BUSINESS NEWS

New York-headquartered software developer training and outsourcing company Andela has announced massive job cuts in Africa. On Tuesday, the company said it will lay off 170 software developers in Kenya and at least 250 in Nigeria and Uganda. Andela indicated that the retrenchment targets junior…

Members of the National Assembly Finance and National Planning Committee have rejected a proposal by National Treasury to repeal the interest rate capping law. Members of the committee argued that repealing the law would subject Kenyans to expensive credit at the expense of lenders. National…

New premier Kenyan business platform called NaiGate launched to create market access for businesses and service providers —including freelancers— both in Kenya and in the diaspora. NaiGate was recently featured on KTN News and Nation Media Group’s Business Daily Newspaper (links below). The…

Kenya Airways (KQ) says it has formally withdrawn its Privately Initiated Investment Proposal (PIIP) seeking to take over the operations of Jomo Kenyatta International Airport (JKIA). The proposal, which was submitted to Kenya Airports Authority (KAA), Public-Private Partnership Committee (PPP) and…

Giant betting company SportPesa has announced it will resume operations soon after it was cleared by Kenya Revenue Authority (KRA). In a statement on Tuesday, SportPesa said had positive engagement with the government and was looking forward to resuming operations soon. "Our sessions with…

Acting Safaricom CEO Michael Joseph hinted at an extended stay at the helm of the giant telecommunications company. Speaking to the media on Friday, Joseph described Safaricom as “my company”, stating that he would remain in the company as long as it is necessary. “Personally, this is really my…

Kenya Airways (KQ) recorded a pretax loss of Sh8.56 billion in the half-year ended June 30th, 2019. This is an increase by more than double from Sh3.9 billion loss the airline posted in the same period last year.  KQ’s cumulative revenue expanded to Sh58.5 billion, a 12 percent growth from…

President Kenyatta on Saturday threw his weight behind the proposal to totally ban gambling in Kenya. Speaking at the 60th-anniversary celebrations of CITAM Church in Karen, Nairobi, Kenyatta said he supports the idea to completely shutting the gambling sector in the country but has no powers to do…

President Kenyatta is on Monday slated to flag off the shipment of Kenya’s maiden consignment of crude oil at the port of Mombasa. The 200,000 barrels of crude oil will be exported by Chinese company ChemChina UK Limited, which won the tender to purchase the first Kenyan oil early this month. Last…

US technology company, Google has warned that Kenya’s plan to impose tax on digital transactions could spark trade wars with other countries. Google told Members of Parliament that the State’s bid to introduce amendments to the Finance Bill 2019 to slap online businesses with an income tax…