BUSINESS NEWS

The influx of Chinese nationals into local businesses has infuriated Kenyan small traders and importers. The traders now say the unregulated entry of the foreigners into Nairobi retail scene has affected their businesses as they are unable to compete with them. The Chinese traders have allegedly…

Mookh Africa, a Kenyan online selling platform has bagged Sh5 million after becoming the overall winner of Visa’s funding competition for tech startups in Africa. The competition, dubbed "Everywhere", is a  global initiative by the US company aimed at helping tech startups develop the next…

Kenya's foreign currency deposits in local banks has hit an all-time record of more than 500 billion shillings. The rise in the foreign currency deposits is largely attributed to Kenyans taking advantage of the tax amnesty program to send money stashed in oversea accounts back home. Data from Kenya…

Swiss authorities have reportedly frozen more than $2 million (Sh201 million) suspected to be proceeds of corruption in Kenya. The cash is part of the more than Sh96 billion allegedly stashed in Swiss bank accounts by graft lords. The freezing is part of Kenya-Switzerland continued efforts in…

The head of the United States government agency that helps private businesses invest in developing countries is wooing Kenya to award the contract for construction of Sh300 billion Nairobi-Mombasa expressway to American engineering firm Bechtel. Ray Washburne, the President and CEO of the US…

Four Kenyan tech start-ups are set to battle for Sh5 million funding from American multinational financial services corporation Visa. The four, M-Changa, Mookh, WayaWaya and LipaPlus are among 12 finalists selected from 238 entries from different African countries including Kenya, Nigeria, South…

Kenya-based cargo airline Astral Aviation is set to launch country's first cargo drones after inking a deal for the acquisition of the remote-controlled aircraft. Astral has signed an agreement with Dubai-based Falcon Drones Technology FZ-LLC for supply of two Lucas-F250 cargo drones. Under the…

Kenya Airways (KQ) has inked a deal with American aircraft manufacturer Boeing, making it the first African airline to use Boeing’s Consumable & Expendable Services. The agreement will help Kenya Airways improve its airplane reliability and turnaround times. Under the agreement, Boeing will…

US top government officials are set to arrive in the country on Saturday for a tour aimed at boosting business with Kenya and countering China's investments in Africa. The officials are drawn from a state agency tasked with helping American private companies do business in developing countries. The…

The High Court has issued conservatory orders suspending the implementation of the excise duty on transactions of cash exceeding half a million shillings. The excise duty on the bulk bank cash transactions was announced by Treasury Cabinet Secretary under the Finance Bill 2018. "I propose to…