Category: Kenya
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Treasury seeks MPs nod for fresh Sh1bn Kenya Airways bailout
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Kenya Airways will receive Sh1 billion financial support from the Treasury for the financial year starting July if lawmakers approve the recommendations of the National Assembly Select Committee on Budget and Appropriations. The Ndinde Nyoro-led committee has asked lawmakers to approve the national carrier’s new bailout to partly fund its…
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Former spy chief Michael Gichangi retires from Kenya Airways board
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Former intelligence chief, retired Major General Michael Gichanji, has exited the board of Kenya Airways after six years and eight months. He was a non-executive director and Chairman of the Board’s Strategy and Business Development Committee. He joined the national carrier’s board of directors in September 2017. “The Board of…
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Why Kenya trimmed appetite for IMF debt
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Kenya has cut its planned borrowing from the International Monetary Fund by 7.2 percent to 465.4 billion shillings ($3.6 billion) after a partial repayment of its first eurobond spooked global investors. This comes weeks after the size of the country’s budget support from the World Bank was reduced by 20…
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Kenya to use World Bank loan to clear Sh65bn Eurobond
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Kenya will use part of the recently obtained Sh156.8 billion loan from the World Bank to clear the outstanding balance of Sh65.3 billion ($500 million) from its first Eurobond maturing on June 24. The final sovereign bond payment for 2014 is expected to allay investor fears that contracted foreign exchange…
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Binaifer Nowrojee: A lawyer who became first Kenya female to head a global entity
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Binaifer Nworoji, the first woman from the Global South to head the Open Society Foundations, grew up in Nairobi while her father navigated the currents of the legal profession and politics of the time, and captured memories that will last a lifetime. She remembers her bike rides and the games…
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Kenya lags global peers in budget transparency
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Kenya lags behind its peers in transparency, an indicator of the theft and waste of public funds, a new survey shows. According to the 2023 Open Budget Survey (OBS), Kenya ranks 48th out of 125 countries when it comes to publishing information to support robust public debate on budget estimates.…
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Kenya on right path to building thriving digital, tech ecosystem
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Last week, I was honored to be part of the government delegation accompanying President William Ruto on his official visit to the United States. This visit comes in celebration of the sixtieth anniversary of the establishment of diplomatic relations between the two countries. A partnership that has been instrumental in…
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Kenya Partners With Marathon To Monetize Underused Energy By Mining
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Kenya has signed an agreement with Bitcoin mining company Marathon Digital Holdings to monetize the country’s underutilized energy resources. This partnership, announced by Marathon CEO Fred Thiel on X, represents an important step towards leveraging Kenya’s surplus capacity for Bitcoin mining and technology development. Occurred! Kenya and @MarathonDH Signing of…
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Kenya Partners With Marathon To Monetize Underused Energy By Mining
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Kenya has signed an agreement with Bitcoin mining company Marathon Digital Holdings to monetize the country’s underutilized energy resources. This partnership, announced by Marathon CEO Fred Thiel on X, represents an important step towards leveraging Kenya’s surplus capacity for Bitcoin mining and technology development. Occurred! Kenya and @MarathonDH Signing of…
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US, Kenya look to strengthen business, trade ties By Reuters
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Written by David Shepardson WASHINGTON (Reuters) – The United States and Kenya announced on Friday that they will hold a new round of trade talks next month, as the two countries eye new trade agreements and look to strengthen economic ties. Kenyan President William Ruto arrived in Washington for a…
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Once a giant, manufacturing now trails financial sector in Kenya GDP share
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In the 1980s, manufacturing in Kenya was so big that Daniel arap Moi’s government dared to join the car manufacturers’ league by commissioning the building of its own car. The plan failed because the exotic car, the Nyayo Pioneer, could barely move a kilometre, but the dream of building the…
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Kenya economy edges up to 5.6pc in 2023
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The recovery in the agricultural sector raised economic growth last year to 5.6 percent from 4.9 percent in 2022. The Kenya National Bureau of Statistics (KNBS) released the 2024 Economic Survey on Monday, detailing how different sectors and the labor market are performing. Sector performance The agricultural sector recovered from…
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Kenya economy edges up to 5.6pc in 2023
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The recovery in the agricultural sector raised economic growth last year to 5.6 percent from 4.9 percent in 2022. The Kenya National Bureau of Statistics (KNBS) released the 2024 Economic Survey on Monday, detailing how different sectors and the labor market are performing. Sector performance The agricultural sector recovered from…
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DTB to pick CEO for Kenya in reorganisation
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Diamond Trust Bank (DTB) will select a CEO for its Kenya operations for the first time in a new management structure that will leave group managing director Nissim Devji in charge of all subsidiaries. This will mark a shift from the current structure where Ms Devji, who has led DTB…
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Mastercard and I&M Extend Alliance Enhancing Cardholder Value in Kenya
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Mastercard and I&M Bank have announced the extension of their strategic collaboration through an 8-year alliance aimed at enhancing value propositions for cardholders in Kenya. The partnership aims to provide benefits through distinct competitive customer value propositions offered by I&M Bank’s debit and credit card portfolio. Providing valuable and secure…
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Kenya taps Israeli loan for upgrade of air defence
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Kenya is acquiring a high-tech missile defense system from Israel using a billion shillings loan from Tel Aviv amid growing security threats in the Gulf of Aden from Houthi rebels and Somalia’s Al-Shabaab. The missile barrier, called the Spyder Air Defense System, will be acquired from an Israeli company, Rafael…