Saturday, May 24News That Matters

Tag: BUSINESS NEWS

President Biden is in Rome for a G20 summit
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International news

President Biden is in Rome for a G20 summit

US President Joe Biden has arrived in Europe for two international summits, leaving his $2.75tn (£2tn) domestic agenda in limbo back in Washington. Mr Biden had hoped to trumpet a bumper environmental package at next week's global climate summit in the UK. But his fellow Democrats abandoned plans for a vote on Thursday, leaving his whole platform up in the air. Mr Biden, whose approval rating has been falling, said his presidency itself was hanging in the balance. "The rest of the world wonders whether we can function," he said. He landed in Rome early on Friday for a G20 summit where plans for a global minimum tax will be on the agenda. America's second Catholic president will also meet Pope Francis at the Vatican on Friday. He will head to Scotland on Sunday nig...
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VCs fight Magoha plan to control varsities
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Business

VCs fight Magoha plan to control varsities

Vice chancellors of public universities have disputed plans to amend sections of the University Act to give the Education CS control over the institutions. The University Act is the supreme authority guiding governance of the institutions. Among proposals fronted include the review of the powers to the university council. The councils are the main decision-making organs in the universities. Magoha argues that by the fact that the councils enjoy and exercise delegated authority from the Cabinet Secretary, he should reserve the right to review or vacate a council decision. “As the designated appointing authority, the Cabinet Secretary shall have power to revoke any appointment to, or transfer or otherwise deploy the chairperson or any member of any Council,” the proposal by ...
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Nuclear power agency a waste of funds – John Ngumi report.
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Business

Nuclear power agency a waste of funds – John Ngumi report.

Kenya has 16 more years to attain its nuclear power dream, hence no need for an agency right now, according to a presidential task force  This is one of the recommendations in the full report by the task force appointed by President Uhuru Kenyatta to lo into the country's power purchase agreement (PPAs). According to the John Ngumi led team, the agency has been receiving at least Sh500 million from the Treasury since 2019 but spends most of the cash on salaries for now since Kenya's Nuclear power generation hopes targets 2037. ''It is unlikely that the country will go into nuclear power production in the foreseeable future. It is our considered view that Nuclear Power and Energy Agency (Nupea) to be abolished,'' the task force recommends.  It wants the agenc...
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Malawian First Lady Monica Chakwera Joins Margaret Kenyatta in Visiting the elderly.
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Politics

Malawian First Lady Monica Chakwera Joins Margaret Kenyatta in Visiting the elderly.

First Lady Monica Chakwera of Malawi has extolled First Lady Margaret Kenyatta’s Beyond Zero initiative that has expanded access to medical services for at-risk groups. The visiting Malawian First Lady spoke during a guided tour of an ongoing Beyond Zero medical camp dubbed mini-medical safari at the ‘Nyumba ya Wazee’, old people’s home in Kasarani by her host Margaret. Monica highlighted that she was impressed by the creative healthcare delivery model of mobile clinics and medical safaris and wished to replicate the same in Malawi. Beyond Zero Coordinator Angella Langat briefed the two First Ladies on the free medical services being offered to the senior citizens and the staff of the old people’s home run by nuns from the Catholic Church’s Little Sisters of the Poor. The ...
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Betty Kyallo’s Insight on running a business during the pandemic.
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Business

Betty Kyallo’s Insight on running a business during the pandemic.

Media personality Betty Kyallo says it has been tough running a business during the Covid-19 pandemic.  "I will not want to say that I am doing very well. Truth be told it has been a rough couple of months for many entrepreneurs," the Flair by Betty CEO said in an interview with Word Is.  "I have struggled just like other entrepreneurs because the business environment has not been very friendly to small-scale businesses." Betty said her biggest challenge was being in a field that does not offer basic services.  "People just don't have money to spend, especially on luxurious services like micro-blading...what we do at the salon," she said. Betty said she implemented a number of strategies to stay afloat and at the same time serve her customers. ...
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IEBC awards ballot papers tender to Greek firm Lykos
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Politics

IEBC awards ballot papers tender to Greek firm Lykos

The electoral agency has awarded the tender for ballot papers and the voter register for use in the 2022 general election to a Greek firm at about Sh2.8 billion. Documents obtained by the Star reveal that the commission settled upon Inform Lykos (Hellas) as its provider for the materials in a framework contract for three years. The Independent Electoral Boundaries Commission, in a notice to one of the bidders, said Inform Lykos was the bid with the lowest evaluated responsive price at 7,172.85 Euros (Sh921,326) for 3,000 ballot papers. The IEBC in the tender documents said that considering the six elective positions in the general elections, the minimum quantity that shall be required was 117,600,000 ballot papers and a maximum of 180,000,000 ballot papers. Lykos printed t...
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Kenya has paid Sh238.9billion of its total public debt
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Business

Kenya has paid Sh238.9billion of its total public debt

Kenya has paid Sh238.9 billion of its debt in the past three months, out of its revised total debt obligation this financial year. According to the National Treasury statement of Actual Revenues and Net Exchequer Issues as of September 30, the government will only manage Sh955.6billion going by the current trends. This is Sh213.5 billion shy of the country's Sh1.17trillion debt obligation. According to a recent report on the status of Kenya's debt, the country's debt will be Sh8.7 trillion by end of June next year. The rising debt stock is what resulted in the high debt servicing expenditure amounting to Sh1.17 trillion up from the projected Sh952.7 billion. This thin repayment of the public debt however comes on the backdrop of increased revenue collecti...
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Ruto explains Why Kenya is witnessing a hike in fuel prices
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local news

Ruto explains Why Kenya is witnessing a hike in fuel prices

Deputy President William Ruto has hit out at corrupt government officials following the recent historic fuel hike. Ruto alleged that some of the private companies were allocated Sh12 per litre, leading to punitive fuel costs. “Decisions amongst them to 'gift' Sh12/litre to private companies causing the punitive fuel costs while cartels rake in super profits must be reversed asap,” Ruto said via Twitter on Tuesday. “...and all corrupt public officials involved and benefiting be prosecuted. Price controls must be removed for Competition to lower prices.” High fuel prices have affected the cost of living in the country, where inflation has been rising since April, hitting an 18-month high of 6.91 in August. Manufacturers and transporters have warned of a jump in the c...
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How Facebook lost Sh11b revenue during downtime
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Business

How Facebook lost Sh11b revenue during downtime

Facebook Inc lost an average of Sh24.5 million during every minute it was affected by a service downtime that hit its key applications on Monday. This is according to an estimate by Fortune, the US-based business magazine, which estimated that the tech giant lost a total of Sh11 billion in revenues following the six-hour global outage on Facebook, Instagram, WhatsApp, Messenger and Oculus. The estimates are based on Facebook’s quarter two earnings, which saw revenue of $29.08 billion (about Sh3.2 trillion) over a 91-day period.  The outage, which began at about 6.42pm East Africa Time on Monday and went on till 1.56am on Tuesday, attracted sarcastic memes on Twitter and Reddit with many users who depend on the platforms for social commerce also losing out on bu...
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Pandora Papers,Uhuru’s family has Sh3.3 billion in an offshore account
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Business

Pandora Papers,Uhuru’s family has Sh3.3 billion in an offshore account

President Uhuru Kenyatta's family has been linked to a freshly released declassification that has exposed how the rich and mighty have stashed billions of shillings in offshore accounts. Uhuru and six members of his family secretly owned a network of offshore companies, according to records obtained by the International Consortium of Investigative Journalists (ICIJ) and shared with more than 600 reporters and media organizations around the world. They have been linked to 11 firms - one of which was valued as holding assets of US$30 million (Sh3.31 billion). According to ICIJ, the leaked records listed Uhuru and his mother as beneficiaries of a secretive foundation in Panama. Other family members, including his brother and two sisters, own five offshore companies with asset...
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