business
16 storiesHigh Court Declares Safaricom Share Sale to Vodacom Illegal: The High Court has declared the sale of 15 percent of Safaricom shares to Vodacom for Sh204.3 billion as illegal and ordered the shares to be restored. Separately, Parkview Shopping Arcade Limited has placed a prime 1.695-acre property in Nairobi's Westlands area on the market with a reserve price of Sh600 million. Additionally, the Kenya Revenue Authority is transitioning to a user-owned system for electronic cargo monitoring and tracking, approving 15 vendors to provide these services. Stakeholders Urge Kenya, Tanzania to Protect Mara River: Stakeholders from Kenya and Tanzania have called for enhanced cross-border cooperation to address the escalating environmental degradation and water resource pressure on the Mara River Basin. The US Environmental Protection Agency has separately announced it is scrapping rules designed to limit pollution from coal and gas power plants, stating it would take steps to prevent future administrations from regulating power plant emissions. Additionally, a cross-subsidy mechanism has successfully kept kerosene prices below the Sh200-a-litre mark for the period up to October 14, despite rising global fuel costs and shipping expenses. Minnie Muthoni Turns Animal Fat Into Thriving Wellness Business: Minnie Muthoni has transformed animal fat, previously considered waste, into a thriving wellness business with her company, Smartcom Traders, specializing in tallow products. Separately, two sisters have transformed Kenyan local craftsmanship into a thriving home decor empire, building a successful business from humble beginnings. A former Google DeepMind researcher has also joined growing concerns among AI experts, warning that artificial intelligence could pose an existential threat to humanity. Bidco chair Vimal Shah Lost Sh102.4m in Forex Deal as Kenya Reserves Rebound: Bidco Africa Chairperson Vimal Shah testified in court about losing approximately Sh102.4 million in an unfulfilled foreign exchange deal during a dollar shortage in Kenya in 2023. This came as Kenya's foreign exchange reserves rebounded to $15.25 billion as of September 10, reversing a three-week decline. Meanwhile, emerging economies under the BRICS+ bloc are developing a new digital currency and payment system called the UNIT, potentially challenging the dominance of the US dollar in global trade. The WTO has also warned that a failure to modernize global trade rules could lead to a significant decrease in global GDP of up to 10 percent. Stanbic Bank Confirms Michael Mutiga as Chief Executive: Stanbic Bank Kenya has officially confirmed the appointment of Michael Mutiga as its new Chief Executive, following regulatory approval from the Central Bank of Kenya. Separately, Sidian Bank and Kenya Industrial Estates (KIE) have partnered to enhance access to loans and business support for small and medium-sized manufacturing enterprises (SMEs) in Kenya. At the same time, the Senate Committee on County Public Investments and Special Funds has mandated Nairobi and Mombasa counties to present plans for settling their substantial pension debts.











