to Kenya’s pastoral economy. Speaking during the…
- LONDON, UK, May 17 – A new way of measurement proposed by researchers in Italy could see millions more middle-aged people finding themselves classed as obese. A study of 4,800 adults aged 40-80 led by the University of Tor Vergata in Rome focuses on body fat percentage, rather than the usually…
- NAIROBI, Kenya, May 17 – Kenyan bankers are against a proposal by the government to introduce a 16 percent VAT on financial transactions under the Finance Bill 2024. While VAT applies to payments for goods and services, the Kenya Bankers Association (KBA) says that bank charges are not a direct…
- NAIROBI, Kenya, May 17 – The Chairman of the National Assembly Finance Committee, Kuria Kimani, has said that the proposed 16 percent tax on bread was recommended by the National Treasury based on diabetes concerns. Speaking on Thursday in an interview with Citizen TV, Kimani also said that they…
- NAIROBI, Kenya, May 17 – Over 300 African entrepreneurs driving innovations have benefited from the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT). While celebrating 15 years of advancing innovation and entrepreneurship, the center promised to…
- STOCKHOLM/BERLIN, May 17 (Xinhua) — German Chancellor Olaf Scholz and Swedish Prime Minister Ulf Kristersson have cautioned against tariffs on Chinese electric vehicles (EVs) following Washington’s announcement of hefty levies. Scholz and Kristersson expressed reservations about possible European…
- NAIROBI, Kenya, May 17 – The price of beachside properties along the Kenyan coast continues to grow, with some locations recording more than 400 percent, a new report by Knight Frank has revealed. According to Knight Frank’s indicative data, beachside residential homes exhibit a remarkable…
- NAIROBI, Kenya, May 17 – The price of beachside properties along the Kenyan coast continues to grow, with some locations recording more than 400 percent, a new report by Knight Frank has revealed. According to Knight Frank’s indicative data, beachside residential homes exhibit a remarkable…
- NAIROBI, Kenya May 17 – Details have shown how Statehouse intends to expend Sh1.5 billion in the financial year 2024/2025 for the construction and renovations of state house and lodges which commenced in 2015. Documents tabled before the National Assembly committee on Administration and Internal…
- UNITED NATIONS, May 16 (Xinhua) — UN Secretary-General Antonio Guterres welcomes the decision of the International Monetary Fund (IMF) on Wednesday to allow members to re-channel their reserve assets to multilateral development banks (MDBs) through the purchase of hybrid capital instruments, his…
- HOUSTON, May 16 (Xinhua) — Up to42,000 gallons of oil may have spilled into the Gulf of Mexico after a bunker barge struck a bridge in the island city of Galveston, eastern Texas, the U.S. Coast Guard estimated on Thursday. The source of the leakage from the barge has been contained after the…
- NAIROBI, May 16 (Xinhua) — Kenya and Uganda on Thursday signed a number of agreements to enhance bilateral cooperation. One of the agreements allows Uganda to import and transit refined petroleum products through Kenya from producer jurisdictions, resolving challenges faced by Uganda’s petroleum…
- SINGAPORE, May 16 (Xinhua) — Singapore Airlines transported 2.1 million passengers last month, up 20.3 percent year-on-year, according to the latest operating statistics. The low-cost airline Scoot within the same group recorded 1.06 million passengers in April, a year-on-year growth of 13.2…
- NAIROBI, Kenya, May 16 – Tax and exchange control experts have called on the government to employ innovative revenue generation strategies as it seeks to settle the ballooning debt to avoid overburdening Kenyans and driving away investors. While singling out the recent proposal by President William…
- NAIROBI, Kenya, May 16 – Accounting firm KPMG has faulted proposals to increase excise duty on crucial services such as telephone and internet data services, as well as fees associated with money transfer services, in the Finance Bill 2024. The audit company agrees that the tax proposals put forth…
- NAIROBI, Kenya, May 16 – Retailer Jaza has opened its 10th branch at the Imara Daima Estate in Nairobi as it seeks to expand its presence across the city. Located along Cosmas Ndeti Road, the new facility dubbed ‘JAZA IMARA’ covers 2,200 square feet and sells different products. In a span of six…
- ABUJA, May 16 (Xinhua) — Nigerian President Bola Tinubu has inaugurated three pivotal gas projects in an ambitious move to support the most populous African nation’s energy sector and promote industrial growth. The simultaneous inauguration of the expanded AHL Gas Processing Plant, the ANOH Gas…
- NAIROBI, Kenya, May 16 – Safaricom has restored its Internet services to full network capacity and stability following last Sunday’s undersea fibre cable cut that affected and disrupted the services. In a statement, the telco said that it resolved the problem by acquiring additional capacity from…
- NAIROBI, Kenya, May 16 – Huawei Cloud has entered into an agreement with Kenyan media houses to accelerate media intelligence. The MoU was signed at the at the Spark Discovery Kenya Media & Entertainment Summit in Nairobi and was signed with Mango TV, Royal Media Services, and the Standard…
- NAIROBI, Kenya, May 16 – Nigeria’s Minister of Housing and Urban Development, Ahmed Musa Dangiwa, wants Shelter Afrique Development Bank (ShafDB) and UN-Habitat to collaborate to tackle the housing crisis in Africa. Dangiwa, who doubles as the Chair of the Executive Board of UN Habitat and the…
- NAIROBI, Kenya, May 16 – 18 entrepreneurs have graduated from the NCBA and Strathmore University Business School Enterprise Development Programme. The 16-week programme, which focused on most sectors of the economy, is designed to equip SMEs with the tools and skills to identify and seize business…
- NAIROBI, Kenya, May 16 – Human resources and payment management software Seamless HR has said that the adoption of technologies such as AI is crucial to streamlining operations in organizations. It gave an example of the banking sector as one of the sectors that needs the integration of AI for…
- GERMANY, May 16 – Germany is considering tax incentives and changes to its social welfare system in a bid to boost workforce participation, aligning the nation with the United Kingdom and the Netherlands in addressing the economic challenges posed by a decline in average working hours. The ruling…
- NAIROBI, Kenya, May 16 – The Co-operative Bank of Kenya profit after tax grew by 7.7 percent to Sh6.58 billion in the first quarter of 2024 compared to a similar period last year, buoyed by increased net interest incomes. The lender made Sh6.11 billion in profit after tax in the first quarter of…
- CHINA, May 16 – China has warned the Philippines not to abuse its goodwill arrangement that allows Filipinos to fish with small boats in designated waters near China’s Huangyan Island in the South China Sea. “If the Philippine side abuses China’s goodwill, we will take countermeasures in accordance…
- UK, May 16 – Recent changes to the United Kingdom’s visa rules that include a hike in the minimum wage needed to qualify for a skilled worker visa — from 26,200 pounds to 38,700 pounds ($33,000 to $48,800) — have led to job offers being withdrawn from foreign graduates of British universities.…
- NAIROBI, Kenya, May 16 – Residents of Kiambu have called on the government to complete projects that are still pending before embarking on new ones. This was during a public hearing on the 2024–2025 national budget estimates by the National Assembly’s Budget and Appropriations Committee. Prudent…
- TOKYO, May 16 (Xinhua) — Japan’s economy shrank by an annualized 2.0 percent in the January-March period from the prior quarter, marking the first contraction in two quarters amid sluggish consumer spending, latest GDP figures showed Thursday. Real gross domestic product (GDP) in this year’s first…
- NAIROBI, Kenya, May 15 – Tech industry leaders and CEOs from top Kenyan companies will represent Kenya at this year’s Africa CEO Forum in Kigali, Rwanda. Leading the pack are mTek’s Bente Krogmann, Kaushik Burman of Spiro, Jesse Moore from M-Kopa, Ian Usiri of Ramani, Jacqueline Wambua, General…
- CAIRO, May 15 (Xinhua) — Egypt has received 14 billion U.S. dollars from the United Arab Emirates (UAE) as the second payment of a 35-billion-dollar investment deal signed in February to develop Ras Al-Hekma, a new resort city on Egypt’s northern coast, the Egyptian cabinet said Wednesday. During a…
- NAIROBI, Kenya, May 15 – In the bustling landscape of distilled beverages, African Originals stands out as a beacon of innovation and cultural celebration. At its helm is John Mwangi, a visionary leader whose story encapsulates the brand’s dedication to excellence and community empowerment. In an…
- NAIROBI, Kenya, May 15 – Cases of harassment and debt shaming by digital lenders have declined by 75 percent, coming on the back of the enactment of the Central Bank Amendment 2021 into law. The Office of the Data Protection Commissioner (ODPC) and the Digital Financial Services Association of…
- LONDON, May 15 (Xinhua) — The summer of 2023 was the warmest Northern Hemisphere summer over the past 2,000 years on record, said a new study published in the journal Nature on Tuesday. Combining observed and reconstructed surface air temperatures from June to August (JJA), researchers concluded…
- NAIROBI, Kenya, May 15 — Kenya has exempted Zimbabweans from the USD30 fee paid by foreigners seeking Electronic Travel Authorization (eTA) to enter the country. Zimbabwe’s Ministry of Foreign Affairs and International Trade confirmed the decision, saying Zimbabwean travelers to Kenya will apply…
- MEXICO CITY, May 15 (Xinhua) — Michelin Guide unveiled on Tuesday its Guide of Mexico of 2024 in which 18 restaurants were picked as Michelin-starred. Michelin Guide entered Mexico for the first time, indicating the Mexican cuisine has won more international recognition. The Michelin Guide of…
- NAIROBI, Kenya, MAy 15 – The Communications Authority of Kenya (CA) today unveiled its 5th 2023-2027 strategic plan, which seeks to ensure digital access for Kenyans by enabling a sustainable digital society through responsive regulations. According to CA Director General David Mugonyi, the 5-year…
- NAIROBI, Kenya, May 15 – President William Ruto plans to nearly double Kenya’s average tax rate before his term ends. Speaking during a meeting with Harvard University students at State House Nairobi yesterday, the Head of State outlined his vision of raising the country’s current tax rate from 14…
- NAIROBI, Kenya, May 15 – In the face of mounting climate change challenges, the insurance industry in Kenya is stepping up its efforts to mitigate associated risks and bolster resilience. Recognizing the urgent need for action in a country vulnerable to climate-related disasters such as droughts,…
- NAIROBI, Kenya, May 15 – The Departmental Committee on Finance and National Planning has invited the public and stakeholders to submit their written views on the Finance Bill 2024 by Monday, March 18, 2024, at 5 p.m. In a statement on Wednesday, the committee stated that the Bill sponsored by MP…
- NAIROBI, Kenya, May 15 – IBM, a global hybrid and AI expert, has announced the availability of its software portfolio under AWS Marketplace in Kenya and other African countries such as Tanzania, Gabon, and Ethiopia, among others. AWS Marketplace is a digital catalog with thousands of software…
- NAIROBI, Kenya, May 15 – Betting company Betsafe has announced its exit from the Kenyan market amid heavy taxation. In an email, the firm confirmed to Capital Business that it had ceased its operations as of yesterday. ”The message is genuine,” the firm confirmed to Capital Business from a message…
- MAY 15 – China has slammed the United States for “bullying” and “trampling on market economy principles”, dismissing US Treasury Secretary Janet Yellen’s recent remarks about China’s new energy sector. In an interview with Marketplace news site published earlier this month, Yellen said the US,…
- NAIROBI, Kenya, May 15 – More listings and liquidity are signs that Kenya’s financial market is starting to grow. But local traders and individual investors will need to do more in order to transform their economic future and the lives of others, argues swing trader Bernd Skorupinski, the CEO of…
- NAIROBI, Kenya, May 15 – DIB Bank Kenya, a subsidiary of Dubai Islamic Bank, has posted its first gross profit since launching operations in Kenya in 2017. In the three months ended March 31, 2024, the lender’s profit before tax improved to Sh6.3 million, representing a 105 percent jump from a…
- MAY 15 – The cargo ship Dali lost electrical power several times before it crashed into the Francis Scott Key Bridge in March, killing six people and paralyzing a major transportation artery for the US, Northeast, federal investigators said on Tuesday. The National Transportation Safety Board (NTSB…
