Category: Kenya
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A startup city in Kenya tries to tackle Africa’s problem of urbanizing while poor
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Breadcrumb links PMN BMN Business Article writer: Associated Press Adrian Bloomfield Posted on January 12, 2025 • 5 minute read You can save this article by registering for free here. Or log in if you have an account. Article content KIAMBO, Kenya (AP) — When you turn into Tatu City…
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Kenya Moves To Legalize Crypto
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The Republic of Kenya is currently taking steps to create a legal framework for cryptocurrency operations. Interestingly, this exciting development comes shortly after the International Monetary Fund (IMF) recommended the East African country to reform its current cryptocurrency policy and bring it in line with global standards. Kenya aims to…
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Kenya Moves To Legalize Crypto
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The Republic of Kenya is currently taking steps to create a legal framework for cryptocurrency operations. Interestingly, this exciting development comes shortly after the International Monetary Fund (IMF) recommended the East African country to reform its current cryptocurrency policy and bring it in line with global standards. Kenya aims to…
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IMF, World Bank split on Kenya Power monopoly
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The IMF and World Bank have disagreed over the push to end Kenya Power’s monopoly on selling electricity to homes and businesses. The International Monetary Fund wants Kenya to speed up regulations that would allow other companies to sell power in competition with utilities, arguing that the country is behind…
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How the Treasury can get Kenya out of debt distress
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Treasury Minister John Mbadi is working under extremely precarious conditions. As he seeks to simplify Kenya’s financial landscape, he should not lose sight of the fact that any reference to the rejected 2024/2025 Finance Bill may anger Generation Z who thwarted its implementation in June this year. However, the country…
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Trump throws Kenya, US business talks into doubt
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Kenya’s trade and investment deal with the United States, which was scheduled to be concluded next month, has been thrown into limbo after the election of Donald Trump as US president, capping a remarkable comeback four years after he was voted out. Both Nairobi and Washington, through US envoy Meg…
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World Bank resists push to end Kenya Power monopoly
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The World Bank has warned the Kenyan government as it seeks to end Kenya Power’s monopoly on selling electricity to homes and businesses, saying exposing the utilities to competition would lead to higher electricity prices. Bretton Woods believes allowing other companies to sell power also risks the Nairobi Stock Exchange-listed…
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Kenya Power drops plan for private firms to sell electricity in slums
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Kenya Power has dropped plans to tap private companies to connect customers in informal settlements and collect bills, following advice from the State Council and parent ministry. The company has now delegated the task to the state-owned Rural Electrification and Renewable Energy Corporation (Rerec), with Kenya Power tasked with ramping…
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IMF approves Sh78.3 billion loan to Kenya
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The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of a 78.3 billion shillings ($606.1 million) loan to Kenya, opening the way for new financing for the country following a lengthy review of the program following the withdrawal of the 2024 Finance Bill. The disbursement, which…
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Rubis overtakes TotalEnergies as second largest oil marketer in Kenya
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French oil major Rubis has overtaken TotalEnergies Marketing to become Kenya’s second largest oil marketer on the basis of market share. New official data from the Energy and Petroleum Regulatory Authority (Epra) shows that Rubis’ market share rose to 15.56 percent or 850.194 billion liters as of June this year…
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Rubis overtakes TotalEnergies as second largest oil marketer in Kenya
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French oil major Rubis has overtaken TotalEnergies Marketing to become Kenya’s second largest oil marketer on the basis of market share. New official data from the Energy and Petroleum Regulatory Authority (Epra) shows that Rubis’ market share rose to 15.56 percent or 850.194 billion liters as of June this year…
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Kenya eyes Sh113bn mega IMF loan disbursement
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Kenya expects to receive Sh113 billion in the next tranche of loans from the International Monetary Fund (IMF) after making progress in protracted talks that delayed financing from the multilateral lender after new tax measures were rejected in June this year. National Treasury’s project estimates are Sh64.4 billion in disbursements…
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Jumia bets on Kenya success to recover from lost markets
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Africa-focused e-commerce retailer Jumia is counting on a turnaround in its operations in Kenya and three other markets to help it regain lost ground from the closure of its businesses in South Africa and Tunisia. The New York Stock Exchange-traded company announced Wednesday that it will close its operations in…
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Discerning palate: Kenya outperforms UK at international wine tasters contest
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In a remarkable achievement, Kenyan wine tasters have bested traditional wine powerhouses such as England at the prestigious World Wine Tasting Championships, often called the “Olympics of Wine”. The event, held in France, sees competitors tasting a variety of unnamed wines, guessing their region, vintage and grape variety. This year…
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Discerning palate: Kenya outperforms UK at international wine tasters contest
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In a remarkable achievement, Kenyan wine tasters have bested traditional wine powerhouses such as England at the prestigious World Wine Tasting Championships, often called the “Olympics of Wine”. The event, held in France, sees competitors tasting a variety of unnamed wines, guessing their region, vintage and grape variety. This year…
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Kenya to restrict raw exports of gold, other minerals
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Kenya plans to restrict the export of some minerals in their raw form after the completion of ongoing construction of processing plants, a move that heralds a major policy shift aimed at maximizing profits for the government and communities. The Ministry of Mining says that gold, precious stones and granite…
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Parliament, KRA owe Kenya Airways Sh3.5 bn in air tickets cash
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The national airline has revealed that Parliament, the Ministry of Foreign Affairs and the Kenya Revenue Authority (KRA) owe Kenya Airways Sh3.54 billion. Kenya Airways CEO Allan Kilavuka told the Senate Roads, Transport and Public Works Committee that it is also seeking government assistance in repatriating funds stuck in various…
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Parliament, KRA owe Kenya Airways Sh3.5 bn in air tickets cash
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The national airline has revealed that Parliament, the Ministry of Foreign Affairs and the Kenya Revenue Authority (KRA) owe Kenya Airways Sh3.54 billion. Kenya Airways CEO Allan Kilavuka told the Senate Roads, Transport and Public Works Committee that it is also seeking government assistance in repatriating funds stuck in various…
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Kenya seeks to stop sale of electricity in dollars
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Kenya is making another bid to stop bulk energy billing in US dollars and euros in a bid to lower electricity prices for households and mitigate Kenya Power’s foreign exchange losses. The country’s energy consumers often complain about high electricity tariffs, with some costs attributed to idle capacity charges to…
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Kenya Airways eyes over Sh200m savings from new building, diesel plant
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Kenya Airways (KQ) is looking to save more than Sh209 million from its newly launched thermal diesel and newly acquired Msferi building that is set to house its operations team, helping its efforts return to profitability after years of losses. The national airline has launched a thermal diesel production facility…