- The Competition Authority of Kenya (CAK) has approved the proposed acquisition of the entire issued share capital of Phima Flowers by the Dutch investment holding company Marcoz Holding.
- That’s according to a Bloomberg Billionaires tally, which estimated the Tesla (TSLA) CEO’s net worth is now about $192 billion, compared to LVMH (LVMHF) CEO Bernard Arnault’s $187 billion.
- HFC, HF Group's banking subsidiary, has entered into a new partnership with Athletics Kenya (AK) that will see the financier offer affordable home loans to local athletes at the incentivized rates of the Kenya Mortgage Refinancing Company (KMRC).
- Former Kenya Airports Authority (KAA) Managing Director Lucy Wanjiku Mbugua has been appointed as the Regional Director for the Eastern and Southern African Office at the International Civil Aviation Organization (ICAO).
- Kenyan e-commerce and food distribution platform Twiga Foods is the new member of the African Hidden Champions (AHC), an initiative that promotes dynamic African companies.
- Meta Platforms Inc carried out the last batch of a three-part round of layoffs on Wednesday, according to a person familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles.
- The International Monetary Fund said it has reached a staff-level agreement with Kenya that would provide the cash-strapped government with access to another $1 billion (Ksh. 138.1 billion) in credit.
- Kenyan telecom companies are planning to begin manufacturing and assembling mobile phones locally, with an expected annual output of between 1.2 to 1.8 million devices.
- Multinational oil and gas firm Tullow Oil has acquired complete control of the Project Oil Kenya development in Turkana County following the withdrawal of its two joint venture partners.
- In its latest report on the world's most efficient ports, the World Bank has said that the port of Mombasa has been overtaken by Tanzania's Dar es Salaam port posing a threat to Kenya's economy.
- Biden has maintained that default would have "catastrophic" consequences, and is urging Republicans to agree to a "clean" increase to US borrowing limits.
- The National Treasury has reinstated the Insurance Regulatory Authority CEO Geoffrey Kiptum after he was sent on compulsory leave by the authority’s board last week for alleged irregularities in procurement as well as accrued leave days.
- Kenyan tycoon Julius Mwale has been named as one of the investors in the Ksh.109 billion ($800 million) acquisition of US business news and information publisher Forbes.
- Elon Musk on Tuesday said a new Twitter chief executive will let him devote more time to Tesla, but that he will continue to tweet his unfiltered thoughts even if it hurts his businesses.
- America’s CEOs have sent a dire warning to lawmakers that the economy faces potential devastation if Congress and the Biden White House cannot reach an agreement to raise the debt ceiling and avoid a default.
- Equity Group Holdings said on Tuesday its first-quarter 2023 pretax profit jumped 10% to 16.9 billion Kenyan shillings ($124 million), as its loan book rose.
- Ethiopia's central bank said on Thursday it had issued a mobile money licence to Kenyan telecoms giant Safaricom, the first granted to a foreign company in Africa's second most populous country.
- Newly appointed Absa Bank Kenya Managing Director and Chief Executive Officer, Abdi Mohamed, has reaffirmed the bank’s commitment to the growth and development of Small and Micro Enterprises (SMEs).
- Telecommunications giant Safaricom announced Thursday it had recorded a Ksh.52.5 billion profit for the financial year ending March 2023, marking a 22 per cent dip from the Ksh.67.5 billion it recorded last year.
- The proposed housing levy under the Finance Bill seeking to deduct 3% from salaried employees which will be matched by employers but not exceed Ksh. 5000 has been met with criticism from experts.
- The Kenya National Chamber of Commerce and Industry (KNCCI) on Wednesday announced the appointment of Patrick Nyangweso as its Chief Executive Officer (CEO).
- The project is part of President William Ruto’s ambitious plan to solve the housing deficit in the country through the construction of 200,000 housing units annually.
- Avlc Group, a boutique finance entity, has appointed Sheila Kimani as its Head of Business and Operations in a move aimed at achieving its expansion plans and overcoming industry challenges.