Thursday, January 30News That Matters

Tag: business daily

Taiwan Unveils First Domestically Built Submarine
International news

Taiwan Unveils First Domestically Built Submarine

Taiwan unveiled its first-ever domestically built submarine on Thursday, an accomplishment the island democracy’s leader hailed as a significant milestone as Taipei works to boost its military deterrence in the face of a growing threat from Beijing. President Tsai Ing-wen presided over a ceremony at the submarine’s shipyard in southern Kaohsiung city where the diesel-electric vessel was officially named “Narwhal” in English and “Hai Kun” in Mandarin – which can be loosely translated as “sea monster”. “The submarine is an important realization of our concrete commitment in defending our country,” Tsai said. “It is also important equipment for our naval forces in developing asymmetric warfare strategies.” In the past, many people thought building an indigenous submarine would b...
British Croc Expert Adam Britton Admits Sexually Abusing Dogs
International news

British Croc Expert Adam Britton Admits Sexually Abusing Dogs

A well-known British crocodile expert and academic has pleaded guilty to bestiality charges involving the rape, torture, and killing of dogs. According to Australian media, Adam Britton tortured and exploited more than 42 dogs until his arrest in April 2022. An Australian court was shocked after hearing the accounts of Northern Territory British crocodile expert Adam Robert Corden Britton, 51, who admitted to animal cruelty against dogs as well as possessing child-abuse material. After filming himself in the heinous acts, the Charles Darwin University professor would post the footage on online forums under aliases. Chief Justice Michael Grant said the crime, which resulted in the deaths of 39 dogs, "could only be described as grotesque cruelty" and urged members of the pub...
One Injured In Baringo Banditry Attack, Over 300 Cows Stolen
Human Interest

One Injured In Baringo Banditry Attack, Over 300 Cows Stolen

Tension is high in Loruk area in Baringo North after bandits raided, shooting one person and seriously injuring him.  Over 300 cows were driven away towards Paka hills in Tiaty.  The bandits, who were heavily armed struck at around 12pm on Wednesday while the cows were grazing. They started shooting indiscriminately, forcing herders to run away.  Police who engaged the bandits in a fierce shot out were overpowered as bandits made away with the loot. The raid has since forced residents of Tiaty living in Loruk to close shops for fear of retaliatory attack.  The raid comes in the wake of 5 days long prayers, an initiative of first lady Rachel Ruto, aimed at intercession for restoration of peace in six counties which has been declared disturbed and dang...
Richard Branson’s Virgin Orbit Files For Bankruptcy
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
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...
Rayvanny’s beef with Harmonize escalates
Entertainment

Rayvanny’s beef with Harmonize escalates

Tanzanian singer Rayvanny has fired back at Harmonize in what seems to be a reignited online beef. The bitter online exchange began when Harmonize told artists to go slow on releasing alcohol-themed songs, which Rayvanny said was a subject Harmoniez to comment on as he had no hit song on alcohol. Later, Harmonize responded by saying Rayvanny was stuck to Wasafi despite leaving the label months ago. An angry Rayvanny hit back, saying Harmonize was not his match, pointing out that he even wrote verses for him in a song they did together. Rayvanny further said Harmonize was boastful about the sum he paid to exit his former label, an amount Rayvanny said was a drop in the ocean compared to what he paid. “You paid Wasafi Tsh600 million umelia kwenye media zote mzee … Incase ...
Kenya Receives Additional Ksh.15.5 Billion Financing From IMF
Business

Kenya Receives Additional Ksh.15.5 Billion Financing From IMF

Kenya has unlocked Ksh.15.5 billion ($127.4 million) in additional financing from the International Monetary Fund (IMF). This follows successful discussions to amend the country’s ongoing program with the multi-lateral lender to provide additional financing. In a statement Tuesday night, the IMF says the extra financing which is equivalent to $162.84 million worth of special drawing rights (SDRs) covers external financing needs resulting from drought and challenging global financing needs. $1=Ksh.121.67 The additional financing is expected to trickle in as part of the ksh 52.4 billion fourth tranche loan from Kenya’s 38-month program which currently awaits the approval of the IMF Executive Board. Kenya had access to up to Ksh.27.2 billion in beyond its Ksh.284.6 billi...
Messi Says 2022 World Cup Will ‘Surely’ Be His Last
Sports

Messi Says 2022 World Cup Will ‘Surely’ Be His Last

Argentina captain Lionel Messi said Thursday that the 2022 World Cup in Qatar will "surely" be the last of his career. "It's my last World Cup, surely. I feel good physically, I was able to do a very good pre-season this year, which I couldn't do last year. It was essential to get to where I am, with a good state of mind and a lot of hope," the 35-year-old told ESPN Argentina. Messi, who is due to appear in his fifth World Cup, made his international debut in 2005 and has since won 164 caps for Argentina and is the country's all-time record scorer with 90 goals. In the interview, which took place in Paris where Messi plays for Paris Saint-Germain, he admitted he was nervous about the impending tournament. "There is anxiety, nerves about the World Cup," he said. "We can't w...
Uganda Threatens to Ban Kenyan Products from Their Market as Trade Row Escalates
Business

Uganda Threatens to Ban Kenyan Products from Their Market as Trade Row Escalates

Although Frank Tumwebaze did not formally write to the Kenyan government, he took to Twitter to complain to counterpart Cabinet Secretary Peter Munya for capping sugar Uganda imports. Tumwebaze faulted Kenya's recent decision to cut sugar imports from Uganda by 79 %, which is likely to escalate the ongoing trade dispute between Nairobi and Kampala. The minister warned if Kenya does nothing to remedy the situation on time, the move could potentially weaken the East Africa Community trade bloc as Uganda may be forced to take a similar route. "Don't make this whole idea of the East Africa Community doubtable. Should we also start a board to restrict/give permits to Kenyan margarine and plastics? Yes, we could check on their standards too," he threatened. Kenyan traders are allowe...
KenGen to benefit from climate action carbon credits
Business

KenGen to benefit from climate action carbon credits

The Kenya Electricity Generating Company is set to benefit from its Clean Development Mechanism (CDM) Projects further giving impetus to the company’s efforts to combat climate change. This follows the issuance of additional 309,495 Certified Emission Reductions (CERs) for the organisation’s Olkaria II CDM Project by the UN’s Framework Convention on Climate Change (UNFCCC), bringing the total amount of issued carbon credits to 550,981. Speaking on the issuance of the CERs, KenGen Managing Director and CEO Rebecca Miano said climate change has become one of the biggest global environmental challenges and has created an urgent need for mitigating against its effects. “KenGen has a dedicated team to spearhead environmental sustainability and contribute to the reduction of the ef...