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HomeDaily NewsWednesday, June 18, 2025Political and Regulatory Changes
Business & Economy3 stories from 1 sources

Political and Regulatory Changes

Kenya's DG Mungai's contract uncertainty, UAE shuts down Sundus Exchange for money laundering, and Trump's TikTok ban deadline extended.

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CCapital BusinessFirst

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Wednesday 5:00 PMCapital Business

Uncertainty clouds DG Mungai’s contract at Kenya Fisheries Service

Uncertainty clouds DG Mungai’s contract at Kenya Fisheries Service

The future of Kenya Fisheries Service (KeFS) Director General Daniel Mungai remains uncertain as conflicting advice from the ministry halts the renewal of his contract, set to expire on October 5, 2024.

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Key Highlights

The future of Kenya Fisheries Service (KeFS) Director General Daniel Mungai remains uncertain as conflicting advice from the ministry halts the renewal of his contract, set to expire on October 5, 2024.

  • Mungai formally requested a four-year contract extension six months prior to his term's end.
  • His renewal was backed by the KeFS Board and Prime Cabinet Secretary Musalia Mudavadi, but later advice retracted this support.
  • Despite the board's initial agreement, the newly appointed Cabinet Secretary Hassan Joho has advised the position be advertised instead.
Wednesday 9:04 AMCapital BusinessFirst

Trump to extend US TikTok ban deadline, White House says

Trump to extend US TikTok ban deadline, White House says

President Donald Trump is set to extend the deadline for a potential US ban on TikTok for an additional **90 days**, allowing the popular app to continue operating in the country amidst ongoing discussions about its ownership.

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Key Highlights

President Donald Trump is set to extend the deadline for a potential US ban on TikTok for an additional **90 days**, allowing the popular app to continue operating in the country amidst ongoing discussions about its ownership.

  • As of now, 170 million Americans use TikTok, and concerns have been raised about data security due to its Chinese ownership by ByteDance.
  • Karoline Leavitt, White House Press Secretary, confirmed the extension and emphasized the need for a secure deal.
  • Trump has indicated a preference for a sale to Oracle, while competition for the app’s ownership includes notable figures like MrBeast, a major YouTuber.
Wednesday 11:04 AMCapital Business

UAE shuts down Sundus Exchange over money laundering

UAE shuts down Sundus Exchange over money laundering

The United Arab Emirates has revoked the license of Sundus Exchange and imposed a fine of AED10 million (about Sh400 million) for violations of anti-money laundering regulations.

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Key Highlights

The United Arab Emirates has revoked the license of Sundus Exchange and imposed a fine of AED10 million (about Sh400 million) for violations of anti-money laundering regulations.

  • Central Bank of the UAE announced the action as part of a crackdown on financial misconduct.
  • Sundus Exchange had operational ties with Taaj Money Transfer serving East Africa.
  • This move may disrupt remittance flows to East Africa, impacting families in Kenya, Ethiopia, and Somalia.
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