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Business

Mumias Sugar Company Fires All 700 Employees
Business

Mumias Sugar Company Fires All 700 Employees

A month after being placed under receivership, Mumias Sugar Company has sent home all its employees  Ponangipalli Rao, the receiver appointed by Kenya Commercial Bank (KCB), indicated the cash-strapped sugar miller wi…

Nov 6, 2019
Uhuru’s Proposal to End Cheap Loans for Kenyans Sails through
Business

Uhuru’s Proposal to End Cheap Loans for Kenyans Sails through

The National Assembly on Tuesday failed to overturn President Kenyatta’s recommendations on the repeal of interest rate cap on commercial lending. This came after the majority of MPs walked out of the house sitting to…

Nov 5, 2019
Kenyatta Family, Equity Bank CEO James Mwangi's Fortune Grow by Sh1 Billion Each in Two Weeks
Business

Kenyatta Family, Equity Bank CEO James Mwangi's Fortune Grow by Sh1 Billion Each in Two Weeks

President Kenyatta’s family, the family of former Central Bank governor Philip Ndegwa and Equity Bank CEO James Mwangi have increased their fortune by Sh1 billion each within the past two weeks. This comes after price…

Nov 1, 2019
Widow Wants Former Equity Bank CEO John Mwangi's Body Exhumed over Property Row
Business

Widow Wants Former Equity Bank CEO John Mwangi's Body Exhumed over Property Row

Sarah Wanjiru, one of the widows of the late Equity Bank CEO John Mwangi Kagema has filed an application seeking to have his body exhumed for a DNA test to be carried out over property dispute. In documents filed in c…

Oct 31, 2019
Kenya Airways Marks One Year since Launch of US Direct Flights, Flies 100,000 Passengers
Business

Kenya Airways Marks One Year since Launch of US Direct Flights, Flies 100,000 Passengers

Kenya Airways (KQ) on Tuesday marked one year since it launched direct flights to the United States.  Speaking on Tuesday, KQ CEO Sebastian Mikosz indicated that the airline had executed 594 hauls between Nairobi and…

Oct 30, 2019
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Kenya's Second Batch of 500,000 Barrels of Crude Oil set for Shipment
Business

Kenya's Second Batch of 500,000 Barrels of Crude Oil set for Shipment

The second batch of 500,000 barrels of crude oil is set to leave the country at the end of February, 2020. The shipment will still be part of Kenya’s ongoing tests of the quality of its oil deposits ahead of Tullow Oi…

Oct 29, 2019
Top US Bank Goldman Sachs Acquires Sh2.4 Billion Stake in Kenya’s Twiga Foods
Business

Top US Bank Goldman Sachs Acquires Sh2.4 Billion Stake in Kenya’s Twiga Foods

Goldman Sachs, a leading US investment bank, has acquired a stake in Kenyan start-up Twiga Foods. The deal will see Goldman Sachs pump $23.75 million (Sh2.44 billion) into Twiga Foods to help in its expansion plan in…

Oct 28, 2019
Vivo Energy Gets Gov’t Nod to Acquire KFC Restaurants in Kenya
Business

Vivo Energy Gets Gov’t Nod to Acquire KFC Restaurants in Kenya

Vivo Energy has received the green light to acquire KUKU Foods which operates US fast-food chain Kentucky Fried Chicken (KFC) in Kenya. The Competition Authority of Kenya (CAK) approved the planned acquisition saying…

Oct 28, 2019
Russia President Putin Courts Kenya with Arms, Energy Deals in Meeting with Uhuru
Business

Russia President Putin Courts Kenya with Arms, Energy Deals in Meeting with Uhuru

Infrastructure, energy and military hardware are among the opportunities that Russian President Vladimir Putin offered to his Kenyan counterpart Uhuru Kenyatta during the inaugural Russia-Africa Economic Forum in Soch…

Oct 26, 2019
Who is Peter Ndegwa, the New Safaricom CEO?
Business

Who is Peter Ndegwa, the New Safaricom CEO?

Peter Ndegwa was on Thursday appointed the new Safaricom Chief Executive Officer (CEO), becoming the first Kenyan-born national to head the giant telecommunications company. Ndegwa, the Diageo Continental Europe Manag…

Oct 25, 2019
Peter Ndegwa Appointed as New Safaricom CEO
Business

Peter Ndegwa Appointed as New Safaricom CEO

Kenya’s leading telecommunications operator, Safaricom has appointed Peter Ndegwa as its new CEO. In a statement on Wednesday, Safaricom said Ndegwa’s appointment will take effect on April 1st, 2020. Ndegwa joins Safa…

Oct 24, 2019
Safaricom Introduces Non-Expiry Data, Voice and SMS Packages
Business

Safaricom Introduces Non-Expiry Data, Voice and SMS Packages

As it marks its 19th anniversary, Safaricom has introduced non-expiry data, voice and SMS packages for its customers. On Wednesday, the giant telecommunications operator unveiled the changes in a new system dubbed ‘Si…

Oct 23, 2019
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Over 1,000 Kenyans to Lose Jobs as Finlays Announces Closure of Farms
Business

Over 1,000 Kenyans to Lose Jobs as Finlays Announces Closure of Farms

Multinational flower company, Finlays has announced it will shut down two of its farms in Kenya by December 25th citing difficult business environment in the country. The closure of the two flower farms in Kericho Cou…

Oct 21, 2019
Uhuru Rejects Finance Bill, Wants MPs to End Cheap Loans for Kenyans
Business

Uhuru Rejects Finance Bill, Wants MPs to End Cheap Loans for Kenyans

President Kenyatta declined to assent to the Finance Bill 2019 and asked MPs to scrap a cap on commercial lending that was imposed in 2016. Consequently, Uhuru has sent the Bill back to the National Assembly after agr…

Oct 17, 2019
Microsoft Recruits 50 Computer Engineers at its Nairobi Hub
Business

Microsoft Recruits 50 Computer Engineers at its Nairobi Hub

American technology company, Microsoft has hired 50 engineers at its Africa Development Centre (ADC) opened in Nairobi in May this year. The 50 experts are part of a team of 100 computer science engineers the tech gia…

Oct 17, 2019
US Beverage Company to Use Kenyan Coffee to Make Bhang-Laced Drinks
Business

US Beverage Company to Use Kenyan Coffee to Make Bhang-Laced Drinks

A Kenyan coffee producer has won a contract for the supply of ground berries to an American beverage company that makes bhang-laced drinks. New York-listed Puration Company (PURA) will make Cannabidiol-infused lattes…

Oct 15, 2019
Safaricom Mulls Buying Stake in Ethiopia’s State-Owned Ethio Telecom
Business

Safaricom Mulls Buying Stake in Ethiopia’s State-Owned Ethio Telecom

Kenya’s giant telecommunications company, Safaricom is planning to buy a stake in Ethiopia’s State-owned Ethio Telecom. Acting Safaricom CEO Michael Joseph indicated the company is considering buying shares in Ethio T…

Oct 13, 2019
Kenyans Fail to Claim Sh12 Billion Idle Assets Surrendered to the State
Business

Kenyans Fail to Claim Sh12 Billion Idle Assets Surrendered to the State

The State is holding more than Sh12 billion in unclaimed assets as only 7,000 Kenyans applied to be reunited with their properties in the past seven years. Since it was established in 2013, the Unclaimed Financial Ass…

Oct 11, 2019
Rwandan Company Opens Africa’s First Smartphone Factory, Unveils 2 Makes
Business

Rwandan Company Opens Africa’s First Smartphone Factory, Unveils 2 Makes

Rwandan President Paul Kagame on Monday opened Africa’s first smartphone factory in the country’s capital, Kigali. Mara Group, a Rwandese company unveiled two smartphone brands on Monday dubbed Mara X and Mara Z. Mara…

Oct 8, 2019
Betting Company SportPesa Sacks over 400 Kenyan Employees
Business

Betting Company SportPesa Sacks over 400 Kenyan Employees

Kenya’s largest betting company, SportPesa has fired all employees days after it announced its decision to shut down operations in the country. More than 400 SportPesa staff were informed about the laying off during a…

Oct 2, 2019
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