BUSINESS NEWS Archives - Page 2 of 8

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...

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...

R. Kelly Gets New 20-Year Jail Term For Child Porn Crimes

24Feb

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Entertainment

R. Kelly Gets New 20-Year Jail Term For Child Porn Crimes

A US judge on Thursday handed disgraced R&B singer R. Kelly a 20-year prison term for child pornography and other charges -- but he will serve most of it simultaneously with a previous sentence. Kelly, 56, is already serving a 30-year sentence he received after a Brooklyn jury in a separate federal trial convicted him on racketeering and sex trafficking charges. The judge in Chicago -- Kelly's hometown, where he was once seen as a source of pride -- ruled that most of the new sentence would be served concurrently with the previous one, with all but one year taken at the same time. That Kelly will spend a maximum of 31 years in prison is a win for the defense, which urged in its sentencing memorandum that "a concurrent sentence is what fairness demands," accusing the prose...

The Three-Day Events Set To Happen Before Prof. Magoha’s Burial On February 11

3Feb

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Entertainment

The Three-Day Events Set To Happen Before Prof. Magoha’s Burial On February 11

With the late former Education Cabinet Secretary Prof. George Magoha set to be laid to rest at his ancestral home in Umiru, Siaya County on February 11, his family has given an update on the progress of his ongoing funeral arrangements. Speaking at Magoha's home in Lavington, Nairobi on Friday, Julius Jwan, the speaker of the late minister's funeral arrangement committee, told journalists that Magoha's interment will be preceded by a string of three-day-long events that will pay homage to the life of the late renowned scholar. "On February 8, 2023, a farewell caravan shall proceed from Lee Funeral Home through some of the places that defined Prof. Magoha's adult life including the College of Health Sciences at Kenyatta Hospital, the Kenya Medical Practitioners and Dentist Counci...

Usain Bolt loses $12 million of life savings in scam

20Jan

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Sports

Usain Bolt loses $12 million of life savings in scam

Linton P Gordon, a lawyer for Bolt, has claimed that the Jamaican’s account once had $12.8 million (£10m), but now reflects a balance of only $12,000 (£9,700), money that was supposed to fund his retirement. Gordon sent a letter to Stocks & Securities Limited on Monday (January 16) and later a copy to the Associated Press which states that if the money is not returned within 10 days, the company will face civil and criminal action. In the letter, Gordon said: “If [the new balance] is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client.” Stocks & Securities Limited have asked that clients pass all questions on to Jamaica’s Financial Services Commission as it continues its investigati...

Netflix Cofounder Reed Hastings Has Resigned As Co-CEO

20Jan

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Entertainment, International news

Netflix Cofounder Reed Hastings Has Resigned As Co-CEO

Reed Hastings, one of the founders of Netflix, announced Thursday he is stepping down as co-CEO. In a statement shared Hastings said he will now serve as executive chair for the next few years. His co-CEO, Ted Sarandos, will continue in the role, joined by former chief product officer and chief operating officer Greg Peters. “After 15 years together we have a great shorthand & I’m so confident in their leadership,” Hastings tweeted. “Twice the heart, double the ability to please members & accelerate growth.” Hastings said that the company’s board has discussed a succession plan for years and added even founders must evolve for the sake of a company. “It was a baptism by fire, given COVID and recent challenges within our business. But they’ve both managed incr...

President Ruto to hold media roundtable interview today

4Jan

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Politics

President Ruto to hold media roundtable interview today

President William Ruto will on Wednesday evening hold a media roundtable interview with local and international media houses. The interview that will air live across TV and radio stations comes just a few days after he marked his first 100 days in office. The development was announced by State House Spokesperson Hussein Mohamed on Tuesday. The President marked his 100 days on December 22, 2022. A survey released by Infotrak on Ruto's performance in the 100 days said he had scored an overall grade C in fulfilment of pledges on the economy, governance, gender equality and infrastructure. Opposition leader Raila Odinga said President Ruto's first 100 days have been a road to nowhere. He said Kenyans are worse off than they were during the campaigns when the Ru...

Murder Charge Against Aisha Jumwa Formally Withdrawn

21Dec

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Politics

Murder Charge Against Aisha Jumwa Formally Withdrawn

The murder charge against Public Service and Gender Cabinet Secretary Aisha Jumwa has been formally withdrawn. The Office of the Director of Public Prosecution (ODPP) made an application at Mombasa High Court to have the murder charge withdrawn, and Jumwa to be a state witness. In a letter by the ODPP, court was told that though the threshold test was met at the point of making the decision to charge, the evidentiary test on relation to the doctrine of common intention has not been met. "Therefore the charges against the second accused can therefore not be sustained in the circumstances," court was told. Jumwa will now be a state witness and is expected to testify against her former bodyguard Geoffrey Okuto. ODPP undertook a review of the prosecution file af...

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...

Amazon Has began Biggest Layoffs In Its 28-Year History

16Nov

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Business

Amazon Has began Biggest Layoffs In Its 28-Year History

Amazon yesterday began laying off employees, beginning with its Devices & Services division, which makes products like Alexa, Echo speakers, Fire TV, Ring cameras, and cloud gaming service Luna. The e-commerce giant this week will lay off about 10,000 workers, or roughly 3% of its corporate employees, the largest job cut in the company’s 28-year history. The cuts are rolling out team by team, rather than all at once, the New York Times reported on Monday. Limp revealed that Amazon notified the impacted employees yesterday and will help them find new roles within the company. If an employee cannot find a new role internally, Amazon will provide them a “separation payment, transitional benefits, and external job placement support,” he wrote. In response to questions about h...