Business Archives - Daily Chronicles

Kenya shilling soars against dollar to trade at Sh139

12Mar

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Business

Kenya shilling soars against dollar to trade at Sh139

Kenya's shilling has continued to soar against the dollar trading at Sh139 on Tuesday, showing one of its strongest recovers in months. The official Central Bank figures quoted the shilling trading at Sh139.4919 again greenback on Tuesday morning, up from Sh140.4357 on Monday. At one point on February 15, the shilling was up almost 8 per cent, bidding as strong as 139.00 to the U.S. dollar, CBK data showed then. The shilling rally then was attributed to foreign inflows into Kenyan domestic debt and the resolution of a $2 billion Eurobond maturing in June. The continuous rally of the Kenya shilling has signalled a significant tide turn for the currency which was expected to shed more value this year after the shilling hit an all-time high of over 160 against the US dollar. ...

Kenya Power to start charging certain customers in dollars

26Feb

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Business

Kenya Power to start charging certain customers in dollars

Kenya Power has recently secured regulatory approvals to implement dollar billing for certain customer categories. The move aims to mitigate currency exchange risks and stabilise revenue streams for the utility company that announced a return to profitability with a Sh319 million profit in the first half of the financial year 2023/24. This approval follows a period of extensive deliberation and assessment by regulatory bodies to ensure compliance and fairness. “There was a lot of engagement on this right from the top, including the regulator and the government, and we got the necessary approvals,” Kenya Power Finance Manager Stephen Vikiru said on February 23. Kenya Power, in its bid to cushion itself against currency fluctuations, had sought permission to bill some custom...

Google signs Sh8.73bn deal with Reddit for AI training

26Feb

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Business

Google signs Sh8.73bn deal with Reddit for AI training

Google has inked a $60 million (Sh8.7 billion) deal with Reddit in a groundbreaking move that allows it to leverage posts from the popular online discussion platform to enhance its artificial intelligence (AI) models. The collaboration, announced on Thursday, not only empowers Google in refining services like Google Search but also grants Reddit access to Google's AI models for bolstering its internal site search and other features. The agreement according to a report by CBS News comes at a crucial time for Reddit, coinciding with the company's plans for an initial public offering (IPO), as revealed in documents filed with the Securities and Exchange Commission. Reddit reported a net income of $18.5 million (Sh2.6 billion) in the October-December quarter, marking it...

Ukraine pledges to export grain, support Kenya to grow own food

7Feb

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Business

Ukraine pledges to export grain, support Kenya to grow own food

Bilateral ties between Kenya and Ukraine is set to be bolstered as the Ukrainian delegation begins a five-day tour of Kenya. The delegation, which started its tour on Monday, seeks to increase agricultural trade between the two countries which could reduce the high cost of living. The delegation, representing Ukraine’s civil, academic, cultural and political communities is led by Ukrainian legislator Lesia Vasylenko One of our aims here in Kenya is to not only discuss how we can export grains to Kenya but to also partner with Kenya to ensure it has the technology required to feed its people and tackle the high cost of living," Vasylenko said at a press briefing at Radisson Blue Hotel in Nairobi. The delegation is scheduled to hold meetings with several stakeholders. Alr...

New twist as State cancels licenses for 9 private security firms

6Feb

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Africa, Business

New twist as State cancels licenses for 9 private security firms

Nine major security companies have had their operating licenses cancelled over allegations of violating various regulations. The Private Security Regulatory Authority (PSRA) gazetted the names of the companies highlighting their failures in a notice. This is likely to affect their operations at large given they have employed thousands of people and are in business. PSRA Director General Fazul Mahamed announced in the notice to appear in national newspapers. “Take notice: the Authority shall be conducting periodic reviews of the compliance status of Private Security Companies with the provisions of the Act, consequently, the lists of registered private security service providers and those whose registration certificates have been cancelled shall be regularly updated,” he sa...

Four People Arrested In Embakasi Gas Explosion Probe

6Feb

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Business, local news

Four People Arrested In Embakasi Gas Explosion Probe

Police have so far arrested four suspects linked with bearing the greatest responsibility for Thursday night’s gas explosion in Mradi, Embakasi East, which killed six people and injured nearly 300 others. The Directorate of Criminal Investigations (DCI) on Tuesday morning said detectives have arrested the main suspect Derrick Kimathi, the proprietor of the illegal gas-filling plant who surrendered to the police on Monday, alongside three National Environment Management Authority (NEMA) officials. “These are David Ongare (Director of Environment Compliance), Joseph Makau (Head of Environmental Impact Assessment) and Mirrian Kioko,” the DCI said in a statement. The investigative agency said it was still pursuing five other suspects at large and appealed for leads from memb...

Equity Bank takes on Fuliza with a mobile overdraft facility

13Nov

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Business

Equity Bank takes on Fuliza with a mobile overdraft facility

Equity Bank has unveiled a real-time overdraft facility that will see borrowers top up to Sh100,000 in a charm offensive against Safaricom's Fuliza and Faraja products. The product, according to the insider with detailed knowledge, says it is part of the lender's move to stir financial inclusivity and boost the conventional market due perceived high level of risk. Although details of the facility, including specific terms and conditions are yet to be made clear, an insider at the bank revealed to the Star that the plan comes with a flexible repayment plan of up to 30 days. "The solution allows customers to top up any amount between Sh100 to Sh100,000. Borrowers can opt to repay the borrowed amount before the 30-day term concludes,'' the source told the Star. On the w...

Customers Unable To Buy Electricity Tokens As Kenya Power Prepaid System Goes Down

19Oct

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Business, local news

Customers Unable To Buy Electricity Tokens As Kenya Power Prepaid System Goes Down

Kenya Power customers were on Thursday morning unable to purchase electricity tokens on the utility’s prepaid system. Through a notice released at 8 a.m., KPLC acknowledged that the prepaid system was down and said they were working to restore it “within the shortest time possible.” “We are experiencing a glitch in the prepaid system, which is affecting the generation of electricity tokens. We are working to restore normalcy within the shortest time possible,” the notice read. "We apologize for any inconvenience caused."

Pavard Double Leads France To Win Over Scotland

18Oct

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Business

Pavard Double Leads France To Win Over Scotland

Defender Benjamin Pavard scored twice and Kylian Mbappe struck from the spot as France came from behind to beat Scotland 4-1 in a friendly in Lille on Tuesday. Kick-off was delayed by 10 minutes due to increased security measures after two Swedes were shot dead in an attack in Brussels on Monday before a Euro 2024 qualifier between Belgium and Sweden that was later abandoned. Billy Gilmour gave Scotland a surprise lead in the 11th minute, sweeping sweetly into the far corner after an inexplicable mistake by Eduardo Camavinga. But France, who qualified for Euro 2024 last week like Scotland, hit back five minutes later as Pavard glanced home Antoine Griezmann's corner at the near post. Pavard then became the first France player to score two headed goals in the same game sinc...

Ruto Signs New Law of Privatisation of state corporates

9Oct

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Business, local news

Ruto Signs New Law of Privatisation of state corporates

President William Ruto has signed into law the Privatisation Bill, 2023 after being passed by the National Assembly in September. The bill, sponsored by Majority Leader Kimani Ichung’wah, entails a revised regulatory framework for the privatisation of public entities aiming to improve the efficiency and competitiveness of Kenya’s productive resources. "It is intended to remove the bureaucratic processes in the privatization of non-strategic or loss-making government entities," reads a report from the National Assembly on Monday. With Ruto's signature now appended to the Bill, the requirement for parliamentary approval has been scrapped and the Privatization Authority will be established. The bill further seeks to encourage more participation of the private sector in ...