BUSINESS NEWS

Safaricom Chief Executive Officer (CEO) Bob Collymore pocketed about Sh540,000 per day in remuneration, the company's annual report has revealed. The yearly report from Safaricom's financial year ending March, 2018 shows that Collymore earned a total of Sh196.47 million, translating to Sh16.4…

American Tower Corporation (ATC) has received the go-ahead for acquisition of more than 700 telecommunications towers from Telkom Kenya. ATC received the nod from the Competition Authority of Kenya (CAK) for acquisition of the 723 towers, marking the multinational's entry into the Kenyan market.…

A new email scam targeting PayPal users has hit the internet, leaving customers at risk of losing their cash. The malicious email is crafted to appear like an official communication from PayPal's address ‘service@paypal.com’ and aims at having users install malware on their computers and phones.…

Nairobi Governor Mike Sonko has ordered the cancellation of licenses for all Chandarana Foodplus supermarkets in the city. Sonko announced the shutdown of the chain retailer following claims of racial bias that have sparked outrage from Kenyan social media users. In a statement to newsrooms, the…

Investments in Kenya by the United States have increased in the past few months, entries in the American business deal book in Kenya shows. The increased investment shows US's renewed efforts to reclaim its financial and investment portfolio and influence in Kenya in the wake of intense competition…

Government has reinstated the operation license to Ekeza Sacco following a ban that lasted for four months. The Sacco was shutdown through a gazette notice issued by Commissioner for Co-operative Development Mary Mungai on March 23rd. Mungai cancelled the society's license on claims of the Sacco…

Kenya Airways has acquired the 'world's fastest and most efficient' passenger jet, Embraer E190-E2 from Brazilian aircraft maker Embraer S.A.  The latest acquisition adds to KQ's existing fleet of Embraer 190, making it the largest E190 operator in Africa. Embraer E190-E2 is an improvement of…

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…