BUSINESS NEWS
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Volvo Group has announced that it will be investing Ksh2.5 billion in assembly plant in Mombasa that will serve the growing East African market. Volvo Trucks President Claes Nilsson said the assembling plant will only be the third assembly in Africa after South Africa and Morocco and will…
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Kenya has received a major boost as far as petroleum exportation is concerned after more oil has been discovered in South Lokichar basin in Turkana. Oil drilling firm Tullow Oil disclosed that it had discovered oil in the Emekuya-1 well in the basin just weeks after more oil had been discovered in…
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President Uhuru Kenyatta has negotiated an additional $3.59 (Sh359 billion) billion grant from China to facilitate the extension of the Standard Gauge Railway (SGR) from Naivasha to Kisumu.
The head of state secured the grant that will be available immediately at a meeting with Chinese President XI…
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A US-based lobby group has filed a petition with American trade authorities challenging Kenya’s plan to band second hand clothes imports, commonly known as mitumba.
East African Heads of State in 2015 agreed to work on together to block second hand clothes imports in an aim to revive the local…
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In a fresh twist of events surrounding the importation of maize in Kenya to ease the current shortage, the Mexican Government denied exporting 30,000 tonnes of the grain to Kenya.
The Mexican embassy in Kenya in a statement on Monday said that it had no declarations on any commercial dealings with…
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The British Broadcasting Corporation (BBC) has announced that it will be investing nearly $10 million (Sh1 billion) to construct an Ultra-modern multimedia production studio in Kenya’s capital, Nairobi.
The firm will create more than 250 employment opportunities, according to a senior BBC editor…
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Kenya’s leading Mobile services provider Safaricom has launched tests on a new M-Pesa tool that aims at cutting the transaction process from eight steps to just one. The new technology dubbed M-Pesa 1 tap makes use of near field communication that enables a user to tap his phone or card against a…
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A proposal by President Donald Trump to have the United States reduce its foreign aid by 30 per cent will see deeper cuts in aid to Kenya.
The United States this week suspended aid funds to the Ministry of Health over unmet conditions by Kenya, a move that will be a major blow to the health sector…
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Kenyan telecommunications giant Safaricom on Wednesday announced a Sh48 billion net profit for the fiscal year ending March 31st, 2017, which was a 27 percent increase over the previous year.
Gross revenue stood at Sh212.9 billion, and increase of 8.8 percent over the previous year. It is the the…
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Kenya Commercial Bank (KCB) will be closing several of its branches in war tone South Sudan as a result of deflation of the country’s currency, persistent civil war and run-away inflation that dwindled the bank earnings in 2016.
“KCB board of directors has approved the temporary closure of some…