BUSINESS NEWS

A recent wealth report by Knight Frank indicates that only 475,000 Kenyans are worth $20,000 (Sh2.2 million) and above. The number represents one percent of Kenya’s population, which stands at 47.5 million as per the 2019 national census. Monaco is the leading sovereign land in the world with the…

Kenya and the US are expected to resume negotiations for a free trade agreement (FTA) after a four-month hiatus occasioned by the American presidential election last November. Trade and Enterprise Development Principal Secretary Johnson Weru said the talks will resume as soon as President Biden’s…

Many Kenyans who work online are expressing their frustration with popular US online payments company PayPal. Taking to social media, PayPal users complain that their funds are being held for up to 180 days without being informed what rules they violated. Others said their accounts have been locked…

Uber drivers in Kenya are up in arms over what they termed as harsh working environment and huge cuts on their trips. John Kimani, the Chairperson of Uber drivers in Kenya explained how their income has dwindled due to increased cuts on their trips, with 25 percent going to the App company, 25…

16 airlines have signed agreements with the United Nations (UN) for the distribution of COVID-19 vaccines around the world. Only two airlines from Africa made it to the list but national carrier Kenya Airways (KQ) is not one of them. The two include Ethiopian Airlines and Nairobi-based Astral…

Kenya is set to receive a loan of $2.4 billion (Sh262.68 billion) from the International Monetary Fund (IMF) to support the country’s second phase of COVID-19 response. On Tuesday, IMF announced it reached an agreement with Kenya on a 38-month program, with disbursement expected to start in the…

Kenya Airways (KQ) has reduced the number of direct flights to the US to once a week, citing low demand. The airline has been operating two weekly flights since November last year when it resumed flights between the Jomo Kenyatta International Airport (JKIA) in Nairobi and JFK Airport in New York…

A close ally of US President Joe Biden has expressed support for the proposed free trade agreement (FTA) between Kenya and the US. Congressman Richard Neal exuded confidence that the negotiations for the trade pact between the two countries, which started under the Trump administration, will be…

The US Chamber of Commerce has urged President Joe Biden’s administration to fast-track the ongoing negotiations for a free trade agreement between the US and Kenya. The discussions commenced in July 2020, with a view of crafting a comprehensive agreement that will act as a model for similar pacts…

Kenya’s KCB Group has filed a formal application seeking to acquire two banks in Tanzania and Rwanda for Sh4.4 billion ($40 million).  The application was made to the regional competition body—Comesa Competition Commission, which has since started collecting views from interested parties…