Capital Business

  • - OTTAWA, June 13 (Xinhua) — Canadian Prime Minister Justin Trudeau on Thursday announced 5 billion Canadian dollars (3.6 billion U.S. dollars) in funding as the country’s contribution to G7 Extraordinary Revenue Acceleration (ERA) Loans, an initiative of using frozen Russian assets to support…
  • - NAIROBI, June 13 (Xinhua) — Kenya on Thursday presented its 3.9 trillion shillings (about 30 billion U.S. dollars) budget for the financial year 2024/2025, focusing on sustaining economic growth. Njuguna Ndung’u, the cabinet secretary for the Ministry of National Treasury and Economic Planning, who…
  • - LONDON, June 12 (Xinhua) — The monthly real gross domestic product (GDP) of the United Kingdom (UK) is estimated to have shown no growth in April, according to official data released on Wednesday. Services output grew by 0.2 percent in April, for its fourth consecutive monthly growth, said the…
  • - NAIROBI, Kenya, June 12 – Kilimo Trust, Kenya Agriculture and Livestock Research Organization (KALRO), and Egerton University have collaborated to spur the cultivation of high-yielding upland rice varieties. The exercise is being undertaken in Meru, Embu, and Tharaka Nithi counties. The partners…
  • - NAIROBI, Kenya, June 12 – Kenya Re gross profit last year grew by 53 percent to Sh7.03 billion compared to a similar period in 2022, buoyed by prudent underwriting and business diversification. Between January and December last year, the re-insurer’s profit before tax stood at Sh4.59 billion. In…
  • - JUNE 12 – Chinese electric cars may become pricier in the European Union (EU) after politicians called them a threat to its own electric car industry. It has “provisionally concluded” that three Chinese electric vehicle (EV) manufacturers will face tariffs from 4 July “should discussions with…
  • - NAIROBI, Kenya, June 12 –UK’s development finance institution, British International Investment (BII), has sold its 10.1 percent stake in I&M Group. AfricInvest will now be the custodian of the East African Banking Group following the acquisition from BII, which made the investment in 2016. BII…
  • - NAIROBI, Kenya, June 12 – Kenya Power has rolled out a campaign targeting 7.4 million customers on the upgraded electricity prepaid meter system. All customers enrolled in the prepaid system will receive two codes, including a reset and update code, through the Short Message Service (SMS) from…
  • - JUNE 12 – In the era of big data, where the volume, variety, and velocity of data continue to explode, effective data governance has become essential for the successful implementation of Regulatory Technology (RegTech). Laurent Sarr, Chief Technology Officer at Global Voice Group, outlines the…
  • - JUNE 12 – Elon Musk has unexpectedly asked a California court to withdraw a legal case against OpenAI and its boss Sam Altman, which accused them of abandoning the firm’s founding mission of developing artificial intelligence (AI) for humanity’s benefit. The filing submitted by the multi-…
  • - LOS ANGELES, June 11 (Xinhua) — The popularity of artificial intelligence (AI) chatbot in education has grown sharply among students and teachers in the United States over the last year, according to a new survey. The national survey was conducted on May 7-15 by Impact Research for the Walton…
  • - NAIROBI, Kenya, June 12 – Airtel Kenya is entering the Kenyan home internet market with the rollout of home broadband. The Unlimited Home Broadband 5G Data Plans will also be available to businesses. It enters a market that is dominated by Safaricom Home Fibre as well as Zuku and Jamii…
  • - JUNE 12 – A new report on African elephants has revealed the wild animals, just like humans, use “names” to address each other, findings that will help in conservation efforts of the endangered animal. The study published on Monday by Save the Elephants, a conservation group based in Nairobi, Kenya…
  • - LOS ANGELES, June 11 (Xinhua) — Average global temperatures for each of the past 12 months hit record highs, marking an unprecedented streak, according to a NASA analysis released on Tuesday. “It’s clear we are facing a climate crisis,” said NASA Administrator Bill Nelson in a news release. “…
  • - NAIROBI, Kenya, June 12 – Several government agencies are disposing of vehicles and equipment ahead of a new financial year (FY) starting on July 1, 2024. In an advertisement, the National Irrigation Authority (NIA) is planning to sell motor vehicles, spare parts, assorted farm implements, and…
  • - By Willys Mac’Olale  NAIROBI, June 12 – Like many governments around the world, the Government of Kenya (GoK) has unveiled an initiative to incorporate individuals working remotely for Kenyan organizations into its tax system. A proposal for this initiative is included in the Finance Bill of 2024,…
  • - WASHINGTON, June 11 (Xinhua) — A jury of 12 members in the U.S. state of Delaware on Tuesday found Hunter Biden, son of U.S. President Joe Biden, guilty of three federal gun charges, marking the first time a sitting president’s child has been criminally convicted. The felony charges accused the 54-…
  • - TOKYO, June 12 (Xinhua) — The World Bank has cut its economic growth forecast for Japan for 2024 to 0.7 percent from 0.9 percent, while lifting the global growth outlook for the year to 2.6 percent from 2.4 percent, local media reported. The Japan growth forecast fell 0.2 percentage point from the…
  • - NAIROBI, June 11 (Xinhua) — Experts met Tuesday in the Kenyan capital of Nairobi to discuss ways to fight malnutrition in Africa. The three-day workshop on nutrition-sensitive agriculture, rural development and food system transformation brought together senior government officials, agronomists and…
  • - NAIROBI, Kenya, June 12 – KPMG recently hosted a summit where industry leaders gathered to discuss critical issues in the financial sector, with a spotlight on the future of fintech and tax compliance. This transformative and pioneering summit aimed to immerse participants in forward-thinking…
  • - JUNE 12  – Over 1500 candidates are taking their Certified Human Resource Professionals (CHRP) exams starting today. The CHRP certification, offered by the Human Resource Management Professionals Examinations Board (HRMPEB), is gaining significant importance both nationally and internationally. It…
  • - LONDON, June 11 (Xinhua) — Prime Minister of the United Kingdom (UK) Rishi Sunak on Tuesday promised to cut taxes and reduce immigration as he launched the Conservative Party’s general election manifesto. “We Conservatives have a plan to give you financial security,” said Sunak, unveiling the…
  • - NAIROBI, Kenya, June 11 – The Insurance Regulatory Authority (IRA) has suspended the closure of Directline Assurance Company Limited, a few hours after the closure. IRA CEO Godfrey Kiptum said that the insurer is still operational. “The purported actions are null and devoid of any legal effect and…
  • - NAIROBI, Kenya, June 11 – The government has reached a staff-level agreement with the International Monetary Fund (IMF), which intends to pave the way for the disbursement of $976 million (Sh126.05 billion). According to the IMF, the agreement will be part of a comprehensive policy package needed…
  • - JUNE 11 – The unemployment rate has unexpectedly risen to its highest level for two and a half years, official figures show. The rate climbed to 4.4% in the three months to April, the highest since September 2021. Despite the increase, wage growth remained strong, with earnings continuing to rise…
  • - june 11 – With China accused of selling electric cars at artificially low prices, the European Union is widely expected to hit them with tariffs this week. The BYD Seagull is a tiny, cheap, neatly styled electric vehicle (EV). An urban runabout that won’t break any speed records, but nor will it…
  • - HANOI, June 11 (Xinhua) — Vietnam’s domestic motorbike market has reached a point of saturation, Vietnam News Agency reported Tuesday, citing the Vietnam Association of Motorcycle Manufacturers’ experts. Although Vietnam remains the world’s leading motorbike market, with over two-thirds of adults…
  • - NAIROBI, Kenya, Jun 11 – Governors are calling on the Kenya Revenue Authority (KRA) to stop imposing Value Added Tax (VAT) on county governments’ revenue sources, along with the associated interest and penalties. The Council of Governors (CoG) has labeled the KRA’s demands as unlawful, arguing that…
  • - NAIROBI, Kenya, Jun 10 – The Insurance Regulatory Authority (IRA) has revoked Promed Healthcare Administration Limited’s operating license. Through a notice, the Authority’s Chief Executive Officer, Godfrey Kiptum, noted that the facility’s license was canceled in accordance with Section 196 of the…
  • - SYDNEY, June 11 (Xinhua) — One of Australia’s four major banks has ruled out the possibility that the country’s Reserve Bank would cut its cash rate target this year. “Since November 2022, we have expected that the first cash rate cut in Australia this cycle would be in November 2024. More recently…
  • - SAN FRANCISCO, June 10 (Xinhua) — Apple on Monday introduced Apple Intelligence, the personal intelligence system for iPhone, iPad, and Mac that combines the power of generative models with personal context at the WWDC24 event. “Apple Intelligence is deeply integrated into iOS 18, iPadOS 18, and…
  • - NAIROBI, June 10 (Xinhua) — Kenya on Monday launched a Pan-African accreditation scheme for locally trained professionals and domestic products to boost their global recognition. Walter Juma Ongeti, chief executive officer of the state-owned Kenya Accreditation Service (KENAS), said in Nairobi, the…
  • - SINGAPORE, June 11 (Xinhua) — Singapore Airlines (SIA) has offered 10,000 U.S. dollars to passengers who suffered minor injuries on board of the turbulence-hit flight SQ321 in May, the company said Tuesday. SIA would invite passengers who sustained serious injuries to discuss a compensation offer…
  • - CANBERRA, June 10 (Xinhua) — The Australian government has launched a new campaign encouraging people to quit smoking and vaping. Mark Butler, the minister for health, on Monday announced a 63.4 million Australian dollars (41.7 million U.S. dollars) advertising campaign to raise awareness about the…
  • - NAIROBI, Kenya, June 10 – The number of Kenyans using the Standard Gauge Railway (SGR) fell by 11.01 percent to 531,673 in the three months to March this year compared to a similar period last year, coming on the back of increased SGR charges. Data from the Kenyan National Bureau of Statistics (…
  • - NAIROBI, Kenya, June 10 – 100 pharmacists in the Rift Valley Region have been shut down following the prevalence of illegal pharmaceutical activities in the region. In a statement, Pharmacy and Poison Board CEO Fred Siyoi stated that over 30 arrests have been made, with 120 cartons of assorted…
  • - HANOI, June 10 (Xinhua) — Vietnam has become the second biggest durian exporter to China, just behind Thailand, local media reported. Vietnam’s durian exports to China jumped 91 percent year-on-year in the first four months of 2024, according to the Import-Export Department under the Ministry of…
  • - NAIROBI, Kenya, Jun 10 – President William Ruto has assented the Division of Revenue Bill,2024,which paves way for the submission of financial estimates for the financial year 2024/2025. For the 2024/25 financial year, the total shareable revenue was Sh2.9 trillion. The National Government is set…
  • - NAIROBI, Kenya, June 10 – The government has reduced this financial year’s overall budget by Sh132.46 billion from Sh3.981 trillion to Sh3.848 trillion. This is a reduction of 3.3 per cent. The announcement was made when President William Ruto signed into law the Supplementary Appropriation Bill…
  • - JUNE 10 – Leading Oil and Marketing Firm Vivo Energy Kenya has taken a leading role in driving the future of the country’s commercial Road Transport industry. The company that distributes and markets Shell Products convened a conference in Mombasa that focused on industry trends, lower cost of…
  • - ROME, June 10 (Xinhua) — Global fisheries and aquaculture production has reached a new peak, with aquaculture production of aquatic animals surpassing capture fisheries for the first time, according to a report from the Food and Agriculture Organization of the United Nations (FAO) released on…
  • - JUNE 10 – Holidaymakers are being warned about a rise in scams where fake social media accounts are used to impersonate airlines. Bogus accounts exist for every major UK airline on X, formerly known as Twitter, and are regularly used to trick customers into giving away their personal data,…
  • - NAIROBI, Kenya, June 10 – The COMESA Competition Commission has warned its member states against the distribution of certain electrical appliances and other products for non-compliance. This follows a recall of certain imported products by the Malawi Bureau of Standards (MBS) for non-compliance…
  • - TRIPOLI, June 9 (Xinhua) — Libyan Prime Minister Abdul-Hamed Dbeibah on Sunday emphasized the importance of consolidating the efforts of all government institutions to enhance oil production. The prime minister made the remarks in a meeting with Farhat Bengdara, chairman of the Libyan National Oil…
  • - DAR ES SALAAM, June 9 (Xinhua) — Veronica Mueni Nduva, the newly appointed secretary general of the East African Community (EAC), a regional bloc, said that her priorities would include strengthening economic integration that encourages innovation, entrepreneurship, and job creation in addition to…
  • - NAIROBI, June 8 (Xinhua) — Zonken Food and Agriculture Ltd, a Chinese firm, signed a memorandum of understanding (MoU) with Njeru Industries Ltd, a tea processor based in Meru County in central Kenya, on Saturday to enhance value addition and export of tea to overseas markets. The MoU signing took…
  • - JUNE 9 – Lengthy jail terms have been handed to 22 Chinese citizens – and a Cameroonian man – for cyber-related crimes in Zambia. The gang’s only female convict, Gu Tianjiao, reportedly cried “papa, papa” as her seven-year sentenced was announced in the Lusaka Magistrates Court on Friday. Some in…
  • - BEIJING, June 9 (Xinhua) — The U.S. Route 66, a century-old highway spanning from Chicago’s Lake Michigan shores to the Pacific coast in Santa Monica, California, is known as the “Mother Road” under the pen of American writer John Steinbeck in his Pulitzer Prize-winning novel “The Grapes of Wrath…
  • - NAIROBI, June 8 (Xinhua) — Kenya Tourism Board (KTB), the country’s marketing body, said Friday it has launched a strategic marketing campaign to boost tourism within the East African Community (EAC) market. The KTB is partnering with renowned social media influencers and key media outlets from EAC…
  • - SACRAMENTO, United States, June 8 (Xinhua) — A new study by researchers at Stanford and Yale Universities has raised concerns about the reliability of artificial intelligence (AI) tools used for legal research, urging lawyers to be cautious about AI outputs. The study, titled “Hallucination-Free?…