BUSINESS NEWS

The United States has maintained its place as Kenya’s top source of tourists, according to the latest data from the Tourism Research Institute (TRI). The latest TRI data shows that arrivals from the US grew by 8.4 percent (14,617 visitors) in the first nine months of the year. In the nine months to…

President Kenyatta on Friday held a meeting with visiting executives of Amazon Web Services (AWS) at State House, Nairobi. AWS is an enterprise of the United States e-commerce giant, Amazon that offers cloud computing services.  Kenyatta’s meeting with AWS executives led by Vice President…

A month after being placed under receivership, Mumias Sugar Company has sent home all its employees  Ponangipalli Rao, the receiver appointed by Kenya Commercial Bank (KCB), indicated the cash-strapped sugar miller will hence force hire staff on a temporary basis.  “Consequent to the…

The National Assembly on Tuesday failed to overturn President Kenyatta’s recommendations on the repeal of interest rate cap on commercial lending. This came after the majority of MPs walked out of the house sitting to leave a depleted minority, effectively failing to overturn Kenyatta’s proposal. A…

President Kenyatta’s family, the family of former Central Bank governor Philip Ndegwa and Equity Bank CEO James Mwangi have increased their fortune by Sh1 billion each within the past two weeks. This comes after prices for bank shares proliferated following news of a push to remove the cap on…

Sarah Wanjiru, one of the widows of the late Equity Bank CEO John Mwangi Kagema has filed an application seeking to have his body exhumed for a DNA test to be carried out over property dispute. In documents filed in court, Ms. Wanjiru argues that unnecessary court cases will be avoided if a…

Kenya Airways (KQ) on Tuesday marked one year since it launched direct flights to the United States.  Speaking on Tuesday, KQ CEO Sebastian Mikosz indicated that the airline had executed 594 hauls between Nairobi and New York during the one-year period, flying at least 105,000 passengers in…

The second batch of 500,000 barrels of crude oil is set to leave the country at the end of February, 2020. The shipment will still be part of Kenya’s ongoing tests of the quality of its oil deposits ahead of Tullow Oil’s final investment decision (FID) at the end of next year, according to Citizen…

Goldman Sachs, a leading US investment bank, has acquired a stake in Kenyan start-up Twiga Foods. The deal will see Goldman Sachs pump $23.75 million (Sh2.44 billion) into Twiga Foods to help in its expansion plan in the country and Africa. This marks Goldman Sachs's first major deal in a…

Vivo Energy has received the green light to acquire KUKU Foods which operates US fast-food chain Kentucky Fried Chicken (KFC) in Kenya. The Competition Authority of Kenya (CAK) approved the planned acquisition saying the deal between the two parties met the threshold for a merger since their…