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Protest over Push to Give US Dairy Farmers Unfettered Access into the Kenyan Market
Business

Protest over Push to Give US Dairy Farmers Unfettered Access into the Kenyan Market

The push to give US dairy farmers unrestricted access into the Kenyan market has attracted opposition from their Kenyan counterparts. In the proposed free trade agreement (FTA) between Kenya and the US, American dairy…

Aug 12, 2020
Iconic 5-Star InterContinental Hotel in Nairobi to be Closed Permanently
Business

Iconic 5-Star InterContinental Hotel in Nairobi to be Closed Permanently

The iconic Intercontinental Hotel in Nairobi is set to be closed permanently over “operational reasons.” The facility’s proprietor, InterContinental Hotels Corporation Limited (IHCL), announced the closure through a n…

Aug 4, 2020
Michael Joseph Named Safaricom Board Chairman
Business

Michael Joseph Named Safaricom Board Chairman

Michael Joseph has been appointed as the new Chairman of the Safaricom Board effective August 1st. Joseph takes over from Nicholas Nganga, who has proceeded on retirement having served in the position for the past 14…

Jul 30, 2020
Trade Negotiations Between Kenya and US Suspended over Covid-19 Fears
Business

Trade Negotiations Between Kenya and US Suspended over Covid-19 Fears

The recently launched trade negotiations between Kenya and the US have been put on hold over Covid-19 fears. The talks were suspended after it emerged that some members of the Kenyan negotiating team may have been exp…

Jul 25, 2020
No Direct Flights to the US as Kenya Airways Resumes International Operations
Business

No Direct Flights to the US as Kenya Airways Resumes International Operations

Kenya Airways (KQ) has said it will not operate nonstop flights to the US when it resumes international flights on August 1st. As a result, passengers traveling to the US from Nairobi will be forced to change planes i…

Jul 22, 2020
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Rich Kenyans Deposit Sh45 Billion in Dollars Amid Covid-19 Lockdown
Business

Rich Kenyans Deposit Sh45 Billion in Dollars Amid Covid-19 Lockdown

Wealthy Kenyans deposited a record Sh45.5 billion in dollars between March and May this year, according to latest data by Central Bank of Kenya (CBK). CBK data shows Forex reserves hit Sh671.4 billion in May, up from…

Jul 16, 2020
Lawyers Move to Court to Block the Proposed Trade Pact Between Kenya and US
Business

Lawyers Move to Court to Block the Proposed Trade Pact Between Kenya and US

Two lawyers have moved to court to challenge the proposed free trade agreement (FTA) between Kenya and the US. Lawyers Christopher Oyieko and Emily Osiemo in a case filed at the East Africa Court of Justice argue that…

Jul 13, 2020
Nigerian Tycoon Acquires Transnational Bank from Moi Allies for Sh1.4 Billion
Business

Nigerian Tycoon Acquires Transnational Bank from Moi Allies for Sh1.4 Billion

Nigeria tycoon Herbert Wigwe has acquired majority shares in Kenyan lender, Transnational Bank. Wigwe bought a 97 percent stake in Transnational Bank, which was previously held by close associates of former President…

Jul 11, 2020
Kenyan Airways to Send Home 182 Pilots, 400 Cabin Attendants
Business

Kenyan Airways to Send Home 182 Pilots, 400 Cabin Attendants

Cash-strapped Kenya Airways (KQ) is set to axe 182 pilots and over 400 cabin crew members. The airline has already served redundancy letters to 22 pilots and 160 more are on their way out together with at least 400 ca…

Jul 6, 2020
UK Topples US, Netherlands to Become 3rd Largest Buyer of Kenyan Products
Business

UK Topples US, Netherlands to Become 3rd Largest Buyer of Kenyan Products

The United Kingdom has elbowed the Netherlands and the US to become the third-largest buyer of Kenyan goods. The latest data by the Kenya National Bureau of Statistics (KNBS) shows that Kenya earned Sh13.29 billion fr…

Jul 3, 2020
Uhuru Gives Kenya Airways Green Light to Resume Flights
Business

Uhuru Gives Kenya Airways Green Light to Resume Flights

President Uhuru says Kenya Airways (KQ) will resume operations in a few days. Uhuru, who spoke on Friday during a virtual conference sponsored by US-based Corporate Council on Africa (CCA), noted that the government w…

Jun 27, 2020
Kenyan-Based US Companies Have Employed 6,000 Kenyans in 10 Years, Data Shows
Business

Kenyan-Based US Companies Have Employed 6,000 Kenyans in 10 Years, Data Shows

Kenyan-based American companies have created employment opportunities to 6,000 Kenyans in the last 10 years, according to a new report. During the period, 85 American companies channeled over Sh300 billion in foreign…

Jun 25, 2020
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Kenya Risks Trade War with the US over Plan to Tax Tech Companies
Business

Kenya Risks Trade War with the US over Plan to Tax Tech Companies

The government’s plan to slap digital companies with taxes could spark a trade war between Kenya and the US. Through the Value Added Tax (Digital Marketplace Supply) Regulations, 2020, companies will be required to pa…

Jun 12, 2020
Emirates to Lay Off Kenyan Workers in Restructuring Plan
Business

Emirates to Lay Off Kenyan Workers in Restructuring Plan

An unknown number of Kenyans working for Dubai-based airline, Emirates are among hundreds of employees who are set to lose their jobs. The State-owned flag carrier announced it will be laying off workers in a restruct…

Jun 11, 2020
Kenya Becomes Third-Largest Economy is Sub-Saharan Africa
Business

Kenya Becomes Third-Largest Economy is Sub-Saharan Africa

Kenya is now the third-largest economy in sub-Saharan Africa behind Nigeria and South Africa in dollar terms. Kenya, previously ranked at position four, toppled Angola to jump to third place, according to fresh data r…

Jun 5, 2020
Saudi Prince Sells Stake in Two 5-Star Hotels in Kenya for Sh2.8 Billion
Business

Saudi Prince Sells Stake in Two 5-Star Hotels in Kenya for Sh2.8 Billion

Saudi Prince Al-Waleed bin Talal has reportedly sold his stake in two five-star hotels in Kenya. Al-Waleed sold his stake in Fairmont The Norfolk and Fairmont Mara Safari Club through his investment company Kingdom Ho…

Jun 5, 2020
KRA Begins Paying Sh10 Billion in VAT Refund to Businesses Hit by Covid-19 Pandemic
Business

KRA Begins Paying Sh10 Billion in VAT Refund to Businesses Hit by Covid-19 Pandemic

The Kenya Revenue Authority (KRA) has begun processing value-added tax (VAT) refunds to business entities that have been adversely affected by the Covid-19 pandemic. KRA said the refund, totaling Sh10 billion, is in l…

Jun 1, 2020
Government Demands Answers After Mass Firing of Fairmont Hotel Workers
Business

Government Demands Answers After Mass Firing of Fairmont Hotel Workers

The government, through the office of the Attorney-General, has written to the management of hotel chain, Fairmont seeking answers to its decision to fire all employees of two of its establishments in Kenya. The sacki…

May 29, 2020
Fairmont Shuts Two Top Hotels in Kenya, Sends All Employees Packing
Business

Fairmont Shuts Two Top Hotels in Kenya, Sends All Employees Packing

Fairmont Hotel has shut down two of its establishments in Kenya and fired all employees. Country General Manager Mehdi Morad in a memo said Fairmont The Norfolk and Fairmont Mara Safari Club have been shut due to the…

May 28, 2020
Kenya Airways Records Sh12.9 Billion Loss
Business

Kenya Airways Records Sh12.9 Billion Loss

Kenya Airways (KQ) has posted a loss of Sh12.9 billion for the financial year ended in December 2019. This represents a 71 percent growth in losses compared to the Sh7.6 billion loss recorded in the previous fiscal ye…

May 26, 2020
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