BUSINESS Archives - Daily Chronicles

MP Nelson Koech stated that Parliament Will Ensure El Nino Preparation Funds Are Used Appropriately

23Oct

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local news

MP Nelson Koech stated that Parliament Will Ensure El Nino Preparation Funds Are Used Appropriately

Belgut MP Nelson Koech has stated that Parliament will be conducting oversight on the use of monies distributed to county governments in preparation for the now unlikely El Nino rains as predicted by the Kenya Meteorological Department. In his view, MP Koech said that parliament will ensure that the estimated Ksh.10 billion disbursed to counties to mitigate the predicted rains will be put to good use. "It is important to make sure that there was prudent use of those resources because I know there were people who were itching to tap on that money. We as MPs are going to oversight to make sure that any money," he said. The legislator was speaking on Citizen TV's Daybreak show on Monday. He further intimated that he had questions on Kenya Met's prediction, arguing that nothin...

Nothing Of Concern On Board UK Police Say On Diverted Kenya Airways Plane

13Oct

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International news

Nothing Of Concern On Board UK Police Say On Diverted Kenya Airways Plane

Police in Essex, England have verified that the Kenya Airways (KQ) flight redirected to London's Stansted Airport on Thursday underwent a thorough inspection and no concerning items were found on board. The KQ plane, a Boeing 787-8 Dreamliner, was intercepted on its way to London before being diverted to Stansted for security clearance by U.K government security personnel. Stansted is the designated airport for dealing with security issues in the UK. In a statement on X, formerly Twitter, on Thursday, Essex Police noted that after their investigations, the plane was returned to the airport, which continued to operate without any disruptions. "Officers have established there is nothing of concern on board a flight diverted to #Stansted Airport. Officers carried out enquiries ...

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...

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...

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...

Netflix To end password sharing at the start of 2023

24Dec

By adminNo Comments

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 ...

4Nov

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Technology

Twitter Says Layoffs To Begin Friday

Twitter said it will start laying off employees on Friday, as the new billionaire owner Elon Musk moves quickly after his big takeover to make the messaging platform financially sound. A company-wide email seen by AFP says Twitter employees will receive word via email at the start of business Friday, California time, as to what their fate is. It does not give a number but the Washington Post and New York Times reported that about half of Twitter's 7,500 employees will be let go. "In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global work force," the email said. Twitter employees have been bracing for this kind of bad news since Musk completed his mammoth $44 billion (around Ksh.5.4 trillion) acquisition late last w...

23Jul

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Business

CBK Set For Further Interest Rate Hike

The Central Bank of Kenya (CBK) is widely expected to lift its benchmark lending rate again when it holds its Monetary Policy Committee (MPC) meeting on Wednesday. The expectations on the reserve bank’s monetary stance are largely anchored on prevailing high inflation which in June breached the targeted upper limit of 7.5 per cent to stand at 7.9 per cent in June. In a pre-emptive move at the end of May, the Central Bank of Kenya (CBK) lifting its benchmark lending rate known as the Central Bank Rate (CBR) for the first time in seven years to 7.5 per cent from a flat seven per cent to curb rising inflation. A further 50 basis points rate hike, the same as in May would move the base lending rate to above the prevailing inflation rate pointing to the efforts by the reserve bank...

Safaricom Annual Profit Drops To Ksh.67.5 Billion

12May

By Nasra HusseinNo Comments

Business

Safaricom Annual Profit Drops To Ksh.67.5 Billion

Telecommunications operator Safaricom has posted a marginal 1.7 per cent drop in its full-year profit to March 31 with net earnings at Ksh.67.5 billion from Ksh.68.7 billion previously. The dip in profitability is largely attributable to costs related to the operator’s expansion project in Ethiopia. Total spending by Safaricom in the year or CAPEX for instance hit Ksh.49.8 billion in the year against an earlier guidance of Ksh.39.3 billion. The Safaricom Ethiopia unit in the period made a net loss of Ksh.2.7 billion with Ksh.5.1 billion in operating costs within the period. Further, the Ethiopian operations used up Ksh.10.4 billion in capital with no revenues earned in the period as the unit is yet to commence commercial operations. Despite headwinds in the macroenviron...

Hilton hotel to shut down after 53 years operation

28Apr

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Business

Hilton hotel to shut down after 53 years operation

Iconic city hotel, The Hilton, will close its doors indefinitely in December after operating for over five decades in the heart of Kenya's Central Business District. As a result, it will lay off an unspecified number of workers, underlining the troubles of hotels in the wake of the Covid-19 travel slump and other factors beyond the pandemic. The renowned hotel, which has 40.57 per cent shares owned by the government said on Wednesday it will not quit Kenya and will continue to operate its other brands in the country. “Following extensive discussions with the hotel ownership, Hilton Nairobi will close its doors for the last time on December 31, 2022, and cease operations,” a Hilton spokesperson told the Business Daily in an interview It began operations in Nairobi on Decemb...