BUSINESS NEWS

Central Bank of Kenya (CBK) has revealed plans to buy $400 million US dollar currency in a bid to grow the country’s foreign currency reserves above normal levels. CBK wrote to the CEOs of local commercial banks expressing its intention to buy US dollars and urged those (lenders) interested in the…

There are 42 Kenyans with a net worth of over $30 million (Sh3 billion), according to the 2020 Knight Frank's global wealth report. The report released on Wednesday shows that Kenya has the fourth-largest number of individuals who are worth over $30 million in Africa. Such persons are known as…

Kenya has inked a deal for the acquisition of 15 second-hand commuter trains from Spain for about Sh1.5 billion. The agreement was signed on Monday in Mallorca, Spain by Kenya Railways Managing Director Philip Mainga and officials from Regional Ministry of Energy and Mobility in Mallorca, according…

Barely five months after entering into the Kenyan market, US company Corteva Agriscience has closed its shop in Nairobi and shifted base to Zambia. Corteva, a New York Stock Exchange-listed agricultural chemical and seed company, said it had identified Zambia as the most suitable site for its…

Kenya earned Sh51.85 billion from exports to the United States in 2019, according to data by the Central Bank of Kenya (CBK). This represents a growth by Sh4.51 billion (9.53 percent) from the previous year, making it the fastest pace in five years. The 2019 earnings make the US the second-largest…

Jambojet CEO Allan Kilavuka has been confirmed as the new Chief Executive Officer of Kenya Airways. The appointment of Kilavuka, who has been serving as the airline’s CEO in an acting capacity since December 16th, 2019, was confirmed by Kenya Airways Board of Directors on Thursday and takes effect…

After a 12-year ban, Kenya has opened doors for wheat imports from three US states. In a statement on Wednesday, the US Department of Agriculture (USDA) said the prohibition was lifted following an agreement between Kenyan President, Uhuru Kenyatta and his US counterpart Donald Trump. The move will…

Kenyan companies have thrown their weight behind the proposed free trade agreement between Kenya and the United States. Through their lobby, Kenya Private Sector Alliance (Kepsa), the Kenyan companies said the agreement between Nairobi and Washington would open more export and import opportunities…

Kenya’s giant mobile operator Safaricom on Tuesday announced the rollout of SIM cards with new 0110 and 0111 prefixes. The introduction of the new prefixes comes after the phasing out of the vintage 07xx prefix. Safaricom said SIM cards with the new prefixes will be given to customers free of…

Safaricom has revealed plans to launch Kenya’s first fifth-generation (5G) mobile internet services before the end of this year as it looks to capitalize on the increasing mobile internet use among Kenyans. Acting Safaricom CEO Michael Joseph said the company had already completed testing and…