Thousands if not millions, of Kenyans, earn a living through their smartphone Taxi drivers and cloth sellers are among the people who have created their own jobs through smartphone use A report by the Communications Authority of Kenya covering the first quarter of the 2021/2022 financial year revealed that one of every two Kenyans has a smartphone Without a doubt, smartphones are helping thousands if not millions of Kenyans and around the world to make a living. In fact, a Statista report shows that the mobile ecosystem employed 26 million people globally in 2021, with a whopping 12 million ..read more

The AIS 2024 will build on the £6.5 billion deals and £8.9 billion investment commitments achieved at the previous summit held in 2020. Around two billion people under 25 will live in Africa by 2050. 22% of Africa’s working-age population is starting businesses representing the highest entrepreneurship rate in the world. The UK Prime Minister announced that London will host the African Investment Summit on 23rd-24th April 2024. This initiative aims to benefit Africa and the UK economies by tapping into Africa’s innovative and entrepreneurial minds. The AIS is a prominent event hosting 2 ..read more

Rwanda and Kenya who have already started trading through the agreement. Mid-February, Tanzania also said it was ready to trade under the agreement. The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing. Uganda has expressed readiness to join Kenya, Tanzania and Rwanda in trading under the African Continental Free Trade Area (AfCFTA) as the continent slowly embraces the pact. The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing. The share of intra-Africa exports to t ..read more

Africa is at the center of global sustainability transitions such as decarbonization of production systems. The continent is also seeing electrification of transportation infrastructure and accelerated use of renewable energy. African Continent Free Trade Area (AfCFTA) is an opportunity to bridge the inequality and vulnerability gap while fostering recovery and transformation in Africa. Africa – pummeled by a combination of crises – should swiftly invest in and implement people-centered strategies to mobilize financial resources and accelerate continental economic recovery, the Economic Comm ..read more

Africa is set to establish a $1B orbital spaceport in the Republic of Djibouti, positioning the continent in the global space race, making the first on African soil. This follows the signing of a partnership deal with Hong Kong Aerospace Technology to build a facility for launching satellites and rockets in the Northern Obock region. Djibouti's president, Ismael Omar Guelleh, presided over the signing of the preliminary deal, also to be done in partnership with Touchroad International Holdings Group, paving  way for the final agreement; a formal contract signing expected in April or May ..read more

Africa is an emerging market in forex trading, and its potential for growth is immense. Forex trading in Africa is a growing industry, but it faces significant challenges. These include lack of infrastructure, education, and awareness, coupled with fraudulent activities, have hindered its growth. Online Forex trading in Africa is still in its nascent stage and is largely driven by the youth. In layman’s terms, forex trading is the act of buying and selling currencies to make profits based on speculating the relative upward or downward movements of currencies. According to ForexSchoolOnline.c ..read more

Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new General Manager for the East African region. This encompasses Kenya, Ethiopia, Uganda, Rwanda, Burundi and Tanzania. Effective June 3, 2023, Lufthansa will expand its current connection from Frankfurt, Germany into Nairobi for the summer flight schedule from five to seven weekly flights. The Lufthansa Group has re-affirmed its commitment to East Africa by relocating the commercial responsibility for the passenger business back to Kenya. Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new Gener ..read more

Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover. The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar. The country has witnessed a dollar shortage in recent months. The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market. The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent against the ..read more

Economic experts are of the view that the banking crisis that spooked investors and sent shockwaves around the world could ultimately be beneficial for global financial markets.  DeVere Group CEO Nigel Green says banking crisis could ultimately prove to be beneficial for global markets.   The emergency lifelines being thrown to banks by regulators and governments, among others, appear to have now halted contagion within the sector. The banking crisis that spooked investors and sent shock waves around the world could ultimately be beneficial for global financial markets. This i ..read more

Kakuzi Plc has posted a profit of $6.4 million for the financial year ended 31st December 2022, a 62 percent increase compared to the previous year. Total sales revenue amounting to $33 million, up from $24.5 million posted the previous year,  boosted by higher production of avocados and additional sales for forestry, livestock, and blueberry produce in the local market. Kakuzi shareholders will enjoy an 8 percent per share dividend paid at $0.18 (Sh24)rate as recommended by the board. Agricultural firm Kakuzi Plc has posted a profit of $6.4 million for the financial year ended 31st Dec ..read more