Business Archives - Page 2 of 19

Africa Cup of Nations To boost East Africa’s economy

28Sep

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Business, Sports

Africa Cup of Nations To boost East Africa’s economy

Kimilili Member of Parliament Didmus Barasa has said East Africa’s economy will be boosted through the hotel business during the Africa Cup of Nations in 2027. The 'Pamoja bid' was on Wednesday approved by the Confederation of African Football and the preparation for the biannual tournament is expected to hit top gear following the revelation. Kenya, Uganda, and Tanzania will jointly host the month-long championship. Speaking in an interview at a local station, Didmus said the three countries will benefit from hosting the first-ever football tournament of such magnitude. "Afcon will most definitely boost the economyof the three hosting East African countries. Considering that we will have many officials and fans traveling from Nairob...

Fuel Prices Increase, Diesel And Kerosene Subsidies Removed

15May

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Business

Fuel Prices Increase, Diesel And Kerosene Subsidies Removed

Kenyans will start paying higher prices for the three petroleum products effective Monday, May 15, in the latest review by the Energy & Petroleum Regulatory Authority (EPRA). In a statement on Sunday, EPRA's Director General Daniel Bargoria said that the increase is attributable to the average cost of imported refined petroleum products which has seen the landing cost of imports varying in prices. The landing cost of Super Petrol increased by 8.63% in March 2023, Diesel decreased by 2.51% while Kerosene also dropped to 1.13%. This will see Super Petrol, Diesel and Kerosene increase by Kshs.3.40 per litre, Kshs.6.40 per litre and Kshs.15.19 per litre respectively, a review which will be in force upto June 14, 2023. The upward revision in the cost of all three fuel produ...

NEMA Raids Kilimani, Closes Down Oyster Bay in New Crackdown

7Apr

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Business

NEMA Raids Kilimani, Closes Down Oyster Bay in New Crackdown

The National Environmental Management Authority (NEMA) on Thursday, April 6, closed down Oyster Bay restaurant in Nairobi Kilimani estate following complaints from residents. In a notice, NEMA indicated that the facility had interfered with residents' comfort, health and safety by playing loud music contrary to the guidelines prescribed by the authority "There have been numerous complaints of noise pollution from the residents of Kilimani, where you are located, caused by extremely loud music from your facility that interferes with their comfort, repose health and safety. Further, the authority accused the facility's owner of commencing operations without submitting an Environmental Impact Assessment report project. It alleged that it operated without a required licence a...

Richard Branson’s Virgin Orbit Files For Bankruptcy

5Apr

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Business

Richard Branson’s Virgin Orbit Files For Bankruptcy

Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the United States. The California-based company said in a statement Monday that it had filed for Chapter 11 bankruptcy, meaning that it can continue doing business while it restructures its debts. “While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, chief executive of Virgin Orbit, said in the statement posted on its website. Virgin Investments, one of Virgin Orbit’s sister companies, will inject $31.6 million into the satellite launcher to help it stay afloat while the business searches for a new owner. The announcement comes just days after Virgin Orbit...

Tokens Purchase Will Be Unavailable for 12 Hrs – Kenya Power

31Mar

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Business

Tokens Purchase Will Be Unavailable for 12 Hrs – Kenya Power

Kenya Power announced temporary system maintenance affecting the purchase of tokens. The utility firm stated that the system maintenance would start on Friday, March 31, from midnight to Saturday, April 1, at 11 am. Besides affecting the purchase of tokens system maintenance would affect the checking of token details. Further, Kenya power stated that the USSD code used by the public and 'my power App', would not be accessible. We wish to inform you that we will carry out system maintenance. As a result, the purchase of prepaid tokens and checking of token details via "977# and myPower App will be unavailable. "We apologize for any inconvenience caused. Stay Connected," Kenya Power announced. Kenya Power encouraged its customers to purchase tokens before midni...

CBK Introduces Tough Rules on Banks to Tame Dollar Crisis

23Mar

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Business

CBK Introduces Tough Rules on Banks to Tame Dollar Crisis

The Central Bank of Kenya (CBK) on Wednesday, March 22, introduced six new guidelines to commercial banks in a bid to ease the country's current dollar shortage In a statement, the CBK published Kenya Foreign Exchange Code (the FX Code), the guidelines were aimed at improving transparency in the foreign currency market According to the regulator, the guidelines would guarantee ethical and clear transactions to curb the relentless biting shortage. It will facilitate better functioning of the market, further reinforcing Kenya’s flexible exchange rate regime. The FX Code is intended to promote a robust, fair, liquid, open, and appropriately transparent market,” the statement read in part. CBK instructed commercial banks to monitor all forex transactions and file compli...

Govt Gazettes 30 Companies Only Cleared to Offer Retirement Benefits [LIST]

21Mar

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Business

Govt Gazettes 30 Companies Only Cleared to Offer Retirement Benefits [LIST]

The Retirement Benefits Authority (RBA) on Tuesday, March 21, published the names of 30 insurance companies that were authorised to offer retirement benefits services to Kenyans. In the list, the government agency listed APA Life Assurance Limited, Britam Life Assurance Company Kenya Limited, Chancery Wright Insurance Brokers Limited, CIC Life Assurance Limited and CPF Financial Services Limited as some of the companies cleared to offer the services. The Jubilee Insurance Company of Kenya Limited, the Kenyan Alliance Insurance Company Limited, the Monarch Insurance Company Limited, UAP Life Assurance Limited and Zamara Actuaries Administrators & Consultants Limited were also included in the list. Other companies included in the list of 30 were Eagle Africa Insurance Broke...

Electricity prices to rise by 15% in January 2023 as subsidy is dropped

31Dec

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Business

Electricity prices to rise by 15% in January 2023 as subsidy is dropped

Consumers will be hit by an electricity price shock in January 2023 as the subsidy which retired president Uhuru Kenyatta initiated is dropped. Energy and Petroleum Regulatory Authority (EPRA) director-general Daniel Kiptoo said the 15 per cent discount would not be extended beyond its expiry date of December 31, 2022. “When the new government came in, it withdrew the support (subsidy) in August, and thus after the end of December, we will revert to the rates that were in place before January,” President William Ruto has been against subsidies imposed by his predecessor on items like petrol and maize which were meant to ease the cost of living crisis and boost economic growth. However, Ruto eliminated subsidies terming them unsustainable. In his inaugural speech on Tues...

Netflix To end password sharing at the start of 2023

24Dec

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Business

Netflix To end password sharing at the start of 2023

Netflix is cracking down on password sharing at the start of 2023, in a move that will affect 100 million viewers. Insiders say the time has finally come as Netflix battles against disappointing subscriber numbers since its rapid growth during the pandemic Co-CEO Reed Hastings told senior executives at a company gathering that password sharing has gone on too long and the pandemic only masked how bad it truly was, the source said. Now the 100 million people who borrow passwords face missing out on their favorite shows on the platform, although sources told the WSJ that Netflix is likely to introduce the ban with caution because it fears a backlash. The exact policy and how it will be enforced remains unclear, but the company is expected to use IP addresses to ...

Crypto Tycoon Bankman-Fried Arrested In Bahamas

13Dec

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Business

Crypto Tycoon Bankman-Fried Arrested In Bahamas

Disgraced cryptocurrency tycoon Sam Bankman-Fried was arrested Monday in the Bahamas at the request of the United States, according to US officials seeking to charge him after the spectacular collapse of his FTX platform. The arrest comes on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange's overnight demise. The 30-year-old had in recent weeks defied legal advice and multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas where his company is headquartered. "Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the southern distric...