- OCT 22 – HSBC’s new boss has announced a major overhaul of the bank’s structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. The bank said that it was simplifying operations by splitting into four key units, which will see…
- NAIROBI, Kenya, Oct 22 – Micro, small, and medium enterprises (MSMEs) in Kenya will now have access to affordable, comprehensive cybersecurity services under a new partnership between Safaricom, Cloudflare, and Copy Cat, an East African systems integrator. The collaboration aims to provide…
- NAIROBI, Kenya, Oct 22 – The Kenya Electricity Transmission Company Limited (KETRACO) has constructed a new 132/33kV sub-station in Loitoktok, Kajiado County, aimed at enhancing stable and reliable power supply to Merrueshi, Loitoktok towns, and surrounding areas. The project includes an extension…
- By Anna Manyara NAIROBI, Kenya, Oct 22 – Artificial intelligence (AI) will undoubtfully continue to revolutionize various sectors, and the insurance industry is no exception. Traditionally known for some rigid practices, the sector is embracing AI to streamline processes, enhance customer…
- By Nancy Ngetich OCT 22 – Diversity and inclusion has in the recent years become a strategic priority for organisations that seek to promote fair treatment and full participation of all employees. At the global level, the United Nations’ Sustainable Development Goals (SDGs) – more specifically…
- OCT 22 – Government borrowing rose last month, marking the third-highest September since records began in January 1993. Official figures show that borrowing – the difference between spending and tax take – reached £16.6bn, continuing a trend of overshooting official forecasts. The numbers present a…
- NAIROBI, Kenya, Oct 22 – Land prices in Nairobi’s satellite towns are offering higher returns for investors compared to Treasury Bills, according to new industry data, driven by an anticipated drop in bond returns and the growing attractiveness of land investments. HassConsult’s Q3 report shows…
- OCT 22 – HSBC has announced the appointment of its first female finance chief in the bank’s 159-year history as its new boss shakes up the business. Pam Kaur has worked at the bank for more than a decade and is currently its chief risk and compliance officer. HSBC’s chief executive, Georges…
- NAIROBI, Kenya, Oct 22 – Kenya has emerged as the leading African country in startup funding, raising $437 million (Sh56.5 billion), which represents 31 percent of total funds raised on the continent, according to data from Africa: The Big Deal. The growth highlights the strong preference for…
- OCT 22 – TikTok owner, ByteDance, says it has sacked an intern for “maliciously interfering” with the training of one of its artificial intelligence (AI) models. But the firm rejected claims about the extent of the damage caused by the unnamed individual, saying they “contain some exaggerations and…
- CARACAS, Oct. 22 (Xinhua) — Venezuelan authorities have confirmed the arrest of former Oil Minister Pedro Tellechea on charges of committing “serious crimes” that threaten national interests, the Public Prosecutor’s Office announced on Monday. Tellechea was taken into custody early Sunday morning…
- NAIROBI, Kenya, Oct 21 – The Athi Water Works and Development Agency (AWWDA) has been officially licensed to operate the Northern Collector Bulk Water Supply System. In a statement released on Monday, AWWDA announced that the license was issued by the Water Services Regulatory Board (WASREB). “In…
- DUBAI, Oct. 21 (Xinhua) — Emirates, a flagship carrier of the United Arab Emirates (UAE) and one of the world’s largest cargo carriers, announced Monday an order of five additional Boeing 777 freighters (B777Fs) to be delivered between 2025-2026. “Together with its previous orders, Emirates now has…
- STUTTGART, Germany, Oct. 21 (Xinhua) — The first battery recycling plant in Europe, owned by Germany’s luxury automaker Mercedes-Benz, began operations on Monday in the southern German town of Kuppenheim. With an investment totaling tens of millions of euros, the plant can recover over 96 percent…
- NAIROBI, Kenya, Oct 21 — Students Campaign Against Drugs (SCAD) and the International Institute for Legislative Affairs (IILA) are advocating for higher health taxes on alcohol in Kenya, aiming to reduce alcohol consumption and related harms. In a joint statement, the organizations highlighted…
- NAIROBI, Kenya, Oct 21 – Joan Okorodudu’s passion for modelling was evident when she was a little girl; however, given her beginnings in a politically charged Nigeria and a background in political science, her dream to enter the modelling world seemed unlikely. “My motivation for modelling started…
- CANBERRA, Oct. 21 (Xinhua) — Australian researchers have identified an immune protein that could be the key to developing new treatments for bowel cancer. In a new study, a team of researchers from the Australian National University (ANU) discovered that the immune protein NLRC4 can prevent healthy…
- NAIROBI, Kenya, Oct 21 – The National Construction Authority (NCA) has confirmed that all tenants of the Kahawa West building that collapsed on Sunday had been evacuated prior to the incident. The building, located on Plot No. 223 along Station Road in Kahawa West, collapsed at approximately 12:30…
- OCT 20 – Kenya shall remain a united nation whose true potential will not be held back by the shackles of tribalism or regionalism, President William Ruto has said. The President said Kenya’s freedom fighters were driven by a common agenda to liberate all Kenyans irrespective of their geographical…
- SINGAPORE, Oct. 20 (Xinhua) — The Maritime and Port Authority of Singapore (MPA) reported an oil leakage from a Shell land-based pipeline between Bukom Island and Bukom Kecil on Sunday. Shell has placed containment booms off the leak site and deployed craft equipped with dispersants to clean up the…
- DAR ES SALAAM, Oct. 19 (Xinhua) — Tanzanian President Samia Suluhu Hassan said Saturday that the Chinese-upgraded Tanga Port has increased ship traffic and boosted the amount of cargo it handles. The port, upgraded by China Harbour Engineering Company Limited, is part of Tanzania’s strategy to…
- DODOMA, Oct. 20 (Xinhua) — Tanzania is set to reintroduce international gemstone auctions in a move aimed at empowering local producers and jewelers, a senior official said Saturday. Minister of Minerals Anthony Mavunde said the auctions will be held quarterly in certain Tanzanian cities, including…
- NAIROBI, Kenya, Oct 20 – A group of 100 NCBA Bank commercial and SME customers are currently in China to explore the business opportunities offered by the Asian economic giant. The 12-day trip, part of NCBA’s ongoing market exposure program that began in 2016, is designed to empower SME and…
- OCT 19 – Cuba is experiencing a nationwide blackout after its main energy plant failed, knocking out power to its 10 million people. Its power grid collapsed at around 11:00 (15:00 GMT) on Friday, the energy ministry announced on social media. Grid officials said they did not know how long it would…
- OCT 19 – The US agency in charge of regulating road safety revealed Friday that they are probing Tesla’s self-driving software systems. The evaluation by the National Highway Traffic Safety Administration (NHTSA) covers 2.4 million Tesla vehicles across multiple models manufactured between 2016 and…
- 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…
